Indian Accounting Standard

Treatment of Stores, Spares and Servicing Equipment as Per IND AS 16

Company Law - As Per sub section (1) of Section 128, Every Company shall keep at its registered office, the books of accounts and book or papers including Financial Statements with respect to every financial year including that of its branch office or offices and explain the transactions effected both at the registered office and branches....

Read More

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 12

Company Law - Ind AS Transition Facilitation Group’ (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015...

Read More

IND As- Applicability And Advantages

Company Law - In 1991, the Government of India opened its gates to the world through globalization. Over the years globalization has enabled cross border transactions in form of FDI’s and ODI’s, and cross border listing. ...

Read More

Application of Ind AS 16 Property, plant and equipment

Company Law - Objective 1. Prescribe accounting treatment for PPE 2. So that users can discern info about entity’s investment in PPE and changes thereof 3. Principal issues governed:- a. Recognitionof asset b. determination of carrying amount c. Depreciation and impairment loss to be recognized Scope 1. Shall be applied in accounting for PPE, exc...

Read More

IND AS and Income Tax Act – a complex interplay

Company Law - The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

Read More

Definition of Material Proposed amendments to IAS 1 and IAS 8- IASB invites comment

Company Law - In this Exposure Draft, IASB proposes to make minor amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to clarify the definition of ‘material’....

Read More

Accounting Policies and Accounting Estimates-Proposed amendments to IAS 8

Company Law - In this Exposure Draft, the IASB proposes to amend IAS 8. With the aim to help entities distinguish accounting policies from accounting estimates. More specifically, the proposed amendments would clarify:...

Read More

Accounting for Revenue and Non-Exchange Expenses- Consultation Paper by IPSAS Board

Company Law - This Consultation Paper discusses two potential approaches for recognition of revenue for transactions that have performance obligations or stipulations:...

Read More

Various aspects related to IFRS- converged Ind AS

Company Law - This publication contains an overview of various aspects related to IFRS- converged Indian Accounting Standards (Ind AS) such as road map for the applicability of Ind AS, carve-outs from IFRS/ IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summary of all the Ind AS etc. It also...

Read More

Relevant part of recommendations of MAT-Ind AS Committee’s Report

Company Law - Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provisions of the section 115JB of the Income-tax Act, 1961 in respect of Ind AS Compliant Companies....

Read More

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....

Read More

FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

Read More

Issues on implementation of MAT provisions for Ind AS companies

NA - (25/07/2017) - CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....

Read More

Implementation of Ind AS in Insurance Sector deferred for 2 Years

Ref: IRDA/F&A/CIR/ACTS/146/06/2017 - (28/06/2017) - Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21....

Read More

Guidelines on compliance with Accounting Standard (AS) 11 by banks

Notification No. RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 - (18/04/2017) - It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11....

Read More

Companies (Indian Accounting Standards) (Amendment) Rules, 2017

G.S.R. 258(E) - (17/03/2017) - (1) These rules may be called the Companies (Indian Accounting Standards) (Amendment) Rules, 2017. (2) They shall come into force on the 1st day of April, 2017....

Read More

Recent Posts in "Indian Accounting Standard"

Treatment of Stores, Spares and Servicing Equipment as Per IND AS 16

As Per sub section (1) of Section 128, Every Company shall keep at its registered office, the books of accounts and book or papers including Financial Statements with respect to every financial year including that of its branch office or offices and explain the transactions effected both at the registered office and branches....

Read More
Posted Under: CA, CS, CMA |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 12

Ind AS Transition Facilitation Group’ (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015...

Read More
Posted Under: CA, CS, CMA |

Definition of Material Proposed amendments to IAS 1 and IAS 8- IASB invites comment

In this Exposure Draft, IASB proposes to make minor amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to clarify the definition of ‘material’....

Read More
Posted Under: CA, CS, CMA |

Accounting Policies and Accounting Estimates-Proposed amendments to IAS 8

In this Exposure Draft, the IASB proposes to amend IAS 8. With the aim to help entities distinguish accounting policies from accounting estimates. More specifically, the proposed amendments would clarify:...

Read More
Posted Under: CA, CS, CMA |

Accounting for Revenue and Non-Exchange Expenses- Consultation Paper by IPSAS Board

This Consultation Paper discusses two potential approaches for recognition of revenue for transactions that have performance obligations or stipulations:...

Read More
Posted Under: CA, CS, CMA |

IND As- Applicability And Advantages

In 1991, the Government of India opened its gates to the world through globalization. Over the years globalization has enabled cross border transactions in form of FDI’s and ODI’s, and cross border listing. ...

Read More
Posted Under: CA, CS, CMA |

Application of Ind AS 16 Property, plant and equipment

Companies(Indian Accounting Standard) Rules 2015 (16//0/2/20)

Objective 1. Prescribe accounting treatment for PPE 2. So that users can discern info about entity’s investment in PPE and changes thereof 3. Principal issues governed:- a. Recognitionof asset b. determination of carrying amount c. Depreciation and impairment loss to be recognized Scope 1. Shall be applied in accounting for PPE, exc...

Read More
Posted Under: CA, CS, CMA |

Various aspects related to IFRS- converged Ind AS

This publication contains an overview of various aspects related to IFRS- converged Indian Accounting Standards (Ind AS) such as road map for the applicability of Ind AS, carve-outs from IFRS/ IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summary of all the Ind AS etc. It also...

Read More
Posted Under: CA, CS, CMA |

IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

Read More
Posted Under: CA, CS, CMA |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 11

`Ind AS Transition Facilitation Group’ (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeho...

Read More
Posted Under: CA, CS, CMA |
Page 1 of 1712345...10...Last »

Browse All Categories

CA, CS, CMA (3,524)
Company Law (3,466)
Custom Duty (6,674)
DGFT (3,501)
Excise Duty (4,051)
Fema / RBI (3,292)
Finance (3,501)
Income Tax (25,347)
SEBI (2,758)
Service Tax (3,288)

Search Posts by Date

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930