Indian Accounting Standard

A Brief About Compound Financial Instrument

Finance - Before understanding what is compound financial instruments we have to understand what is the Financial Instruments. Under the earlier GAAP there were no guidance on Financial Instruments except for Accounting Standard 13 ‘Accounting for Investments’ and Accounting Standard 11 ‘The Effects of Changes in Foreign Exchange ...

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Tax Implications of newly inserted Ind AS – 116 ‘Leases’

Finance - Introduction MCA vide notification dated 30-03-2019, has notified Ind-AS 116 ‘Leases’ w.e.f 01-04-2019 replacing the erstwhile Ind AS 17 and AS – 19. Prior to 01-04-2019, the accounting treatment of assets taken on lease was done in accordance with Ind AS 17 and AS – 19 [for entities on which Ind AS was not applicable]. [&hell...

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IND-AS 115, IFRS 15, ‘Revenue From Contracts With Customers’

Finance - 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 to the following Accounting Standard. 1. The Accounting Standards related with “Revenue From Contracts With Customers.” A. Ind ...

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Summary of IND AS 110, IFRS 10 Consolidated Financial Statements

Finance - Summary of Indian Accounting Standard (IND AS) 110, IFRS 10 Consolidated Financial Statements Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I here try to summarize various dimensions with regard to the following Accounting Standard. 1. ...

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Indian Accounting Standard (IND AS) 33, IAS 33 Earnings per Share

Finance - 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 to the following Accounting Standard. 1. The Accounting Standards related with “Earnings per Share.” A. Ind As -33 B. IAS-33 C....

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Exposure Draft of Revised AS 21, Effects of Changes in Foreign Exchange Rates

Finance - Exposure Draft of revised AS 21, The Effects of Changes in Foreign Exchange Rates, has been issued by the ASB for comments with the last date being December 3, 2020...

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Conceptual Framework for Financial Reporting under Ind AS

Finance - Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) applicable for Standard-setting Activity from accounting periods beginning from April 1, 2020, and for the preparers of financial Statements from a future date...

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Updated Ind AS related Guidance material

Finance - Updated Part B and C of IFRS Standards relevant for accounting year 2020-21 have also been hosted on the website. It is hereby mentioned that use of this guidance material is strictly subject to the copyright agreement with IFRS Foundation....

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Indian Accounting Standards (Ind AS) as on April 01, 2020

Finance - This Compendium of Ind AS is an endeavour of ICAI to facilitate ease of reference and ready source of comprehensive literature for all those entities that are preparing financial statements under Ind AS, either mandatorily or voluntarily....

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Indian Accounting Standard (Ind AS) 115

Finance - Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to establish the principles that an entity sha...

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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 (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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Companies (Indian Accounting Standards) Amendment Rules, 2019

Notification No. [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 Repo...

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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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Recent Posts in "Indian Accounting Standard"

A Brief About Compound Financial Instrument

Before understanding what is compound financial instruments we have to understand what is the Financial Instruments. Under the earlier GAAP there were no guidance on Financial Instruments except for Accounting Standard 13 ‘Accounting for Investments’ and Accounting Standard 11 ‘The Effects of Changes in Foreign Exchange ...

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Posted Under: CA, CS, CMA |

Tax Implications of newly inserted Ind AS – 116 ‘Leases’

Introduction MCA vide notification dated 30-03-2019, has notified Ind-AS 116 ‘Leases’ w.e.f 01-04-2019 replacing the erstwhile Ind AS 17 and AS – 19. Prior to 01-04-2019, the accounting treatment of assets taken on lease was done in accordance with Ind AS 17 and AS – 19 [for entities on which Ind AS was not applicable]. [&hell...

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Posted Under: CA, CS, CMA |

Exposure Draft of Revised AS 21, Effects of Changes in Foreign Exchange Rates

Exposure Draft of revised AS 21, The Effects of Changes in Foreign Exchange Rates, has been issued by the ASB for comments with the last date being December 3, 2020...

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Posted Under: CA, CS, CMA |

IND-AS 115, IFRS 15, ‘Revenue From Contracts With Customers’

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 to the following Accounting Standard. 1. The Accounting Standards related with “Revenue From Contracts With Customers.” A. Ind ...

