Category: Accounting
Accounting policies are crucial in financial statement preparation. Learn about their nature and how their disclosure requirements vary depending on the circumstances in which enterprises operate.
ICAI has issued revised/updated Guidance Notes (2022 Edition) on Ind AS Compliance by ‘Non Ind AS Companies’ (Division I), ‘Ind AS Companies’ (Division II), and ‘NBFCs’ (Division III) for …
ICAI has decided to revise the Accounting Standards applicable to entities to which Ind AS are not applicable and has accordingly issued the Exposure Drafts of various Revised Accounting …
Accounting Standards formulated by the ICAI do not override the statute/ law that govern the preparation and presentation of general purpose financial statements of a particular Local Body. Accounting Standards …
Effect of Uncertainties on Revenue Recognition may either result in postponement of recognition of revenue in full or partial adjustment thereof by way of provisions for a particular accounting …
The ICAI’s IND AS Implementation Committee has published the 2019 edition of the ‘Quick Referencer on Indian Accounting Standards (IND ASs)’ issued by the MCA, which provides a concise …
The ICAI’s IND AS Transition Facilitation Group (ITFG) has published a ‘Compendium (January 2019 Edition) of 132 Clarifications issued upto 31/12/2018 (Bulletin #1 to Bulletin #17)’ regarding concerns or …
The ICAI has issued a Clarification regarding Applicability of MCA Notification dt. 30 March 2017 on ‘SBN Transactions’ in respect of financial statements for FY 2017-18 (i.e. disclosure requirements …
The MCA has notified the Companies (Accounting Standards) Amendment Rules, 2018, to amend Accounting Standard (AS) 11: The Effects of Changes in Foreign Exchange Rates (revised 2003) applicable w.e.f. 1 April, 2018, …
ICAI has withdrawn Guidance Note on Accounting for Real Estate Transactions (applicable to Ind AS entities), originally issued based on principles of Ind AS 11 (Construction Contracts) and Ind …
