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Benfits of Audit planning
Auditing
answered on 25-Nov-25 07:13
Mam i could not understand the last benifit. How planning helps an auditor in coordinating with experts? Is it in a way like: we plan at the very begining that how we will be working with the expert, and how we can utilize his expertisim in our audit purpose. [Video Time Stamp: 12:06]
latest answer
ok mam
Vinod Kumar
CA Inter
★ 11K+
2
93
Ind AS 116 1) Educational Material Query: Non-dealer lessor treatment of selling profit?
Financial Reporting
answered on 28-Nov-25 13:08
1) There is a question in the Educational Material (Q. 66 as shown in ss) which is similar to Illustration 38 in ICAI Study Mat (ss attached). In the educational material solution, the lessor is assumed to be a non-dealer lessor, and the initial profit of INR 11,000 (computed as fair value = 111,000 minus book value = 100,000) is not booked at commencement. Instead, a new IRR of 12.175% is calculated so that the net investment in the lease equals the book value of the asset (in place of its fair value). The solution says that the selling profit is to be deferred (ss of solution attached) over the lease term. Is this treatment to be followed in case of a non-dealer lessor in the exam as well? Also standard doesn't require explicit deferment of initial profit, right? 2) In Illustration 38 (ss attached), it is assumed that the lessor is a 'dealer' lessor, so the above problem is not addressed in the ICAI study mat. In the solution (ss attached), revenue is computed as equal to the present value of the lease receivable, excluding the present value of the unguaranteed portion of residual value. But the standard requires revenue to be measured at the fair value of the underlying asset (or lower if market/commercial rate of interest is used instead of the implicit rate of interest). Since fair value is the same as net investment in the lease and the latter includes the present value of both the lease payments and the unguaranteed residual value, shouldn't we recognise revenue as equal to the net investment in the lease? The COGS then comes out to the cost of the inventory/asset in the books, which also seems more appropriate. I also acknowledge that selling profit comes out the same in any case.
latest answer
As per Ind ASa 116. revenue is the fair value of the underlying asset, or, if lower, the present value of the lease payments accruing to the lessor, discounted using a market rate of interest;
Siddharth Kulkarni
CA Final
★ 28K+
4
87
In 3rd point
Auditing
answered on 24-Nov-25 18:55
Mam whether the same audit firm can do both assurance services and non assurance services to the same client but different team members should be? [Video Time Stamp: 09:32]
latest answer
No. Disqualification is for the firm as a whole always!
21SCO08 mahalakshmi
CA Inter
★ 1K+
1
76
sec 129 penalties
Indirect Taxation
answered on 24-Nov-25 16:18
Penalties are different in theory and prbm solving Confused blw them as which has to be followed [Video Time Stamp: 08:49]
latest answer
If owner comes forward then penalty is 200% of tax and if owner does not come forward then penalty is 50% of value or 200% of tax whichever is higher. This is final.
Veena Avusula
CA Final
★ 1K+
1
86
Rule 32(5)
Indirect Taxation
answered on 24-Nov-25 16:18
Second hand gold sold is exempted from gst ah sir, Then Jewellery shop sell this second hand gold may opt margin scheme sir
latest answer
Second hand dealers can pay GST on margin.
Sudhanbrabu T
CA Final
★ 0
1
84
Need Guidance
Exams
answered on 27-Nov-25 20:08
Sir/Ma'am, I'm preparing for the may 2026 attempt of ca inter. I'm holding the July 2024 edition of all 6 study materials. What additional updates, amendments, notifications, RTP/MTP content or changes do I need to incorporate to ensure full coverage of syllabus and updates for May 2026? Also please let me know if anything more needs to be considered too.
latest answer
Ok sir
Poojasree Shakthiraam
CA Inter
★ 25
6
113
Mergers
AFM
answered on 23-Nov-25 12:15
In this que how did they determine the preliminary expenses amount
latest answer
Prelim Expenses
Gauri Shete
CA Final
★ 4K+
1
68
Swaps
AFM
answered on 23-Nov-25 12:18
Sir, on 10/09 we have 1. Buy $ 50,000 @ 66.68 (which is execution of Back back transaction entered on 10/07, 2. Spot Sold of $ 50,000 @ 66.15 and on 12/09 we have 1. Buy $ 50,000 @ 66.32(which is the execution of an Optionally deliverable forward contract), 2. Spot sold of $ 50,000 @ 65.96. For the calculation of Swap, we have considered the 2nd transaction from 10/09 and the 1st transaction from 12/09, but why not the other two (buy and sell) transactions? I did not get the logic, sir. Please explain. [Video Time Stamp: 26:16]
latest answer
Swap
Murali Thripuraboina
CA Final
★ 3K+
1
62
CA Final
Indirect Taxation
answered on 23-Nov-25 10:24
Hi sir, Can you please provide trend analysis for Indirect tax CA Final
latest answer
FYI 👇 https://1fin.link/resource/b9e12cb4e3034b2d907fdb6ba8694f34
Abhishek Sharma
CA Inter
★ 0
1
77
AS 26
Accountancy
answered on 23-Nov-25 10:16
Here what is the answer if the product become success ?
latest answer
Even then expense. All research items should be expensed
Sri ram Pothineni
CA Inter
★ 11K+
1
66