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Posted Under: CA, CS, CMA |

Summary of IND AS 110, IFRS 10 Consolidated Financial Statements

Summary of Indian Accounting Standard (IND AS) 110, IFRS 10 Consolidated Financial Statements Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I here try to summarize various dimensions with regard to the following Accounting Standard. 1. ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (IND AS) 33, IAS 33 Earnings per Share

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 to the following Accounting Standard. 1. The Accounting Standards related with “Earnings per Share.” A. Ind As -33 B. IAS-33 C....

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Posted Under: CA, CS, CMA |

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

IND AS 24: Related Party Disclosures (IAS 24). Latest and simplest version for all stakeholders 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 to the following Accounting Standar...

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Posted Under: CA, CS, CMA |

Analysis of Companies (Indian AS) Amendment Rules, 2020

Companies (Indian Accounting Standards) Amendment Rules, 2020* The COVID 19 has not only affected health of people across the globe, but it also caused severe disturbance in global economic environment which consequentially created an impact on financial statements and reporting. Keeping in view all these drastic changes MCA on July 24, 2...

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Posted Under: CA, CS, CMA |

Implementation of Indian Accounting Standards by NBFCs & ARCs

Implementation of Indian Accounting Standards by Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs)  ICAI has been monitoring actions taken by Accounting Regulatory Bodies and Prudential Regulators of Banking Sector and Capital Market Authorities across the key economies of the globe. Non-Banking Financial ...

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Posted Under: CA, CS, CMA |

Accounting Policies, Change in Accounting Estimates & Errors

Accounting Policies, Change in Accounting Estimates and Errors (Latest up to Aug 29,2020 and Simplest version) Every Accounting Standard has significant place in modern day accounting as those give unprecedented glory to the already fast growing profession of the world. In this juncture, we have to understand latest and simplest version o...

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Posted Under: CA, CS, CMA |

Conceptual Framework for Financial Reporting under Ind AS

Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) applicable for Standard-setting Activity from accounting periods beginning from April 1, 2020, and for the preparers of financial Statements from a future date...

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Posted Under: CA, CS, CMA |

Updated Ind AS related Guidance material

Updated Part B and C of IFRS Standards relevant for accounting year 2020-21 have also been hosted on the website. It is hereby mentioned that use of this guidance material is strictly subject to the copyright agreement with IFRS Foundation....

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Posted Under: CA, CS, CMA |

Indian Accounting Standards (Ind AS) as on April 01, 2020

This Compendium of Ind AS is an endeavour of ICAI to facilitate ease of reference and ready source of comprehensive literature for all those entities that are preparing financial statements under Ind AS, either mandatorily or voluntarily....

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Posted Under: CA, CS, CMA |

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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Minimum Alternate Tax (MAT) for Ind AS 115 complaint companies

1. The Finance Act, 2017 amended section 115JB of Income-tax Act, 1961 to provide the framework for computation of book profit for Ind AS complaint companies in the year of adoption and thereafter i.e. to rationalize the provisions of the section in line with Ind AS (Note: Ind AS and not Ind ASs) by inserting […]...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard 16 – Property, Plant & Equipment

Ind AS 16 discusses whether expenditure incurred should be should be capitalised as PPE or charged to P&L statement, retirement of PPE, depreciation and disposal of PPE. Scope Definitions I. Property, Plant and Equipment (PPE) – PPE are tangible items which are held for use in producing or supply of goods or services, rentals to...

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Posted Under: CA, CS, CMA |

Depreciation treatment under Companies Act, Income Tax Act, GAAP, Ind As & AS

Depreciation is a common accounting concept which the accountant comes across in their regular course of employment or in regular course of their business. This article will explore the treatment of depreciation under Companies Act, Income Tax Act and in Indian and internationally accepted Accounting Standard. DEFINITION AND TREATMENT OF ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard 116 – ‘Leases’

Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...

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Posted Under: CA, CS, CMA |

Implementation/Roadmap of Indian Accounting Standards (IND AS)

A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c...

