Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of India’s accounting standards with International Financial Reporting Standards (IFRS).With IFRS convergence due for April 2011 and the government coming up with the new Direct Taxes Code (DTC), the suggestions of the study group finds relevance.
Source: Economic Times
We have now started the online resources for Accounting Studies.
What topics are covered here?
- Online courses are available on several topics of professional interest in the Accounting and Finance area
- Accounting Standards as per US GAAP, IFRS, etc.
- Financial Instruments like equity derivatives, Interest Rate Derivatives, Credit Derivatives, Foreign Exchange Instruments,
- Hedge Accounting
How much does it cost me?
- Online courses provided here are absolutely free.
Financial Asset
A financial asset is defined as one of the following type of asset as per the Accounting Standards:
- Cash
- Equity instrument of another entity
- A contractual right
- To receive cash or another financial asset from another entity
- To exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable to the entity
- A contract that will/may be settled in the entity’s own equity instruments and is
- A non-derivative resulting in receiving a variable number of the entity’s own equity instruments
- A derivative that will/may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of entity’s own equity instruments
Financial Liability
A financial liability is defined as one of the following type of liabilities as per the Accounting Standards:
- A contractual obligation
- To deliver cash or another financial asset to another entity
- To exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity
- A contract that will/may be settled in the entity’s own equity instruments and is
- A non-derivative resulting in delivering a variable number of the entity’s own equity instruments
- A derivative that will/may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of entity’s own equity instruments
