The Ind AS Implementation Committee of Institute of Chartered Accountants of India (ICAI) constituted the Ind AS Transition Facilitation Group (ITFG) to address issues faced by preparers, users and other stakeholders on applicability and implementation of Ind AS. The ITFG recently issued its 14th bulletin clarifying some of the key accounting issues commonly faced by the stakeholders such as accounting of loan processing fees, land restoration costs, discounting of advances received from customer for goods or services, classification of optionally convertible preference shares and accounting of amalgamation approved by NCLT after balance sheet date but before the date of approval of the financial statements by the board of directors.
This publication provides an overview of the clarifications issued by the ITFG in its bulletin 14 and our insights on these clarifications and related interpretative issues.
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