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: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT Audit :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: empanelment :: cpt :: VAT RATES :: list of goods taxed at 4%
 
 
« Service Tax »
 Government allays fears on implementation of Goods and Service Tax
 GST pangs for 3 months only, people will adjust to new way of life soon
 GST, an old new tax
 Pay tax once on the input, deduct it from the output
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout

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 2017 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