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Comparison Chart of ICDS-VIII, AS-13 & IndAS-109 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

Extract

..... S 13. However, provisions of AS 13 relating to current investments are applicable to securities held as stock- in-trade with suitable modifications. AS 13 does not deals with : a) Investments of retirement benefit plans and life insurance enterprises; and b) Mutual funds and venture capital funds and/ or the related asset management companies, banks and public financial institutions formed under a Central or State Government Act or so declared under the Companies Act, 2013. c) basis for recognition of interest and dividends on securities which are covered by ICDS on Revenue. d) Operating or Finance leases. Ind AS 109 includes the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or .....

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Comparison Chart of ICDS-VIII, AS-13 & IndAS-109 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... n interest- bearing investment and is therefore included in the price paid for the investment, the subsequent receipt of interest is allocated between pre-acquisition and post-acquisition periods; the pre-acquisition portion is deducted from cost. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Trade receivables that do not have a significant financing component should initially be measured at transaction price as defined in Ind AS 115. Subsequent measurement This ICDS deals with securities he .....

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Comparison Chart of ICDS-VIII, AS-13 & IndAS-109 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... bal) basis is not considered appropriate. Sometimes, the concern of an enterprise may be with the value of a category of related current investments and not with each individual investment, and accordingly the investments may be carried at the lower of cost and fair value computed category- wise (i.e. equity shares, preference shares, convertible debentures, etc.). However, the more prudent and appropriate method is to carry investments individually at the lower of cost and fair value. All financial assets are classified as measured at amortised cost or measured at fair value. Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (FVTPL), or recognised in other comprehensive income (FVTOC .....

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Comparison Chart of ICDS-VIII, AS-13 & IndAS-109 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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