ICAI expert Advisory commitee--opinions

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Audit and Tax Advisory

37014 Points Posted on 13 June 2013

Recent Opinions of The Expert Advisory Committee

Query No. 1	Capitalisation of interest during pre-operative period in Cable and Telecommunication Industry.
Query No. 2	Accounting treatment of Minimum Alternative Tax (MAT) Credit in case of carried forward losses.
Query No. 3	ESOP accounting on account of revision of the exercise price.
Query No. 4	Disclosure of assets and liabilities held under projects being executed on behalf of the Government of India.
Query No. 5	Depreciation on freehold land having mineral reserves and the internal roads constructed in the premises of the company.
Query No. 6	Accounting for leave liability.
Query No. 7	Accounting for the share of expenditure incurred by the company on development of power sub-station and for obtaining power connection.
Query No. 8	Segment Reporting.

Replies (3)

Audit and Tax Advisory

37014 Points Posted on 13 June 2013

Query No. 9	Treatment of tax expense on deemed income under section 56(2)(viia) of the Income-tax Act, 1961 arising on purchase of investments.
Query No. 10	Accounting for payments made in respect of land pending execution of conveyance deeds and borrowing costs incurred in respect thereof.
Query No. 11	Computation of depreciation on extra shift workings.
Query No. 12	Revenue recognition in case of construction contracts.
Query No. 13	Treatment and disclosure of interest on fixed deposits in the financial statements of a financial enterprise.
Query No. 14	Accounting treatment of liability for unbilled work-in -progress in the books of executing agency.
Query No. 15	Off-setting of various components of tax and disclosure of tax expenses.
Query No. 16	Accounting for sales tax exemption benefit under Ind AS.
Query No. 17	Disclosure of ‘buyer’s credit’ and ‘supplier’s credit’.

Audit and Tax Advisory

37014 Points Posted on 13 June 2013

Recent Opinions of The Expert Advisory Committee

Query No. 18	Revenue recognition in case of project managers.
Query No. 19	Accounting for sales returns.
Query No. 20	Accounting for book value of fixed assets demolished for expansion purpose.
Query No. 21	Provision for warranty under construction contract and corresponding revenue recognition.
Query No. 22	(i) Disclosure requirements for defined benefit plans in case of group administration plans (ii) Accounting for provident fund contribution in case of provident fund trust run by the holding company.
Query No. 23	Valuation of stock of gypsum, a by-product.