Explain the provisions of Indian accounting standards regarding intra-group transactions.
Question:
Explain the provisions of Indian accounting standards regarding intra-group transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
The Indian Accounting Standards Ind AS provide guidance on how to account for intragroup transactions which are transactions between entities within the same group The key provisions regarding intragroup transactions under Ind AS are as follows 1 Recognition and measurement Ind AS requires that intragroup transactions be recognized and measured at the amount agreed upon by the transacting parties which is usually the transfer price If the transfer price differs from the fair value adjustments may be required to reflect the fair value of the transaction ...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Refer to Exhibit 2.8. The Sarbanes-Oxley Act enacted which of the following provisions relevant to auditors and the audit opinion formulation process? a. The PCAOB was established, and it has the...
-
What is the rationale of convergence of Indian accounting standards with IFRS?
-
In a bullet format, identify the parties impacted by regulatory policies designed to protect domestic professionals from foreign competitors. Briefly explain how each of these parties is affected by...
-
Assume that 3-month Treasury bills totaling $23 billion were sold in $10,000 denominations at a discount rate of 5.200%. In addition, the Treasury Department sold 6-month bills totaling $21 billion...
-
What are some arguments in favor of and against allowing the same directory to be remotely mounted from two different mount points on two different machines?
-
A simple harmonic oscillator consists of a block of mass 2.00 kg attached to a spring of spring constant 100 N/m. When t = 1.00 s, the position and velocity of the block are x = 0.129 m and v = 3.415...
-
2. The direction of intercompany sales (upstream or downstream) does not affect consolidation workpaper procedures when the intercompany sales between affiliates are made: a At fair value b Above...
-
Devin Advertising Companys trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand. Prepare the adjusting entry at December...
-
Which is more useful or relevant: the book debt-equity ratio or the market debt-equity ratio? Discuss/explain.
-
Polly Peyrotte started designing and decorating fine china plates more than 100 years ago. As her artistry caught on, she became famous. She also turned out to have considerable business skills. She...
-
In the year 2010, Link Limited (LL) acquired substantial stake in Monk Limited (ML). However, financial accountant could not understand the difference between substantial stake and earlier investment...
-
Write short notes on the following: (a) Minority shareholders interest (b) Joint venture
-
You wish to determine the electric field magnitude along the perpendicular bisector of a \(250-\mathrm{mm}\) line along which \(30 \mathrm{nC}\) of charge is distributed uniformly. You want to get by...
-
In the introduction to "The Five Sexes," Anne Fausto-Sterling writes that she had to "invent conventions - s/he and his/her - to denote someone who is clearly neither male nor female or who is...
-
Select a product described as one of the "Biggest Product Flops" of 2019 that you will bring back to the market. To, you will need to engage in some research to understand why the product failed to...
-
Breaking the Bank Case Questions (video found at: http://www.pbs.org/wgbh/pages/frontline/breakingthebank/view/?utm_campaign=viewpage &utm_medium=grid&utm_source=grid) 1) To what extent were the...
-
Please answer in full and write legibly. Suppose Alice has taken 7 classes college, and her current GPA is 3.48 (assume for simplicity that all courses carry the same number of credits). Answer the...
-
F. Explain how to overcome two potential biases (e.g., prejudice, discrimination) using culturally competent strategies that will help improve stakeholder communication. G. Explain how to mitigate...
-
Suppose we want to test whether an experimental drug reduces blood pressure more than does a placebo. We are planning to administer the drug or the placebo to some subjects and record how much their...
-
Open Text Corporation provides a suite of business information software products. Exhibit 10-9 contains Note 10 from the companys 2013 annual report detailing long-term debt. Required: a. Open Text...
-
Irina Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debits 1. Cost of real estate...
-
At December 31, 2012, Rivera Corporation reported the following plant assets During 2013, the following selected cash transactions occurred.Apr. 1 Purchased land for $2,200,000.May 1 Sold equipment...
-
Presented here are selected transactions for Snow Company for 2012. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $71,000 on that date and had a useful...
-
DISCUSSION ACTIVITY All jurisdictions have legislation protecting seniority and benefits for qualified employees who are members of the Canadian Forces Reserves and who are deployed for active...
-
Firm J has net income of $90,160, sales of $980,000, and average total assets of $490,000. Firm J has net income of $90,160, sales of $980,000, and average total assets of $490,000. Required:...
-
Read Chapter 5 and the Tyco case and identify some of the signals of the misuse of acquisitions or merger reserves. How could these signals have helped the users of Tyco's financial statements...
Study smarter with the SolutionInn App