INCOME COMPUTATION & DISCLOSURE STANDARDS

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ISBN: 978-81-1956-506-1

AUTHOR: CA. Kamal Garg

Edition: 11th edn., 2024

Year: 2024

Pages: 696

DIVISION I

Financial Reporting Framework & ICDS

Chapter 1       Financial Reporting Framework — An Introduction

Chapter 2       Income Computation and Disclosure Standards — An Introduction           

Chapter 3       Rationalisation of Provisions of Section 115JB in line with Indian Accounting Standard (Ind-AS)                                                                                         

DIVISION II

Income Computation & Disclosure Standards

Chapter 1       Income Computation & Disclosure Standards                                              

A.  Income Computation and Disclosure Standard I relating to accounting policies           

B.  Income Computation and Disclosure Standard II relating to valuation of inventories   

C.  Income Computation and Disclosure Standard III relating to construction contracts    

D.  Income Computation and Disclosure Standard IV relating to revenue recognition       

E.   Income Computation and Disclosure Standard V relating to tangible fixed assets        

F.   Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates                                                     

G.  Income Computation and Disclosure Standard VII relating to government grants        

H.  Income Computation and Disclosure Standard VIII relating to securities         

I.    Income Computation and Disclosure Standard IX relating to borrowing costs 

J.    Income Computation and Disclosure Standard X relating to provisions, contingent liabilities and contingent assets                                        

Chapter 2       Form 3CD Clause by Clause Analysis                                   

DIVISION III

Chapter 1       Income Computation and Disclosure Standards vis-à-vis Judicial Precedents         

Chapter 2       ICDS (Revised) v AS                                                            

Chapter 3       ICDS (Revised) v Ind AS                                                     

Appendix 1    Tests for Distinction between Shares held as Stock-in-Trade and Shares held as Investment                                                                                               

Appendix 2    Chargeable as — Distinction between Shares held as Stock-in-Trade and Shares held as Investments — Tests for such a Distinction                          

Appendix 3    Issue of Taxability of Surplus on Sale of Shares and Securities — Capital Gains or Business Income — Instructions in Order to Reduce Litigation         

Appendix 4    Clarifications on Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961

  • SKU: #978-81-1956-506-1
  • Country: India
CA. Kamal Garg [B. Com (H), FCA, DISA (ICAI), Insolvency Professional] is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013] and Ind-AS (IFRS) Implementation Committee [2014-2015] of ICAI. He is also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc. Besides being a regular guest speaker for IFRS and Management Development Programmes at IBC & PKG, Mumbai ICAI ICSI, Direct Taxes Regional Training Institute (North-west Region) for Income Tax Inspectors training programme, he is also an author of over dozens of book(s) including ‘IFRS and Ind AS Concepts and Applications’. ‘Accounting Standards and IFRS’, Series of Books on Companies Act, 2013, ‘Guide to Tax Audit u/s 44AB’, ‘CARO, 2016’, ‘Foreign Direct Investments in India’, Auditors’ Practice Manual’, Handbook on Company’s Balance Sheet and Profit & Loss Account under Revised Schedule VI and XBRL’, ‘Handbook on Internal Auditing’, ‘Consolidated Financial Statements’, ‘Interim Financial Reporting, ‘Guide to International Taxation’, ‘Understanding Goods and Service Tax (GST)’, ‘Professional Approach to Advanced Auditing’ for CA (Final) studies and ‘ Systematic Approach to Auditing’ for CA (PCC) studies published by Bharat Law House Private Limited. He has to his credit the contribution of ‘Gist of Accounting Standards and Auditing and Assurance Standards’ for Vol. 2 of Company Law published by BLH and various articles for NIRC and CIRC of ICAI Newsletter on FBT, MAT, US-SOX, CARO, FEMA, etc. and a series of articles on ‘Delhi Value Added Tax (DVAT) – Taxation, Accounting and Auditing Aspects’ for the Journal Tax and Corporate Referencer (TCR) including various articles on External Commercial Borrowings (ECB), Direct Taxes, and Foreign Investments for TCR. He possesses a rich industry experience in the areas of Corporate laws (Like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
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