Bharat Income Computation & Disclosure Standards By CA Kamal Garg Edition September 2024

Bharat Income Computation & Disclosure Standards By CA Kamal Garg

Bharat Income Computation & Disclosure Standards CA Kamal Garg

Contents

DIVISION I Financial Reporting Framework & ICDS

Chapter 1       Financial Reporting Framework — An Introduction

Chapter 2       Income Computation and Disclosure Standards — An Introduction

Chapter 3       Rationalisation of Provisions of Section 115JB in line with Indian Accounting Standard (Ind-AS)                                                                                         

DIVISION II Income Computation & Disclosure Standards

Chapter 1       Income Computation & Disclosure Standards

1. Income Computation and Disclosure Standard I relating to accounting policies
2. Income Computation and Disclosure Standard II relating to valuation of inventories
3. Income Computation and Disclosure Standard III relating to construction contracts
4. D.  Income Computation and Disclosure Standard IV relating to revenue recognition
5. Income Computation and Disclosure Standard V relating to tangible fixed assets
6. Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates
7. Income Computation and Disclosure Standard VII relating to government grants
8. Income Computation and Disclosure Standard VIII relating to securities
9. Income Computation and Disclosure Standard IX relating to borrowing costs
10. Income Computation and Disclosure Standard X relating to provisions, contingent liabilities and contingent assets

Chapter 2       Form 3CD Clause by Clause Analysis

DIVISION III

Chapter 1       Income Computation and Disclosure Standards vis-à-vis Judicial Precedents

Chapter 2       ICDS (Revised) v AS

Chapter 3       ICDS (Revised) v Ind AS

Appendix 1    Tests for Distinction between Shares held as Stock-in-Trade and Shares held as Investment

Appendix 2    Chargeable as — Distinction between Shares held as Stock-in-Trade and Shares held as Investments — Tests for such a Distinction

Appendix 3    Issue of Taxability of Surplus on Sale of Shares and Securities — Capital Gains or Business Income — Instructions in Order to Reduce Litigation

Appendix 4    Clarifications on Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961

About Author

CA Kamal Garg [B. Com (H), FCA, DISA (ICAI)] is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi. He is also the member of Board of Studies (BOS) Study Material Research Group of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) of ICAI. He has also been acknowleged by BOS of ICAI for his efforts for reviewing Advanced Auditing Study Material for CA Final Course of ICAI.Besides being a regular guest speaker for IFRS and Management Development Programmes at IBC & PKG, Mumbai, ICAI, ICSI, Direct Taxes Regional Training Institute (North-West Region) for Income Tax Inspectors training programme, he is also an author of over dozens of book(s) including Guide to Tax Audit u/s 44AB Foreign Direct Investments in India IFRS Concepts and Applications Accounting Standards and IFRS Auditor Practice Manual Handbook on Company s Balance Sheet and Profit & Loss Account under Revised Schedule VI and XBRL Handbook on Internal Auditing, Consolidated Financial Statements Interim Financial Reporting Understanding Goods and Service Tax (GST) Professional Approach to Advanced Auditing for CA (Final) studies and Systematic Approach to Auditing for CA (PCC) studies published by Bharat Law House Private Limited.

He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy