Income Tax : A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable in...
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 : 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...
Company Law : MCA notifies Companies (Indian Accounting Standards) Amendment Rules, 2022 vide Notification No. G.S.R 255(E) Dated: 23rd March, 2...
We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are aware the Ind AS recommended by the ICAI, are prescribed by the Central Government, under Section 133 of the Companies […]
Issue 1: Entity A is required to apply Ind ASs in preparing its financial statements for periods beginning on or after April 1, 2018. Thus, the date of Entity A’s transition to Ind ASs is April 1, 2017.
1. What are IND AS? IND AS stands for Indian Accounting standards and are converged standards for International Financial Reporting standards (IFRS). In simple terms, Indian accounting standards came into existence to meet the requirements of IFRS. The Government of India in consultation with ICAI decided to converge and not to adopt IFRS issued by […]
The Indian Accounting Standards (IND AS) are Accounting Standards, harmonized with IFRS (International Financial Reporting Standards)/IAS (International Accounting Standards) to make Financials Accounts and Reports of Indian Companies internationally accessible, acceptable, transparent and comparable.
Exposure Draft Accounting Standard (AS) 34 Interim Financial Reporting- Interim financial report means a financial report containing either a complete set of financial statements as described in AS 1, Presentation of Financial Statements, or a set of condensed financial statements (as described in this Standard) for an interim period.
Following is the Revised Guidance Note on Division II – Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments.
Following is the Exposure Draft of the Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act, 2013 issued by the Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India, for comments.
Exposure Draft Accounting Standard (AS) 17 Leases Last date for the comments: May 4, 2019 Issued by Accounting Standards Board The Institute of Chartered Accountants of India The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, are applicable to the specified class of companies. Accounting Standards notified […]
Ind AS 116 shall be applied for recognition, measurement, presentation and disclosure of leases. It provides guidance on accounting of leases by lessor and lessee separately. Principles of Ind AS 116 with respect to accounting of leases by lessor are substantially same as previously provided under Ind AS 17. However, there is significant change in […]
Institute of Chartered Accountants of India ICAI Press Release Ind AS 116, Leases – A New Era of Accounting for Lease contracts by Lessees In the larger interest of the Indian economy and industries, the ICAI always endeavours to ensure that Indian Accounting Standards (Ind AS) Framework remains converged at all time with globally acceptable IFRS Standards. […]
