Indian Accounting Standard

Indian Accounting Standard (Ind AS)- Brief Study

CA, CS, CMA - Ind AS the new set of accounting standards was notified by the Ministry of Corporate Affairs (MCA) on February 19, 2015. As of date, there are 39 Ind AS notified by the MCA. The Ind AS are named and numbered in the same way as the corresponding IFRS. The application of Ind AS is based on the listing status and net worth of a company....

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Minimum Alternate Tax (MAT) on Ind AS Compliant Companies

CA, CS, CMA - The computation of MAT for the year in which first time adoption of Ind AS has been taken place will include, apart from current year adjustments, the adjustments which are made in the preceding financial year as well as on the transition date....

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13

CA, CS, CMA - 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...

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Accounting Treatment of Spare Parts

CA, CS, CMA - Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset...

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

CA, CS, CMA - 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....

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Exposure Draft of Ind AS 117, Insurance Contracts

CA, CS, CMA - Following is the Exposure Draft of Ind AS 117, Insurance Contracts, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft....

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Ind AS Transition Facilitation Group Clarification Bulletin 14

CA, CS, CMA - As per Ind AS 23, Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognize other borrowing costs as an expense in the period in which it incurs them....

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Draft of amendments to Ind AS 20, Accounting for Government Grants

CA, CS, CMA - Following is the Exposure Draft of the Amendments to Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments....

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

CA, CS, CMA - 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’....

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Accounting Policies and Accounting Estimates-Proposed amendments to IAS 8

CA, CS, CMA - 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:...

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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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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....

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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....

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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....

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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....

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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....

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Recent Posts in "Indian Accounting Standard"

Exposure Draft of Ind AS 117, Insurance Contracts

Following is the Exposure Draft of Ind AS 117, Insurance Contracts, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft....

Read More
Posted Under: Company Law |

Indian Accounting Standard (Ind AS)- Brief Study

Ind AS the new set of accounting standards was notified by the Ministry of Corporate Affairs (MCA) on February 19, 2015. As of date, there are 39 Ind AS notified by the MCA. The Ind AS are named and numbered in the same way as the corresponding IFRS. The application of Ind AS is based on the listing status and net worth of a company....

Read More
Posted Under: Company Law |

Ind AS Transition Facilitation Group Clarification Bulletin 14

As per Ind AS 23, Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognize other borrowing costs as an expense in the period in which it incurs them....

Read More
Posted Under: Company Law |

Minimum Alternate Tax (MAT) on Ind AS Compliant Companies

The computation of MAT for the year in which first time adoption of Ind AS has been taken place will include, apart from current year adjustments, the adjustments which are made in the preceding financial year as well as on the transition date....

Read More
Posted Under: Company Law |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13

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: Company Law |

Draft of amendments to Ind AS 20, Accounting for Government Grants

Following is the Exposure Draft of the Amendments to Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments....

Read More
Posted Under: Company Law |

Accounting Treatment of Spare Parts

Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset...

Read More
Posted Under: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |
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