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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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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Support-desk for Implementation of Ind AS

ICAI has been created a support desk for queries related to Ind AS: 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 […]

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 4

Ind AS Transition Facilitation Group (ITFG) considered some issues received from members and decided to issue clarification. So ITFG issued Bulletin 4 for this on August 19, 2016. For Bulletin 4 Please Refer: http://resource.cdn.icai.org/43101indas32829.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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ICAI release FAQs on preparation of Consolidated Financial Statements – (24-06-2016)

Frequently Asked Questions (FAQs) regarding requirements to prepare Consolidated Financial Statements These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial […]

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“Financial Instrument”- An Overview of IND AS-32, 109 & 107

Introduction Classification, recognition and measurement principles and certain disclosure requirements for financial instruments are addressed in three standards: Ind AS 32, ‘Financial Instruments: Presentation’, which deals with distinguishing debt from equity and with guidance on netting of financial instruments Ind AS 109, ‘Financial Instruments’, which contains requirements for recognition and measurement Ind AS 107, ‘Financial […]

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