DO YOU KNOW UNDER IND AS

 

·       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