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Query Posted : 53
Query Replied : 52
  • Financial Guarantee
    by Kamal Garg on Monday, June 18, 2018  at 11:55 AM

    A Limited has given a corporate guarantee in favour of B Limited (an unrelated company) for the loan taken by B Limited from a Bank. Whether A Limited need to account for the guarantee so provided. If yes then how

  • Can Line Improvements be capitalised?
    by kartik on Friday, May 18, 2018  at 02:25 PM

    We are using sensors in our assembly line. These sensors are used to ensure defective products are not manufactured. It does not increase the useful life or capacity. These are mostly carried out for Poke -yoke or safety requirements. Can these be capitalised to existing asset base.

  • Accounting for Amalgamation in case of shareholder
    by Malay on Wednesday, May 02, 2018  at 01:15 AM

    ABC is a listed company. ABC has a wholly owned subsidiary XYZ. Investment of ABC in XYZ is INR 15 Cr. ABC has another subsidiary PQR. XYZ amalgamated with PQR and in consideration PQR issued shares of INR 30 Cr to ABC (being shareholder of XYZ) What shall be accounting treatment in books of ABC on receipt of shares of PQR? Can ABC continue to record the investment at cost considering it to be a business combination among common controlled entities?

  • Valuation of Equity Oriented Mutual Funds
    by Sumit Bansal on Tuesday, May 01, 2018  at 11:52 PM

    Whether equity oriented Mutual funda can be valued at FVTOCI, by considering units of equity oriented mutual funds as "equity" to be qualified under IND-AS-32. The respective balance sheets of each mutual fund scheme show the units purchased by unit holders as Unit capital. It is also a fact that mutual funds are put instruments and can be uncashed anytime by the holder, unlike a regular equity instrument.

  • Freight recovered on door delivery-whether part of sele
    by Lalit Ahuja on Saturday, February 03, 2018  at 01:46 PM

    Manufacture of steel supplying materials to parties on door delivery basis and charging freight separately in invoice. Whether freight so charged is a part of sale and to be included in Sale of Goods or to be shown separately as freight recovered and shown as net of freight expenses in the Statement of Profit & Loss of the company prepared as per IndAS?

  • Lease Rent
    by Kamal Garg on Tuesday, August 15, 2017  at 01:24 PM

    Entity A has given land and buildings on lease to Entity B but without rent and nominal rent. How shall this be treated in the books of both the entities

  • Proposed Dividends
    by Kamal Garg on Thursday, May 18, 2017  at 10:50 AM

    ABC Limited is 70% subsidiary of PQR Limited. Dividends were proposed by ABC Limited as at 31.3.2017. How should PQR Limited account for that Dividend and DDT and taxation (i.e. deferred tax on DDT) on it

  • Preference Shares
    by Kamal Garg on Tuesday, May 16, 2017  at 11:33 AM

    A company has issued redeemable cumulative preference shares. How shall the same be treated, including the dividend thereon, at the time of first time adoption of Ind AS and subsequently

  • Business Combination
    by Kamal Garg on Friday, March 31, 2017  at 06:11 PM

    Company X a listed company has acquired majority equity shares in Company Y an unlisted company on 31.3.2017. Company X is Ind AS compliant company and Company Y is AS compliant company. Now that Company Y has become subsidiary of Company X, please advise-1. Whether Company Y need to comply Ind AS for 16-172. Whether Company X need to present conso FS as per Ind AS3. What to do if Standalone FS of Co. Y are not as per Ind AS & time is not there to wait considering filing with Stock Excha

  • Provision for expenses
    by rahul on Wednesday, March 29, 2017  at 05:25 PM

    For 31 Dec 15, Company and auditor were not able to agree on particular audit fees amount. Management provided Rs. 500 as audit fees (best estimates) and which was agreed by auditor for the purpose of finalization of financials. After negotiation, final fees paid to auditor was Rs. 400 for 2015. How excess provision of Rs. 100 will treated? Whether it is a error or changes in estimates? Whether reversal of Rs. 100 will be adjusted against retain earning or will be credited in PNL in 2016?

  • Mobilisation Advance
    by Kamal Garg on Tuesday, March 14, 2017  at 01:11 PM

    Dear SirWhat is the treatment for Mobilisation Advance (i) received and (ii) paid by a construction industry. Is Mobilisation Advance considered as financial instrument cosnidering the fact that it does not qualify as asset or liability as it is not being a resource or obilgation

  • NBFC
    by Kamal Garg on Saturday, March 11, 2017  at 01:17 PM

    Ind AS are applicable on a manufacturing company. Such manufacturing company is a holding company of another NBFC. Whether Ind AS need to complied for NBFC in its Standalone F.S. and in the grpup's Consolidated F.S.

  • Ind AS Applicability
    by mohan verma on Tuesday, December 20, 2016  at 03:30 PM

    Thanks,If Company A and Company C are subsidiaries of Company B then it shall be applicable on both A & C because if Ind as applicable on holding co then it shall be applicable on all subsidiary co.But we want to clarify that Company C is subsidiaries of Company B but Company A is not the Subsidiary of Company B. Company-A is the associate Company of Company B because more than 20% but less than 50% shares of A is hold by company B.Pls clarify accordingly.

  • Ind AS Applicability
    by MOHAN on Thursday, December 15, 2016  at 04:55 PM

    Dear Sir More than 20% shares of our Company (A) are hold by another company (B). Net worth of our company (A) is less than 250 cr but Net worth of our shareholder Co.(B) is between 250-500 Cr., Hence Ind.-AS will be applicable on our Co. (A) from 2017-18. But as on 31st March 2016, Net worth of Subsidiary Co.(C) of our shareholder company (B) get exceed by 500 crores, in such case Ind As shall be applicable on Co. B & C from FY 16-17.Pls clarify Ind-As shall be applicable on our Co. (A)

  • ESOP not Exercised by Employee after vesting
    by MOHAN on Thursday, November 24, 2016  at 11:37 AM

    Dear Sir Thanks for reply but i have one query ESOP was not expired unexcersiced, it will be expire in Aug 17. But Emp. canceled it before end of expiry period. Can we trans ESOP outstanding in General Reserve ac ?

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