Accounts Articles

Ind AS 116 - Leases

CA Ankit Jain 24 June 2019 at 11:22

This article aims at covering most of the concepts of recently issued Ind AS 116 by the ICAI and MCA which will supersede the earlier issued s

How to identify an intangible asset and capitalize?

CA Sumit Sarda 09 May 2019 at 11:29

Para 8 of Ind AS 38 specifies that �An intangible asset is an identifiable non-monetary asset without physical substance.�Also as per para 8 �

How to determine fair value hedge or cash flow hedge under Ind AS 109

CA Sumit Sarda 07 May 2019 at 10:38

Hedge accounting as covered under Para 6 of Ind AS 109 needs to determine the TYPE of hedge relationship that an entity is dealing with because the type of hedg..

Impact of IND AS 116 on financial statements for the financial year ended March 31, 2019

CA Karan Jain 29 April 2019 at 11:05

The Ministry of Corporate affairs has notified the new Indian Accounting Standard (Ind AS) 116 Leases on March 30, 2019. As per the notification, this new Ind A..

IFRS Convergence

Sanyam@1 13 April 2019 at 13:06

1.What is GAAP Conversion?Converting from one GAAP to another GAAP. It often means changing more than just the numbers; there are of

Determination of revenue under construction contract under Ind AS 115

CA Sumit Sarda 11 April 2019 at 11:14

Under the new Ind AS 115, construction contract is treated exactly the same way as any other contract with customers.As per Para 9 of Ind AS 115�An entity

Mandatory application of IFRS

CA Sumit Sarda 10 April 2019 at 11:13

With the applicability of Ind AS to all listed companies and unlisted with net worth more than 250 Crores w.e.f. 1.4.2018, there has been a lot of confusion wit..

Application of Time Value of Money Concept to WDV method of Depreciation Calculation

CA Vishal G Mulchandani 03 April 2019 at 10:26

Depreciation as per written down value method (WDV) has been under the spotlight after the introduction of the Companies Act, 2013. Schedule II of the act manda..

IFRS 16: Definition-of-a-lease

Guest 29 March 2019 at 12:33

IFRS 16 represents the first major overhaul of lease accounting in over 30 years. The new Standard will affect most companies that report under IFRS and are inv..