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Posted Under: CA, CS, CMA |

Treatment of Covid-19 Losses | Extraordinary or Exceptional | Ind AS 1 & AS 5 Paradox 

Business is passing through an unprecedented time and incurring huge direct and indirect costs due to Covid 19 pandemic. Lockdown protocols have led to severe supply chain disruptions and labour shortages, hurting both the top and the bottom lines of almost all companies. Writing offs inventory with low shelf life or high storage costs or...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 115

Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to establish the principles that an entity sha...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 114

Indian Accounting Standard (Ind AS) 114 Regulatory Deferral Accounts# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting requirements for reg...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 113

Indian Accounting Standard (Ind AS) 113 Fair Value Measurement# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 This Ind AS: (a) defines fair value; (b) sets out in a single Ind AS a framework for measuring ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 112

Indian Accounting Standard (Ind AS) 112 Disclosure of Interests in Other Entities# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require an e...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 111

Indian Accounting Standard (Ind AS) 111 Joint Arrangements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 110

Indian Accounting Standard (Ind AS) 110 Consolidated Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 109

Indian Accounting Standard (Ind AS) 109 Financial Instruments# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Chapter 1 Objective 1.1 The objective of this Standard is to establish principles for the financial reporting...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 108

Indian Accounting Standard (Ind AS) 108 Operating Segments# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles. ) Core principle 1 An entity shall disclose information to enable users of its financial statements to evaluate ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 107

Indian Accounting Standard (Ind AS) 107 Financial Instruments: Disclosures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require entities to...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 106

Indian Accounting Standard (Ind AS) 106 Exploration for and Evaluation of Mineral Resources# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to sp...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 105

Indian Accounting Standard (Ind AS) 105 Non-current Assets Held for Sale and Discontinued Operations# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS)...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 104

Indian Accounting Standard (Ind AS) 104 Insurance Contracts’ (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to specify the financial report...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 103

Indian Accounting Standard (Ind AS) 103 Business Combinations# (This Indian Accounting Standard includes paragraphs set out in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to improve the relevance, reliab...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 102

Indian Accounting Standard (Ind AS) 102 Share-based Payment# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting by an entity when it undertak...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 101

Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Ind AS is to ensure that an entity’s fi...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 41

Indian Accounting Standard (Ind AS) 41 Agriculture# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultura...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 40

Indian Accounting Standard (Ind AS) 40 Investment Property# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1  The objective of this Standard is to prescribe the accounting treatment for investment property a...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 38

Indian Accounting Standard (Ind AS) 38 Intangible Asset, (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting treatment for intangible assets that are...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 37

Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to ensure that appropriate reco...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 36

Indian Accounting Standard (Ind AS) 36 Impairment of Assets# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the procedures that an entity applies to ensure th...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 34

Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the minimum content of an interim financial re...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 33

Indian Accounting Standard (Ind AS) 33 Earnings per Share# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe principles for the determination and presentation of...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 32

Indian Accounting Standard (Ind AS) 32 shall be applied to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be he...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 29

Indian Accounting Standard (Ind AS) 29 Financial Reporting in Hyperinflationary Economies# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1. This Standard shall be applied to the financial statements, including t...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 28

Indian Accounting Standard (Ind AS) 28 Investments in Associates and Joint Ventures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting for investm...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 27

Indian Accounting Standard (Ind AS) 27 Separate Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting and disclosure requirement...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 24

Indian Accounting Standard (Ind AS) 24 Related Party Disclosures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.). Objective 1 The objective of this Standard is to ensure that an entity’s financial statements cont...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 23

Indian Accounting Standard (Ind AS) 23 Borrowing Costs# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Core principle 1 Borrowing costs that are directly attributable to the acquisition, construction or production of a...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 21

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 An entity may carry on foreign activities in two ways. It may have tra...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 20

Indian Accounting Standard (Ind AS) 20 Accounting for Government Grants and Disclosure of Government Assistance# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1 This Standard shall be applied in accounting for, ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 19

Indian Accounting Standard (Ind AS) 19 Employee Benefits# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. T...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 17

Indian Accounting Standard (Ind AS) 17 Lease# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 16

Indian Accounting Standard (Ind AS) 16 Property, Plant and Equipment# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting treatment for property, pl...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 12

Indian Accounting Standard (Ind AS) 12 Income Taxes# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issu...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 10

Indian Accounting Standard (Ind AS) 10 Events after the Reporting Period# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe: (a) When an entity should adjust its ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 8

Indian Accounting Standard (Ind AS) 8 Accounting Policies, Changes in Accounting Estimates and Errors# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the crit...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 7

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective Information about the cash flows of an entity is useful in providing users of financial statements...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 2

Indian Accounting Standard (Ind AS) 2 Inventories# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting treatment for inventories. A primary is...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 1

Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles). Objective 1 This Standard prescribes the basis for presentation of general purpose financial st...

