Articles by P.R. Sethuraman

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

Posted by P.R. Sethuraman 26 November 2015 119862 Views

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

Financial instruments under IND AS

Posted by P.R. Sethuraman 13 November 2015 58192 Views

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

Cash and cash equivalents

Posted by P.R. Sethuraman 14 October 2015 29641 Views

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

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

Posted by P.R. Sethuraman 05 October 2015 11045 Views

'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

Ind AS - A convergence to IFRS. Whether a Nightmare?

Posted by P.R. Sethuraman 12 September 2015 17775 Views

It is not an article on procedures and technicalities of IFRSs but a generic one for a common man who is more concerned with results than with accounting intricacies and sophistications. The term IFRS has four components �International- Financi

Time is up for level playing in Income Tax

Posted by P.R. Sethuraman 27 August 2015 10924 Views

The new government has already completed more than one year in office after taking the reins. There is a public perception that Shri. N. Modi, the new Prime Minister is a strong leader with no non sense approach. Grown from the scratch as a tea vendo

Audit Report 2015 - is it a nightmare or a labor-pain?

Posted by P.R. Sethuraman 20 August 2015 19041 Views

The auditing community had really gone through a rough and tough time in the form of �labor pain� in drafting the audit report under section 143 (3) of the Companies Act 2013 for the financial year ended march 2015 due to last minute rush

The consolidated audit report under companies act 2013 (The Devil lies in Detail)

Posted by P.R. Sethuraman 07 August 2015 19479 Views

As per the Guidance Note of the ICAI, �The Council of the Institute of Chartered Accountants of India has issued Accounting Standard (AS) 21 'Consolidated Financial Statements' which lays down principles and procedures for preparation a