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December 22, 2023

Classification of Advance Paid for Land as ‘Land Inventory’ or ‘Advance’ When Neither Possession Nor Sale Deed Executed

A company engaged in the … Continue reading “Classification of Advance Paid for Land as ‘Land Inventory’ or ‘Advance’ When Neither Possession Nor Sale Deed Executed”

Blog, News, Account & Audit

December 21, 2023

Recognition of Leased Project Assets in Accordance with Ind AS 116

Under Ind AS 116, an … Continue reading “Recognition of Leased Project Assets in Accordance with Ind AS 116”

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December 20, 2023

ICAI Releases Exposure Draft on Consequential Provisions for Non-compliance With CPE Hours From 2024 Onward

The Institute of Chartered Accountants … Continue reading “ICAI Releases Exposure Draft on Consequential Provisions for Non-compliance With CPE Hours From 2024 Onward”

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December 18, 2023

Accounting of the Waiver of Loan from the Government

When a government entity forgives … Continue reading “Accounting of the Waiver of Loan from the Government”

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December 15, 2023

NFRA Brought Clarity on Its Jurisdiction & Lapses in EQCR Partner Workings in Its Order

NFRA in its order dated … Continue reading “NFRA Brought Clarity on Its Jurisdiction & Lapses in EQCR Partner Workings in Its Order”

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December 14, 2023

Classification and Accounting Treatment of Export Incentive Received on Export of Goods

After getting the export order … Continue reading “Classification and Accounting Treatment of Export Incentive Received on Export of Goods”

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December 13, 2023

IASB Issues ED on Financial Instruments With Characteristics of Equity | Proposed Amendments to IAS 32, IFRS 7 and IAS 1

Indian Accounting Standards (Ind AS) … Continue reading “IASB Issues ED on Financial Instruments With Characteristics of Equity | Proposed Amendments to IAS 32, IFRS 7 and IAS 1”

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December 13, 2023

ICAI Issues Exposure Draft of Guidance Note on Audit of Banks | 2024 Edition

The Auditing and Assurance Standards … Continue reading “ICAI Issues Exposure Draft of Guidance Note on Audit of Banks | 2024 Edition”

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December 11, 2023

Classification and Presentation of Lease Receivable by Ind AS Compliant NBFC

1. Query G Ltd (herein … Continue reading “Classification and Presentation of Lease Receivable by Ind AS Compliant NBFC”

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December 8, 2023

Treatment of Biological Asset and Agricultural Produce as per Ind AS 41

Para 13 of Ind AS … Continue reading “Treatment of Biological Asset and Agricultural Produce as per Ind AS 41”