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Accounting Clinic

A Treasure Trove of over 400+ Ind AS FAQs pertaining to India Inc, edited by Ind AS Expert Dr. Anand Banka

Featured FAQs

Ind-AS 23 - Borrowing Costs

Companies sometimes, use general borrowings for funding both qualifying asset as well as regular operations. Times may occur when funds may remain idle for sometime and thus companies may in...

Whether income from the temporary investment of excess cash be reduced from the borrowing costs on general borrowings that are eligible for capitalisation?

Ind-AS 38 - Intangible Assets

Companies sometimes exchange intangible assets with other entities. For example:- LMN Ltd. acquired a Patent right of manufacturing a drug from XYZ Ltd. In exchange LMN Ltd. gives its In...

In the above example, what shall be the accounting treatment for the above transaction in the books of LMN Ltd. and XYZ Ltd.?

Ind-AS 37 - Provisions, Contingent Liabilities and Contingent Assets

IndAS 37 provides guidance on disclosure of contingent asset.

When should an entity disclose a contingent asset?

Ind-AS 116 - Leases

Entity X provides a Customer Y with refrigerators to store the purchased chemicals at the premises of Customer Y. However, the refrigerators are not mentioned or promised to Customer Y in th...

Whether the above arrangement will meet the definition of lease under Ind AS 116?

Ind-AS 116 - Leases

Entity X (customer) enters into an arrangement for a period of six years with Entity Y (supplier) for the right to store its gas in a specified storage tank that has no separate compartments...

Whether there is an identified asset and whether the arrangement would be a lease: (i) in the respective stand-alone financial statements of Entity X and Entity Z. (ii) in the consolidated financial...

Ind-AS 116 - Leases

ABC Ltd. takes on lease a crossover which is explicitly specified in the contract, for a period of two years. As per the contract, ABC Ltd. can drive it only up to a maximum of 2,00,000 kilo...

Considering the cap on the number of kilometers that the crossover can be driven by it, whether ABC Ltd. obtains substantially all of the economic benefits from use of the crossover?