Accounts Articles

IFRS-15 IAS-115 Applicability 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..

Applicability 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..

Introduction 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. 1. Scope It applies to all kinds of tangible property, plant and equipment except: Assets held for Sale and Assets of Discontinued Operations (Ind AS 2) Biologic..

Deferred Tax Liability Example for FY 2017-18 Particulars As per Books of Accounts As per Income Tax Act Difference Profit after all expenses but before Depreciation 50 00 000 50 00..

Preface International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) issued their long-awaited converged standard on revenue recognition in May 2014. These standards are required to be adopted by the IFRS and US GAAP reporters from 1 January 2018. The Ministry o..

Treatment of Contract costs Incremental costs of obtaining a contract Costs to fulfil a contract Incremental costs of obtaining a contract An entity shall recognise as an asset the incremental costs of obtaining a contract with a customer if the entity expects to recover those costs ..