Indian Accounting Standard

Basics understanding of applicability of Ind AS

Finance - MCA in 2015, had notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015. This stipulates the manner in which this standard will be applicable to certain classes of the companies and it was introduced in 2 phases by the MCA. ...

Read More

Ind AS 105 applicability on Non Current asset held for sale or group disposal

Finance - Application of Ind AS 105- (Non Current asset held for sale or group disposal) in case the decision is after the reporting period but before the approval of financial statement by board According to Ind AS 105 (Non-current asset held for sale) An entity shall classify a non-current asset (or disposal group) as held for, […]...

Read More

How to Account for Intangible Assets under IND-AS 38?

Finance - Learning Outcomes > Understand meaning and scope of intangible assets. > Recognise the criteria. > Examine mode of acquisition. > Measure intangible assets at initial recognition. > Measure intangible assets after recognition. > Evaluate amortization and useful life of intangible asset. > De-recognition and comply wit...

Read More

Simplified IND AS 38| Companies (IND AS) Second Amendment Rules 2019

Finance - LATEST AND SIMPLE VERSION OF IND AS 38 As Amended by Companies (Indian Accounting Standards) Second Amendment Rules, 2019 The relevant Accounting Standards relating to Intangible Assets are the following:- a. INDAS 38 b. IAS 38 c. AS 26. There is no major difference between INDAS 38 AND IAS 38.So the following details relate to […]...

Read More

Ind AS-20 Government Grants (Amendment)

Finance - IND AS-20 'Accounting for Government Grants and Disclosure of Government Assistance' Amendment related to Non-Monetary Government Grants and its Applications...

Read More

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

Finance - 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’....

Read More

Download e-book on Indian Accounting Standards (Ind AS)

Finance - This is the third edition of our earlier issued publication which contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting sta...

Read More

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

Finance - 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

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

Finance - 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

Ind AS Technical Facilitation Group Clarification Bulletin 20

Finance - 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

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....

Read More

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....

Read More

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...

Read More

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....

Read More

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....

Read More

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....

Read More

Recent Posts in "Indian Accounting Standard"

Basics understanding of applicability of Ind AS

MCA in 2015, had notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015. This stipulates the manner in which this standard will be applicable to certain classes of the companies and it was introduced in 2 phases by the MCA. ...

Read More
Posted Under: Finance |

Ind AS 105 applicability on Non Current asset held for sale or group disposal

Application of Ind AS 105- (Non Current asset held for sale or group disposal) in case the decision is after the reporting period but before the approval of financial statement by board According to Ind AS 105 (Non-current asset held for sale) An entity shall classify a non-current asset (or disposal group) as held for, […]...

Read More
Posted Under: Finance |

How to Account for Intangible Assets under IND-AS 38?

Learning Outcomes > Understand meaning and scope of intangible assets. > Recognise the criteria. > Examine mode of acquisition. > Measure intangible assets at initial recognition. > Measure intangible assets after recognition. > Evaluate amortization and useful life of intangible asset. > De-recognition and comply wit...

Read More
Posted Under: Finance |

Simplified IND AS 38| Companies (IND AS) Second Amendment Rules 2019

LATEST AND SIMPLE VERSION OF IND AS 38 As Amended by Companies (Indian Accounting Standards) Second Amendment Rules, 2019 The relevant Accounting Standards relating to Intangible Assets are the following:- a. INDAS 38 b. IAS 38 c. AS 26. There is no major difference between INDAS 38 AND IAS 38.So the following details relate to […]...

Read More
Posted Under: Finance |

Ind AS-20 Government Grants (Amendment)

IND AS-20 'Accounting for Government Grants and Disclosure of Government Assistance' Amendment related to Non-Monetary Government Grants and its Applications...

Read More
Posted Under: Finance |

Ind AS -116 Leases

Overview of Ind AS-116 ♠ The Ministry of Corporate Affairs (MCA) notified Ind AS 116, the new leases accounting standard on 30th March 2019 with the effective date of its application from 1st April 2019. Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. ♠ Ind AS 116 defines a lease as a […]...

Read More
Posted Under: Finance |

Simple Version of IND-AS-16 & IAS 16-Property, Plant & Equipment

A SIMPLE VERSION OF INDAS-16 AND IAS 16 -PROPERTY,PLANT AND EQUIPMENT The relevant Accounting Standards relating to Property, Plant and Equipment are the following:- 1. AS-6, AS-10 2. INDAS-16 3. IAS-16 There is no major difference between INDAS-16 AND IAS-16.So the following details relate to both INDAS-16 and IAS-16. Property, Plant and...

Read More
Posted Under: Finance |

A Quick Snapshot of AS/IND-AS/IFRS

A Quick  Snapshot of Concepts of AS/IND-AS/IFRS  Accounting standards deal with recognition of events and transactions, measurement of transactions and events, presentation of transactions and events and disclosure requirements. In India ICAI issues accounting standards on the relevant subject for non-corporate bodies and The Central Go...

Read More
Posted Under: Finance |

Ind AS – Common Control Business Combinations

Business organisations enter into a bunch of restructuring transactions which satisfy the definition of business combinations as per Ind AS 103. There is also a requirement to understand the accounting, tax, presentation and reporting requirements in the case of common control transactions. ...

Read More
Posted Under: Finance |

A Simple Version of INDAS-2 and IAS-2

Accounting for Inventories AS-2 Valuation of Inventories IAS-2 Inventories INDAS-2 Inventories Important Points are as follows 1. Matching Concept is the relevant concept for Inventories 2. Definition Inventories Consists of the following Held for sale in the ordinary course of business(finished goods) In the process of production of such...

Read More
Posted Under: Finance |

Browse All Categories

CA, CS, CMA (4,287)
Company Law (5,000)
Custom Duty (7,380)
DGFT (3,996)
Excise Duty (4,253)
Fema / RBI (3,831)
Finance (4,009)
Income Tax (30,742)
SEBI (3,191)
Service Tax (3,470)

Search Posts by Date

September 2019
M T W T F S S
« Aug    
 1
2345678
9101112131415
16171819202122
23242526272829
30