Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: form 3cd :: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
« ICAI »
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8
 Next batch of the Certificate Course on NPO at Noida from 27th May, 2017

Finance ministry directed ICAI to set up a committee for IFRS
November, 08th 2010

Barely five months from the final implementation of the IFRS, the finance ministry has directed the apex accounting regulator, Institute of Chartered Accountants of India (ICAI), to set up a committee to harmonise the tax-related issues.

As 1,000-plus companies with networth greater than Rs 1,000 crore converge to the international accounting standard from April 1, 2011, there is still lack of clarity as to how corporate houses would adjust their tax dues as per the new accounting standard. A senior government official told FE that the tax committee of the ICAI has been mandated to clear the air over tax issues. ICAI has begun preparing the report which would be submitted in the next one week, an MCA official said. The official said as India moved towards a completely new accounting standard several issues over tax were bound to come up.

Just like India a similar dilemma is also being played out in the US where comments from various stakeholders are being incorporated, the official said. He added that the government was committed to keep the deadline intact and there was no question of a turnaround.

According to the MCA source the government is also trying to work out how biological assets would be treated in the balance sheets. The issue of biological assets still remain that would mainly apply to rubber manufacturers. We are trying to work out how cattle and trees, which as per IFRS are biological assets, would be valued, he said.

He added that even if a tentative time period is taken for the survival of the asset, tax would have to be then adjusted backwards. The problem is what happens if there is a flood or some other natural calamity. How do you adjust that, a source said.

In the run up to the final convergence of IFRS several tax related issues have sprung up. For instance it is unclear how financial instruments would be treated. So far under the Indian GAAP companies were not required to account for their derivatives since they were unrealised. Once the IFRS gets implemented companies would be required to record unrealised gains as well, said Sandip Khetan, director (accounting advisory services) KPMG.

Apart from that historically expenses relating to employee training and feasibility studies conducted by companies were capitalised, but now they would have to be reflected in the profit & loss account as cost. There are several issues for which the government would have to clarify. There has to be framework in place for smooth convergence, which so far has not happened, Khetan said

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions