· The definitions for
asset and liability are different from the ones given under the Ind AS
Conceptual Framework
· The evaluation of liability as "trade payable" has to be done in accordance with Ind AS 37
·
Depreciation is to be based upon useful life and not economic
life
·
information contained in the minutes book is vital for Ind AS
1 disclosures.
·
while evaluating category of financial instruments, the
information contained in minutes books needs to be collated with the
requirements of Ind AS 109.
·
Transaction price
could itself be the fair value;
·
Revenue from contracts
with customers could result in corresponding trade receivables or contract
assets;
·
Lease arrangements are
different from licensing agreements;
·
Amendments as to "material accounting policy
information" warrants the entities to evaluate their existing accounting
policies.
·
Internal Controls over Financial Reporting are not the same
as Internal Control System
·
Ind AS disclosures are the most "taken for granted"
segments in qualitative financial reporting.
·
Under Schedule III of the Companies Act, 2013, the
materiality benchmarking is for both expenses and incomes.
·
The third balance sheet concept is not there in Accounting
Standards.
·
The word "document" as defined in the Companies
Act, 2013 does include "minutes of the meetings" as its component.
· Inter corporate loans,
guarantees and investments need to be disclosed separately.
·
Deposits and deemed deposits are required to be disclosed
separately.
· Books of account are not
dealt by Ind AS but are dealt by the Companies Act
·
Financial Statements are dealt both by Ind AS and the
Companies Act
· Reporting under Ind AS
Framework or AS Framework is primarily the responsibility of the Board of
Directors
·
There is a difference between useful life and economic life
·
The expression property, plant and equipment needs to be
carefully evaluated in case of 'enabling assets'
· Service concession
arrangements can be accounted for on intangible asset model or receivables
model or both
· Hedge accounting is not
mandatory
There is no distinction between integral foreign operation and non-integral foreign operation
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