Accounts Articles

Stage now set for implementing Accounting Standards converged with IFRS

CA. Rajvir Bhatnagar 10 March 2015 at 10:36

Ministry of Corporate Affairs has finally announced the Companies (Indian Accounting Standards) Rules, 2015 for applicability of Accounting Standards converged with IFRS. A notification in this regard has been issued on 16th February, 2015. Important

Path towards IFRS

Samyak Sanghvi 05 March 2015 at 11:17

INTRODUCTION Since the advent of internet, the world has shrunk, distances have lost their importance and information has no more remained the differentiating factor in this global arena. Globalization-the BUZZWORD has

Ind AS 2 - Inventories

Ashima chachra 25 February 2015 at 10:12

1. Objective: a) Deals with the determination of cost ,b) Subsequent recognition as an expense , including any write-down to NRV ,c) Guidance on the cost formulas that are used to assign costs to inventories.2. Scope: This Standard applies to all inv

Ind AS applicability

Ashima chachra 23 February 2015 at 10:17

Indian Accounting Standards (Ind As)As we all know that as per Notification of Ministry of Corporate Affairs on 16th February2015 Ind As has came into force. They shall come into force on the 1st day of April, 2015. I have gone through the notificati

IFRS 15: Revenue recognition from contracts with customers

CA. Rajvir Bhatnagar 09 February 2015 at 10:19

IFRS 15: Revenue recognition from contracts with customers - Major changes in the offing for some industriesA new Standard, laying down revised guidance for recognising revenue from contracts with customers has been introduced by International Accoun

IND AS 7 vs AS 3

Aadarsh Gupta 03 February 2015 at 10:42

Ind AS 7 and existing AS 3The objective of IND AS 7 is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the

Comparison of IND AS 2 and existing AS 2

Aadarsh Gupta 28 January 2015 at 10:51

Ind AS 2 and existing AS 2 The principles laid down in Accounting Standard (AS) 2, Valuation of Inventories, are well established and the principles laid down in Ind AS 2, Inventories, are almost similar to the pr

Comparison of IND AS 1 and existing AS 1

Aadarsh Gupta 23 January 2015 at 10:25

Accounting Standard 1 i.e. Disclosure of Accounting Policies deals with disclosure of significant accounting policies followed in preparing and presenting financial statements whereas IND AS 1 i.e. Presentation of Financial State

Preface to IFRS

CA ANKUSH AGGARWAL 17 January 2015 at 12:38

PREFACE TO INTERNATIONAL FINANCIAL REPORTING STANDARDS PURPOSE OF ISSUING PREFACE Setting out objectives and due process of the IASB Explain the scope, authority and timing of application of IFRS Preface has been amended from time t

Accouning Standards vis-a-vis IND vis-a-vis IFRS

CA. Atul Khurana 22 December 2014 at 11:00

OVERVIEW:What is Convergence of Accounting Standards?What is IFRS?Convergence of Indian accounting standards with IFRSRole of ICAI in IND ASRole of SEBI in IND ASRole of Industry AssociationsAdvantages and Challenges after implementing IND ASFor bett