Pursuant to s. 145 (1) of the Income-tax Act, 1961 which provides that “Profits and gains of business or profession” & “Income from other sources” shall be computed in accordance with Accounting Standards notified by the Central Government, the CBDT had set up a high-powered committee to draft the Accounting Standards. The Committee has prepared the said “Tax Accounting Standards” and invited comments from all professionals by 26.11.2012.
The draft Tax Accounting Standards deal with the following 14 important issues:
1. Disclosure of Accounting Policies
2. Valuation of Inventories
3. Events Occurring After the Previous Year
4. Prior Period Items
5. Construction Contracts
6. Revenue Recognition
7. Accounting for Tangible Fixed Assets
8. The Effects of Changes in Foreign Exchange Rates
9. Government Grants
10. Securities
11. Borrowing Costs
12. Leases
13. Intangible Assets
14. Provisions, Contingent Liabilities and Contingent Assets
http://www.itatonline.org/info/?dl_id=1059
The draft Tax Accounting Standards deal with the following 14 important issues:
1. Disclosure of Accounting Policies
2. Valuation of Inventories
3. Events Occurring After the Previous Year
4. Prior Period Items
5. Construction Contracts
6. Revenue Recognition
7. Accounting for Tangible Fixed Assets
8. The Effects of Changes in Foreign Exchange Rates
9. Government Grants
10. Securities
11. Borrowing Costs
12. Leases
13. Intangible Assets
14. Provisions, Contingent Liabilities and Contingent Assets
http://www.itatonline.org/info/?dl_id=1059
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