Prevalence of Provisions of SICA prevails over Companies Act Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of Sick Industrial Companies Act , and then a question will arise that if provisions of Companies Act will prevail or […]
IFRS Impact on Oil and Gas Sector Introduction International Financial Reporting standards (IFRS) are a set of accounting standards developed by the International Accounting Standard Board (IASB). IFRS is based more on principles when compared with US GAAP which is more rule based standard. One of the reasons for adapting to IFRS is the need […]
IAS 101 for deemed cost of Property, Plant and Equipment Issue: Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition to Ind AS. In that case, whether the accumulated depreciation and provision […]
Prime Minister speaks (Mann Ki Baat) on Income Declaration Scheme The Honourable Prime Minister, Shri Narendra Modi, in his radio programme, Mann ki Baat aired on Sunday, 26th June, 2016, advised his countrymen about the benefits of declaring hitherto undeclared assets under this scheme. He asked people to declare their undisclosed income and assets, making […]
Service provided to Business Entity by Government Effects Of Changes In Negative List On Services Provided By Government To Business Entity (Amendment Made By Finance Act 2015 Applicable From 01.04.2016) 1. Amendment in Negative list: