Category Archives: Accounting Standards

Indian Accounting Standards (Ind AS) Ready Reckoner 2017 Book A.L.Saini

By | June 7, 2017

Indian Accounting Standards (Ind AS) Ready Reckoner Hardcover – 2017 by Dr. A.L.Saini (Author), CA Rajesh Saini (Contributor) Updated as per Companies (Indian Accounting Standards) Amendment Rules, 2017, Issued on 17-03-2017 Tips – How to prepare Opening (Ind AS) Balance Sheet Price Rs 1595 Click to buy online Publisher: Snow White Publications Pvt. Ltd Edition: JUNE… Read More »

Quick Guide To Indian Accounting Standards (Ind AS) – 4th Edition 2017 Book Taxmann

By | June 6, 2017

A Quick Guide To Indian Accounting Standards (Ind AS) Paperback – 2017 by Chintan N. Patel / Bhupendra Mantri , Amarjit Chopra  Description : Incorporating: A Comprehensive & Simplified Guide to Ind AS Comparative Study of IFRS/Indian GAAP/Ind AS Ind AS Carve outs FAQs on Ind AS Schedule III Financial Format Income Computation & Disclosure Standards Ind AS… Read More »

Taxmann Guide to Indian Accounting Standards (Ind AS) 2017

By | May 27, 2017

Guide to Indian Accounting Standards (Ind AS) (Set of 2 Volumes)– 2017 by Taxmann (Author) As Amended by Companies (Indian Accounting Standards)(Amendment) Rules 2017 **** Based on IFRS Official Pronouncements Price Rs 4900 Click to buy online Edition : 2017 Edition Date of Publication : May 2017 ISBN No.:9789386482655 Binding : Paperback No. Of Pages :… Read More »

Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements

By | May 26, 2017

Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements – (25-05-2017)   I. The Council of ICAI at its 365th meeting held on May 17-19, 2017 considered a matter regarding amendment to paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued in October… Read More »

Ind AS Transition Facilitation Group Clarification Bulletin 9

By | May 18, 2017

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. Ind AS Transition Facilitation Group (ITFG) considered… Read More »

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

By | May 9, 2017

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and/ or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. Ind AS Transition Facilitation Group (ITFG)… Read More »

Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers

By | April 26, 2017

Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers – (26-04-2017) Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of… Read More »

IFRS 9 Amendment – Prepayment Features with Negative Compensation

By | April 25, 2017

Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) – (24-04-2017) Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017. This Exposure Draft, published by the International Accounting Standards Board,… Read More »

Consolidation under Ind AS – IFRS Converged Standards-Book

By | April 24, 2017

Consolidation under Ind AS – IFRS Converged Standards Paperback – 2016 by CA Parveen Kumar (Author) Publishing consolidated financial statements was not compulsory for Indian companies till last year. The Companies Act 2013 (‘Act’) mandates preparation of consolidated Financial Statements for all the companies having subsidiaries. The Act also establishes the principle that financial statements… Read More »

iGAAP 2016 A guide to Ind AS reporting – Deloitte

By | April 18, 2017

iGAAP 2016 A guide to Ind AS reporting Hardcover – 2016 by Deloitte (Author) Price Rs 5880. Click to buy online Description In February 2015, the Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Rules, 2015 that set out the text of 39 Indian Accounting Standards (Ind ASs) and the dates of implementation of… Read More »

CAS-17 (REVISED 2017) – Cost Accounting Standard on Interest and Financing Charges

By | April 5, 2017

CAS-17 (REVISED 2017) COST ACCOUNTING STANDARD ON INTEREST AND FINANCING CHARGES The following is the Cost Accounting Standard (CAS 17) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India for determination of “INTEREST AND FINANCING CHARGES”. In this Standard, the standard portions have been set in bold italic type. These… Read More »

Advanced Accounting Book for IPC by M.P. Vijay Kumar – 2017 Edition

By | February 21, 2017

First Lessons in ADVANCED ACCOUNTING (For Intermediate (IPC) Course Group II Students) (with reference to the Companies Act 2013 and Schedule III) (Incorporating Amendments by Notification dt. 30-3-2016) (Including November 2016 Solved Paper)  by M.P. Vijay Kumar Description of Advanced Accounting Book for IPC by M.P. Vijay Kumar  Written in an easy-to-grasp style, this is a… Read More »

