Indian Accounting Standard

IND AS 1- Presentation of General Purpose Financial Statements

CA, CS, CMA - 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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Ind AS 33: Impact of Rights Issue on calculation of Earnings Per Share

CA, CS, CMA - 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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Uncertainty over Income tax treatment (IFRIC 23 and Appendix C of Ind AS 12)

CA, CS, CMA - 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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Impact of Adoption of IFRS/Ind AS

CA, CS, CMA - 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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Treatment of Lease Equalisation Reserve created as per Ind AS 17 on transition to Ind AS 116

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

CA, CS, CMA - 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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Ind AS Technical Facilitation Group Clarification Bulletin 22

CA, CS, CMA - 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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Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107)

CA, CS, CMA - 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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Ind AS Technical Facilitation Group Clarification Bulletin 21

CA, CS, CMA - In year 2005, PQR Limited entered into a lease agreement to take on lease an office building from ABC Limited for a period of one year. Since 2005, the contract has been renewed every year for a further period of one year at a time. As per the past practice, it is likely that the contract will be renewed for another one year at the expiry...

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Accounting Standards : Quick Referencer (As on April 1, 2019)

CA, CS, CMA - In order to provide a quick guide of the key provisions of the Accounting Standards, an initiative has been taken up by the Accounting Standards Board of ICAI to publish a booklet titled ‘Accounting Standards: Quick Referencer’....

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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

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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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"

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 […]...

Read More
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...

Read More
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...

Read More
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 […]...

Read More
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 […]...

Read More
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 |

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