Table of Contents Overview Applicability of CARO 2020 Detailed Reporting under each clause of CARO 2020 Overview The Ministry of Corporate Affairs (MCA) has announced a new format of statutory audits of companies. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020 (CARO 2020). The order (CARO 2020) replaces the earlier […]
Companies (Auditor’s Report) Order, 2020(CARO,2020) Read More »
Table of Contents Introduction What is the Transaction Price? o Variable Consideration o Constraining estimation of variable consideration o Significant Financing Component o Non-cash Consideration o Consideration payable to a customer Introduction Ind AS 115 Revenue from Contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the
Table of Contents Introduction Promises in contracts with customers Distinct goods or services Introduction Ind AS 115 Revenue from contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the revenue. Here we will talk about Step 2 of such a model, i.e., identifying the Performance Obligation. For
Table of Contents Introduction The Auditor’s Assurance Regarding Prospective Financial Information Acceptance of Engagement Knowledge of the Business Examination Procedure Introduction The objective of this Standard on Assurance Engagement (SAE) is to establish standards and provide guidance on engagements to examine and report on prospective financial information, including examination procedures for best estimates and hypothetical
SAE 3400 The Examination of Prospective Financial Information Read More »
Table of Contents Brief Introduction Scope Objective How safeguarding provisions affects the Buyers Designated Project Account Details Disclosures of Project Additions and Alterations Specifying the exact carpet area is mandatory Others Safeguarding Provisions How RERA safeguarding the Builders/Promoters Conclusion Brief Introduction The Real Estate (Regulatory and Authority) Act, 2016 is an Act of the
Real Estate (Regulatory and Authority) Act, 2016- Blessing to Home Buyers or Builders Read More »
Table of Contents Introduction Criteria for recognizing a contracts Term of contracts Combining Contracts Modification of Contracts Introduction Ind AS 115 Revenue from contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the revenue. Here we will talk about Step 1 of such a model, i.e., identifying
