From the category archives:

Indian Standards (AS)

Direct Tax issues on convergence of IFRS with Indian Accounting Standards

by R. Venkata Subramani

Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of India’s accounting standards with International Financial Reporting Standards (IFRS).With IFRS convergence due for April 2011 and the government coming up with the new Direct Taxes Code (DTC), the suggestions of the study group finds relevance.

Source: Economic Times

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Online Courses on Accounting for Investments, Financial Instruments, Accounting Standards

by R. Venkata Subramani

We have now started the online resources for Accounting Studies.

Visit: Online Courses on Accounting Studies

What topics are covered here?

  • Online courses are available on several topics of professional interest in the Accounting and Finance area

    • Accounting Standards as per US GAAP, IFRS, etc.
    • Financial Instruments like equity derivatives, Interest Rate Derivatives, Credit Derivatives, Foreign Exchange Instruments,
    • Hedge Accounting

How much does it cost me?

  • Online courses provided here are absolutely free.

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AS 30 – Treatment for different categories of financial instruments

by R. Venkata Subramani

Category Measured at Changes in carrying amount (other than a designated hedge) Impairment test required? Financial assets and liabilities at fair value through profit or loss Fair value Income statement No Loans and receivables Amortized cost Income statement Yes Held-to-maturity investments Amortized cost Income statement Yes Available-for-sale Fair value Equity Yes Other financial liabilities Amortized [...]

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Definition of Financial assets and financial liabilities

by R. Venkata Subramani

Financial Asset A financial asset is defined as one of the following type of asset as per the Accounting Standards: Cash Equity instrument of another entity A contractual right To receive cash or another financial asset from another entity To exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable [...]

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