Articles by Sanjay Chauhan (IFRS)
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R & R Expenditure in Land Acquisition - An Accounting Debate
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
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
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
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
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
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
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
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
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
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
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