Changing ACCOUNTING STANDARDS
This query is : Resolved
03 November 2022
Dear Sir,
Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.
Also that our companies are subsidiary companies but the listed entity has been liquidated.
Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.
Also that our companies are subsidiary companies but the listed entity has been liquidated.
03 November 2022
Your processing person is right, mostly companies don't change to AS when they have shifted to IND-AS.
In case IND-AS is not applicable in view of holding company dissolved you can switch over to AS.
In case IND-AS is not applicable in view of holding company dissolved you can switch over to AS.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Capital gain of property recd from partnership firm
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
