Category Archives: Accounting Standards

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

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

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

  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 »

Video Tutorial- Refresher Course on Ind AS

Refresher Course on Ind AS Refresher Course on Ind AS Part-1 Published on Dec 29, 2016 Refresher Course on Ind AS Part-2 Refresher Course on Ind AS part-3 Refresher Course on Ind AS Part 4 Refresher Course on Ind AS Part-5 Refresher Course on Ind AS part-6 Published on Dec 30, 2016 Published on Jan… Read More »

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

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

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

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

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 Notified

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

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 »

Ind AS implementation – ICAI Support-desk

With the beginning of financial year 2016-17, the era of implementation of Ind AS has begun in India. In this regard, a number of issues are constantly being faced by the Small and Medium Practitioners (SMPs) and companies in the implementation of Ind AS. In view of this, it has been decided to launch a… Read More »

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

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 »

Consolidation of subsidiary which is LLP or a partnership firm?

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 »

Indian Accounting Standards implementation Road Map

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

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

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 »

ICAI issue Exposure draft on AS 8

Issued by Accounting Standards Board The Institute of Chartered Accountants of India Exposure Draft Accounting Standard (AS) 8 Accounting Policies, Changes in Accounting Estimates and Errors Last date for the comments: 7th December, 2015

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

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 »

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

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

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

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

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 »

Branding and advertisement Expenses should be expensed off

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

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 »

Share based payment Ind AS 102

Ind AS 102 – Share based payment : Moving from Intrinsic value to Fair Value  1. Background Entities often grants shares, share options or other equity instruments to employees as part of their remuneration package, in addition to a cash salary and other employment benefits, so as to motivate its employees. Some entities also issue… Read More »