Indian Accounting Standard

Summary of IND AS 110 and IFRS 10 Consolidated Financial Statements

CA, CS, CMA - Summary of Indian Accounting Standard (IND AS) 110, IFRS 10 Consolidated Financial Statements incorporating Companies (Indian Accounting Standards) Amendment Rules, 2021 Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I here try to summar...

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Income Taxes (Ind AS 12, IAS 12) as per Companies (IAS) Amendments Rules 2021)

CA, CS, CMA -  Income Taxes (Ind AS 12, IAS 12) (By incorporating Changes as per Companies (Indian Accounting Standards) Amendments Rules 2021) 1. The relevant Accounting Standards relating to Income Taxes are the following:- a. Ind AS 12 b. IAS 12 c. AS 22 2. There is no major difference between IND AS 12 and IAS 12.Therefore, the […]...

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IND AS 24 & IAS 24: Related Party Disclosures- Simplified

CA, CS, CMA - Ind AS-24: Related Party Disclosures (By incorporating Changes as per Companies (Indian Accounting Standards) Amendments Rules 2021). Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby try to summarize various dimensions with regard...

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Disclosures Checklist of Indian Accounting Standards (Ind AS) 1

CA, CS, CMA - Disclosures Checklist of Indian Accounting Standards (Ind AS) 1 Ind AS 1, Presentation of Financial Statements S. No. Paragraph Reference Disclosure Yes No NA 1. 1.16 When financial statements comply with Ind AS, disclosure by way of an explicit and unreserved statement of such compliance in the notes. 2. 1.17(c) Additional disclosures w...

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IND AS 34 & IAS-34: Interim Financial Reporting

CA, CS, CMA - INDAS-34 Allows only single statement Approach for preparing statement of Profit or loss while IAS -34 Provides option either to follow single statement Approach or to follow two statement approach for preparing statement of profit or loss....

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Non-current Liabilities with Covenants – Proposed amendments to IAS 1

CA, CS, CMA - IAS 1 Presentation of Financial Statements requires that, for an entity to classify a liability as non-current, the entity must have the right at the end of the reporting period to defer settlement of the liability for at least 12 months after the reporting period (right to defer settlement)....

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Supplier Finance Arrangements – Proposed amendments to IAS 7 & IFRS 7

CA, CS, CMA - The IFRS Interpretations Committee (IFRS IC) considered a question about the information an entity is required to provide in its financial statements about supply chain finance (reverse factoring) arrangements....

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AS 29 – Provisions, Contingent Liabilities and Contingent Assets

CA, CS, CMA - Accountant Standards (AS) 29 Provisions, Contingent Liabilities and Contingent Assets is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature...

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Accounting Standard (AS) 28 – Impairment of Assets

CA, CS, CMA - Accounting Standard (AS) 28 Impairment of Assets prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset....

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AS 27 – Financial Reporting of Interests in Joint Ventures

CA, CS, CMA - Accounting Standards (AS) 27 Financial Reporting of Interests in Joint Ventures set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors....

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HC: No bail to CA for offence pertaining to non-disclosure under IndAS

Nittin Johari Vs SFIO (Delhi High Court) - Since offences pertaining to the non-disclosure of the documents which were required under Indian Accounting Standards (IndAS) alleged against assessee- chartered accountant were serious in nature which involved fraud to the tune of several crores and the offence being an economic one which affected...

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Loss should be recognized immediately if contract cost is likely to exceed revenue

ITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai) - As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....

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Companies (Accounting Standards) Rules, 2021

Notification No. G.S.R. 432(E). - (23/06/2021) - MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of Small and Medium Sized Company for applicability of Accounting Standards as recommended by the Institute of Chartered Accountants of India from 01.04.2021. Central Gover...

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Companies (Indian Accounting Standards) Amendment Rules, 2021

Notification No. G.S.R. 419(E) - (18/06/2021) - (1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Companies (Indian Accounting Standards) Amendment Rules, 2020

Notification No.G.S.R. 463(E) - (24/07/2020) - (1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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RBI regulatory guidance on Ind AS implementing NBFCs and ARCs

RBI/2019-20/170 DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 - (13/03/2020) - Reserve Bank has framed regulatory guidance on Ind AS given in the Annex which will be applicable on Ind AS implementing NBFCs and Asset Reconstruction Companies (ARCs) for preparation of their financial statements from financial year 2019-20 onwards....

