Indian Accounting Standard

New standard Ind AS 116 – Leases

CA, CS, CMA - Ind AS 116 shall be applied for recognition, measurement, presentation and disclosure of leases. It provides guidance on accounting of leases by lessor and lessee separately. Principles of Ind AS 116 with respect to accounting of leases by lessor are substantially same as previously provided under Ind AS 17. However, there is significant ...

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Ind AS 2 Inventories

CA, CS, CMA - AS 2 – Valuation of Inventories prescribes accounting treatment for inventories and sets the guidelines to determine value at which inventories are carried in  financial statements. Indian Accounting Standard (Ind AS) 2, Inventories, prescribes the accounting treatment for inventories, such as, measurement of inventories, recognition o...

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Accounting of Service Concession Agreements under Ind AS

CA, CS, CMA - Infrastructure for public services—such as roads, bridges, hospitals, airports, water distribution facilities, energy supply etc.—constructed, operated and maintained by the public sector and financed through public budget appropriation. Scope: arrangement involves a private sector entity (an operator) constructing, operating and main...

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Indian GAAP – Time to converge to Ind AS

CA, CS, CMA - Indian GAAP: A show stopper in achieving the overall objective of comparability and acceptability of Indian Financial Statements In India, we have two different framework for preparing financials statements: 1. Indian GAAP (IGAAP) 2. Indian Accounting Standards (Ind AS) Ind AS is applicable to companies having net worth more than INR 250 ...

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Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

CA, CS, CMA - No exemption has been provided in Ind AS 7 with regard to its applicability as provided in AS 3. So, companies which will be required to prepare financial statements as per Ind AS will be required to prepare statement of cash flows as per Ind AS 7. Cash and cash equivalents: Cash on hand, demand […]...

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Accounting Standard 34, Interim Financial Reporting- Exposure Draft

CA, CS, CMA - Exposure Draft Accounting Standard (AS) 34 Interim Financial Reporting- Interim financial report means a financial report containing either a complete set of financial statements as described in AS 1, Presentation of Financial Statements, or a set of condensed financial statements (as described in this Standard) for an interim period....

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Exposure Draft of Revised Guidance Note on Division II- Ind As Schedule III to Companies Act, 2013

CA, CS, CMA - Following is the Revised Guidance Note on Division II - Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments....

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Exposure Draft Revised Guidance Note on Division I – Non Ind AS Schedule III to Companies Act, 2013

CA, CS, CMA - Following is the Exposure Draft of the Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments....

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Exposure Draft Accounting Standard (AS) 17, Leases

CA, CS, CMA - Exposure Draft Accounting Standard (AS) 17 Leases Last date for the comments: May 4, 2019 Issued by Accounting Standards Board The Institute of Chartered Accountants of India The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, are applicable to the specified class of companies. Acco...

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A New Era of Accounting for Lease contracts by Lessees 

CA, CS, CMA - Institute of Chartered Accountants of India  ICAI Press Release Ind AS 116, Leases – A New Era of Accounting for Lease contracts by Lessees  In the larger interest of the Indian economy and industries, the ICAI always endeavours to ensure that Indian Accounting Standards (Ind AS) Framework remains converged at all time with glob...

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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 (Indian Accounting Standards) Second Amendment Rules, 2019

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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Companies (Indian Accounting Standards) Amendment Rules, 2019

G.S.R.273(E) - (30/03/2019) - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2019 G.S.R.273(E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Repor...

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RBI defers implementation of Ind AS for Banks till further notice

RBI/2018-2019/146DBR.BP.BC.No.29/21.07.001/2018-19 - (22/03/2019) - The legislative amendments recommended by the Reserve Bank are under consideration of the Government of India. Accordingly, it has been decided to defer the implementation of Ind AS till further notice....

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RBI defers implementation of Ind AS for banks by one year

Press Release : 2017-2018/2642 - (05/04/2018) - Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016....

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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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Recent Posts in "Indian Accounting Standard"

Accounting Standard 34, Interim Financial Reporting- Exposure Draft

Exposure Draft Accounting Standard (AS) 34 Interim Financial Reporting- Interim financial report means a financial report containing either a complete set of financial statements as described in AS 1, Presentation of Financial Statements, or a set of condensed financial statements (as described in this Standard) for an interim period....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Revised Guidance Note on Division II- Ind As Schedule III to Companies Act, 2013

Following is the Revised Guidance Note on Division II - Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft Revised Guidance Note on Division I – Non Ind AS Schedule III to Companies Act, 2013

Following is the Exposure Draft of the Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft Accounting Standard (AS) 17, Leases

Exposure Draft Accounting Standard (AS) 17 Leases Last date for the comments: May 4, 2019 Issued by Accounting Standards Board The Institute of Chartered Accountants of India The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, are applicable to the specified class of companies. Acco...

Read More
Posted Under: CA, CS, CMA |

New standard Ind AS 116 – Leases

Ind AS 116 shall be applied for recognition, measurement, presentation and disclosure of leases. It provides guidance on accounting of leases by lessor and lessee separately. Principles of Ind AS 116 with respect to accounting of leases by lessor are substantially same as previously provided under Ind AS 17. However, there is significant ...

Read More
Posted Under: CA, CS, CMA |

A New Era of Accounting for Lease contracts by Lessees 

Institute of Chartered Accountants of India  ICAI Press Release Ind AS 116, Leases – A New Era of Accounting for Lease contracts by Lessees  In the larger interest of the Indian economy and industries, the ICAI always endeavours to ensure that Indian Accounting Standards (Ind AS) Framework remains converged at all time with glob...

Read More
Posted Under: CA, CS, CMA |

Companies (Indian Accounting Standards) Second Amendment Rules, 2019

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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Companies (Indian Accounting Standards) Amendment Rules, 2019

G.S.R.273(E) (30/03/2019)

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2019 G.S.R.273(E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority, hereby makes the followi...

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Ind AS 116 applicable from 1 April 2019

The stakeholders may note that Ind AS 116, Leases shall be applicable with effect from 01st April, 2019 and necessary notification for the same shall be issued in due course after complying with the necessary procedure....

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Posted Under: CA, CS, CMA |

Ind AS 2 Inventories

AS 2 – Valuation of Inventories prescribes accounting treatment for inventories and sets the guidelines to determine value at which inventories are carried in  financial statements. Indian Accounting Standard (Ind AS) 2, Inventories, prescribes the accounting treatment for inventories, such as, measurement of inventories, recognition o...

Read More
Posted Under: CA, CS, CMA |

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