In this article we will discuss about the accounting treatment in books of lessee only.
Basics on applicability of Ind AS 116 "Leases"
• Ind AS 116 is proposed to be effective from annual periods beginning on or after 1st April, 2019.
• Ind AS 116 introduces a single les..
Ind AS 116 sets out the principles for the recognition, measurement, presentation, and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis ..
Applicable all the contract with customers except
Lease Contract -IAS-17
Insurance contract- IFRS 4
Financial instruments and other contractual rights or obligations within th..
Ind AS conversion is a strategic issue. The board of directors and management need to explain to the stakeholders on changes and impact arising from Ind AS conversion. Ind AS effects all the verticals of the company and it should be well planned.
If there is one thing you can take fro..
The MCA on March 30, 2016 notified the Companies (Indian Accounting Standards) (Amendment) Rules, 2016, which includes a road map for implementation of Indian Accounting Standards (Ind AS) by Non-Banking Financial Companies (NBFCs) (NBFC road map). NBFCs will be required to comply w..
Ind AS-115 notified on 28.03.2018 by the Ministry of Corporate Affairs, effective from 01.04.2018.
Ind AS-115 provides single comprehensive framework to be used by entities to recognize revenue from their customers and report useful information about nature, amount, timing and uncertainty of cash..
Ind AS 115 deals with Revenue from Contracts with Customers
Notified by MCA based on recommendation by ICAI
The standard is applicable from accounting periods beginning on or after 1st April 2018
Implementation of Ind AS 115
Improves comparability of revenue across ent..
Republished with updates till July 2018
In Simple words, Deferred Tax Liability is a Provision for Future Taxation.
This is in stark Contrast to Provision for Taxation. Provision for Taxation is basically a provision for Current year Taxation.
Deferred Tax Liability arises due to timin..
Ind AS-16 deals with Accounting and depreciation of property, plant and equipment, which are covered by Corresponding AS-10.
It applies to all kinds of tangible property, plant and equipment except:
Assets held for Sale and Assets of Discontinued Operations (Ind AS 2)