Get News Alerts from Taxmann.com on your desktop.
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 
Commentary
Updated up to March 31, 2016
Search :
12 Records 
INTRODUCTION
1 CHAPTER
1.2 Amendment by Finance (No. 2) Act, 2014 - Words "accounting standards" in section 145(2)/(3) substituted by "income computation and disclosure standards"
1.3 Income Computation and Disclosure Standards (ICDSs) notified by CBDT vide notification S.O. 892(E), dated 31-3-2015
SALIENT FEATURES OF THE NOTIFIED INCOME COMPUTATION DISCLOSURE STANDARDS
2.2 ICDS applicable to assessees following mercantile system of accounting
2.3 ICDS for income computation, not for maintenance of books of account
2.4 Provisions of Act to prevail in case of conflict with ICDS
2.5 Applicability to assessees covered by presumptive taxation u/ss 44AD and 44AE
2.6 Accounting standards - Concept and role
ICDS-I - ACCOUNTING POLICIES
3.0 Legislative History
3.1 Effective Date
3.2 Preamble to ICDS-I
3.4 ICDS-I is ultra vires - Section 145
3.7 ICDS-I vs. Ind AS 1
3.8 ICDS vs. ACT
3.9 ICDS-I vis-a-vis AS (IT)-1 & AS (IT)-2
3.10 Fundamental accounting assumptions
3.11 Accounting policies
3.12 Considerations in the selection of accounting policies
3.13 Change in accounting policy
3.14 Disclosure of significant accounting policies and changes in accounting policies
ICDS-II - VALUATION OF INVENTORIES
4.0 Legislative History
4.1 Effective date
4.2 Preamble
4.3 Scope [Para 1 of ICDS-II]
4.4 ICDS-II vs. (AS) 2
4.5 ICDS-II vs. Ind AS 2
4.5A Whether stock is an asset or a cost
4.6 ICDS-II vis-a-vis section 145A
4.7 Definitions
4.8 Measurement
4.9 Cost of inventories
4.10 Costs of purchase
4.11 Costs of services
4.12 Costs of conversion
4.13 Other costs
4.14 Exclusions from the cost of inventories
4.15 Cost formulae
4.16 Net realisable value
4.17 Value of opening inventory
4.18 Change of method of valuation of inventory
4.19 Valuation of inventory in case of dissolution of FIRM/AOP/BOI
4.20 Disclosure
ICDS-III - CONSTRUCTION CONTRACTS
5.0 Legislative History
5.1 Effective date
5.2 Preamble
5.3 Scope
5.4 ICDS-III v. (AS) 7
5.5 ICDS-III v. Ind (AS) 11
5.6 ICDS-III vs. the Act
5.7 Definitions
5.8 Combining and segmenting construction contracts
5.9 Contract revenue
5.10 Contract costs
5.11 Recognition of contract revenue and expenses
5.12 Disclosure
ICDS-IV - REVENUE RECOGNITION
6.0 Legislative History
6.1 Effective date
6.2 Preamble
6.3 Scope
6.4 ICDS-IV vs. (AS) 9
6.4A ICDS-IV vs. Ind AS 18
6.4B ICDS-IV vs. The Act
6.5 "Revenue"
6.6 Sale of goods
6.7 Rendering of services
6.8 The use of resources by others yielding interest, royalties or dividends
6.9 Disclosure
ICDS-V - TANGIBLE FIXED ASSETS
7.0 Legislative History
7.1 Effective date
7.2 Preamble
7.3 Scope
7.4 ICDS-V vs. (AS) 10
7.5 ICDS-V vs. Ind AS 16
7.6 Definitions
7.7 Identification of tangible fixed assets
7.8 Components of actual cost
7.9 Self-constructed tangible fixed assets
7.10 Tangible asset acquired for non-monetary consideration
7.11 Cost of addition or extension to an existing tangible fixed asset
7.12 Improvements and repairs
7.13 Valuation of tangible fixed assets in special cases
7.14 Depreciation
7.15 Transfers
7.16 Disclosures
ICDS-VI - THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES
8.0 Legislative History
8.1 Effective Date
8.2 Preamble
8.3 Scope
8.4 ICDS-VI vs. (AS) 11
8.5 ICDS-VI vs. Ind AS 21
8.6 ICDS-VI vs. The Act
8.7 Definitions
8.7A Foreign currency transactions
8.8 Financial statements of foreign operations
8.9 Forward exchange contracts
ICDS-VII - GOVERNMENT GRANTS
9.0 Legislative History
9.1 Effective date
9.2 Preamble
9.3 Scope
9.4 ICDS-VII vs. (AS) 12
9.5 ICDS-VII vs. Ind AS 20
9.6 ICDS-VII vs. THE ACT
9.7 Definitions
9.8 Recognition of Government grants
9.9 Treatment of Government grants
9.10 Government Grants in the form of non-monetary assets
9.11 Refund of Government grants
9.12 Disclosures
ICDS-VIII - SECURITIES
10.0 Legislative History
10.1 Effective date
10.2 Preamble
10.3 Scope
10.4 ICDS-VIII vs. AS 13
10.5 Definitions
10.6 Recognition and initial measurement of securities
10.7 Subsequent measurement of securities
ICDS-IX - BORROWING COSTS
11.0 Legislative History
11.1 Effective date
11.2 Preamble
11.3 Scope
11.4 ICDS-IX vs. (AS) 16
11.5 ICDS-IX vs. Ind AS 23
11.6 ICDS-IX vs. Act
11.7 Definitions
11.8 Recognition
11.9 Borrowing costs eligible for capitalisation
11.10 Commencement of capitalisation
11.11 Cessation of capitalisation
11.12 Disclosure
ICDS-X - PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
12.0 Legislative History
12.1 Effective date
12.2 Preamble
12.3 Scope
12.4 ICDS-X v. (AS) 29
12.5 ICDS-X vs. Ind AS 37
12.6 Definitions
12.7 Recognition
12.8 Measurement
12.9 Use of provisions
12.10 Disclosure