#FinancialStatements Update
Appropriate disclosure of accounting policy for revenue recognition in the financial statements
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#TaxmannUpdates #Revenue #BalanceSheet
Appropriate disclosure of accounting policy for revenue recognition in the financial statements
Read the Full Document: https://cutt.ly/sIDbMxN
#TaxmannUpdates #Revenue #BalanceSheet
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Appropriate disclosure of accounting policy for revenue recognition in the financial statements
Para 24 of AS 1, states that all significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed. Further, mere disclosing that the revenue is recognized in accordance with AS 9 is not an appropriate…
#Insolvency #CaseLaw
Acknowledgement of debt in the balance sheet triggers a fresh period of limitation on each acknowledgement: NCLAT
Read the (New Delhi) NCLAT Judgment: https://taxmann.social/gotM
Citation: [2022] 134 taxmann.com 272 (NCL-AT)
#TaxmannUpdates #BalanceSheet #NCLAT
Acknowledgement of debt in the balance sheet triggers a fresh period of limitation on each acknowledgement: NCLAT
Read the (New Delhi) NCLAT Judgment: https://taxmann.social/gotM
Citation: [2022] 134 taxmann.com 272 (NCL-AT)
#TaxmannUpdates #BalanceSheet #NCLAT
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Acknowledgement of debt in the balance sheet triggers a fresh period of limitation on each acknowledgement: NCLAT
IBC : Where on consideration of documents and correspondences, including balance sheets, it was evident that amount paid to corporate debtor as advance for marketing/financial requirements of development project undertaken by corporate debtor was nothing…
#CompaniesAct #ScheduleIII #Opinion
The Ministry of Corporate Affairs has amended Schedule III of the Companies Act 2013 on 24th March 2021 to increase transparency and provide additional disclosures to users of financial statements.
This article provides a brief overview of the said amendments:
• Applicability of amendments
◦ Whether these disclosures are required to be presented in interim financial statements
◦ Whether these disclosures are required to be presented both in standalone and consolidated financial statements
• These amendments are divided into three broad sections as below:
◦ Disclosures related to balance sheet items
◦ Disclosures related to the statement of profit and loss items
◦ Disclosures related to other items
Read the Full Article: https://taxmann.social/jccQ [23 Mins | Read Time]
Authored by: Abhinay Gupta | CA | B.Com. (Hons.)
#TaxmannUpdates #MCA #FinancialStatements #Disclosures #BalanceSheet
The Ministry of Corporate Affairs has amended Schedule III of the Companies Act 2013 on 24th March 2021 to increase transparency and provide additional disclosures to users of financial statements.
This article provides a brief overview of the said amendments:
• Applicability of amendments
◦ Whether these disclosures are required to be presented in interim financial statements
◦ Whether these disclosures are required to be presented both in standalone and consolidated financial statements
• These amendments are divided into three broad sections as below:
◦ Disclosures related to balance sheet items
◦ Disclosures related to the statement of profit and loss items
◦ Disclosures related to other items
Read the Full Article: https://taxmann.social/jccQ [23 Mins | Read Time]
Authored by: Abhinay Gupta | CA | B.Com. (Hons.)
#TaxmannUpdates #MCA #FinancialStatements #Disclosures #BalanceSheet
#Insolvency #CaseLaw
Unqualified acknowledgement of debt in Corporate Debtor's balance sheet extends limitation for filing CIRP, in view of sec 238A of IBC r.w.s. 18 of Limitation Act
Case Name: State Bank of India v. Krishidhan Seeds (P.) Ltd.
Citation: [2022] 138 taxmann.com 326 (SC)
Read the Supreme Court Order: https://taxmann.social/d4hb
• Dr. Dhananjaya Y. Chandrachud & Surya Kant, JJ.
#TaxmannUpdates #CIRP #CorporateDebtor #BalanceSheet #SupremeCourt
Unqualified acknowledgement of debt in Corporate Debtor's balance sheet extends limitation for filing CIRP, in view of sec 238A of IBC r.w.s. 18 of Limitation Act
Case Name: State Bank of India v. Krishidhan Seeds (P.) Ltd.
