S. Jaykishan

Chartered Accountants

Corporate Laws

Impact of Ind AS on Minimum Alternate Tax (MAT)

Impact of Ind AS on Minimum Alternate Tax (MAT)

– By CA Niketa Agarwal

As the book profit based on Ind AS compliant financial statement is likely to be different from the book profit based on existing Indian GAAP, the CBDT constituted a committee in June, 2015 for suggesting the framework for computation of MAT liability under section 115JB for Ind AS compliant companies in the year of adoption and thereafter. On 22nd December, 2016, the Committee submitted its final report after […] Read More >>


Impact of Ind AS 41- Agirculture on Tea Industry

Impact of Ind AS 41 – Agriculture on Tea Industry

– By CA Niketa Agarwal

The Ministry of Corporate Affairs (‘MCA’) issued a press release on January 2, 2015 announcing a roadmap for the implementation of Ind- AS based on a company’s net worth. With respect to agricultural sector, before the introduction of the Companies (Indian Accounting Standards) Rules, 2015, there was no specific accounting literature in India (previous GAAP) that required recognition of biological or bearer plant and hence no accounting […] Read More >>


Ind AS Convergence with IFRS

Ind AS Convergence with IFRS

– By CA Niketa Agarwal

Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with […] Read More >>


RELATED PARTY TRANSACTIONS- HARMONISING AND REPORTING UNDER VARIOUS STATUES

Related Party Transactions – Harmonising and Reporting Under Various Statues

– By CA Niketa Agarwal

The “Related Party Transactions” (RPTs) are under heightened watch of various regulators and tax authorities not just in India but globally. The potential to misuse RPTs is a cause for concern all over the world to both regulators as well as investors as has been evident from various scams and frauds in India and globally.

The reporting and compliance under various different laws poses a challenge […] Read More >>


Consolidated Financial Statements

Consolidated Financial Statements

– By CA Vivek Newatia
– By CA Niketa Agarwal

Erstwhile only clause 32 of the listing agreement mandated listed companies to publish Consolidated Financial Statements. Neither the Companies Act, 1956 mandated the preparation of consolidated financial statements nor do the Accounting Standards require companies to prepare Consolidated Financial Statements. With insertion of Section 129(3) in the Companies Act 2013 (“Act”), all companies including unlisted and private companies with one or more subsidiaries will in addition to separate financial statements […] Read More >>


Depreciation as per the Companies Act, 2013

Depreciation as per the Companies Act, 2013

CA Niketa Agarwal

The provisions under Schedule II of the Companies Act, 2013 have a lot of impact on all the companies in India. So it is a dire need for all of us to understand these provisions, as it would affect accounting of depreciation of companies. Also, while doing audit, it is to be checked that depreciation charged is as per Schedule II of the Act.

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Schedule II to the Companies Act 2013

Schedule II to the Companies Act 2013

By CA Aditi Chandak

With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies could charge higher depreciation, if the useful life of an asset was shorter than that envisaged under Schedule […] Read More >>


Overview of Business Valuations

Overview of Business Valuations

By CA Niketa Agarwal

Valuation involves high degree of professional judgement, knowledge of business, analysis of facts, interpretation, developing financial models, methods and procedures, which may result into different conclusions in each given situation. It is both science as well as an art. Though quantitative in nature, the valuation methods require inputs that require quite a lot of subjective judgement. The Management of companies seek help of professionals like Chartered Accountants or Investment Bankers to value […] Read More >>