Greentick Dialogues - Refresher Session on Presentation of FS (Ind AS 1) & Income Taxes (Ind AS 12)!
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
60 Minutes
Episode Background:
On March 31, 2023, the Ministry of Corporate Affairs (MCA) announced some changes to the Indian Accounting Standards. While most of the announcements are not expected to have any significant impact on the financial statements of companies, disclosures of accounting policies change with effect from the current financial year after the amendment to Ind AS 1 (Presentation of Financial Statements). Separately, last month, ICAI issued Exposure Drafts of amendments to Ind AS 12 and AS 22 w.r.t ‘International Tax Reform—Pillar Two Model Rules’, to provide temporary relief from requirements to recognise and disclose information about deferred tax assets and liabilities arising from OECD’s Pillar Two model rules and invited comments by August 25, 2023.
What shall the episode cover?
With an endeavor to add continuous value to our readers and power your accounting practice, India's first Accounting & Ind-AS Platform “Greentick” (https://greentick.taxsutra.com) is back with its exclusive “subscriber-only” thought leadership series titled “Greentick Dialogues” (where renowned accounting & auditing experts share their views/insights on burning accounting issues/controversies). In this context, we bring to you a Refresher session on “Presentation of Financial Statements (Ind AS 1) & Income Taxes (Ind AS 12)" with Accounting Expert Dr. Anand Banka.
Key Highlights:
In this episode, Mr. Banka has thrown light on the following:
Regarding Ind AS 1:
- Material accounting policies vs. Significant accounting policies
- Disclosures on covenant compliance
Regarding Ind AS 12:
- Deferred tax on leases
- Relief from deferred tax on international tax reforms: Pillar 2 model rules
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2023
- ISBN: 0
Episode Duration:
60 Minutes
Episode Background:
On March 31, 2023, the Ministry of Corporate Affairs (MCA) announced some changes to the Indian Accounting Standards. While most of the announcements are not expected to have any significant impact on the financial statements of companies, disclosures of accounting policies change with effect from the current financial year after the amendment to Ind AS 1 (Presentation of Financial Statements). Separately, last month, ICAI issued Exposure Drafts of amendments to Ind AS 12 and AS 22 w.r.t ‘International Tax Reform—Pillar Two Model Rules’, to provide temporary relief from requirements to recognise and disclose information about deferred tax assets and liabilities arising from OECD’s Pillar Two model rules and invited comments by August 25, 2023.
What shall the episode cover?
With an endeavor to add continuous value to our readers and power your accounting practice, India's first Accounting & Ind-AS Platform “Greentick” (https://greentick.taxsutra.com) is back with its exclusive “subscriber-only” thought leadership series titled “Greentick Dialogues” (where renowned accounting & auditing experts share their views/insights on burning accounting issues/controversies). In this context, we bring to you a Refresher session on “Presentation of Financial Statements (Ind AS 1) & Income Taxes (Ind AS 12)" with Accounting Expert Dr. Anand Banka.
Key Highlights:
In this episode, Mr. Banka has thrown light on the following:
Regarding Ind AS 1:
- Material accounting policies vs. Significant accounting policies
- Disclosures on covenant compliance
Regarding Ind AS 12:
- Deferred tax on leases
- Relief from deferred tax on international tax reforms: Pillar 2 model rules
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