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Companies (Indian Accounting Standards) Second Amendment Rules, 2019

Notification No. G.S.R (E) - (30/03/2019) - These rules may be called the Companies (Indian Accounting Standards) Second Amendment Rules, 2019. They shall come into force on 1st day of April, 2019....

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Indian Accounting Standard’s Popular Posts

Recent Posts in "Indian Accounting Standard"

Non-current Liabilities with Covenants – Proposed amendments to IAS 1

IAS 1 Presentation of Financial Statements requires that, for an entity to classify a liability as non-current, the entity must have the right at the end of the reporting period to defer settlement of the liability for at least 12 months after the reporting period (right to defer settlement)....

Read More
Posted Under: CA, CS, CMA |

Supplier Finance Arrangements – Proposed amendments to IAS 7 & IFRS 7

The IFRS Interpretations Committee (IFRS IC) considered a question about the information an entity is required to provide in its financial statements about supply chain finance (reverse factoring) arrangements....

Read More
Posted Under: CA, CS, CMA |

Summary of IND AS 110 and IFRS 10 Consolidated Financial Statements

Summary of Indian Accounting Standard (IND AS) 110, IFRS 10 Consolidated Financial Statements incorporating Companies (Indian Accounting Standards) Amendment Rules, 2021 Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I here try to summar...

Read More
Posted Under: CA, CS, CMA |

Income Taxes (Ind AS 12, IAS 12) as per Companies (IAS) Amendments Rules 2021)

 Income Taxes (Ind AS 12, IAS 12) (By incorporating Changes as per Companies (Indian Accounting Standards) Amendments Rules 2021) 1. The relevant Accounting Standards relating to Income Taxes are the following:- a. Ind AS 12 b. IAS 12 c. AS 22 2. There is no major difference between IND AS 12 and IAS 12.Therefore, the […]...

Read More
Posted Under: CA, CS, CMA |

IND AS 24 & IAS 24: Related Party Disclosures- Simplified

Ind AS-24: Related Party Disclosures (By incorporating Changes as per Companies (Indian Accounting Standards) Amendments Rules 2021). Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby try to summarize various dimensions with regard...

Read More
Posted Under: CA, CS, CMA |

Disclosures Checklist of Indian Accounting Standards (Ind AS) 1

Disclosures Checklist of Indian Accounting Standards (Ind AS) 1 Ind AS 1, Presentation of Financial Statements S. No. Paragraph Reference Disclosure Yes No NA 1. 1.16 When financial statements comply with Ind AS, disclosure by way of an explicit and unreserved statement of such compliance in the notes. 2. 1.17(c) Additional disclosures w...

Read More
Posted Under: CA, CS, CMA |

IND AS 34 & IAS-34: Interim Financial Reporting

INDAS-34 Allows only single statement Approach for preparing statement of Profit or loss while IAS -34 Provides option either to follow single statement Approach or to follow two statement approach for preparing statement of profit or loss....

Read More
Posted Under: CA, CS, CMA |

Contingent Liabilities & Assets while Preparing Financial Statements as Per AS, IND AS & IFRS

Treatment of Provisions, Contingent Liabilities and Contingent Assets while preparing financial statements as per as, Ind AS and IFRS (By incorporating Changes as per Companies (Indian Accounting Standards) Amendments Rules 2021. The relevant Accounting Standards relating to PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS are the...

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Posted Under: CA, CS, CMA |

AS 29 – Provisions, Contingent Liabilities and Contingent Assets

Accountant Standards (AS) 29 Provisions, Contingent Liabilities and Contingent Assets is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature...

Read More
Posted Under: CA, CS, CMA |

Accounting Standard (AS) 28 – Impairment of Assets

Accounting Standard (AS) 28 Impairment of Assets prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset....

Read More
Posted Under: CA, CS, CMA |

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