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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: form 3cd :: TDS :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
Service Tax »
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax
 Consensus eludes Centre, states on GST dual control

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