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Posted Under: CA, CS, CMA |

How to Identify that Contract Contains Lease Element as per Ind As 116

At the inception of a contract, an entity shall assess whether the contract is, or contain lease element. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration along with other conditions to be satisfied. […]...

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Posted Under: CA, CS, CMA |

Analysing Cash Flow Statement in Depth

With passage of time for many of us Cash Flows Statement has become just a component of Financial Statements that need to be prepared or verified. However in the recent times, with advent of COVID-19 pandemic around the globe Cash Flows Statement along with other components of financial statement is becoming extremely important for prospe...

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Posted Under: CA, CS, CMA |

AS-1, Ind AS-1 along with impact of COVID-19

Accounting Standard –1 (Disclosure of Accounting Policies) and Indian Accounting Standard -1 (Presentation of Financial Statements) Along with Impact of COVID-19 Over the same. Accounting Standard –1 (Disclosure of Accounting Policies) 1. Purpose: Purpose of this standard is to promote better understanding of financial statements by e...

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Posted Under: CA, CS, CMA |

Ind AS 115: Revenue from Contracts- Contract Assets/ Liability

Objective of Ind AS 115: Reporting of useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with customer. Para 9 of Ind AS 115: Revenue Recognition Revenue shall be recognized only if ALL the below mentioned criteria are met: a. the parties ...

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Posted Under: CA, CS, CMA |

Ind AS 109: Accounting treatment of Financial Guarantee Contract

Ind AS 109:Accounting treatment of Financial Guarantee Contract (on debt instrument) and Expected Credit Loss on financial guarantee contract Financial Guarantee Contract: A contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in...

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Posted Under: CA, CS, CMA |

COVID-19 Impact on Financial Reporting under IND AS

Brief of IND AS Areas to be considered (A questionnaire for management) Due to Covid-19 while preparing Financial Statement for FY 2019-20 Areas Covered: 1. Inventory Measurement 2. Impairment of Non-Financial Assets 3. Provisions, Contingent Liabilities and Contingent Assets 4. Going Concern Assessment 5. Property, Plant and Equipment 6....

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Posted Under: CA, CS, CMA |

Computation of Basic Earning Per Share : Ind AS 33

Before going with the Main Topic let’s First Understand  ‘WHAT IS EARNING PER SHARE‘. EARNING PER SHARE concept is explained by Indian Accounting Standard (Ind AS) 33 Earnings per Share which sets out how to calculate both basic earnings per share (EPS) and diluted EPS. Before understanding Computation of Basic Earning Per ...

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Posted Under: CA, CS, CMA |

Ind AS 33 EPS- Contingently issuable ordinary shares

This article specifically covers the details / point in time when the contingently issuable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) : Extract of Ind AS – 33 Definition : 1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consider...

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Posted Under: CA, CS, CMA |

Ind AS 33 EPS- Contingently returnable ordinary shares

This article specifically covers the details / point in time when the contingently returnable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) :  Definition :  1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consideration upon the satisfac...

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Posted Under: CA, CS, CMA |

Ind AS 33 Treatment of Options in calculation of Basic & Diluted EPS

Ind AS – 33 – Treatment of Options in calculation of Basic and Diluted Earnings Per Share (EPS) Ind AS 33 Earnings Per Share –Options : This article specifically covers the treatment of Options in calculation of Basic and Diluted Earnings Per Shareunder Ind AS – 33 Extract of Ind AS – 33 Definition : […]...

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Posted Under: CA, CS, CMA |

Expected Credit Loss under Ind AS 109 Financial Instruments

Comprehensive summary on approaches of Expected Credit Loss (ECL) under Ind AS 109 Financial Instruments COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc. One of the areas which will...

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Posted Under: CA, CS, CMA |

Impact of COVID 19 on Ind AS Financial Statements

1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern. 2. The impact of COVID- 19 after the reporting date should also be considered and if, management after the reporting date either intends to liquidate the entity or to cease trading, or has no realistic alt...

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Posted Under: CA, CS, CMA |

Fair Value Concepts | Ind AS 113 – Fair Value Measurement

With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The basis of value is closely related to the purpose of a given valuation exercise and can often vary. Selecting an appropriate basis of value is critical. For example, Fair Value is generally used for […]...

