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 VAT and GST in India :: empanelment :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT RATES
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Full accounting shift for hedging tools on hold
February, 16th 2011

India's accounting rule-setter has said that most Indian companies, barring a few big ones, will not have to follow a stringent rule that mandates incorporation of valuation gains or losses on complex financial instruments , such as derivatives, in their income statements.

The Institute of Chartered Accountants of India (ICAI) has deferred accounting standard (AS) 30 that operationlises this requirement for companies that are not in the first phase of convergence of Indian accounting norms with globally recognised international financial reporting standards, or IFRS.

Originally issued by the ICAI in 2007, these standards were made applicable from April 1, 2009, on a recommendatory basis and were to become mandatory from this April.

The 300-odd companies, including those in stock market benchmarks sensex and the Nifty and those that have net worth of more than Rs 1,000 core, will have to report their financials according to IFRS starting April 1.

They will have to follow an equivalent international accounting standard (IAS-39) to AS-30 . Companies across sectors were sceptical of AS 30 because of its impact on bottom lines. The standard recognises notional gains or losses arising out of fluctuations in the value of assets, making profit-and-loss statements volatile.

"If Indian companies were to apply AS 30, in most cases, the impact would be very significant and mostly adverse in the financial statements," said Dolphy D'Souza, partner, Ernst & Young.

The standard, first issued in 2007, was put on hold after the financial crisis showed the impact such valuation gains or losses could have on profit-and-loss accounts.

"Subsequent to the issuance of this standard, the world witnessed financial crisis which raised issues with regard to accounting treatment of financial instruments," the regulator said in a note.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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