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00:00:00so ICDS 5
00:00:30and scope, this one applies for PG, BP and income from other
00:00:59products.
00:01:00So definitions are tangible fixed assets, land, building, machinery, plant and furnitures
00:01:06will be included, used to produce goods or services, may not be for sales, land or building
00:01:13or trading stock.
00:01:16And the value at which the assets are transferable between the willing parties, which is nothing
00:01:22but arms length transaction.
00:01:23Usually, in the assets of the cost of acquisition, section 43 class, only explanations
00:01:32will be available to you.
00:01:33If you have any explanations, you will be able to use the purchase price and taxes.
00:01:39If you have any directly attributable cost, you will be able to include it.
00:01:45you include or other cost is incur to make it ready to use and the assets are ready to
00:01:52use. Trade discounts or rebates are actually cost.
00:01:59You have to collect the actual cost. You have to collect the actual cost.
00:02:14For example, for construction, you can use cement buyer and seller. You are doing the
00:02:26trading of cement buying and selling. $500,000 and $600,000 and $600,000 will be taken.
00:02:37So, the radical difference is that the internal profit will not be forming part of the cost.
00:02:41And, improvements and repairs. Usually, improvements and repairs are both, value increase
00:02:49at the same time. If you want to add to null, you have to capitalise. In case of revenue expenditure,
00:02:57it should be repeated to the PNL. In case of capital expenditure, it should be cap-based.
00:03:01Cost that increases the future benefit of the assets. In future benefit, we add to null.
00:03:07That is the assets of the cash cost. Additions, extensions that integrate into the existing assets.
00:03:13Here are the assets. Here are the assets. Here are the assets. Here are the extra room.
00:03:19And the extra room. Here are the extra room. This will be added with the same. Or it will have the different life
00:03:27types of assets. So, into the existing assets. Existing assets, so that we can do it.
00:03:33We can do it. We can do it. We can do it. We can do it. We can do it.
00:03:37So, the property plan and equipment, compartments means part of the capital and clubbing. So,
00:03:45club is done. Part of the capital. In case of valuation, A, B,
00:03:5020% cost is for A and 40% will go for B. Jointly owned assets. Proportionate value. Assets bought for a consolidated price.
00:04:06So, 4.5 assets. Okay. So, building, plant, or land, or building, or plant.
00:04:16All the assets. unicorns were $100,000. If you want this, $100,000. If we could tax it, it's a fair value.
00:04:20If we want this, it's a fair value. This is 30, 50, 40, and these are $100,000.
00:04:25So, if you want this, $100,000, is it fair value. But,IF cost of acquisition.
00:04:32The cost of acquisition. When it takes over asset to its value, it's only to 10 to 100.
00:04:37The one asset taking over asset is to 120, 100. If you want to pay a100, land value.
00:04:43and the hundred rupees into thirty by one twenty four so one fourth twenty five rupees is for the
00:04:51land building over hundred into fifty by one twenty that's what about apportionment based
00:04:57on the fair value fair value based on the amount of portion deposition
00:05:06disclosure details required include asset description in that in a rate of deposition
00:05:11expense actual cost and return on value and addition deletions deposition allowances if any
00:05:17this is disclose is that okay it is tangible assets
00:05:23now so this is the transitional provisions recognition for assets under construction on or before the state
00:05:33continues under the standard 2016 is the ICDAS that we use
00:05:37when we use the ICDAS that is coming to the end of the year and the ICDAS there are three assets
00:05:41so you can follow up and that date you can follow up and on the date you can see the ICDAS provisions
00:05:45but if you apply the year that you can start with 2060 and 2025 so that's what you can start with
00:05:50transition so you know what you worry about that income on transfer
00:05:55So, if you transfer assets in accordance with the income tax actions in accordance with short-term capital gain, depreciable assets are available.
00:06:04So, if you have long-term assets, you have indexation in the third year.
00:06:12So, in July 23rd, July 2024, you have indexation in that process.
00:06:20So, the same concepts in this ICRAS.
00:06:24So, simply all the provisions, you just go and refer your income tax actions.
00:06:27Is that clear?
00:06:28Now, the difference between AS number 10 as well as ICDAS number 5.
00:06:32There are any different differences in that.
00:06:34AS number 10 is land, building, machinery, vehicles, furniture, goodwill, patent, royalty.
00:06:39All of these are fixed assets like land, building, machinery, plant, furniture.
00:06:44So, what are intangible assets?
