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: form 3cd :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India
« Service Tax »
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant

ICAI proposes changes in Indian Accounting Standard norms
January, 30th 2014

To provide a clearer picture on companies’ financial position, the apex body of chartered accountants, Institute of Chartered Accountants of India (ICAI) has suggested changes with respect to presentation of financial statements and comparative numbers.

The ICAI, which is in process of bringing Indian Accounting Standards (Ind AS) norms in line with International Financial Reporting Standards (IFRS), has highlighted the amendments in an exposure draft and sought public comments on the same by February 17.

As per the proposed norms for financial statements, an entity has to provide a third balance sheet or opening balance sheet only when it changes its accounting policies, makes retrospective restatements or makes reclassifications as well in cases where the changes have had a material effect on the balance sheet.

Going by the suggestions, an entity should provide additional comparative information on the notes related to financial statements. “The additional comparative period does not need to contain a complete set of financial statements,” it added.

A complete set of financial statements comprise a balance sheet as at the end of the period, a statement of profit and loss for the period, a statement of cash flows for the period, comparative information in respect of the preceding period, among others.

In relation to presentation of financial instruments, ICAI has suggested that income tax related to distributions to equity holders are accounted for in accordance with Ind AS for Income Tax.

Moreover, ICAI has suggested changes with respect to disclosure of total assets and liabilities for a particular reportable segment under the norms for interim financial reporting.

Interim financial reports in addition to disclosures of significant events and transactions also comprise information on certain segments, among others.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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