Indian Accounting Standard

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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Applicability of IND AS on NBFC

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

Company Law - 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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Presentation on IND AS 115 – Revenue from Contracts with Customers

Company Law - Introduction to IND AS 115 – Revenue from Contracts with Customers Ind AS 115 deals with Revenue from Contracts with Customers Notified by MCA based on recommendation by ICAI The standard is applicable from accounting periods beginning on or after 1st April 2018 Implementation of Ind AS 115 Improves comparability of revenue across e...

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Non-Cash Collateral provided by borrower: Accounting treatment under Ind-As

Company Law - The article deals mainly with the COLLATRERAL which is non-cash in nature and an agreement or custom (common business practices) exists which defines the rights and obligation attached to the collateral for transferee (who receives such collateral) and for transferor (who provides such collateral)....

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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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Exposure Draft of Ind AS 19 Employee Benefits for comments

Company Law - Following is the Exposure Draft of the Accounting Standard (AS) 19, Employee Benefits, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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Indian Accounting Standards (Ind AS): Impact Analysis and Industry Experience

Company Law - We are pleased to note that efforts in implementing this high quality Ind AS Framework have begun to make desired impact on the quality of financial information of Indian companies. ...

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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"

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...

Read More
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 […]...

Read More
Posted Under: CA, CS, CMA |

Presentation on IND AS 115 – Revenue from Contracts with Customers

Introduction to IND AS 115 – Revenue from Contracts with Customers Ind AS 115 deals with Revenue from Contracts with Customers Notified by MCA based on recommendation by ICAI The standard is applicable from accounting periods beginning on or after 1st April 2018 Implementation of Ind AS 115 Improves comparability of revenue across e...

Read More
Posted Under: CA, CS, CMA |

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

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...

Read More
Posted Under: CA, CS, CMA |

Non-Cash Collateral provided by borrower: Accounting treatment under Ind-As

The article deals mainly with the COLLATRERAL which is non-cash in nature and an agreement or custom (common business practices) exists which defines the rights and obligation attached to the collateral for transferee (who receives such collateral) and for transferor (who provides such collateral)....

Read More
Posted Under: CA, CS, CMA |

ICAI clarifies on Ind AS 115 – Recognition of revenue

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. ...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Ind AS 19 Employee Benefits for comments

Following is the Exposure Draft of the Accounting Standard (AS) 19, Employee Benefits, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standards (Ind AS): Impact Analysis and Industry Experience

We are pleased to note that efforts in implementing this high quality Ind AS Framework have begun to make desired impact on the quality of financial information of Indian companies. ...

Read More
Posted Under: CA, CS, CMA |

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