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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 7 - Statement of Cash Flows

Companies sometimes hold assets for rental to others and these are subsequently held for sale in the ordinary course of business.

What is the presentation of cash flows arising out of payments for manufacture or acquisition of such assets?

Ind-AS 20 - Accounting for Government Grants and Disclosure of Government Assistance

Entities sometimes receive benefits in the form of exemption from payment of indirect taxes and duties on import or export of goods upon fulfilment of certain conditions under a scheme of th...

(i) Whether such benefit received by entities is government grant or government assistance? (ii) If it is a government grant, whether it is a grant related to asset or a grant related to income?

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

Ind AS 37 requires entities to recognise provision for a present obligation. The provision so created has a 'credit effect' and appears under the liability side of the Balance Sheet.

When a provision is created, where the corresponding debit should be taken to?

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?