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Query Posted : 98
Query Replied : 96
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  • 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

  • Lease Term
    by Vinod Kumar on Friday, April 17, 2020  at 07:37 PM

    Para 18 of Ind AS 116 states that lease term includes periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option.Suppose, the lease terms are such that the lease can be extended after the lease period as mutually agreed between the parties. a. In such cases, whether the lease period will include the extension if the lessee is reasonably certain to exercise that option? b. How to consider the fact that the lessor may not agree for the extension?

  • Land part of CGU
    by Vinod Kumar on Tuesday, February 04, 2020  at 04:50 PM

    Whether the carrying value (CV) of land should be included in the CV of CGU for impairment computation? If so, whether the fair value (FV) of the land should be added to the value-in-use (VIU) of CGU? In the specific case, the value of land is 60% of the carrying value of FA. If value of land is considered in CGU,and the VIU is computed based on future cashflows (perpetuity) without considering a separate FV for land,the impairment loss comes to a very high number which seems logically incorrect

  • Treatment of Excess Payment under Loan due to reschedulement
    by Himesh on Saturday, January 25, 2020  at 10:22 PM

    X has taken interest free loan of Rs. 13 Cr in 20 instalment. Due to financial crunch the company approach the lender for rescheduling.Revised terms are X will have to pay Rs. 15 Cr. In 26 Instalment and will be required to pay the transaction cost of Rs. 10 lacs. There is cash inflow of Rs. 13 Cr. And cash outflow over the period will be 15 Cr. against the said loan. No interest is charged separately. Now, what would be treatment of the diff of Rs. 2 Cr (15-13) payable due to reschedule.

  • Ind AS-40
    by Chirag on Friday, January 03, 2020  at 11:59 PM

    Dear Sir, X Ltd lets out a property to Y Ltd under Finance lease . Both the companies are subsidiary of P Ltd. Y Ltd sublets a portion of the property to K Ltd under FINANCE LEASE. Query- How we will treat the property in SEPARATE FINANCIAL STATEMENT AS WELL AS CONSOLIDATED F.S AS PER IND AS -40 ?? Pls clarify..

  • RPT
    by Kamal on Monday, December 30, 2019  at 06:44 PM

    Whether dividend paid by subsidiary to holding a related party "transaction" under Ind AS 24 and whether any disclosure is required for the same

  • Security deposit
    by Chirag on Friday, November 01, 2019  at 07:31 PM

    Dear Sir, A company made security deposit of Rs 15 lacs in respect of lease. Lease period is 5 years. If Market interest rate is 10%, pls tell the accounting & Entries for first & last year ?? 2) If in above case (1), Interest on security deposit is 8% p.a., & Market rate is 10%, what will be accounting in such case ??

  • Consolidation
    by Kamal on Wednesday, September 04, 2019  at 11:54 AM

    Sir, What shall be the treatment of pre-acquisition dividend received by the parent company from its subsidiary company

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