394 October 20 To October 26, 2018 u Taxmann’s Corporate Professionals Today u Vol. 43 u^36
Snapshot of Updates Covered in Article- Amendments to 4 IND-AS Effective from April 1, 2018 -
Notification dated September 20, 2018 - Impact of Impending Change to Lease Accounting under IND-AS
- IND-AS 20 Amendments - To be Applied Prospectively or
Retrospectively?
Amendments to 4 IND-AS Effective from April 1, 2018 –
Notification dated September 20, 2018- The Ministry of Corporate Affairs (MCA) has notified
amendment to IND-AS 20 on September 20, 2018 that
consequentially impacts three other IND-. The standards
impacted are provided in the table hereinbelow.
IND-ASs Amended Effective From April 1, 2018- IND-AS 20 - Accounting for Government Grants and Disclosure
of Government Assistance - IND-AS 12 - Income Taxes
- IND-AS 16 - Property, Plant and Equipment
- IND-AS 38 - Intangible Assets
The accounting topics that have been amended in IND-AS 20
are highlighted in the table herein below.
Amended Topics under IND-AS 20- Accounting for non-monetary Government grants
- Presentation of grants related to assets
- Repayment of Government grants
(a) Accounting for non-monetary grants - Government grants in
the form of non-monetary assets (land or other resources)
were required to be accounted (both the grant and the
non-monetary asset) at fair value. Fair value under IND-
AS is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
Latest IND-AS Updates – An Analysis
Vinayak pai V.
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