Indian Accounting Standard

Indian Accounting Standard 116 – ‘Leases’

CA, CS, CMA - Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...

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Implementation/Roadmap of Indian Accounting Standards (IND AS)

CA, CS, CMA - A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c...

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Treatment of Covid-19 Losses | Extraordinary or Exceptional | Ind AS 1 & AS 5 Paradox 

CA, CS, CMA - Business is passing through an unprecedented time and incurring huge direct and indirect costs due to Covid 19 pandemic. Lockdown protocols have led to severe supply chain disruptions and labour shortages, hurting both the top and the bottom lines of almost all companies. Writing offs inventory with low shelf life or high storage costs or...

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How to Identify that Contract Contains Lease Element as per Ind As 116

CA, CS, CMA - At the inception of a contract, an entity shall assess whether the contract is, or contain lease element. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration along with other conditions to be satisfied. […]...

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Analysing Cash Flow Statement in Depth

CA, CS, CMA - With passage of time for many of us Cash Flows Statement has become just a component of Financial Statements that need to be prepared or verified. However in the recent times, with advent of COVID-19 pandemic around the globe Cash Flows Statement along with other components of financial statement is becoming extremely important for prospe...

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Indian Accounting Standard (Ind AS) 115

CA, CS, CMA - Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to establish the principles that an entity sha...

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Indian Accounting Standard (Ind AS) 114

CA, CS, CMA - Indian Accounting Standard (Ind AS) 114 Regulatory Deferral Accounts# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting requirements for reg...

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Indian Accounting Standard (Ind AS) 113

CA, CS, CMA - Indian Accounting Standard (Ind AS) 113 Fair Value Measurement# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 This Ind AS: (a) defines fair value; (b) sets out in a single Ind AS a framework for measuring ...

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Indian Accounting Standard (Ind AS) 112

CA, CS, CMA - Indian Accounting Standard (Ind AS) 112 Disclosure of Interests in Other Entities# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require an e...

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Indian Accounting Standard (Ind AS) 111

CA, CS, CMA - Indian Accounting Standard (Ind AS) 111 Joint Arrangements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial ...

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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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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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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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Recent Posts in "Indian Accounting Standard"

Indian Accounting Standard 116 – ‘Leases’

Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...

Read More
Posted Under: CA, CS, CMA |

Implementation/Roadmap of Indian Accounting Standards (IND AS)

A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c...

Read More
Posted Under: CA, CS, CMA |

Treatment of Covid-19 Losses | Extraordinary or Exceptional | Ind AS 1 & AS 5 Paradox 

Business is passing through an unprecedented time and incurring huge direct and indirect costs due to Covid 19 pandemic. Lockdown protocols have led to severe supply chain disruptions and labour shortages, hurting both the top and the bottom lines of almost all companies. Writing offs inventory with low shelf life or high storage costs or...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 115

Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to establish the principles that an entity sha...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 114

Indian Accounting Standard (Ind AS) 114 Regulatory Deferral Accounts# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting requirements for reg...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 113

Indian Accounting Standard (Ind AS) 113 Fair Value Measurement# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 This Ind AS: (a) defines fair value; (b) sets out in a single Ind AS a framework for measuring ...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 112

Indian Accounting Standard (Ind AS) 112 Disclosure of Interests in Other Entities# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require an e...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 111

Indian Accounting Standard (Ind AS) 111 Joint Arrangements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial ...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 110

Indian Accounting Standard (Ind AS) 110 Consolidated Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 109

Indian Accounting Standard (Ind AS) 109 Financial Instruments# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Chapter 1 Objective 1.1 The objective of this Standard is to establish principles for the financial reporting...

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Posted Under: CA, CS, CMA |

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