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 »
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 »
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
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 »
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 »
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 »
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 »
SCAs as approved by CAASB & the Council We wish to inform that the following Standards on Cost Auditing (SCAs) have been forwarded during financial year 2015-16 to the Ministry of Corporate Affairs, Government of India for its approval in terms of proviso to section 148(3) of the Companies Act 2013. These SCAs have been… Read More »
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 »
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 »