Indian Accounting Standards(Ind AS) 10 (274KB) Indian Accounting Standards(Ind AS) 11 (1190KB) Indian Accounting Standards(Ind AS) 12 (1914KB) Indian Accounting Standards(Ind AS) 16 (458KB) Indian Accounting Standards(Ind AS) 17 (622KB) Indian Accounting Standards(Ind AS) 18 (469KB) Indian Accounting Standards(Ind AS) 19 (1694KB) From 1 April 2016, Indian Accounting Standards (Ind AS), converged with International Financial Reporting Standards (IFRS) is new accounting norm for listed and unlisted companies with net worth in excess of Rs. To reflect that transaction may not be at arm’s length price: Without related party disclosures, there is a general presumption that transactions reflected in the financial statements are on an arm’s length basis i.e. Applicability to standalone/consolidated financial statements Once the Ind AS are required to be complied with, they will apply to both standalone financial statements and consolidated financial statements. Applicability of Ind As Any company may comply with the Ind AS for financial statements for the accounting periods from 1st April 2015 with the comparatives for periods ending on 31st march 2015, or thereafter. Companies, whether listed or unlisted, having the net worth of more than or equal to Rs. ... (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory. As per AS 18, Related party means “at any time during the year, one party has an ability to: 1. Companies which are listed or in the process of getting its equity or debt listed in any stock exchanges in or outside India; Companies, not listed under any stock exchange, but having a net worth of not less than Rs. Reserve Bank of India (RBI) has deferred applicability of Ind AS on commercial banks (except regional rural banks) by one year. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, Employee health plan, incl. A description of the relationship between the parties; 3. # Note: The implementation date for Banks and Insurance Companies had been deferred by their regulatory authorities. About the publication Notifications Description: G.S.R 111(E) dated 16 Feb 2015 : The Companies (Indian Accounting Standards) Rules, 2015. Check Refund Status. As per companies accounting standard rules 2006, AS 18 is applicable for all the companies, Which is in contradiction of AS 18. The mere existence of the relationship may be sufficient to affect the transactions of the reporting enterprise with other parties. File Your Income Tax Return : Without related party disclosures, there is a general presumption that transactions reflected in the financial statements are on an arm’s length basis i.e. MCA has notified a phase-wise process of applicability of IND AS from current accounting standards. Indian Accounting Standards (Ind As) As we all know that as per Notification of Ministry of Corporate Affairs on 16th February2015 Ind As has came into force. File ITR with Form 16. Net worth should be calculated as provided under section 2(57) of Companies Act, 2013 which states: Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. And that of Insurance Companies by two years and is from 1st April 2020. Other Issues of Applicability. For Companies other than banks, NBFC, and Insurance companies: PHASE-1: 1 st April,2015 or thereafter – Voluntary Basis for all companies (with comparatives): 1 st April,2016 – Mandatory Basis . The new standard replaces existing revenue recognition standards Ind AS 11, Construction Contracts. It uses the term “relatives of an individual”, It uses the term “a close member of that person’s family”, Definition of State controlled enterprises, It is an enterprise which is under the control of the Central Government and/or any State Government(s), There is an extended coverage of Government Enterprises, as it defines a government-related entity as an entity that is controlled, jointly controlled or significantly influenced by a government, Coverage of Key Management Personnel in Related party relationships, Existing AS 18 covers key management personnel of the entity only, Ind AS 24 covers key management person of the parent as well, Coverage of entities that are post employment benefit plans as Related parties, Existing AS 18 does not specifically covered entities that are post employment benefit plans, as related parties, Ind AS 24 specifically includes post employment benefit plans for the benefit of employees of an entity or its related entity as related parties, Disclosure of information by Government related entities, Existing AS 18 presently exempts the disclosure of such information, Ind AS 24 requires disclosures of certain information by the government related entities, Existing AS 18 gives an option to disclose the “Volume of the transactions either as an amount or as an appropriate proportion”, Ind AS 24 requires “the amount of the transactions” need to be disclosed, Indian Accounting Standard 11 – Construction Contracts, Indian AS 101 – First time adoption of Indian Accounting standards, This page is best viewed in Chrome, Firefox or IE 11. 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