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Articles by P.R. Sethuraman

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Ind AS 19 on Employee Benefits

  P.R. Sethuraman    03 June 2016 at 10:51

Employee Benefits include and cover all forms of consideration given by an entity in exchange for service rendered by employees. Pictorially, it is mapped out below. Post-Employment Benefits are employee benefits (other than termination benefits

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Posted in Audit  5 comments |   68988 Views


Ind AS12 on income taxes

  P.R. Sethuraman    20 April 2016 at 11:52

What is tax expense?Tax expense (income) is the aggregate amount included for determination of profit and loss in respect of current tax and deferred Tax. Income tax relating to items charged or credited to other comprehensive income/equity is charge

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Posted in Audit  4 comments |   71331 Views


Ind AS 110 on Consolidated Financial Statements (CFSs)

  P.R. Sethuraman    07 March 2016 at 10:56

Ind. AS 110 on Consolidated Financial Statements (CFSs) Before the commencement of the Companies Act 2013, Consolidated Financial Statements are the SEBI requirements for the Listed Companies. But, the Companies Act 2013 mandates

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Posted in Audit  1 comments |   141780 Views


Ind AS 103 on business combination

  P.R. Sethuraman    01 February 2016 at 10:29

�Comb� as everybody knows is used to untangle, arrange smooth out, straighten and neaten the hair by drawing the comb through it. Therefore, the �comb�, in the context of �Business combi

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Posted in Corporate Law  3 comments |   112359 Views


Measurement of Debt Instruments under Ind AS

  P.R. Sethuraman    06 January 2016 at 11:05

Financial Instruments are valued either at amortised cost or at fair value. Fair value valuation could be either by fair value through Profit and Loss or Fair value Through Other Comprehensive Income; the latter could be transferred on de-recognition

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Posted in Audit  4 comments |   40161 Views


Disclosure norms - Living Figures vs. Book Figures

  P.R. Sethuraman    01 December 2015 at 12:23

The word �close� has dynamically two different meanings depending upon the usage either as a verb or otherwise. If one says he is close to you, it means he is nearer to you either by distance or conception. If the same is used as �v

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Posted in Audit  1 comments |   5355 Views


Ind AS on Investments Vis a Vis AS- 13 on Accounting for Investments

  P.R. Sethuraman    26 November 2015 at 11:45

At the outset, it is ideal to invest some time to study the different approach unleashed by Ind. AS- on accounting of investments as compared to AS.13 on �Accounting for Investments�. Before we understand the distinct approach of Ind.AS

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Posted in Audit |   92229 Views


Financial instruments under IND AS

  P.R. Sethuraman    13 November 2015 at 14:48

Accounting Standards on �Financial instruments� � ASs 30 and 31 respectively on Recognition and Measurement; and on Presentation remained recommendatory till date without being made effective for umpteen number of reasons, known and

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Posted in Corporate Law  1 comments |   50310 Views


Cash and cash equivalents

  P.R. Sethuraman    14 October 2015 at 10:39

As per Para 54 of Ind. AS 1 on �Presentation of Financial Statements�, the statement of financial position shall include a minimum line items mentioned therein. One such point as per the line item (i) is �cash and cash equivalents&r

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Posted in Audit |   23292 Views


Judgment 'Given' in a court of law vs. 'Taken' in an audit report

  P.R. Sethuraman    05 October 2015 at 10:35

'To Judge', it means forming an opinion or taking a view about something or some one after a careful thought, study and examination. Everybody has to take a judgment on every issue one confronts at various points of time. A person makes a judgment as

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Posted in Audit  2 comments |   10488 Views