Ind AS 21, also known as the Indian Accounting Standard 21, provides guidelines for accounting treatment and reporting of foreign currency transactions and the translation of financial statements of foreign operations. In the dynamic global business landscape, companies often engage in transactions and operations involving multiple currencies. This standard plays a crucial role in ensuring […]

Investors often seek out utilities for their seemingly steady returns, however understanding these companies’ true financial health requires looking beyond simple profit reports. That’s where Ind AS 114 comes in – a complex set of rules dictating how regulated entities account for costs. Ind AS 114, also known as “Regulatory Deferral Accounts“, is a standard

Ind AS 7, also known as the Indian Accounting Standard 7, guides entities on how to prepare and present their cash flow statements (CFS). In this article, we will dive into the essentials of Ind AS 7, unraveling its key principles, and shedding light on its significance for businesses. So, let’s embark on this journey

Ind AS 11, also known as Indian Accounting Standard 11, provides comprehensive guidance on the accounting treatment of construction contracts. This standard applies to entities involved in the construction industry, including contractors and subcontractors. The objective of this standard is to ensure that construction contracts are recognized, measured, and presented in a manner that reflects

Mergers and acquisitions often grab headlines. What happens behind the scenes, accounting-wise, when a company divests one of its divisions? Ind AS 105 provides the framework. Ind AS 105, is an accounting standard that guides the recognition, measurement, and presentation of non-current assets held for sale and the presentation of discontinued operations in an entity’s

Ind AS 104, also known as “Insurance Contracts“, is an accounting standard issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). It provides comprehensive guidance on the recognition, measurement, presentation, and disclosure of contracts for insurance in the financial statements of insurance companies. This standard plays a crucial

In the world of accounting and financial reporting, IND AS 34 plays a vital role in providing timely and relevant information to stakeholders. This standard focuses on interim financial reporting, allowing entities to present condensed financial statements that cover shorter periods. In this article, we will delve into the key aspects of this standard, its

In the realm of accounting standards, IND AS 108 holds significant importance as it provides guidance on how entities should identify, report, and disclose information about their operating segments. By understanding the objective and key aspects of IND AS 108, entities can enhance transparency, decision-making, and accountability in their financial reporting. Objective:- The objective of

IND AS 10, titled “Events After the Reporting Period“, provides guidance on handling such events to ensure accurate and reliable financial statements. In the ever-evolving landscape of financial reporting, it is essential for entities to consider events that occur after the reporting period but before the financial statements are approved for issuance. In this article,

Fair value measurement is a crucial part of financial reporting, giving users information about the worth of assets, liabilities, and equity instruments. IND AS 113 provides a framework for this process. Let’s explore its principles, significance, and practical uses to understand how it works. Understanding IND AS 113: IND AS 113 establishes a comprehensive framework