00:06:47So, intangible assets, according standard, we have more intangible assets.
00:06:54Okay.
00:06:55So, sorry.
00:06:57Intangible assets, we have said goodwill, but we have intangible assets.
00:07:00It is clear.
00:07:01It is clear.
00:07:02Tangible fixed assets.
00:07:03What do you use?
00:07:04Income tax per person, ICDAS, we have tangible fixed assets.
00:07:07Is that clear?
00:07:08Land, building, machinery, plant, machinery, furniture, even vehicle.
00:07:13Okay.
00:07:14Vehicle also will be dealt separately.
00:07:15Component of cost.
00:07:16Almost rental, purchase price taxes.
00:07:17AS 10 uses cost, while ICDAS actual cost.
00:07:30AS 10 uses cost, and ICDAS 5 uses actual cost.
00:07:32Actual cost under section 43, Class 1 will define.
00:07:36Cost and actual cost.
00:07:37Standby servicing equipment.
00:07:40Stand by Servicing Equipment, AS No. 10 does not mandate capitalization, okay.
00:07:48That is capitalized, but ICDS-5 mandates capitalization also.
00:07:53That is passive use. Passive use, one of the assets that we use is RM.
00:07:59It is readily available whenever the need arises.
00:08:03Active use and passive use.
00:08:05Concepting section 32, active use versus passive use, okay.
00:08:11Active use and passive use, you are eligible for timing the depreciation of the capitalized.
00:08:18But AS No. 10 will apply capitalized until it is really used.
00:08:26So, active use and passive use.
00:08:28Passive use is ready to use.
00:08:30We are Stand by Equipment, but when the requirement rises, then it will be not considered.
00:08:36Now, Machinery spares.
00:08:38Machinery spares.
00:08:39AS No. 10 on this spares on the usual charge to the PN Telekon.
00:08:45Certain conditions satisfy.
00:08:47Spares on the future value, otherwise it should always be remitted to the PN Telekon.
00:08:53But in the case of ICDS-5, spares to be capitalized when used irregularly with the fixed assets.
00:09:00Regular or not.
00:09:01If you have any capitalized, you should not debit to the PN Telekon.
00:09:05That is the logic here, ICDS-5.
00:09:08Non-monitory considerations.
00:09:10So, if you have any assets on the PN Telekon.
00:09:22Now, you can exchange an asset with the PN Telekon.
00:09:27the cost determined by the fair market value of the assets given up or the assets acquired.
00:09:34That is the fair market value of the TV value of the TV value of the TV value of the TV value of the laptop and the TV value of the TV can be taken.
00:09:56Probably the fair value of the assets given up is 1,00,000.
00:10:00The actual cost is recorded in the fair value of the assets required.
00:10:04So, if you look at the actual cost, the TV value is 1.2,00,000.
00:10:10Is that clear?
00:10:12So, the fair value of the assets given up are acquired.
00:10:16It is clear.
00:10:18More evidence.
00:10:20In this case, A is 1.2,00,000.
00:10:22A is 1.2,00,000.
00:10:23A is 1.2,00,000.
00:10:24A is not aware of the original cost and the value of the fair market value.
00:10:28Consolidated price.
00:10:29Both standards require apportioning consolidated prices to assets on fair basis.
00:10:32So, in the same way, same way.
00:10:33Is that clear?
00:10:34And disclosure requirements.
00:10:35Case number 10.
00:10:36On the gross and netbook value on the need.
00:10:37but it is clear to the fair market value.
00:10:41Consolidated price. Both standards require apportioning consolidated prices to assets on fair basis.
00:10:48Consolidated. One large asset says that the first lump sum payment is paid.
00:10:52So in the logic follow. Same way, same way. Is that clear?
00:10:59Disclosure requirements. Case No. 10 is gross and netbook value.
00:11:03With the movements, construction, expenses, revolutions.
00:11:06What changes, purchase, sales.
00:11:09ICDS file is added.
00:11:12Description, block description, rates, actual cost,
00:11:17WDE value opening and closing, send that adjustment if any,
00:11:20exchange rate, exchange rate, differences if any,
00:11:23that is intimate.
00:11:25WDE value is added in section 43 class.
00:11:31And foreign exchange rate, every handle,
00:11:33section 43.
00:11:34Is that clear?
00:11:37So with that, ICDS No. 5 is over.
00:11:40ICDS No. 5 is over.
00:11:42That is 10.5 AS property plant equipment.
00:11:4910.11 foreign exchange.
