Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4% :: form 3cd :: empanelment :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment
News Headlines »
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18
 How to file Income Tax Returns online in 5 simple steps

Government comes out with roadmap for new accounting standards
January, 05th 2015

Prescribing the road map for the implementation of the new Indian accounting standards (Ind AS), the Corporate Affairs ministry on Friday specified the class of companies that have to move to the new accounting system that are close to the International Financial Reporting Standards (IFRS).

Ind AS will be applicable from the next financial year on a voluntary basis and from April 2016 it will be mandatory for companies with net worth of Rs 500 crore. Companies which have a net worth of Rs 250 crore or more but less than Rs 500 crore will have to mandatorily move to Ind AS from April 2017.

A statement from the government said that companies whose equity or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having net worth of Rs 500 Crore or more will move to Ind AS from April 1, 2016. Companies other these, but having net worth of Rs 500 Crore or more and also their holding, subsidiary, joint venture or associate companies have to mandatorily move to this standard from April 1, 2016.

The statement also said that companies with net worth of Rs 250 crore or more but less than Rs 500 crore and their holding, subsidiary, joint venture or associate companies have to mandatorily move to Ind AS from April 1, 2017. However, companies whose securities are listed or in the process of listing on SME exchanges will not be required to follow Ind AS. Such companies will continue to comply with the existing Accounting Standards unless they choose otherwise.

Once a company opts to follow the Indian Accounting Standards (Ind AS), it will be required to follow this for all the subsequent financial statements. Companies not covered by the above road map will continue to apply existing Accounting Standards prescribed in Annexure to the Companies (Accounting Standards) Rules, 2006.

The government will issue a notification for the same soon. Banking Companies, insurance companies and non- banking finance companies (NBFCs) will not be covered under this notification and will have a separate road map.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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