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...
CA, CS, CMA : Understand Accounting Standard 10 (AS 10) for "Property Plant and Equipment" covering recognition, measurement, valuation, depreci...
CA, CS, CMA : Understand AS 2 and its guidelines for inventory valuation. Learn about costs, net realizable value, exclusions, and comparisons w...
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 : 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...
Company Law : MCA notifies Companies (Indian Accounting Standards) Amendment Rules, 2022 vide Notification No. G.S.R 255(E) Dated: 23rd March, 2...
Company Law : MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of...
Company Law : (1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2021. (2) They shall come into force on...
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 Equipment are fixed […]
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 Government of India issues the accounting standards for the corporate […]
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.
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 sale(raw material and work-in-progress) In the […]
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’.
Indian Accounting Standards Standards applicable to Financial Instruments: Ind AS 32 : Financial Instruments: Presentation Ind AS 39 : Financial Instruments: Recognition and Measurement Ind AS 107 : Financial Instruments: Disclosures Ind AS 109 : Financial Instruments OBJECTIVES Standard No. Standard Objective Ind AS 32 (Complement to Ind AS 39 and Ind AS 107) Establish […]
Learn about the applicability of IND AS for companies in India. Get insights into the phase-wise implementation and mandatory requirements.
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 dimensions after the implementation of […]
Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013
Learn about Ind AS-36 and its procedures for carrying assets at recoverable amount. Discover when to test for impairment and the applicable disclosures.