Citation: [2022] 138 taxmann.com 326 (SC)
Read the Supreme Court Order: https://taxmann.social/d4hb
• Dr. Dhananjaya Y. Chandrachud & Surya Kant, JJ.
#TaxmannUpdates #CIRP #CorporateDebtor #BalanceSheet #SupremeCourt
#RBI #Circular
RBI directs banks to report reverse repo transactions under the item ‘Cash & Balance with RBI’ of Sch 6 of the Balance Sheet
Read the RBI Circular: https://taxmann.social/S4XA
#TaxmannUpdates #BalanceSheet
RBI directs banks to report reverse repo transactions under the item ‘Cash & Balance with RBI’ of Sch 6 of the Balance Sheet
Read the RBI Circular: https://taxmann.social/S4XA
#TaxmannUpdates #BalanceSheet
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Get 'analytically' updated on the Top Corporate Law Stories Reported on Taxmann.com by reading today's Newsletter!
Drafted by Taxmann's Editorial Team.
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#TaxmannUpdates #BalanceSheet #CIRP #NCLT #SEBI #Securities
Get 'analytically' updated on the Top Corporate Law Stories Reported on Taxmann.com by reading today's Newsletter!
Drafted by Taxmann's Editorial Team.
Also, Sign-up Now for Taxmann’s Daily Newsletter! https://taxmann.social/tRzS
#TaxmannUpdates #BalanceSheet #CIRP #NCLT #SEBI #Securities
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Corporate Law Daily
Dear Reader, Today’s newsletter analytically summarizes the top Corporate Law stories reported at taxmann.com.
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Get 'analytically' updated on key stories, reported on taxmann.com during the previous week, by reading today’s Newsletter.
Drafted by Taxmann's Editorial Team
Also, Sign-up Now for Taxmann’s Daily Newsletter! https://taxmann.social/tRzS
#TaxmannUpdates #ITAT #SupremeCourt #HighCourt #GST #OceanFreight #IBC #BalanceSheet #Audit #Revenue
Get 'analytically' updated on key stories, reported on taxmann.com during the previous week, by reading today’s Newsletter.
Drafted by Taxmann's Editorial Team
Also, Sign-up Now for Taxmann’s Daily Newsletter! https://taxmann.social/tRzS
#TaxmannUpdates #ITAT #SupremeCourt #HighCourt #GST #OceanFreight #IBC #BalanceSheet #Audit #Revenue
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Taxmann | This Week
Dear Reader, This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from 16th to 21st May 2022, namely: (a) AO can’t import ‘beneficial ownership’ under Article 13 of Indo Mauritius DTAA without assigning…
#CESTAT #CaseLaw
No reversal of credit for provisions created in the balance sheet for old and slow-moving inventory which were not fully written off: CESTAT
Read the (Chennai) CESTAT Order: https://taxmann.social/5wp7s
Citation: [2022] 139 taxmann.com 268 (Chennai-CESTAT)
#TaxmannUpdates #BalanceSheet
No reversal of credit for provisions created in the balance sheet for old and slow-moving inventory which were not fully written off: CESTAT
Read the (Chennai) CESTAT Order: https://taxmann.social/5wp7s
Citation: [2022] 139 taxmann.com 268 (Chennai-CESTAT)
#TaxmannUpdates #BalanceSheet
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No reversal of credit for provisions created in balance sheet for old and slow-moving inventory which were not fully written off…
EXCISE/ST/VAT : Provisions were created in balance sheet for old and slow-moving inventory but value of such inputs were not fully written off, Rule 3(5)(B) does not apply for disputed period
#BlogOfTheWeek
Financial Statements form the backbone for financial planning, analysis, benchmarking, and decision-making of an enterprise.
Depending upon the structure of a particular entity, the format for the presentation of financial statements is decided.
This article discusses the format of Financial Statements for Non-Corporate entities.
