Accounts News



The Committee on Accounting Standards for Local Bodies (CASLB) has been formulating Accounting Standards for Local Bodies (ASLBs) since March, 2005. So far, the Committee has issued fifteen ASLBs. Moving forward in this direction, the Committee has finalised the Exposure Draft of ASLB 23, ..

Posted in Accounts |   646 Views




This edition contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summa..

Posted in Accounts |   2843 Views




The Committee on Accounting Standards for Local Bodies (CASLB) is formulating Accounting Standards for Local Bodies (ASLBs) since March, 2005 to improve financial reporting for local bodies. So far, the Committee has issued thirteen ASLBs including one cash based ASLB that will facilitate transition..

Posted in Accounts |   525 Views



FAQ on IndAS by ITFG

 06 April 2018 at 11:22

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15 'Ind AS Transition Facilitation Group' (ITFG) of Ind AS Implementation Group has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation o..

Posted in Accounts |   655 Views




An important development in Ind AS Framework i.e. a new Ind AS in the area Revenue recognition has been notified by Ministry of Corporate Affairs which was formulated based on the recommendation made by The Institute of Chartered Accountants of India. The key amendment is the issuance of new Reve..

Posted in Accounts  1 comments |   1083 Views




No.M-626/08/MAF&PWC/2018    ALL MEMBERS OF THE COUNCIL Madam/Dear Sir, Sub.: Constitution of a Group to examine the issues arising out of the Judgement dated 23.02.2018 of the Hon’ble Supreme Court in the matter of operation of Multinational Accounting Firms in India ..

Posted in Accounts  1 comments |   595 Views




FM inaugurates the National Conference on Insolvency and Bankruptcy :Changing Paragdigm in Mumbai  Creditors and Debtors perspective –Striking the balance  “The Union Minister of Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that since the Insolvency and Ba..

Posted in Accounts  1 comments |   1396 Views




Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provisions of the section 115JB of the Income-tax Act, 1961 in respect of Ind AS Compliant Companies. Under Ind AS, there are certain transactions with shareholders/related par..

Posted in Accounts |   899 Views




As per the roadmap issued by the Ministry of Corporate Affairs (MCA) in February 2015, certain class of companies have to prepare their financial statements as per Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) w.e.f F.Y. 2016-17. MCA..

Posted in Accounts |   762 Views




International Accounting Standards Board (IASB) is seeking applications for vacancies in the Board  (A) IASB position summary: The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. Members of the Board represent the best available co..

Posted in Accounts |   690 Views






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