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Posted Under: CA, CS, CMA |

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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Practical Discussion on Ind AS 16, Ind AS 105 & Ind AS 8

Ind AS 16 – Property Plant and Equipment, Ind AS 105 – Non –current Assets held for sale and Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors....

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Posted Under: CA, CS, CMA |

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 the economy of the nation, assessee was...

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Educational Material on Indian Accounting Standards 20

Educational Material on Indian Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance Ind AS 20 is to be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. This Educational Material on Ind AS 20, Accounting for Gov...

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Posted Under: CA, CS, CMA |

Filing of Financial Statements by NBFCs (Ind AS)

The Ministry of Corporate Affairs (MCA) has made certain amendments in Schedule III of the Companies Act, 2013 vide its notification dated 11th October 2018. Pursuant to the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn u...

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Posted Under: CA, CS, CMA |

Accounting requirement for Employee Benefit Plans- AS 15 & IndAS 19

Key Differences and Accounting requirement for Employee Benefit Plans in compliance of AS 15 (Revised 2005) and IndAS 19 by Companies at the end of each Financial Year. This post is an attempt to make awareness about Key Differences & Accounting Requirement for Employee Benefit Plans (i.e Gratuity, Leave Encashment, Pension & Post...

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Posted Under: CA, CS, CMA |

IND AS 1- Presentation of General Purpose Financial Statements

In the earlier article we had seen basics of Indian Accounting standards (IND AS), Now in this article you will be able to read about IND AS 1- Presentation of Financial Statements 1. What is the objective of IND AS 1? This standard prescribes the basis of Presentation of General Purpose Financial statements. This will […]...

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Posted Under: CA, CS, CMA |

Ind AS 33: Impact of Rights Issue on calculation of Earnings Per Share

Earnings per share (‘EPS’), as the name suggests comprises of two factors: 1. The net profit or loss for the year/period attributable to the ordinary shareholders, and 2. The weighted average number of ordinary shares outstanding during the year/period. While the first component of EPS is easy to determine, the second may pose various...

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Posted Under: CA, CS, CMA |

Uncertainty over Income tax treatment (IFRIC 23 and Appendix C of Ind AS 12)

Globally On 7 June 2017, the International Accounting Standards Board (IASB or the Board) issued IFRIC Interpretation 23 — Uncertainty over Income Tax Treatments (the Interpretation). The Interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax trea...

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Posted Under: CA, CS, CMA |

Impact of Adoption of IFRS/Ind AS

This article is intended to make you understand the major impact both in terms of advantages and disadvantages of the adoption of Converged IFRS i.e Indian Accounting standards (Ind AS) on the financial statements and the working of the companies both. Majority of you or I can say all of you are the finance professionals […]...

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Posted Under: CA, CS, CMA |

Treatment of Lease Equalisation Reserve created as per Ind AS 17 on transition to Ind AS 116

Ind AS 116- Leases, is effective from annual period beginning on or after 1 April 2019. Ind AS 116 Supersedes Ind AS 17 – Leases from the date of its applicability. Under Ind AS 17, lease rentals under an operating lease were recognised as an expense/income on a straight line basis over the lease term […]...

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Posted Under: CA, CS, CMA |

Sale and Leaseback Accounting under Ind AS 116 ‘Leases’

A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor. Ind AS 116 makes significant changes to sale and leaseback accounting....

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Posted Under: CA, CS, CMA |

Ind AS 40 | Indian Accounting Standard-Investment Property | Summary

Do you think that there is only one standard which is applicable to Property Plant and Equipment: IND AS 16 Property, Plant and Equipment. The answer is No. Aren’t you Surprised? On one hand, it’s 100% true that you are required to apply IND AS 16 for most of your long-term tangible assets, but it’s […]...

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Posted Under: CA, CS, CMA |

Difference between Financial Assets, Financial liability and Equity as per INDAS 32

1. Definitions A. Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Followings do not affect the main characteristic of contract: May or may be in writing. May or may not be enforceable by law. Contract […...

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Posted Under: CA, CS, CMA |

Accounting of Compensatory Absences (Leave Encashment Obligations)

This note is an attempt in the matter of accounting provisions to be made in financial reporting of enterprises for Compensatory Absences (Leave Encashment Obligations) in compliance of Accounting Standard AS -15 (Revised 2005) issued by Accounting Standard Board of the Institute of Chartered Accountant of India....