Exposure Draft of FAQ on Standards on Cost Auditing

By | February 8, 2017

The Ministry of Corporate Affairs in terms of provision to Section 148(3) of the Companies Act, 2013 approved the Cost Auditing Standards on 10th September 2015 for mandatory compliance by the cost auditors in the audit of the cost records maintained by the companies covered under the Companies (Cost Records and Audit) Rules: Cost Auditing… Read More »

Ind AS Book – Illustrated Guide to Indian Accounting Standards – 2017 Edition

By | January 28, 2017

  Illustrated Guide to Indian Accounting Standards (Ind AS ) (3rd Edition 2017) This Ind AS book is as after incorporating Amended by Companies (Indian Accounting Standards)(Amendment) Rules 2016 You can buy this Ind AS Book for Rs 1608. Here is the Link to Buy online. Paperback: 1240 pages Publisher: Taxmann Publications Pvt. Ltd.; 3rd… Read More »

Comments on amendments to IAS 12 ( Income Taxes ) ,IAS 23 ( Borrowing Costs) and IAS 28 (Investments in Associates and Joint Ventures.)

By | January 17, 2017

Annual Improvements to IFRS® Standards 2015–2017 Cycle – (16-01-2017) Exposure Draft issued by the International Accounting Standards Board (the Board) on proposed amendments to three Standards for public consultation as part of its annual improvements process. The document contains proposed amendments to IAS 12 Income Taxes, IAS 23 Borrowing Costs and IAS 28 Investments in… Read More »

Exposure Draft of Revised SA 720- The Auditor’s Responsibilities Relating to Other Information

By | January 6, 2017

Exposure Draft of Revised SA 720, “The Auditor’s Responsibilities Relating to Other Information” for Comments Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included in an entity’s annual report. An… Read More »

Applications for vacancie in International Accounting Standards Board

By | November 8, 2016

International Accounting Standards Board (IASB) is seeking applications for vacancies in the Board (A) IASB position summary: The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. Members of the Board represent the best available combination of technical accounting skills and experience of relevant international business and market conditions in order… Read More »

Infrequent number of sales or insignificant in value used in AS 109 -ICAI clarify

By | November 3, 2016

FAQ on Elaboration of terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109 Question Ind AS 109, Financial Instruments, requires an entity to classify financial assets on the basis of the entity’s business model for managing the financial assets. In this regard, under a business model whose objective is to… Read More »

National Advisory Committee on Accounting Standards framed by Govt

By | October 5, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 3rd October, 2016 S.O. 3118(E).-In exercise of the powers conferred by sub-section (1) of section 210A of the Companies Act, 1956, (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons,… Read More »

National Advisory Committee on Accounting Standards Notified

By | October 4, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 3rd October, 2016 S.O. 3118(E).—In exercise of the powers conferred by sub-section (1) of section 210A of the Companies Act, 1956, (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons,… Read More »

ICAI issued Ind AS- An Overview -Revised 2016

By | September 27, 2016

The Institute of Chartered Accountants of India Indian Accounting Standards (Ind AS): An Overview (Revised 2016) – (26-09-2016) This publication contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as Roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, Changes in financial reporting under Ind AS compared to… Read More »

Practical Guide to Ind-AS & IFRS- Book 4th Edition 2016 (English)

By | September 18, 2016

Practical Guide to Ind-AS & IFRS (English) (Paperback, CA. Kamal Garg) BUY Features of Practical Guide to Ind-AS & IFRS Language: English Binding: Paperback Publisher: Bharat Law House Pvt. Ltd. Genre: Academic and Professional ISBN: 9789351393610, 9351393615 Publication Year  2016

ICAI Exposure draft on Guidance on Accounting for Oil and Gas Activities b

By | August 7, 2016

Exposure Draft of the Guidance Note on Accounting for Oil and Gas Producing Activities (for entities to whom Ind AS is applicable) (Comments to be received by August 31, 2016) – (02-08-2016) As the era of Indian Accounting Standards, i.e., Ind AS has already started, the Institute of Chartered Accountants of India (ICAI) has taken… Read More »

FAQ on deemed cost of Property, Plant and Equipment under Ind AS 101

By | June 30, 2016

Source : ICAI FAQ on deemed cost of Property, Plant and Equipment under Ind AS 101, First-time Adoption of Indian Accounting Standards* Issue: Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition… Read More »

Consolidation of subsidiary which is LLP or a partnership firm?

