Regulatory updates

Ind AS 12, Income Taxes provides a structured framework for recognising and measuring income taxes, to ensure that the financial statements accurately reflect an entity's tax obligations and the associated impacts on its financial performance and position.

Recently, ICAI issued the education material on Ind AS 12, Income Taxes (the education material). The education material offers a comprehensive assessment of Ind AS 12 along with its practical implications in the form of various Frequently Asked Questions (FAQs).

To access the text of the education material, please click here

ICAI has issued the 42^nd volume part II of the compendium of opinions issued by EAC. This volume now contains opinions on important issues which include:

• Accounting for advance payment made towards way leave charges as a part of laying city gas distribution network
• Accounting for securitisation arrangement and investments in PTC securities
• Principal vs. agent relationship for recognition of revenue
• Accounting of export incentives
• Revenue recognition in case of an implementing agency of the State Government.
• Recognition of interest on mobilisation advance against project contracts under Ind AS Framework

To access the text of the compendium of opinions, please click click here

Publication 1- Liquidation Process - A Handbook for the Guidance of Insolvency Professionals. This handbook was released to help professionals appreciate the practical aspects and understand clearly the provisions related to orderly conduct of Liquidation Process under IBC, which is crucial in performing the task of liquidation effectively and efficiently as mandated under the Insolvency & Bankruptcy Code, 2016.

Click here to access the publication.

Publication 2- Voluntary Liquidation Process - A Handbook for the Guidance of Insolvency Professionals. This handbook was released to facilitate professionals understand the intricacies and provisions related to conduct of Voluntary Liquidation Process under IBC and to know about the practical aspects thereunder.

Click here to access the publication.