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 »
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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
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Recognition and Measurement”, on which AS 30 “Financial Instruments: Recognition and Measurement” was based, has been replaced by IFRS 9 “Financial… Read More »
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 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 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 »
Date : Oct 20, 2015 RBI seeks Comments/Feedback on Report of the Working Group on Implementation of Ind AS by Banks in India The Reserve Bank of India has today placed on its website the Report of the Working Group on the Implementation of Indian accounting standards (Ind AS) by Banks in India (Chair: Shri… Read More »
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 »
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 »