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...
It is a common debate among accounting professionals that Partnership firms in U.S.A. would solve all the problems and that they would recommend their clients to have the same structure for business.
There are many instances where an entity distributes its assets e.g. Property, plant & equipments or unit of its business i.e. in a form of Demerging an entity or distributing an ownership interest in an entity (may be subsidiary) by way of dividend to its existing shareholders.
Silo is relatively new term for many of us. Dictionary meaning of the same is “something which is in isolation”. As the meaning suggest, there are many instances where an entity is operating in a way where its certain/ specified assets & liabilities are being controlled by some other entity in-spite of running overall separate legal entity.
As per the current accounting system in India, there is no specific treatment defined for any kind of security deposits which are being taken/ given in normal course of business by an entity and all such deposits that are refundable shown at their respective transaction values.
Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs.
There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values together with some penalty if any).
Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards.
As we are gradually moving towards converged IFRS (known as IND-AS in India) in India, there are some rules which have been prescribed by the new accounting standard related to de-recognition of financial liabilities subject to the fulfill of certain requirements.
CA Anuj Agrawal We all got to hear by now that some major companies in India including Tata Consultancy Services (TCS) are planning to buy back its shares in order to improve efficiencies into its earning per share. We will not discuss about the reasons and shortcoming of Buyback schemes which are normally being done […]
In general terms one can understand that a Commitment fees is being charged for some approved facility which can be drawn down in future at the same terms which has been agreed initially between lender and borrower.
