The February 2015 edition of the Accounting and Auditing Update captures the recent notification by the Ministry of Corporate Affairs on the timeline for adoption of Ind AS in India and release of the 39 Ind AS standards. Our article covers the roadmap, key differences between the Indian GAAP and Ind AS and gives a snapshot of key carve-outs from IFRS along with brief overview on the requirements of first-time adoption of Ind AS.
Application of Income Computation and Disclosure Standards (ICDS) is expected to have a significant impact on the companies due to differences between ICDS and accounting standards. It is expected that ICDSs will apply from the assessment year 2016-17 onwards. In our article, we have provided an overview of the revised drafts ICDS that will help determine taxable income.
This month we discuss some of the issues faced by the Not for Profit Organisation and assess sector specific accounting, tax and regulatory requirements. Continuing with our Ind AS theme, we have focused on accounting for foreign exchange transactions in Ind AS 21 and discuss key aspects which differentiate between purchase of business from purchase of assets under IFRS 3/Ind AS 103, Business Combinations.
As is the case each month, we cover key regulatory developments during the recent past as well as we have highlighted the salient aspects of the recently issued exposure draft on the ‘frequently asked questions’ on the provisions of the Corporate Social Responsibility by the Institute of Chartered Accountants of India.
This issue includes :
- MCA notifies Ind AS standards and implementation roadmap
- Not for Profit Organisations - accounting, tax and regulatory requirements
- Income computation and disclosure standards
- Exposure draft on Frequently Asked Questions (FAQs) on the provisions of Corporate Social Responsibility (CSR)
- Ind AS 21 – Accounting for foreign exchange transactions
- Business combination vs. purchase of assets
- Regulatory updates