· Do you know that:

 

1.     Interest paid under section 234B and 234C of the Income Tax Act is not Tax Expense under AS 22   

2.     Advance paid for import purchases is non-monetary item under AS 11

3.     Cost formula used for inventory valuation is required to be disclosed in the notes to accounts in terms of AS 2

4.     Cash flow statement "should" also disclose operating cash flow efficiencies in terms of AS 3 

5.     No stamp duty is payable at the time of automatic conversion of fully convertible debentures into shares 

6.     Sustainability reporting cannot be made in isolation of director's report and MDA report 

7.     The definition of bulk consumer in the E Waste Management Rules will have a greater impact on general record updating and reporting thereon.     

8.     The full form of SWIFT is Society for worldwide interbank financial transactions.

9.     FRRB can also take up the audited financial statements for review on suo moto basis & the President of ICAI does not have any official membership in FRRB.

10.  Under Ind AS:

o    Certain quantity of inputs which always remain in the production process is work in progress

o    Interest received can't be adjusted with loan proceeds in cash flow statement

o    An entity can't report capital employed in place of assets & liabilities of segments in Segment Reporting

o    Waiver of tax by government is a government grant and should be recognized as 'other income' instead of netting off in P&L

11.  The sale of a business without any transfer of assets constitutes supply under GST. As per Section 2(17)(d) of the CGST Act, “business” includes the supply or acquisition of goods including capital goods and services in connection with the commencement or closure of business. Therefore, all the assets in the sale of the business would be regarded as ‘supply’. Also, Entry No. 4 of Schedule II of the CGST Act mentions this type of transfer as a supply of goods. However, it may be noted that services by way of transfer of a going concern as a whole or an independent part of it will not be liable to be taxed in view of the exemption notification issued in this regard. vide Sl.No. 2 in NN 12/2017-CTR/ NN 9/2017-ITR.

12.  Unspent CSR amount needs to be reported by Statutory Auditors even if CARO is not applicable on the entity ~ SA 250 read with SA 700. 

13.  Identification of audit risk and measurement of audit risk are two different responsibilities for the Statutory Auditor ~ SA 315 and SA 330  

14.  Aadhaar-PAN linkage requirement does not apply to any individual who is:

·         Residing in the States of Assam, Jammu and Kashmir, and Meghalaya;

·         a non-resident as per the Income-tax Act, 1961;

·         of the age of eighty years or more at any time during the previous year; or

·         not a citizen of India