Indian Accounting Standard

IND AS application on companies

CA, CS, CMA - IND AS applicable to following type of  companies Companies in process of Listing  – NET WORTH 250 and 500 Cr – applicable from 01/04/2017 Unlisted Companies – NET WORTH => 500 Cr- – applicable from 01/04/2016 Listed Companies NET WORTH => 500 Cr – applicable from 01/04/2016 NET WORTH 250 and 500  Cr – app...

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Demerger: Alignment of tax neutrality with Ind-AS requirements

CA, CS, CMA - Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013...

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Ind As- 36 At a glance

CA, CS, CMA - The objective of this standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable Amount. The Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures. This Standard is applicable to all assets, other than:- Inventories Co...

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A gist on AS – 9 / IND AS – 18

CA, CS, CMA - An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards are adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which is a committee under Institute of Chartered Accountants of In...

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Ind AS 116 digest- Why Ind AS 116 ?

CA, CS, CMA - ♣ Background We are living in second decade of year 2000. The idea of doing business has totally changed over the years. In the earlier years, most entities were buying assets required for operating a business. Over the years, the availability of assets became easier on lease as well. Now, any class of asset can be […]...

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Ind AS-8, Accounting Policies, Changes in Accounting Estimates & Errors

CA, CS, CMA - ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new di...

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Guidance Note on Division I-Non Ind as Schedule III to Companies Act, 2013

CA, CS, CMA - ICAI GUIDANCE NOTE ON DIVISION I-NON IND AS SCHEDULE III TO THE COMPANIES ACT, 2013 (Revised July 2019 Edition) The Division I to the Schedule III of the Companies Act, 2013 lays down the format for preparation of the financial statements by the Companies that are required to comply with Companies (Accounting Standards), Rules, 2006, [&he...

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Ind AS Technical Facilitation Group Clarification Bulletin 20

CA, CS, CMA - Paragraph 5.7.1 of Ind AS 109 requires a gain or loss on a financial asset that is measured at fair value to be recognised in profit or loss – though there are some exceptions to this general requirement, these are not applicable in the case under discussion....

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Indian Accounting Standards (Ind AS): Disclosure Checklist

CA, CS, CMA - This publication presents a checklist of disclosures requirements under Ind AS applicable to entities preparing its financial statements voluntarily and mandatorily beginning on or after April 1, 2016, in accordance with Ind AS. The disclosures checklist is based on the Indian Accounting Standards (Ind AS) that are effective as on April 0...

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ICAI releases E Version of Compendium of Ind AS effective 1.4.2019

CA, CS, CMA - We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are aware the Ind AS recommended by the ICAI, are prescribed by the Central Government, under Section 133 of the 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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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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Indian Accounting Standard’s Popular Posts

Recent Posts in "Indian Accounting Standard"

IND AS application on companies

IND AS applicable to following type of  companies Companies in process of Listing  – NET WORTH 250 and 500 Cr – applicable from 01/04/2017 Unlisted Companies – NET WORTH => 500 Cr- – applicable from 01/04/2016 Listed Companies NET WORTH => 500 Cr – applicable from 01/04/2016 NET WORTH 250 and 500  Cr – app...

Read More
Posted Under: CA, CS, CMA |

Ind AS-8, Accounting Policies, Changes in Accounting Estimates & Errors

ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new di...

Read More
Posted Under: CA, CS, CMA |

Demerger: Alignment of tax neutrality with Ind-AS requirements

Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013...

Read More
Posted Under: CA, CS, CMA |

Ind As- 36 At a glance

The objective of this standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable Amount. The Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures. This Standard is applicable to all assets, other than:- Inventories Co...

Read More
Posted Under: CA, CS, CMA |

Guidance Note on Division I-Non Ind as Schedule III to Companies Act, 2013

ICAI GUIDANCE NOTE ON DIVISION I-NON IND AS SCHEDULE III TO THE COMPANIES ACT, 2013 (Revised July 2019 Edition) The Division I to the Schedule III of the Companies Act, 2013 lays down the format for preparation of the financial statements by the Companies that are required to comply with Companies (Accounting Standards), Rules, 2006, [&he...

Read More
Posted Under: CA, CS, CMA |

Ind AS Technical Facilitation Group Clarification Bulletin 20

Paragraph 5.7.1 of Ind AS 109 requires a gain or loss on a financial asset that is measured at fair value to be recognised in profit or loss – though there are some exceptions to this general requirement, these are not applicable in the case under discussion....

Read More
Posted Under: CA, CS, CMA |

A gist on AS – 9 / IND AS – 18

An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards are adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which is a committee under Institute of Chartered Accountants of In...

Read More
Posted Under: CA, CS, CMA |

Ind AS 116 digest- Why Ind AS 116 ?

♣ Background We are living in second decade of year 2000. The idea of doing business has totally changed over the years. In the earlier years, most entities were buying assets required for operating a business. Over the years, the availability of assets became easier on lease as well. Now, any class of asset can be […]...

Read More
Posted Under: CA, CS, CMA |

Ind AS 116 – A brief Introduction

 Ind AS 116 digest – 1. A brief Introduction A New Era of Accounting for Lease contracts by Lessees 🍎 Applicability – (para 3) This standard is applicable for all lease contracts unless otherwise exempted or covered specifically in another Ind AS This standard is not applicable on following type of leases – a. leas...

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Posted Under: CA, CS, CMA |

Indian Accounting Standards (Ind AS): Disclosure Checklist

This publication presents a checklist of disclosures requirements under Ind AS applicable to entities preparing its financial statements voluntarily and mandatorily beginning on or after April 1, 2016, in accordance with Ind AS. The disclosures checklist is based on the Indian Accounting Standards (Ind AS) that are effective as on April 0...

Read More
Posted Under: CA, CS, CMA |

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