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 have a situation where standard says that an entity will have power over other entity when it has current ability(refer Para 10 above) to direct the “relevant activities” (as defined in Ind-As 103- “Business Combinations”) of an investee which essentially means that existing rights which can in substance direct these relevant activities to conclude as power
India being an agriculture based economy, many activities are being carried out in way to raise live animals, crop harvesting & selling etc and apart from its dealing within an unorganized sector, there are many corporate sector (either listed or not) which directly or indirectly operate into such agricultural activities in India.
CA Anuj Agrawal There are many situations where an entity needs to incur substantial amount of money to ensure proper use/ access to its existing Assets by way of constructing roads, electricity transmission lines, water well etc. which is generally being called as Enabling Assets. These are eventually not in the name of the entity […]
In current Indian accounting system, all lands are being shown as fixed assets in financial statements of any Company and are being depreciated based on their lives accordingly.
Recently Indian Government has announced IndAS for Indian Corporates, viz the big size corporates, but are we ready for it or our Investors have knowledge to understand the transactions recorded with it?
Guidance Note on Accounting for Oil and Gas Producing Activities, issued by Council of ICAI for entities to whom Ind ASs are applicable.
As you all are aware that on 16 Feb 2015, the Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Rules, 2015 laying down roadmap for the application of IFRS converged standards (Ind-AS) to Companies on 30 March 2016, the notified the Companies (Indian Accounting Standards Amendments ) Rules 2016.
Finally India is converging to IFRS by adopting equivalent Standards i.e. Ind AS, as per the roadmap for implementation of Ind AS notified by the MCA. Ind AS contain numerous carve outs from IFRS and therefore Ind AS financials will not be the same as those prepared as per IFRS.
A number of issues are constantly being faced by the SMPs and companies in the implementation of Ind AS. In view of this, it has been decided to launch a Support-desk for implementation of Ind AS, so as to address the difficulties faced by the members and stakeholders as early as possible.
Even today, when one hears people from Nilgris, Tamilnadu, India lost Re10 Crores to an unknown financial company, one’s mind goes back to 1930, when the great depression wiped out the whole capital of many investors in USA. Investors in USA craved for accounting standards.
