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Query Posted : 106
Query Replied : 101
  • Hedge Accounting
    by Ankur Shah on Tuesday, December 15, 2020  at 04:33 PM

    What is meant by Hedge accounting? For example, for import purchase forward contract is also entered so there is hedge item (payable) and hedging instrument (forward). As at March (if payment and expiry is after financial year end), whether hedge item and hedge instrument both needs to be valued at fair value. What if optional exemption of hedge accounting is opted? Please guide with example if possible.

  • Treatment of Purchased Goodwill on first time adoption
    by Ankur Shah on Wednesday, November 25, 2020  at 11:28 AM

    In context of query posted on 21-11-20 which was replied on 24-11-20 further facts are as under Business acquisition happened as on 1st April 2004. Goodwill was created in firm as per business valuation report, which was transferred to company on acquisition. Neither firm nor company claimed depreciation or impaired the goodwill. IndAS is applicable for the first time in FY 2019-20. Firm and company were managed by same individuals. What treatment needs to be given to Goodwill as per IndAS?

  • Treatment on dividend declared but not received
    by Ankur Shah on Saturday, November 21, 2020  at 12:27 PM

    A group company was merged with A Ltd. before 8 years alongwith listed shares and other assets. Still shares are not transferred in name of A Ltd. and thereby A Ltd. is receiving no dividend. Whether A Ltd. should recognise dividend declared though not received? Whether right to receive payment of the dividend is established as per para 5.7.1 of IndAS 109? On transfer of shares in name of A Ltd. last 7 years dividend will be received, however process of transfer of shares is taking long time

  • Treatment of Purchased Goodwill on first time adoption
    by Ankur Shah on Saturday, November 21, 2020  at 11:58 AM

    A Pvt.Ltd. purchased a partnership firm before 15 years having same individuals as directors and shareholders. Before purchase, goodwill was created in firm as per valuation report, which was transferred to company on acquisition. Company has paid consideration by issue of equity shares. 1. What should be the treatment of purchased goodwill? 2. Said transactions can be considered as business acquisition in terms of para C2 & C4 of IndAS 101? 3.Also share your other comments of above transactio

  • Applying short-term lease exemption
    by Ankur on Friday, November 20, 2020  at 07:25 PM

    Certain properties are taken on lease, which can be considered as class of underlying assets of a similar nature and use in an entity operations as per para 8 of IndAS 116. Out of total 10 properties 6 properties are identified as short term leases. Whether IndAS 116 needs to be applied for all 10 properties or only for remaining 4 properties? If yes, how short-term lease can be measured, considering the fact that each short term lease is cancellable by either party by giving 3 months notice.

  • Accounting of GST invoice
    by Chandra on Saturday, November 07, 2020  at 11:50 AM

    Dear Sir, We received a GST bill dated 31.03.2020 on 01.10.2020. Last date of getting input credit of GST is 30.09.2020. such bill received after Sep'20 due to which we will not eligible for ITC and will not make payment of such ITC. How we will account of such Invoices in our Books

  • Comparative Period Information
    by Sagar on Tuesday, November 03, 2020  at 04:55 PM

    Associate Company of a Listed company is preparing Interim Financials for first time, since parent company is listed for first time on stock exchange, whether associate company's previous period comparative needs to be provided as per Ind AS-34.

  • IND-AS-23
    by Vivek on Thursday, October 29, 2020  at 09:07 PM

    A Co. began construction of new building at an estimated cost of Rs 7 Lacs on 1st April19.Specific loan obtained for building is Rs 2 lacs at 9% p.a. Expenditure incurred on construction -- 1st April - Rs 1.5 lacs 1st August- Rs 2 lacs Construction of building was completed on 31st Jan20. Query- Amt to be capitalised as per IND AS-23 on specific loan is --1.5 lacsx9% for 10 months equals 0.1125 and calculation of bal 50000x9% should be for 10 months or 6 months? Pls assume to be qualifying asset

  • Disclosure under para 130 of Ind AS 36
    by Vinod on Wednesday, July 29, 2020  at 05:58 PM

    Whether disclosure under para 130 of Ind AS 36 is mandatory? Para 131 states that where disclosure is not made in accordance with para 130, details required under para 131 needs to be disclosed. Whether we can interpret that para 130 is not mandatory if we give disclosure under para 131.

