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Query Posted : 67
Query Replied : 67
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  • Accounting Treatment and Valuation of Share Warrants convertible
    by Manish on Wednesday, May 01, 2019  at 02:20 PM

    Sir, a listed company has issued Share Warrants convertible in Equity Shares of company to another Company to which also Ind AS is applicable. Issuer company as on 31st March 2019 has received 25% of amount against Share Warrants. My query is where is this share warrants to be Reflected in both Issuer as well as Investor Company and what will be valuation of the same. Whether investor company has to take any effect of market value of equity share of Issuer company in its investment a

  • IND AS 115 ON SERVICE CONCESSION ARRANGEMENT
    by R.S.SARAVANAN on Monday, April 22, 2019  at 07:18 PM

    Assessee entered into contract with GOVT to construct road under hybrid annuity model. 50% of consideration will be received during construction period in instalments. Balance 50% will be received after COD as annuity payments half yearly. No right for toll. Assessee had to maintain the road for 10 years and return to govt with recondition. What is the treatment in accounting. Whether the maintenance right to be treated as asset?. Whether Income tax to be paid under % of completion method?

  • FINANCIAL CREDIT NOTE AGAINST SALE BILL RAISED
    by CHANDRA on Thursday, April 18, 2019  at 02:00 PM

    Sir, We are involved in Construction Company and we have raised a escalation Bill of Rs.29L in the period March'2018 (FIN Year 2017-18) and client has found that some excess value charged in the calculation and has passed only Rs.17L and accordingly payment were release to us in the month of Dec'2018 (FIN Year 2018-19).Kindly confirm that can we raise Financial credit note for the difference amount or is there any other process or any implication for differences amount in the IND AS

  • Trade Date & Settlement
    by Vivek on Thursday, November 01, 2018  at 11:50 PM

    Dear Sir, What is meaning of Trade Date and Settlement date as per Financial Instrument Ind-AS ?? 2) What will be the difference in accounting entries & accounting treatment under Trade Date & Settlement date ?? Pls give an example for this. Thanks sir..

  • Ind AS entries
    by Manikanta on Monday, October 22, 2018  at 01:03 PM

    In case of first time adoption of FS, lets say the transition date is 01 Apr, 2018, the Ind AS entries relation to the period FY 16-17 to be passed in same period by reopening the old books of accounts? Please let me know where it is mentioned in Standards SA 101? Thanks in advance

  • Financial Instruments
    by Chirag on Wednesday, August 29, 2018  at 07:49 PM

    Dear Sir, A company has taken CC/OD from a bank. CC limit is Rs.10 crores. Query- Whether this CC/OD has to be accounted for as per Ind-AS 32 , Financial Instruments- Financial Liability or as per AS of "Financial Instrument" - Financial Liability ?? 2) If yes to above, Pls tell HOW ACCOUNTING WILL BE DONE IN ABOVE CASE ?? 3) If No to point (1), Pls tell why accounting will not be done as per said AS/Ind-AS ?? Pls clarify . Heartiest Thanks ..

  • Expected Credit Loss under Ind AS 109
    by Kamal Garg on Wednesday, July 11, 2018  at 03:17 PM

    Our company constructed a building for a Government Department. As per the terms of contract the amount of invoice has fallen due but the amount has not be received by the company even after passage of 1 year from the due date. The company has not provided any ECL on the grounds that the amount is due from Government Department and there is no risk of default though there is delay in the payment thereof. Is it correct for not providing ECL in such cases

  • New Product development
    by Ajith on Tuesday, July 10, 2018  at 02:40 PM

    A is Joint Venture between B & C. A deploys some employees/ Vendors to develop new products which can go in to production after approval of B or C. A want to capitalize the cost incurred on such new product development activities for which the approval is received from B or C. Practically there will not be any failure of new product development activities as there will be re work in case B or C raises any question on the product. Is A is right in capitalizing the new product development

  • DTL and DTA during tax holiday period
    by Kamal Garg on Saturday, June 30, 2018  at 11:33 AM

    Our company is subjected to tax holiday under section 80IA of the Income Tax Act. How should we compute DTL/ DTA under Ind AS 12. Whether the explanation given in AS 22 can be applied in same manner even in Ind AS 12

  • 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?

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