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...
Exposure Draft of Indian Accounting Standard (Ind AS) 27 (as amended) (Corresponding to IAS 27 (As amended in 2011) Separate Financial Statements (Comments to be received by 15 October 2011) – (16-09-2011) Download Exposure Draft of Indian Accounting Standard (Ind AS) 27
Exposure Draft of Indian Accounting Standard (Ind AS) 110 (Corresponding to IFRS 10 Consolidated Financial Statements (Comments to be received by 15 October 2011)-(16-09-2011) Download Indian Accounting Standard (Ind AS) 110
Ind AS 1 generally deals with presentation of financial statements, whereas existing AS 1 (issued1979) deals only with the disclosure of accounting policies. The scope of Ind AS 1 is thus much wider and line by line comparison of the difference with the present standard is not possible. However, the major requirements as laid down in Ind AS 1 are as follows:
Availability of essential financial information about a company to its shareholders and other stakeholders in accordance with internationally accepted financial norms is considered as an integral and important part of good corporate governance. To en
Corporate Affairs Minister Salman Khurshid today said the April 2011 deadline for the transition of Indian accounting standards to international norm IFRS will be met and all issues, especially those related to tax implications, have been resolved.
Accounting Standards are the policy documents issued by the relevant Statutory Authority/ Apex Accountancy body for recognition, measurement, presentation and disclosure of the events and business transactions having economic consequence on an enterp
Union Finance Minister, Shri Pranab Mukherjee asked the Public Sector Banks (PSBs) to accelerate the financial deepening else it could constraint the full potential of the Indian economy. The Finance Minister said this is essential to maintain high GDP growth trajectory.
On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of Rs 1,000 crore will prepare and present financial statements using Indian Accounting Standards converged with IFRS.
India’s apex accounting standards body is convinced that 80 hours is all it will take for the country’s accountants to learn the nuances of an international standard that could soon become the way the world writes its books.
