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...
The implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) by Indian Companies is a monumental step in the accounting history of India. ICAI is committed to play an important role to ensure effective and smooth implementation of IFRS converged Ind AS in India. For this purpose, the Ind AS […]
The Ind AS shall be applicable to the companies as follows: As notified by MCA as on 16/02/15 in Companies (Indian Accounting Standards) Rules, 2015. Obligation to comply with Indian Accounting Standards (Ind AS). – (1) The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) specified in Annexure to these rules in preparation of their financial statements and audit respectively, in the following manner
Get a comprehensive overview and analysis of Ind AS 115: Revenue from Contracts with Customers. Understand the new requirements and rules for revenue recognition.
Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, has recently been amended in certain respects and consequential amendments have been made to certain other Ind ASs vide notification dated 20th September, 2018 (‘the notification’) issued by the Ministry of Corporate Affairs, Government of India.
Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of companies. XBRL taxonomy covers the requirements of Accounting Standards, Companies Act and MCA specific requirements.
Revenue recognition under IND-AS & IFRS – Comparative overview- Article discusses Applicability of IFRS-15 and IAS-115 and further discusses the following- Revenue recognition steps- 5 steps model Step: 1 Identify the contract(s) with a customer Step: 2 Identify the performance obligations in the contract Step: 3 Determine the transaction price Step: 4 Allocate the transaction […]
IND AS 12, prescribe the accounting treatment of current and future tax consequences. It is possible that recovery of carrying value of assets or settlement of carrying value of liabilities may result into larger or shorter future tax payments. This Standard requires an entity to recognize a Deferred Tax Liability (DTL) and Deferred Tax Asset (DTA), with certain limited exceptions. Income tax includes domestic and foreign taxes.
Mandatory Applicability of IND AS on all companies , Statement presented under IND AS, Consequences of non-compliance of IND AS
It may be recalled that the Ministry of Corporate affairs (MCA) vide notification dated March 30, 2016, has notified that NBFCs having net worth of Rs. 500 crores or more shall be required to prepare Ind AS compliant financial statements for accounting periods beginning on or after April 1, 2018, with comparatives and NBFCs having net worth of Rs. 250 crores or more shall be required to prepare Ind AS compliant financial statements for accounting periods beginning on or after April 1, 2019,
How will the financial guarantee be accounted for in the separate financial statements of S Ltd.? S Ltd. has accumulated losses and has not paid any dividend in the past. (ii) How would financial guarantee be subsequently measured in the separate financial statements of S Ltd.?