Read the latest Taxmann blog: https://taxmann.social/Uwacn [5 Mins | Read Time]
#TaxmannUpdates #FinancialStatement #BalanceSheet #Profit #Loss
Financial Statements form the backbone for financial planning, analysis, benchmarking, and decision-making of an enterprise.
Depending upon the structure of a particular entity, the format for the presentation of financial statements is decided.
This article discusses the format of Financial Statements for Non-Corporate entities.
Read the latest Taxmann blog: https://taxmann.social/Uwacn [5 Mins | Read Time]
#TaxmannUpdates #FinancialStatement #BalanceSheet #Profit #Loss
#Auditors #Opinion
The role of Public Sector Bank auditors, especially Central Statutory Auditors (CSAs), has been a cause for deep concern for RBI since the stock market scam of 1992.
CSAs play a vital role in validating financial statements, and their opinion lends credibility to such statements and information, thereby assisting in promoting confidence in the banking system.
Apart from being competent to do their job, they must be ethical towards their professional obligation and not fall prey to the unreasonable and unethical favours sought by the management.
This article highlights the shortcomings in the IARs with respect to IBR, which is a critical audit matter. It also suggests measures for addressing them for appropriate remedial action.
Read the Full Article: https://taxmann.social/5enBO [28 Mins | Read Time]
Authored By: CA Surendra B Gupta – Partner | Gupta & Gupta, Chartered Accountants
#TaxmannUpdates #BalanceSheet #Auditors #FinancialStatements #RBI #ICAI
The role of Public Sector Bank auditors, especially Central Statutory Auditors (CSAs), has been a cause for deep concern for RBI since the stock market scam of 1992.
CSAs play a vital role in validating financial statements, and their opinion lends credibility to such statements and information, thereby assisting in promoting confidence in the banking system.
Apart from being competent to do their job, they must be ethical towards their professional obligation and not fall prey to the unreasonable and unethical favours sought by the management.
This article highlights the shortcomings in the IARs with respect to IBR, which is a critical audit matter. It also suggests measures for addressing them for appropriate remedial action.
Read the Full Article: https://taxmann.social/5enBO [28 Mins | Read Time]
Authored By: CA Surendra B Gupta – Partner | Gupta & Gupta, Chartered Accountants
#TaxmannUpdates #BalanceSheet #Auditors #FinancialStatements #RBI #ICAI
#SAT #CaseLaw
Duty of CS is only to authenticate contents of Balance sheet & offer letter; can’t held liable for false/misleading offers
Read the (Mumbai) SAT Order: https://taxmann.social/je9Zv
Citation: [2022] 145 taxmann.com 550 (SAT-Mumbai)
#TaxmannUpdates #BalanceSheet
Duty of CS is only to authenticate contents of Balance sheet & offer letter; can’t held liable for false/misleading offers
Read the (Mumbai) SAT Order: https://taxmann.social/je9Zv
Citation: [2022] 145 taxmann.com 550 (SAT-Mumbai)
#TaxmannUpdates #BalanceSheet
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Duty of CS is only to authenticate contents of Balance sheet & offer letter; can’t held liable for false/ misleading offers
COMPANY LAW/SEBI : Company secretary, as part of his duty and responsibility is only required to authenticate contents indicated in balance sheet or in offer document and is not required to go into veracity of buy back offer document and its legal compliances…
#Accounting #Update
Checklist on Disclosure as per AS 4: Contingencies and Events Occurring After the Balance Sheet Date
Read the Full Document: https://taxmann.social/te3mw
#TaxmannUpdates #BalanceSheet
Checklist on Disclosure as per AS 4: Contingencies and Events Occurring After the Balance Sheet Date
Read the Full Document: https://taxmann.social/te3mw
#TaxmannUpdates #BalanceSheet
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Checklist on Disclosure as per AS 4: Contingencies and Events Occurring After the Balance Sheet Date
AS 4 deals with the treatment in financial statements of contingencies, and events occurring after the balance sheet date. However, contingencies due to subjects like (a) liabilities of life assurance and general insurance enterprises arising from policies…