Articles by Sanjay Chauhan (IFRS)

R & R Expenditure in Land Acquisition - An Accounting Debate

Posted by Sanjay Chauhan (IFRS) 28 August 2014 20624 Views

IntroductionWith the growing need to grow, various industrialists in developing nations like India step forward to invest in new manufacturing facilities. One of the key requisite for this activity is Land, on which the upcoming industries will be se

Greedonomics

Posted by Sanjay Chauhan (IFRS) 25 January 2013 9274 Views

It is said that there is no end to Greed. The Free Dictionary defines Greed as an excessive or rapacious desire, especially for wealth or possessions. Though, I am not any Economist but a sceptical man, I see the current economi

Hedge Accounting for Foreign Currency Firm Commitments

Posted by Sanjay Chauhan (IFRS) 07 January 2013 33081 Views

In Continuation of my previous article.. Application of AS 30 under existing Indian GAAP as per ICAIs announcement: ICAI wide its circular dated 11th February 2011, has clarified that in respect of the financial statements or other financial

Hedging Foreign Currency Firm Commitments

Posted by Sanjay Chauhan (IFRS) 03 January 2013 20869 Views

Introduction Institute of Chartered Accountants of India (ICAI) had come out with an announcement in February 2011, on Application of AS 30, Financial instruments: Recognition and Measurement. It was clarified that the prepares of Financial S

IFRS 3 and Goodwill

Posted by Sanjay Chauhan (IFRS) 08 December 2012 27489 Views

Introduction: With the introduction of revised schedule VI, India has shown its intent to Converge Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS) read with 41 International Accounting Standards (IAS) and

Ind AS 16 Industry Impact and Way Forward

Posted by Sanjay Chauhan (IFRS) 28 November 2012 9025 Views

In continuation of my previous article, this writeup brings out the brief differences between the two GAAPs and shares the industry impact analysis. Takes away from this article are part of the way forward section at the end. Major differences bet

Convergence to Ind AS 16 : Property, Plant & Equipment

Posted by Sanjay Chauhan (IFRS) 15 November 2012 18516 Views

Introduction India has principally agreed to converge to IFRS by implementing Revised Schedule VI, being the first constructive step in the journey. Let us appreciate the requirements of accounting for fixed assets in specific under Ind AS (ie IFR

Functional Currency's consequential Impact on Deferred Tax

Posted by Sanjay Chauhan (IFRS) 27 August 2012 30962 Views

In continuation of my previous article, this article highlights the consequential impact of having two sets of functional currency (one for GAAP reporting and other Tax submissions) on deferred tax computation under Ind AS 12, which again is based

Functional Currency under IFRS and its Implementation

Posted by Sanjay Chauhan (IFRS) 17 August 2012 32752 Views

This article covers the Functional Currency aspect differentiating with Presentation Currency as laid in Ind AS 21 i.e. IAS 21, which is totally new concept when India converges to IFRS. Introduction India has laid do

Currency Translation Reserve

Posted by Sanjay Chauhan (IFRS) 09 July 2012 76937 Views

A. Objective: This topic covers accounting for non integral operations under AS 11 in specific and its comparison with IAS 21. B. Back Ground: With the intent to Go Global, Indian entrepreneurs are now expanding their business focus in variou