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: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD
 
 
ICAI »
 Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017

New accounting norms to impact financial statement reporting: ICAI
February, 26th 2015

The apex body for chartered accountants ICAI today said the new accounting regime will change the way firms report their financial statements as the new norms require them to make more disclosures.

The new regime would bring in accounting based on 'fair value' model in various cases as well as separate standards for financial instruments.

The system has made departure from the International Financial Reporting Standards with respect to classification of Foreign Currency Convertible Bonds (FCCBs) and regarding recognition of bargain purchase gain arising on a business combination.

The companies would also have options not to comply with IFRS-converged Indian Accounting standards related to classification of a loan liability in case any loan condition is not met, recognition of investment property using fair value model, recognition of lease rentals, among others.

The government has notified the rules for Indian Accounting Standards (Ind AS) which will be mandatory for companies from April 1, 2016.

Ind AS norms, which are converged with global standards IFRS, can be followed by corporates on a voluntary basis from April 1 this year.

The Institute of Chartered Accountants of India (ICAI) newly elected president Manoj Fadnis today said that "there will be some impact (on the financial statements) as higher levels of disclosures will be required and for the first time there will be more 'fair value' accounting".

Additionally, Fadnis also said that the new accounting norms "have a well defined standard in place for financial instruments which would be made applicable".

"So there will be some changes in which financial statements are reported," he told reporters here.

Talking about the carve outs in IFRS-converged Ind As, Fadnis said that while those pertaining to FCCBs and bargain purchasing are mandatory the other carve outs are optional.

"We have two mandatory carve outs which are principle based standards and it is in the national interest why we are holding on to them... we will continue the dialogue with International Accounting Standards Board (IASB) and see that over a period of time the carve outs are minimised," he said.

"While we would encourage the companies to follow these standards in all other areas for certain other reasons if the Indian corporates do not want to follow the international treatment we have given them a option," Fadnis noted.

He said that if the firms exercise these options they would be need to make proper disclosures to keep investors adequately informed.

Observing that the carve outs would not put companies at a disadvantage, Fadnis also said that the new norms will help bring in "more transparency" as additional information would now be provided in the financial statements.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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