Ind AS 37 is a financial reporting standard that provides guidance on the recognition, measurement, and disclosure of provisions, contingent liabilities, and contingent assets. It sets out the principles for determining when a provision should be recognized, how it should be measured, and what disclosures are required. Here is a detailed overview of Ind AS […]

In the world of accounting and financial reporting, it is essential to have clear guidelines and standards to ensure consistency and transparency. Ind AS 8, also known as “Accounting Policies, Changes in Accounting Estimates, and Errors“, provides the framework for selecting and applying accounting policies, handling changes in estimates, and correcting errors. Let’s dive into

Ind AS 1, also known as the “Presentation of Financial Statements,” is a standard issued by the Institute of Chartered Accountants of India (ICAI) that provides guidelines for the presentation of financial statements in accordance with Indian Accounting Standards (Ind AS). The standard aims to ensure that financial statements are prepared in a consistent and

Ind AS 2, or Indian Accounting Standard 2, provides guidelines for the valuation and presentation of inventories. Inventories are assets held for sale in the ordinary course of business, in the process of production, or in the form of materials or supplies to be consumed in the production process.  Let’s dive deep into the key

Ind AS 32, the accounting standard for financial instruments presentation, provides guidance on how to classify and present financial instruments in financial statements. Financial instruments play a crucial role in the global financial system, and the proper classification and presentation of these instruments are essential for transparency and accurate financial reporting. Scope and Objective: Ind

Ind AS 36 is an accounting standard that deals with the impairment of assets. It provides guidelines for recognizing and measuring impairment losses on assets and determining when assets need to be tested for impairment. Here’s a detailed explanation of Ind AS 36: Scope and Objective: Ind AS 36 applies to all types of assets,

Ind AS 16, also known as the Indian Accounting Standard (Ind AS) for Property, Plant and Equipment (PPE), provides guidelines for the recognition, measurement, and disclosure of property, plant, and equipment in financial statements. This standard applies to various types of tangible assets, including land, buildings, machinery, vehicles, and furniture, which are utilized in the

Ind AS 12, the Indian Accounting Standard (Ind AS) for Income Taxes, provides guidance on the recognition, measurement, and presentation of income taxes. Income taxes are a significant component of an entity’s financial statements, as they can have a material impact on the reported profit or loss and financial position. The standard follows the balance

Have you ever seen a line item on a company’s financials like ‘Derivative Assets’ and wondered what it really represents? Could it be smart risk management or a cleverly obscured loss? IND AS 109, provides a comprehensive framework for the accounting treatment of financial instruments. This standard aims to ensure consistency and transparency in the recognition, measurement,

Did you know inconsistent revenue recognition practices were identified in over 50% of audited Indian companies before the implementation of IND AS 115? This new standard brings much-needed consistency and reliability to how businesses report their earnings. Let’s take a closer look at IND AS 115 and its key components. Scope and Objective: IND AS