Indian Accounting Standard

Ind AS 115- Revenue from Contracts with Customers – Impacts on Real Estate Industry

CA, CS, CMA - Revenue Recognition is a very important aspect in Accounting & often many listed companies try to book higher revenue (popularly known as window dressing) for showing good performance by following proper basis to safeguard them. IFRS 15 Revenue from contracts with customers is applicable from annual periods beginning 1st January 2018....

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Treatment of Duty Free Entitlement (Govt. Assistant) under Income Tax and IndAS

CA, CS, CMA - Implication under Ind AS Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. Treatment of Grants related to Income Government grants, including non-monetary grants at fair value,...

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Applicability of CARO 2016, IFC Reporting and Ind AS

CA, CS, CMA - This is regarding applicability of CARO 2016, IFC Reporting and Ind AS on various companies....

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Applicability Indian Accounting Standard “IND AS”

CA, CS, CMA - In this Flash editorial, the author begins by referring the provisions of Indian Accounting Standards (Ind AS) as Companies (Indian Accounting Standards) Rules, 2015 vide Notification dated February 16, 2015 and the applicability of Ind AS for certain class of companies....

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Are We Prepared For Expected Credit Loss Model?

CA, CS, CMA - Past experiences of financial crisis has revealed, the need of being proactive in reckoning the potential deterioration in the credit quality of the financial assets. Further adequate disclosures of increase in credit risk will facilitate prudent decision making and initiate needed corrective measures....

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Exposure Draft of Ind AS 19 Employee Benefits for comments

CA, CS, CMA - 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

CA, CS, CMA - 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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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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Download e-book on Indian Accounting Standards (Ind AS)

CA, CS, CMA - 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...

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ICAI invites comments on Valuation Standards

CA, CS, CMA - The Institute of Chartered Accountants of India (ICAI) has invited comments for the draft on Indian Valuation Standards released by Valuation Standards Board (VSB) of ICAI. The Institute through VSB has formulated valuation standards meant for financial transactions such as merger & acquisition, buying/selling of properties, solvency and ...

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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"

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: Company Law |

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: Company Law |

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: Company Law |

Ind AS 115- Revenue from Contracts with Customers – Impacts on Real Estate Industry

Revenue Recognition is a very important aspect in Accounting & often many listed companies try to book higher revenue (popularly known as window dressing) for showing good performance by following proper basis to safeguard them. IFRS 15 Revenue from contracts with customers is applicable from annual periods beginning 1st January 2018....

Read More
Posted Under: Company Law |

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

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
Posted Under: Company Law |

Treatment of Duty Free Entitlement (Govt. Assistant) under Income Tax and IndAS

Implication under Ind AS Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. Treatment of Grants related to Income Government grants, including non-monetary grants at fair value,...

Read More
Posted Under: Company Law |

Applicability of CARO 2016, IFC Reporting and Ind AS

This is regarding applicability of CARO 2016, IFC Reporting and Ind AS on various companies....

Read More
Posted Under: Company Law |

Applicability Indian Accounting Standard “IND AS”

In this Flash editorial, the author begins by referring the provisions of Indian Accounting Standards (Ind AS) as Companies (Indian Accounting Standards) Rules, 2015 vide Notification dated February 16, 2015 and the applicability of Ind AS for certain class of companies....

Read More
Posted Under: Company Law |

Are We Prepared For Expected Credit Loss Model?

Past experiences of financial crisis has revealed, the need of being proactive in reckoning the potential deterioration in the credit quality of the financial assets. Further adequate disclosures of increase in credit risk will facilitate prudent decision making and initiate needed corrective measures....

Read More
Posted Under: Company Law |

ICAI invites comments on Valuation Standards

The Institute of Chartered Accountants of India (ICAI) has invited comments for the draft on Indian Valuation Standards released by Valuation Standards Board (VSB) of ICAI. The Institute through VSB has formulated valuation standards meant for financial transactions such as merger & acquisition, buying/selling of properties, solvency and ...

Read More
Posted Under: Company Law |
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