Regulations
MCA charts roadmap for implementation of new Accounting Standards

The IndAS once applied will converge accounting procedures in India with the IFRS standards

 

The Ministry of Corporate Affairs (MCA) released a revised roadmap for implementation of Indian Accounting Standards for companies other than banks, insurers and non-banking finance companies. 
 
The IndAS standards as the Indian Accounting Standards are known, shall be applicable on a voluntary basis for financial statements for accounting periods beginning on or after 1 April 2015, the MCA said in a release on Friday, 2 January.
 
The IndAS standards will become mandatory for the said class of companies for accounting periods beginning 1 April 2016, for companies whose debt or equity is listed anywhere, or has a net worth of Rs500 crore or more.
 
Other companies with net worth above Rs500 crore are also to be included, and this will also be applicable to holdings, subsidiaries, JVs and associate companies with net worth of or above Rs500 crore.
 
The MCA release also said that the IndAS would be applicable to, "On mandatory basis for the accounting periods beginning on or after April 1, 2017, with comparatives for the periods ending 31st March, 2017, or thereafter, for the companies specified: (a) Companies whose equity and/or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than Rs500 crore. (b)Companies other than those covered in paragraph (ii) and paragraph (iii)(a) above that is unlisted companies having net worth of Rs250 crore or more but less than rupees Rs500 crore."
 
Sai Venkateshwaran, Partner and Head – Accounting Advisory Services, KPMG India said, “The adoption of these IFRS converged standards will also go a long way in enhancing the transparency in and quality of financial reporting by Indian corporates, as Ind-AS is expected to fill the many gaps in Indian GAAP, and will also aid as one of the measures to take India up in the governance and transparency rankings globally.”
 
The MCA specified what kind of companies the IndAS would be mandatory for. However, Venkateshwaran explained that, “while the revised roadmap applies to companies other than banking companies, insurance companies and NBFCs, it may become applicable indirectly to such entities as well, if they are a subsidiary, joint-venture of associate company of an entity otherwise covered under the roadmap. Accordingly, such entities may need to adopt the Ind-AS standards at least for the purpose of consolidation by the parent or investor company.”

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Nifty, Sensex headed higher – Weekly closing report

Nifty may hit 8500 over the coming week

 

The S&P BSE Sensex closed the week that ended on 2nd January at 27,888 (up 646 points or 2.37%), while the NSE's CNX Nifty ended at 8,395 (up 195 points or 2.37%).

 

Previous week we had mentioned that a weekly close below 8,140 on the Nifty may signify deeper correction. Nifty went higher during the week with almost all the gains coming on the last day.


Last Friday's gains continued on Monday as well. Nifty closed at 8,247 (up 46 points or 0.56%). For the entire session, the benchmark managed to stay above Friday’s close.

 

Finance Minister Arun Jaitley said manufacturing continued to be a concern, despite reforms initiated by the government. Commerce and Industry Minister Nirmala Sitharaman said inflows of foreign direct investment into India rose by about 25% to $17.35 billion in the April-October period of the current fiscal.


On Tuesday, Nifty managed to stay above 8,215, the support level mentioned by us in Monday's closing report. Nifty closed at 8,248 (up 2 points or 0.02%).


The Indian economy is better placed than it was six months ago because of slowing inflation, political stability and a lower current account deficit, but the banking sector remains subdued because of weak demand for credit and pressure on asset quality, the Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report.


On Wednesday, the market closed in the positive for the fourth consecutive session. Nifty closed at 8,283 (up 34 points or 0.42%).


The Ministry of Finance made appointments of MD&CEOs of four nationalised banks, Indian Overseas Bank, Oriental Bank of Commerce, Vijaya Bank and United Bank of India. The government has decided to separate the post of Chairman and MD&CEO. Fiscal deficit was Rs 5.25 trillion ($83.08 billion) during April-November, or 98.9% of the full-year target, data showed on Wednesday. The deficit was 93.9% during the same period a year ago.


With not many triggers on Thursday and markets worldwide celebrating New Year, Nifty moved in a narrow range and closed marginally higher at at 8,284 (up 1 point or 0.02%). After market hours on Thursday, the government decided to increase basic excise duty on petrol and diesel (both branded and unbranded) by Rs2 per litre to build 15,000 kilometres of roads during current and next financial year.

On Friday, Nifty shot up rising to 8,395 (up 111 points or 1.35%). Adjusted for seasonal factors, the headline HSBC India Purchasing Managers' Index climbed to a two-year high of 54.5 in December, up from 53.3 in November.


Among the Nifty stocks, the top five stocks for the week were BHEL (9%); JSPL (8%); Sesa Sterlite (7%); Asian Paints (7%) and Tata Motors (5%) while the top five losers were M&M (-2%); Bajaj Auto (-1%); Punjab National Bank (-1%); Reliance Industries (0%) and BPCL (0%).


Of the 1,483 companies on the NSE, 1,203 companies closed in the green, 258 companies closed in the red while 22 companies closed flat.


Out of the 27 main sectors tracked by Moneylife, the top five and the bottom five sectors for this week were:

 

ML Top sector

 

ML Worst sector

 

Shipping

13%

Refineries

0%

Con_Epc_Infra

6%

Oil & Gas

1%

Non-Ferrous Metals

5%

Auto

1%

Financial Services

5%

Media

1%

Farm & Farm Inputs

4%

Sugar

2%

 

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Apple accused of misleading consumers about iPhone storage

Owners of iPhones and iPads with iOS 8 who have quickly run out of storage space may be interested in a new lawsuit filed in California federal court accusing Apple Inc. of deceptive advertising.

 

The class-action lawsuit, filed earlier this week in the Northern District of California by two Florida residents, alleges that the company falsely states its products as having 8 GB or 16 GB of storage space when in reality they have substantially less once iOS 8 is installed. Worse, says the lawsuit, the company then prompts owners to purchase iCloud storage to get more room:

 

“Using these sharp business tactics, Defendant gives less storage capacity than advertised, only to offer to sell that capacity in a desperate moment, e.g., when a consumer is trying to record or take photos at a child or grandchild’s recital, basketball game or wedding.”

 

The $5 million suit says that Apple fails to adequately disclose that the iOS 8 operating system it pre-installs on its devices or allows users to download can “devour” bytes, taking up as much as 23 percent of storage space.

 

“Upgrading from iOS 7 to iOS 8 will cost a device between 600 MB and 1.3 GB of space — a result that no consumer could reasonably anticipate,” the suit contends.


Read Full Story here

 

Courtesy : Truthinadvertising.org

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