Income Computation and Disclosure Standards

Including Illustrations and Corresponding Reporting Requirements in Form 3CD
under Income-tax Act, 1961
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Description
>    ICDS Correlated with the Relevant Provisions in the Income-tax Act, 1961
>    Illustrations on each and Every ICDS
>    Basic illustrations on newly inserted Ind AS 115
>    Reporting Requirements Contained in Form 3CD (Revised)
>    Impact Analysis of Various Judicial Precedents
>    ICDS vs. AS and ICDS vs. Ind AS
>    Discussion on Section 115JB in line with Ind-AS
>    Clarifications on ICDS issued by CBDT through FAQs
>    Scheme for applicability of Accounting Standards to Non-company entities announced
      by ICAI
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Contents
DIVISION I:    Financial Reporting Framework & ICDS
Chapter 1:    Financial Reporting Framework — An Introduction
Chapter 2:    Income Computation and Disclosure Standards — An Introduction
Chapter 3:    Rationalisation of Provisions of Section 115JB in line with Indian Accounting Standard (Ind-AS)
DIVISION II:    Income Computation & Disclosure Standards
Chapter 1:    Income Computation & Disclosure Standards
A.    Income Computation and Disclosure Standard I relating to accounting policies
B.    Income Computation and Disclosure Standard II relating to valuation of inventories
C.    Income Computation and Disclosure Standard III relating to construction contracts
D.    Income Computation and Disclosure Standard IV relating to revenue recognition
E.    Income Computation and Disclosure Standard V relating to tangible fixed assets
F.    Income Computation and Disclosure Standard VI relating to the effects of changes in foreign
        exchange rates
G.    Income Computation and Disclosure Standard VII relating to government grants
H.    Income Computation and Disclosure Standard VIII relating to securities
I.     Income Computation and Disclosure Standard IX relating to borrowing costs
J.     Income Computation and Disclosure Standard X relating to provisions, contingent
       liabilities and contingent assets
Chapter 2:    Form 3CD Clause by Clause Analysis
DIVISION III
Chapter 1:    Income Computation and Disclosure Standards vis-a-vis Judicial Precedents
Chapter 2:    Schedule ICDS as appearing in Forms ITR 4, 5 and 6 and Form 3CD (Revised)
Chapter 3:    ICDS (Revised) v AS
Chapter 4:    ICDS (Revised) v Ind AS
Appendix 1 - Tests for Distinction between Shares held as Stock-in-Trade and Shares held as Investment
Appendix 2 - Chargeable as — Distinction between Shares held as Stock-in-Trade and Shares held as
                        Investments — Tests for such a Distinction
Appendix 3 - Issue of Taxability of Surplus on Sale of Shares and Securities — Capital Gains or Business
                        Income — Instructions in Order to Reduce Litigation
Appendix 4 - Clarifications on Income Computation and Disclosure Standards (ICDS) notified under
                        section 145(2) of the Income-tax Act, 1961
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Author Details
CA. Kamal Garg [B.COM (H), FCA, DISA (ICAI)] is a Fellow Member Of The Institute of Chartered Accounts of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and  a consulting academician in KGMA, Delhi.He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) (2012-2013) and Ind As (IFRS) Implementation Committee (2014-2015) of ICAI.He is also the faculty member of Ethical Standards Board (ESB) of ICAI and had an oppertunity to act as a speaker in the very Ist Live Webcast held by ESB of ICAI in March 2013. He is also a key resource person for development and review of various study contents and webcast for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final eLectures for CA IPCC and CA final studies, Etc.
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