Financegupshup

For the year ended 31 st March, 2017 Companies prescribed in Phase 1 of #IndAS implementation Roadmap will be producing the 1 st set of Financial Statement under IndAS. For the purpose of preparation and presentation, companies are required to comply with the following list of #IndAS and Framework. 1) Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards 2) IndAS 101 First-time Adoption of Indian Accounting Standards 3) IndAS 102 Share based Payment 4) IndAS 103 Business Combinations 5) IndAS 104 Insurance Contracts 6) IndAS 105 Non-current Assets Held for Sale and Discontinued Operations 7) IndAS 106 Exploration for and Evaluation of Mineral Resources 8) IndAS 107 Financial Instruments: Disclosures 9) IndAS 108 Operating Segments 10) IndAS 109 Financial Instruments 11) IndAS 110 Consolidated Financial Statements 12) IndAS 111 Joint Arrangements 13) IndAS 112 Discl...

On 30th March, 2017 Ministry of Corporate affairs (#MCA) has amended Schedule III of the Companies Act, 2013 to include disclosure related to "Specified Bank Notes" held and transacted during the period of demonetisation from 8th November, 2016 to 30th December, 2016. The Schedule III to the Companies Act, 2013 provides general instructions for preparation of the balance sheet and the statement of profit and loss of a company i.e. Financial Statements of the company.  On 6th April, 2016 #MCA amended Schdule III for inclusion of new financial statements format for the companies implementing #IndAS. With this amendment Schedule III is now divided into two parts having Division 1 which specifies format of Financial Statements for Companies following existing Accounting Standards (not following #IndAS) and Division 2 which specifies format of Financial Statements for Companies implementing #IndAS With this recent amendment b oth of the division gets disclosure clau...

Indian Accounting Standard (#IndAS) has been the buzz word of the year for Financial Reporting Professionals in India. With the Financial Year ended on 31st March, 2017 prescribed class of the companies will present their 1st set of Financial Statements under #IndAS financial reporting framework along with the Comparatives of the preceding year ended 31st March, 2016. This small article containing FAQ’s will provide insight into #IndAS 1) What is Indian Accounting Standard (#IndAS) ? Indian Accounting Standards (#IndAs) are the International Financial Reporting Standars (#IFRS) converged Accounting Standards. India has decided not to adopt the #IFRS rather to converge the existing accounting standards with #IFRS so that there are no material differences between #IFRS and #IFRS converged Indian Accounting Standard. 2) Is it mandatory to follow #IndAS ? From when #IndAS is applicable ? The Ministry of Corporate Affairs (#MCA) has issued the Companies (Indian Accounting Stan...