Indian Accounting Standard

A Brief About Compound Financial Instrument

CA, CS, CMA - 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’

CA, CS, CMA - 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’

CA, CS, CMA - 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

CA, CS, CMA - 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

CA, CS, CMA - 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 Amendments to Ind AS 117, Insurance Contracts, for comments

CA, CS, CMA - Accounting Standards Board (ASB) decided to issue the Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, corresponding to amendments in IFRS 17 for public comments. It may be noted that in May 2017, the IASB issued new standard on insurance Contracts, IFRS 17, Insurance Contracts, replacing IFRS 4 which was in the nature o...

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

CA, CS, CMA - 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

CA, CS, CMA - 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

CA, CS, CMA - 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

CA, CS, CMA - 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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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"

Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, for comments

Accounting Standards Board (ASB) decided to issue the Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, corresponding to amendments in IFRS 17 for public comments. It may be noted that in May 2017, the IASB issued new standard on insurance Contracts, IFRS 17, Insurance Contracts, replacing IFRS 4 which was in the nature o...

Read More
Posted Under: CA, CS, CMA |

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 ...

Read More
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...

Read More
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...

Read More
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 ...

Read More
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. ...

Read More
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....

Read More
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 |

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