  • IND AS-102 - specific issues
    by Chirag on Friday, July 24, 2020  at 12:10 AM

    Dear Sir, Whether Business Acquisition under Ind AS-103, shall be considered as Modification of plan under Ind AS-102 ? 2) If Compensation paid to employees for cancellation of plan is less than the fair value of cancelled options, then what will be the treatment of shorter (lesser) payment made in accordance with Ind AS-102 ??

  • Ind AS-102
    by Chirag on Thursday, July 23, 2020  at 11:51 PM

    Dear Sir, X Ltd (A plastic Mfg Co.) enters into agreement with Y Ltd to purchase 100Kg of fibre which will be settled in cash at an amount equal to 10 shares of X. However, X can settle the contract at anytime by paying an amount of current share price less market value of fibre, there is intention taking delivery of such fibre. How transaction will be dealt under Ind AS 102 ?? Thanks sir..

  • Treatment of gain on bargain purchase on disposal of subsidiary
    by Vinod Kumar on Tuesday, June 23, 2020  at 09:16 PM

    Parent company acquires a subsidiary. On consolidation there is a gain on bargain purchase (capital reserve). Parent company disposes off the subsidiary after few years. What is the treatment of capital reserve (gain on bargain purchase) on such disposal. Whether (a) the capital reserve needs to be transferred to general reserve directly, (b) whether the capital reserve needs to be reversed to profit or loss.

  • Forfeiture of Application amount of Warrants
    by Manish on Monday, June 15, 2020  at 02:26 PM

    What should be accounting treatment of Forfeiture of Application amount of warrants which were not exercise both in case of Investor company and Recipient Company. Whether same has to be passed through P&L Account or can be Directly adjusted against reserves in both cases?

  • Treatment of Revaluation Reserve
    by Himesh on Saturday, June 06, 2020  at 12:27 PM

    Co has carried out the revaluation of Land at the time of transition to Ind AS around 3 Years ago.Co has classified the revaluation reserve as a separate item in 'Other Equity'.Co wants to transfer the revaluation reserve to retained earning. Auditor believes that showing revaluation reserve separately in other equity would be better presentation.However,can co transfer the revaluation reserve to retained earning? Also,Is it mandatory to do revaluation again as 3 years has been lapsed?

  • Accounting of government reimbusement
    by pradeep on Thursday, May 14, 2020  at 03:36 PM

    Government as mandate to reimburse of expenses of project if the project fails to maintain post tax IRR of 10% from the date starting of commercial production for 15 years. Now company has claimed 960 Cr from GOI from date of commercial to Dec Break up FY 15-16: 110.50FY 16-17:357.01FY 17-18:463.04FY 18-19:774.86 Whether recast of accounts by retrospective effect from FY2016-17 is permitted under IFRS/INDAS

  • Shares Allotted at Reduced Price
    by Prashant on Saturday, May 02, 2020  at 05:41 PM

    An associate Co. has alloted shares worth Rs. 2.00 Cr at Rs. 1.00 Cr to its Holding Co. Both Companies are Govt Co. The Associate company has received Grant from Govt in which it has been specified that 1.00 Cr of the Grant will be apportioned towards money receivable against Share Allotment. Whether the Holding Co will Account for Investment at Net Cost of Rs. 1.00 Cr or Grant of Rs.1.00 Cr will be recognised in P&L or Rs.1.00 Cr will be recognised as Promoter Contribution in Reserves & Surplus

  • Buy Back of Shares
    by Kamal on Thursday, April 23, 2020  at 06:14 PM

    Our company has made loss on buy back of shares. Please guide about the accounting treatment and presentation as required under Ind AS for: 1. Shares bought back 2. Profit of such buy back

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