Income Tax : Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for cal...
CA, CS, CMA : Understand deferred tax on security deposits under IND AS 12, balancing DTL on ROU assets and DTA on discounted deposits for accur...
CA, CS, CMA : Discover a comprehensive FAQ on Ind AS 115, covering revenue recognition principles, key concepts, and implementation challenges. ...
CA, CS, CMA : Detailed Analysis of Differences Between Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFR...
CA, CS, CMA : Explore AS 17 Segment Reporting: its scope, definitions of business and geographical segments, allocation methods, and criteria fo...
Corporate Law : Explore proposed amendments to IAS 32, IFRS 7, and IAS 1 in the Exposure Draft by IASB. Learn how the changes address challenges i...
CA, CS, CMA : Exposure Draft of Amendments to Ind AS 116, Leases, issued by Accounting Standards Board of Institute of Chartered Accountants of ...
CA, CS, CMA : ICAI has released Compendium of Indian Accounting Standards (Ind AS) (as on April 01, 2022) along with e-version of related guidan...
CA, CS, CMA : This is the third edition of our earlier issued publication which contains an overview of various aspects related to IFRS-converge...
CA, CS, CMA : IAS 1 Presentation of Financial Statements requires that, for an entity to classify a liability as non-current, the entity must ha...
CA, CS, CMA : Since offences pertaining to the non-disclosure of the documents which were required under Indian Accounting Standards (IndAS) all...
Income Tax : 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...
Company Law : The Ministry of Corporate Affairs has amended the Companies (Indian Accounting Standards) Rules, 2015, impacting financial reporti...
Company Law : MCA issues the Companies (Ind AS) Third Amendment Rules, 2024. New provisions for insurers on financial reporting using Ind AS 104...
Company Law : MCA revises Indian Accounting Standards, updating Ind AS 101, 103, 105, and 107, and omitting Ind AS 104 as per Notification G.S.R...
Company Law : MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 31st March, 2023 G.S.R. 242(E). — In exercise of the powers conferred ...
Company Law : NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It ha...
1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern. 2. The impact of COVID- 19 after the reporting date should also be considered and if, management after the reporting date either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so, the financial statements should not be prepared on going concern basis.
With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The basis of value is closely related to the purpose of a given valuation exercise and can often vary. Selecting an appropriate basis of value is critical. For example, Fair Value is generally used for […]
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.
Ind AS 16 – Property Plant and Equipment, Ind AS 105 – Non –current Assets held for sale and Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors.
Educational Material on Indian Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance Ind AS 20 is to be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. This Educational Material on Ind AS 20, Accounting for Government Grants and […]
The Ministry of Corporate Affairs (MCA) has made certain amendments in Schedule III of the Companies Act, 2013 vide its notification dated 11th October 2018. Pursuant to the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of […]
Key Differences and Accounting requirement for Employee Benefit Plans in compliance of AS 15 (Revised 2005) and IndAS 19 by Companies at the end of each Financial Year. This post is an attempt to make awareness about Key Differences & Accounting Requirement for Employee Benefit Plans (i.e Gratuity, Leave Encashment, Pension & Post Retirement Medical […]
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 the economy of the nation, assessee was not entitled for bail under Section 439 Cr.P.C and Section 212(6) of the Companies Act, 2013.
Learn about IND AS 1 – Presentation of General Purpose Financial Statements, its objectives, and guidelines for the structure and content of financial statements.
Earnings per share (‘EPS’), as the name suggests comprises of two factors: 1. The net profit or loss for the year/period attributable to the ordinary shareholders, and 2. The weighted average number of ordinary shares outstanding during the year/period. While the first component of EPS is easy to determine, the second may pose various challenges […]
