by R. Venkata Subramani | Jul 28, 2016 | Uncategorized
The estimates considered as per Ind ASs at the date of transition should be consistent with the estimates made for the same date as per the previous GAAP. While preparing the financial statements, an entity is required to make estimates depending upon the...
by R. Venkata Subramani | Jul 25, 2016 | Uncategorized
First Ind AS financial statements are the first and only financial statements in which the entity adopts Ind ASs as per the Ind ASs notified in the Companies Act 2013 and makes an explicit and unreserved statement in those financial statements of compliance...
by R. Venkata Subramani | Jul 13, 2016 | Uncategorized
Let us examine the treatment of exchange differences in the books of accounts with a practical example. Let us analyse the treatment of foreign exchange differences arising on account of translating the foreign currency balances to the presentation currency in respect...
by R. Venkata Subramani | Jul 12, 2016 | Uncategorized
Let us see how the financial statements are translated to presentation currency Financial statements should be translated to presentation currency if the currency is different from the functional currency. The assets and liabilities are translated based on the closing...
by R. Venkata Subramani | Jul 11, 2016 | Uncategorized
Let us see the recognition and measurement of foreign currency transactions in the books of accounts. First we need to understand what is meant by a foreign currency transaction. Foreign currency transaction is a transaction in a currency other than the functional...
by R. Venkata Subramani | Jul 10, 2016 | Uncategorized
Let us understand what is a presentation currency and how it is different from the functional currency. Presentation currency is the currency in which the financial statements are prepared. This can be in a currency chosen by the entity as the entity is free to choose...
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