The April 2015 edition of the Accounting and Auditing Update captures the recent issue of the ‘Income Computation and Disclosure Standards’ (ICDS) by the Ministry of Finance. The ICDS will apply from the assessment year 2016-17 onwards. In this article, we have provided an overview of key matters and our brief comments.
This month we discuss the disclosure requirements of the AS 14, Accounting for Amalgamations and the Equity Listing Agreement when a company formulates a scheme of amalgamation. Continuing with our Ind AS theme, we have focussed on accounting for investments in associates and joint ventures and have highlighted the key impact areas of their implementation in India and areas of differences between Ind AS and IFRS.
The Institute of Chartered Accountants of India (ICAI) has recently issued a guidance note on fraud reporting. We have provided an overview of this guidance note along with the requirements of the Companies Act, 2013. In addition, we have discussed the requirement of Clause 49 of the Equity Listing Agreement relating to aggregation of the related party transactions and we have also captured few of the common instances of errors in the statement of cash flows under U.S. GAAP.
Finally, we also highlight key amendments for the year ending 31 March 2015 introduced under Indian GAAP, IFRS and U.S. GAAP by the respective regulatory bodies in addition to our regular round up of regulatory updates.
This issue includes :
- Schemes of Amalgamation: Compatibility with GAAP
- Accounting for investments in associates and joint ventures
- ICDS- A new paradigm for computing taxable income
- ICAI provides much awaited guidance on fraud reporting
- Common errors in Statement of Cash Flows under U.S. GAAP financials
- Aggregation of related party transactions while seeking approval of shareholders under Clause 49 (VII) of the equity listing agreement
- Year-end reminders
- Regulatory updates
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