ITFG Bulletin 10-Ind AS

Ind AS Transition Facilitation Group (ITFG) considered some issues received from members and decided to issue clarification. So ITFG issued Bulletin 10 for this on July 05, 2017. For Bulletin 10 Please Refer: http://resource.cdn.icai.org/45802indas36018.pdf What is ITFG? As per ICAI: Pursuant to the issuance of roadmap for Ind AS implementation issued by the MCA vide notification […]

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Property, Plant and Equipment – Proceeds Before Intended Use (Proposed Amendments to IAS 16)

Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 16 Property, Plant and Equipment. The amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable […]

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RBI reduces repo rate by 25 basis points to 6.25 per cent

RBI/2016-17/75 REF.No.MPD.BC.381/07.01.279/2016-17 dated October 4, 2016 Refer to the Fourth Bi-monthly Monetary Policy Statement, 2016-17 – Resolution of the Monetary Policy Committee (MPC), in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect. Accordingly, […]

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RBI Notification: Change in Bank Rate

RBI/2016-17/74 DBR.No.Ret.BC.19/12.01.001/2016-17 dated October 04, 2016 As announced in the Fourth Bi-Monthly Monetary Policy Statement 2016-17 dated October 04, 2016, the Bank Rate stands adjusted by 25 basis points from 7.00 per cent to 6.75 per cent with effect from October 04, 2016. All penal interest rates on shortfall in reserve requirements, which are specifically […]

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Amendment in Accounting Standards issued by ICAI

The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting held on August 16-17, 2016 noted that the Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) and amended the following Accounting Standards and omitted AS 6, Depreciation Accounting, issued under Companies […]

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Indian Accounting Standards (Ind AS): An Overview (Revised 2016)

ICAI has published Indian Accounting Standards (Ind AS): An Overview (Revised 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 financial reporting under existing Accounting Standards, […]

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