Assurance and Accounts

Ind AS-1 Presentation of Financial Statements

Reliable, consistent and uniform financial reporting is an important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by India, the process of convergence of Indian Accounting Standards with IFRS has been carried out in the Ministry of Corporate Affairs through wide ranging consultative exercise with all the stakeholders.

Ind AS-2 Inventories

A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised. Our short analysis would help you to account for Inventories as per Ind AS.

Ind AS-7 Statement of Cash Flows

A statement of cash flows enables users to evaluate the changes in net assets of an entity, its financial structure including its liquidity and solvency and its ability to affect the amounts and timing of cash flows in order to adapt to changing circumstances and opportunities. Our Ind AS 7 analysis gives a bird’s eye view of Ind AS7. 

Ind AS-8 Accounting Policies, Changes in Accounting Estimatesand Errors

The Standard is intended to enhance the relevance and reliability of an entity’s financial statements, and the comparability of those financial statements over time and with the financial statements of other entities.

Ind AS-10 Events after the Reporting Period

There may be an occurrence of some events after the balance sheet date but before approval of the balance sheet and these events are significant and may have an impact on Balance sheet. This standard deals with the treatment of such events.

Ind AS-24 Related Party Disclosures

This standard emphasis on disclosures which draw attention to the possibility that its financial position and profit or loss may have been affected due to related parties and by transactions and outstanding balances, including commitments with such parties.

Ind AS-27 Separate Financial Statements

When an entity is preparing its ‘Separate Financial Statement’ voluntarily required by law, then Ind AS 27 prescribes the Accounting and Disclosure requirements for investments in subsidiaries, joint ventures and associates.

Ind AS-33 Earnings per Share

“Earning per Share” (EPS) refers to the amount that is earned by the entity on each share. It is also significant criteria to know about the performance of an entity. It becomes more significant when investors invest their money on the basis of earning per share. Therefore, earning per share should be calculated and reported correctly in financial statement.

Ind AS-34 Interim Financial Reporting

Interim financial report means a financial report containing either a complete set of financial statements (as described in Ind AS 1) or a set of condensed financial statements (as described in this AS 34) for an interim period.

Ind AS-101 First-time Adoption of Indian Accounting Standards

Ind AS 101 is introduced for smooth adoption and to give a starting point for preparation of financial statements as per Ind AS. This Ind AS ensures that an entity’s first Ind AS financial statement and first Ind AS interim financial reports should contained high quality information, our Ind AS 101 analysis gives a bird’s eye view of Ind AS 101.

Ind AS-105 Non-current Assets Held for Sale and Discontinued Operations

Ind AS 105 is for accounting for assets held for sale, presentation and disclosure of discontinued operations. This Ind AS applies to all recognized Non-Current assets and to all disposal groups of an entity.

Ind AS-108 Operating Segments

An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.

Ind AS-113 Fair Value Measurement

The term ‘Fair value’ is used in Ind ASs. Most of the Ind ASs require the measurement or remeasurement at fair value. What is fair value? How it is to be determined?

Ind AS-115 Revenue from Contracts with Customers

We bring you a snap shot analysis for INDAS 115 where there are some most significant questions that when and how revenue is to be recognized? Especially in case of long-term construction contracts with customer or in critical transactions such as continuous supply of goods or rendering of services.