Disclosure - Example - Tata Motors

answered on 13-May-25 11:37

Sir if we take uselife other than prescribed under companies Act, it is permitted and required to disclose. Can we do the same treatment in AS-10 too ?

latest answer

Yes

Harini Desu

CA Final

★ 80

1

46

IND AS 2

answered on 14-May-25 11:58

Case Scenario _ A Car Dealer Purchase a car for intend to use in business purpose. In this Scenario Whether Based On Nature of Business We classified a car as a Inventory or Whether Based on Intention behind the purchase we classified as an Asset?

latest answer

Based on intention it will be classified as property, plant and equipment. Please note that inventory is also an asset.

Yeduabati Mohan Rao

CA Inter

★ 1K+

1

46

DTA

answered on 12-May-25 12:35

Why is there no impact on P and L for accounting as per books. We claim depreciation as per books right?. For income tax , no impact Please explain

latest answer

there is no impact to PL at time of initial recognition. Depreciation is subsequent.

Ashme Rose Cherian

CA Final

★ 9K+

1

33

Solution book

answered on 06-May-25 17:12

Is there a book available which includes all the illustrations solved in the class (with solution and presentation) Thankyou

latest answer

Thankyou Sir!!

Siddhi Rao

CA Final

★ 140

2

47

Restatement of Financial Statement

answered on 12-May-25 12:36

Sir, As you said @14:40 if we find out the error in year 3 related to year 2 we should restate the financial statement. For suppose if we find out in the month of December of year 3 we have been filed the financial statement with ROC of year 2 . Then how can we restate sir.? It means we have to change and again file the financial s.?

latest answer

When we present current-year financial statements, we restate the comparatives. Adequate disclosures are given for this. I have discussed one financial statement of Nirma for this.

K Vamshi

CA Final

★ 8K+

1

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Difference between reassessment and revision

answered on 12-May-25 12:37

Sir, I have two doubts 1. Is the revision oriented with the termination part alone (not with the exercising part)? 2. Is Illustration 19 about revision of the lease term instead of reassessment?

latest answer

Revision happens when we actually revise the terms Reassessment is done for existing terms. INitially we thought we would not exercise. Subsequently we thought we would exercise - this leads called reassessment.

pooja lakshmi

CA Final

★ 1K+

1

53

Security Deposit

answered on 14-May-25 12:35

For example, I have taken a property on lease. Security depositto be paid as per agreement is to be made in 3 phases, out of which 1 is after March 31.XX. Should that be accounted for? Or just disclosure is required?. Also, what if agreement is made into after March 31, or even after the reporting period. But letter of intent has been agreed into between the parties before March 31 2024. Whether accounting needs to be done or disclosure requirements only?

latest answer

If the transaction has to happen in future, it would not be accounted for unless the lease has commenced. You will understand this in INd AS 116 regarding accounting date. Also Ind AS 109 requires discounting of interest free deposits.

Ashme Rose Cherian

CA Final

★ 9K+

1

41

IND AS 23

answered on 02-May-25 12:00

Sir in this question whether it is considered as specific borrowing or general borrowing,

latest answer

Assumed general.

R Yashwanth Kumar

CA Final

★ 86K+

1

57

IND AS 23

answered on 01-May-25 19:11

Sir in this question is it considered as General Borrowing or Specific Borrowing,

latest answer

General for four phases

R Yashwanth Kumar

CA Final

★ 86K+

1

51

Consolidation

answered on 01-May-25 16:52

In a chain holding consolidation, P has an 80% stake in S1, and S1 has a 55% stake in S2. In this situation, does P consolidate S2? My doubt is whether the holdings percentage is checked from the parent’s point of view or the subsidiary’s point of view.

latest answer

P will consolidated both S1 and S2.

kathiresh V

CA Final

★ 15K+

1

43