Category Archives: IFRS

Ind AS 116 : A Major Shift for Accounting by Lessees

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Ind AS 116 is effective from 1st April 2019 for all companies preparing their financials in compliance with Indian Accounting Standards by replacing Ind AS 17.  New standard requires Lessees to follow single accounting model for all leases.  For lessors, … Continue reading

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5 Speedbreakers on the highway of Ind AS Implementation

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Speedbreakers on the highway of Ind AS Implementation Financial reporting in India is passing through very remarkable moments owing to adoption of Indian accounting standards (Ind AS). For companies covered under Phase – 1 of mandatory Ind AS Financials, 1st … Continue reading

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New Revenue Recognition Standard Ind AS 115 deferred?

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New Revenue Recognition Standard Ind AS 115 deferred? The corresponding standard of Ind AS 115 is IFRS 15 Revenue from Contracts with Customers. Let us first understand why there was need to issue new standard IFRS 15 by IASB in … Continue reading

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IFRS now reality – Get Ready!!!

On February 16, 2015, the ministry of corporate affairs notified the Indian version of International Financial Reporting Standards (IFRS), to be referred as Ind AS.  39 IND AS are issued aimed at convergence of the Indian accounting framework with globally … Continue reading

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Awards Received – ACCOUNTANT OF THE YEAR and CUSTOMER CENTRIC BUSINESS OF THE YEAR

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We are honored to have received Two Awards at the Intuit Quickbooks Excellence Awards 2013 in association with Bloomberg TV India at Delhi on 21st November 2013. Naresh J Patel & Co, Chartered Accountants received “ACCOUNTANT OF THE YEAR” and for NRI Advisory … Continue reading

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