Indian Accounting Standard

IND AS Applicability under Companies (Indian Accounting Standard) Rules, 2015

Company Law - The Ind AS shall be applicable to the companies as follows: As notified by MCA as on 16/02/15 in Companies (Indian Accounting Standards) Rules, 2015. Obligation to comply with Indian Accounting Standards (Ind AS). - (1) The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) specified in Annexure to the...

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Ind AS 115: Revenue from Contracts with Customers, An Overview and Analysis

Company Law - Arvind Gattani EXECUTIVE SUMMARY Revenue recognition is one of the most important accounting policy that can have a direct impact on the financial performance of the company. Ind AS 115 lays down new requirements and rules in many aspects of revenue recognition, which are, either, new or significantly different than accounting principles ...

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Revenue recognition under IND-AS & IFRS – Comparative overview

Company Law - Revenue recognition under IND-AS & IFRS – Comparative overview- Article discusses Applicability of IFRS-15 and IAS-115 and further discusses the following- Revenue recognition steps- 5 steps model Step: 1  Identify the contract(s) with a customer Step: 2 Identify the performance obligations in the contract Step: 3 Determine the tra...

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Determination and Accounting of Deferred Tax Asset and Deferred Tax Liability

Company Law - IND AS 12, prescribe the accounting treatment of current and future tax consequences. It is possible that recovery of carrying value of assets or settlement of carrying value of liabilities may result into larger or shorter future tax payments. This Standard requires an entity to recognize a Deferred Tax Liability (DTL) and Deferred Tax A...

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Applicability of Indian Accounting Standard (IND AS) on Companies

Company Law - Mandatory Applicability of IND AS on all companies , Statement presented under IND AS, Consequences of non-compliance of IND AS...

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Ind AS Technical Facilitation Group Clarification Bulletin 17

Company Law - Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, has recently been amended in certain respects and consequential amendments have been made to certain other Ind ASs vide notification dated 20th September, 2018 (‘the notification’) issued by the Ministry of Corporate Affairs, Government of India....

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Exposure Draft of Amendments in Ind AS XBRL Taxonomy

Company Law - Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of companies. XBRL taxonomy covers the requirements of Accounting Standards, Companies Act and MCA specific requirements. ...

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Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 16

Company Law - How will the financial guarantee be accounted for in the separate financial statements of S Ltd.? S Ltd. has accumulated losses and has not paid any dividend in the past. (ii) How would financial guarantee be subsequently measured in the separate financial statements of S Ltd.?...

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Educational Material on Ind AS 115, Revenue from Contracts with Customers

Company Law - The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of Ind AS 115 is that an entity recognises revenue to dep...

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ICAI clarifies on Ind AS 115 – Recognition of revenue

Company Law - ICAI would like to clarify that the Ind AS 115 does allow recognition of revenue using Percentage of Completion Method (POCM) and has explicit and specific requirements to recognise revenue, where performance obligation is satisfied over a period of time. ...

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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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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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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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Recent Posts in "Indian Accounting Standard"

IND AS Applicability under Companies (Indian Accounting Standard) Rules, 2015

The Ind AS shall be applicable to the companies as follows: As notified by MCA as on 16/02/15 in Companies (Indian Accounting Standards) Rules, 2015. Obligation to comply with Indian Accounting Standards (Ind AS). - (1) The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) specified in Annexure to the...

Read More
Posted Under: CA, CS, CMA |

Ind AS 115: Revenue from Contracts with Customers, An Overview and Analysis

Arvind Gattani EXECUTIVE SUMMARY Revenue recognition is one of the most important accounting policy that can have a direct impact on the financial performance of the company. Ind AS 115 lays down new requirements and rules in many aspects of revenue recognition, which are, either, new or significantly different than accounting principles ...

Read More
Posted Under: CA, CS, CMA |

Ind AS Technical Facilitation Group Clarification Bulletin 17

Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, has recently been amended in certain respects and consequential amendments have been made to certain other Ind ASs vide notification dated 20th September, 2018 (‘the notification’) issued by the Ministry of Corporate Affairs, Government of India....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Amendments in Ind AS XBRL Taxonomy

Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of companies. XBRL taxonomy covers the requirements of Accounting Standards, Companies Act and MCA specific requirements. ...

Read More
Posted Under: CA, CS, CMA |

Revenue recognition under IND-AS & IFRS – Comparative overview

Revenue recognition under IND-AS & IFRS – Comparative overview- Article discusses Applicability of IFRS-15 and IAS-115 and further discusses the following- Revenue recognition steps- 5 steps model Step: 1  Identify the contract(s) with a customer Step: 2 Identify the performance obligations in the contract Step: 3 Determine the tra...

Read More
Posted Under: CA, CS, CMA |

Determination and Accounting of Deferred Tax Asset and Deferred Tax Liability

IND AS 12, prescribe the accounting treatment of current and future tax consequences. It is possible that recovery of carrying value of assets or settlement of carrying value of liabilities may result into larger or shorter future tax payments. This Standard requires an entity to recognize a Deferred Tax Liability (DTL) and Deferred Tax A...

Read More
Posted Under: CA, CS, CMA |

Applicability of Indian Accounting Standard (IND AS) on Companies

Mandatory Applicability of IND AS on all companies , Statement presented under IND AS, Consequences of non-compliance of IND AS...

Read More
Posted Under: CA, CS, CMA |

Applicability of IND AS on NBFC

Notification Schedule III 12102018 (11//1/0/20)

It may be recalled that the Ministry of Corporate affairs (MCA) vide notification dated March 30, 2016, has notified that NBFCs having net worth of Rs. 500 crores or more shall be required to prepare Ind AS compliant financial statements for accounting periods beginning on or after April 1, 2018, with comparatives and NBFCs having net wor...

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Posted Under: CA, CS, CMA |

Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 16

How will the financial guarantee be accounted for in the separate financial statements of S Ltd.? S Ltd. has accumulated losses and has not paid any dividend in the past. (ii) How would financial guarantee be subsequently measured in the separate financial statements of S Ltd.?...

Read More
Posted Under: CA, CS, CMA |

Non- Controlling Interest- “Initial Measurement” – Policy Choice Available?

When an Entity is being acquired by another Entity, it has two way to look at it, first being 100% acquired where all controlling rights will be with Parent Entity only, another could be where the control is less than 100% which arises a situation to have another interested party who has rights in the […]...

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Posted Under: CA, CS, CMA |

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