By | June 29, 2016

Whether holding company is required to consolidate its subsidiary which is LLP (Limited Liability Partnership) or a partnership firm? Will the answer differ if LLP is an associate or Joint Venture (JV) of the holding company? Response In accordance with rule 6 of Companies (Accounts) Rules, 2014, consolidation should be done in accordance with Schedule… Read More »

IND AS Applicability :Companies (Indian Accounting Standards) Rules 2015

By | May 13, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 16th February, 2015 G.S.R. 111(E). —In exercise of the powers conferred by Section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National… Read More »

Indian Accounting Standards implementation Road Map

By | April 29, 2016

Indian Accounting Standards The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: (i) Banks (excluding Urban Cooperative Banks and Regional Rural Banks), All-India Term-lending Refinancing Institutions (i.e. Exim Bank, NABARD,… Read More »

Apply amended Accounting Standards from F.Y. 2016-17 onwards: MCA

By | April 28, 2016

COMPANIES (ACCOUNTING STANDARDS) AMENDMENT RULES, 2016  GENERAL CIRCULAR NO.4/2016 [F.NO.01/01/2009-CL-V], DATED 27-4-2016 Stakeholders have sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016. The matter has been examined in the Ministry and it… Read More »

Accounting Standards Applicability as amended by MCA

By | April 26, 2016

Source ICAI Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016 – (26-04-2016) 1.   The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the said Rules “shall come… Read More »

Non application of AS 30, AS 31 and AS 32 in the Final Course Paper 1 of ICAI

By | November 26, 2015

The Institute of Chartered Accountants of India Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting – (23-11-2015) The entire IAS 39 “Financial Instruments: Recognition and Measurement”, on which AS 30 “Financial Instruments: Recognition and Measurement” was based, has been replaced by IFRS 9 “Financial… Read More »

Revaluation gain loss to be adjusted with book value of Individual Assets

By | November 25, 2015

A company (ABC Ltd.) is engaged in the business of manufacturing of packing materials. It owns heavy plant & machineries and other fixed assets. Recently it has revalued its fixed assets and adjusted the resulted gain or loss with total book value of fixed assets, instead of book value of individual asset. Whether accounting treatment… Read More »

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

By | November 11, 2015

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

Draft Interpretation on Uncertainty over Income Tax Treatments

By | November 11, 2015

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

IASB publishes exposure draft on Application of Materiality

By | November 1, 2015

International Accounting Standards Board (IASB) has issued exposure draft providing guidance on application of materiality while preparing financial statements as per International Financial Reporting Standards (IFRS).It will help management of company to apply the concept of materiality in preparation and presentation of both annual and interim financial statements of the company. The draft specifies the… Read More »

Net realisable value cannot be replaced with realisable value

By | October 16, 2015

A soap manufacturing company has valued its stock of finished goods at cost or realisable value whichever is lower and other items of inventory, like raw materials, work-in-progress and spare parts, at cost. It has disclosed its accounting policy regarding valuation of inventory in the financial statements appropriately. Whether the company’s accounting policy regarding valuation… Read More »

Disclosure of Accounting policy regarding investments involving significant funds and dividend

By | October 14, 2015

A company is engaged in trading of fast moving consumable goods. It has invested more than 50% of its net worth in the shares of other companies. Dividend income on those investments constitutes a significant portion of the total income of the company. The company has not disclosed its accounting policy regarding those investments and… Read More »

Branding and advertisement Expenses should be expensed off

By | October 14, 2015

A company (say Company X) is a key player in media industry. The requirements of media industry is such that the company continuously needs to incur heavy amount on promotions, advertising, internal and external communications and promotions, incurring expenditure on campaigns such as save water, save energy, Green earth, etc. The company incurs substantial expenditure… Read More »

IASB Proposed Deferment of Suggested Changes in IFRS 10 and IAS 28

By | August 14, 2015

IASB Proposed Deferment of Changes Previously Suggested in IFRS 10 and IAS 28 International Accounting Standard Board (IASB), the independent body of IFRS foundation and responsible for developing and promoting International Financial Reporting Standards (IFRS), has proposed deferment of changes previously suggested in IFRS 10 ‘Consolidated Financial Statements’ and IAS 28 ‘Investment in Associates and… Read More »