The Institute of Chartered Accountants of India is inviting comments on Exposure Drafts of Forensic Accounting and Investigation Standards(FAIS) - 210, 240, 310, 320, 330, 340 and 350. Read the official announcement below: Digital Accounting and Assurance Board The Institute of Chartered Accountants of India 9th October, 2020 Announcement <p style="text-align: cen..
The Institute of Chartered Accountants of India has released the fifth edition of amendments to Ind ASs, 2020 notified by the MCA vide notification dated 24 July 2020. Read the official announcement below: Accounting Standards Board The Institute of Chartered Accountants of India 6th October, 2020 ANNOUN..
Over the years as the advanced Point-of-Sale (POS) has gained great popularity, the days of traditional cash registers are almost over. POS systems have provided many retail business owners a significant boost because they not only speed up payment services but also provide inventory and customer information in real-time. It encourages small businesses and independent retailers to do amazing things that were not possible with old cash registers, simplifying their business in all kinds of ways..
The Ministry of Corporate Affairs ('MCA') on 24 July 2020, notified the Companies (Indian Accounting Standards) Amendment Rules, 2020 ('the amendment') which includes revisions to certain Ind AS like Ind AS 103- Business Combinations, Ind AS 109: Financial Instruments, Ind AS 116: Leases. Ind AS 1: Presentation of Financial Statements, Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors and Ind AS 37: Provi..
There are certain places with restrictions to lease the premises, only the owner of the premise can use the premise for to run the business. In such case, lease agreement is framed in such way where agreement states that owner of the premises is running the business on the premises but such owner has hired third party to run the business, however substance of the transactions are different, hence the complex accounting issues arises. Important consideration here is to ..
Background: Ind AS 116 has been effective for the financial period beginning from 1 April 2019 onwards. There are many challenges that entities are facing while implementing and transiting to such new leases accounting standards. One issue that is constantly faced by every lessee is doing accounting for parking charges paid by the lessee to the lessor for the premise of the lease. This article aims to explain the principle guidance for accounting of s..
Apart from differences in the perseverance in accounting and financial terms, the least we can predict is the future of both. The year 2020 has already been a year of financial loss and the loss did not hinder a state or a country, but the world has been suffering lately. Nonetheless, we can assure the instability of the accounting numbers, it is possible to predict some of the incitements that could develop the future of accounting and finances. It is not an u..
With the advent of innovations and new technologies due to pandemic across the world, the economic environment continues to evolve. Therefore, the change becomes a new constant for organizations to reshape their business model and business processes to be aware of recent trends. Accounting is an essential element of the business process. A well-run function of accounting provides accurate, timely, and relevant information in making decisions. Given below are the latest accounting t..
Introduction: IFRS 9 is crucial and important especially in Covid time. This IFRS application is very testing for Companies in Covid time. This article is only summary. Even summary is also covered few points only. 1. Name of the Standard: IFRS -9 - Financial Instruments, became mandatory from January 2018. This standard contains - three main topics: classification and measurement of financial instruments, impairment of financial assets, and hedge a..
The COVID 19 pandemic dramatically altered the day-to-day existence of most companies. Though businesses may have had remote-work contingency plans, few could have expected the necessity to implement these procedures almost overnight. And even as state governments enacted shutdowns requiring all non-essential workers to figure remotely, many businesses were working with their auditors to finalize year-end finances audits and other attest reporting. As a result, audit proces..
Standards for Forensic Accounting Institute of Chartered Accountants of India (ICAI) is working to develop the standards for forensic accounting and investigation (FAIS). These are expected to be completed by December 2020. These standards are aimed to be capable enough to be admissible in the court of law. As per the information shared by Atul Kumar Gupta, President of ICAI, “this is an emerging area in the forensic profession and mo..
Accounting Standards Board The Institute of Chartered Accountants of India 25th August, 2020 ANNOUNCEMENT Release of New Compendium of Indian Accounting Standards (Ind AS) as on April 01, 2020. The Ministry of Corporate Affairs (MCA), notified Ind AS in year 2015 applicable to large entities as specified in its Roadmap for implemen..