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Posted Under: CA, CS, CMA |

Disclosure requirement in compliance of IndAS 19

Disclosure requirement in compliance of IndAS 19 for Listed & Unlisted Companies, Scheduled Commercial banks, Insurer & NBFC In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the Financial Statements at the end each Financial Year. Ensuring th...

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Posted Under: CA, CS, CMA |

Identifying a lease under Ind AS 116: Leases

The assessment of whether a contract is or contains a lease is the biggest practical issue while applying Ind AS 116. This assessment is required right at the inception of the contract. In most of the cases, the assessment is likely to be straightforward and contracts which are classified as lease contracts under Ind AS 17 are likely to c...

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Posted Under: CA, CS, CMA |

Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies

Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies in India In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the financial statements at the end each Financial Year. Ensuring the proper compliance and provisions of the...

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Posted Under: CA, CS, CMA |

Ind AS Technical Facilitation Group Clarification Bulletin 23: How to give effect to Taxation Laws (Amendment) Ordinance, 2019

Whether a domestic company can give effect to lower tax rate as per the Ordinance while determining current tax and deferred tax assets or liabilities for the purpose of presenting interim results/ interim financial statements as of 30 September 2019?...

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Posted Under: CA, CS, CMA |

Treatment of Share Based Payments as per AS, IND AS and IFRS

TREATMENT OF SHARE BASED PAYMENTS WHILE PREPARING FINANCIAL STATEMENTS AS PER AS, IND AS AND IFRS (LATEST AND SIMPLIFIED) The relevant Accounting Standards relating to Share Based Payments are the following:- a. INDAS 102 b. IFRS 2 c. Guidance Note issued by ICAI There is no major difference between INDAS 102 and IFRS 2.Therefore, the [&h...

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Posted Under: CA, CS, CMA |

Employee Benefits as per AS, IND AS and IFRS

The relevant Accounting Standards relating to Employee Benefits are the following:- a. INDAS 19 b. IAS 19 c. AS 15 There is no major difference between INDAS 19 and IAS 19.Therefore, the following descriptions relate to both INDAS 19 and IAS 19. Statements of Profit and loss and other Comprehensive income, Statement of changes in [&hellip...

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Posted Under: CA, CS, CMA |

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

TREATMENT OF PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS WHILE PREPARING FINANCIAL STATEMENTS AS PER AS, IND AS AND IFRS (LATEST) Assistant Professor of Commerce. The relevant Accounting Standards relating to PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS are the following:- a. INDAS 37 b. IAS 37 c. AS 29 There is n...

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Posted Under: CA, CS, CMA |

Treatment of Income Tax While Preparing Financial Statements as Per AS, IND AS and IFRS

The relevant Accounting Standards relating to Income Taxes are the following:- a. INDAS 12 b. IAS 12 c. AS 22 There is no major difference between INDAS 12 and IAS 12.Therefore, the following descriptions relate to both INDAS 12 and IAS 12. Statements of Profit and loss and other Comprehensive income, Statement of changes in […]...

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Posted Under: CA, CS, CMA |

Ind AS 116 – Leases- Brief Analysis

This article aims at covering most of the concepts of recently issued Ind AS 116 by the ICAI and MCA which will supersede the earlier issued standard Ind AS 17 on leases w.e.f. 01st April 2019 1. Introduction Ind-AS 116 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. Ind-AS 116 [&h...

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Posted Under: CA, CS, CMA |

Ind AS Technical Facilitation Group Clarification Bulletin 22

Ind AS 116, Leases, is applicable for annual reporting periods beginning on or after April 1, 2019. Entity X has applied Ind AS 116 using modified retrospective approach, under which the cumulative effect of initial application is recognised in retained earnings as on April 1, 2019....

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Posted Under: CA, CS, CMA |

Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107)

Following is the Exposure Draft of Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107), issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India, for comments....

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Posted Under: CA, CS, CMA |

Employee Benefits Ind AS -19- Brief Analysis

In Ind AS 19/IAS 19 Generally 4 types of Benefits have been discussed which can be payable to employees. 1. Short Term Employee Benefits – Payable within 12 Months 2. Post-Employment Benefits – Payable only after completion of Employment 3. Other Long Term employee Benefits – Long term Paid Leave, Disability Benefits 4. Terminat...

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Posted Under: CA, CS, CMA |

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