00:11:51Is that okay?
00:11:52And main focus being foreign currency transactions, translation, foreign exchange, forward exchange contract.
00:12:07foreign currency translation, and transaction and forward exchange.
00:12:14Foreign currency transaction, if you are in foreign goods, you are in foreign currency.
00:12:19Is that okay?
00:12:20I purchase and sell.
00:12:21For that, the consideration fixed in foreign currency.
00:12:22Now, if I purchase and sell.
00:12:23If I purchase and sell.
00:12:24For that, the consideration fixed in foreign currency.
00:12:26Now, if I purchase and sell.
00:12:27If I purchase and sell.
00:12:28For that, the consideration fixed in foreign currency.
00:12:30Now, if I purchase and sell,
00:12:32one dollar to sell.
00:12:33Three months to pay.
00:12:34Three months to pay.
00:12:35And now, one dollar eighty rupees.
00:12:37Three months to pay.
00:12:38And then, one dollar eighty rupees.
00:12:39Buyers or sellers always demand one lakh dollar.
00:12:41Sir, eighty, but the eighty two, I am saying sir.
00:12:44That is called fluctuation loss.
00:12:45This is a lot of losses.
00:12:46I have to pay one lakh dollar.
00:12:48You have to pay one lakh dollar.
00:12:49Whereby, the market is, one dollar eighty two.
00:12:52So, I am losing two rupees.
00:12:53That is called fluctuation loss.
00:12:55This is a lot of losses.
00:12:56We can handle it.
00:12:57That is a translation.
00:13:00You have to have a foreign country.
00:13:02And the financial statement.
00:13:04Trade and trial balance.
00:13:06So, trading and payment balance sheet.
00:13:07Might have been prepared in their foreign currency.
00:13:09Now, I have to convert that into the home currency.
00:13:11Means,
00:13:12If you convert,
00:13:17balance sheet, trial balance.
00:13:19And the difference is behind the problem.
00:13:21That is called translation.
00:13:22Okay.
00:13:23Now, forward exchange contract.
00:13:25F and O.
00:13:26Futures and options.
00:13:27Clear?
00:13:28That is a forward exchange contract.
00:13:29That is sometimes later.
00:13:31I want dollar.
00:13:32So, when I purchase payment dollars.
00:13:34Sellers were there.
00:13:35And he gave me six months credit.
00:13:37Six months credit.
00:13:38But,
00:13:41I have to pay more currency for purchasing the dollar.
00:13:46Right?
00:13:47So, to safeguard my position.
00:13:48I can enter into a forward contract with the banker.
00:13:50Sir.
00:13:51One election dollar.
00:13:52And the car must be ready.
00:13:53Now,
00:13:54I am going to book the price.
00:13:56So,
00:13:57I have to pay more currency for purchasing the dollar.
00:13:59So,
00:14:00I have to pay more currency.
00:14:01So,
00:14:02I have to pay more currency.
00:14:03I have to pay more currency.
00:14:04I have to pay more currency.
00:14:05I will put the bank.
00:14:06And we will fix the price.
00:14:07So,
00:14:08And the 81 rupees is called forward exchange contract.
00:14:09And the maturity date.
00:14:10You have to execute the contract.
00:14:11And in cash.
00:14:12Right?
00:14:13That's called forward exchange contract.
00:14:14And agreement to exchange currencies.
00:14:15That is specified future data.
00:14:17Exchange rate would be towards the Indian currency.
00:14:21In the case of dollarmoon.
00:14:23Dollar will be path investment exchange rate.
00:14:27Add interest income currency.
00:14:29So,
00:14:30For these dollar.
00:14:35Because of inflation.
00:14:36That's not a monetary case.
00:14:37You are also a monetary case.
00:14:38You also have a monetary case and cash, debt and creditors.
00:14:44With that, you are a boy who is a boy who's a boy who is a boy.
00:14:49You are a boy who is a boy who is a boy.
00:14:54If you are a boy who is a boy who is a boy, you are a girl who is a boy.
00:14:59first mistakes
00:15:0412 day
00:15:082 games
00:15:131 1's
00:15:161's
00:15:161's
00:15:18after 1 1's
00:15:181's
00:15:201's
00:15:21I me
00:15:21This is
00:15:234's
00:15:241's
00:15:25and I have to pay about $10.
00:15:27I get $1.
00:15:29And then, if you have a payment,
00:15:32you can pay for a payment.
00:15:35As we have a contract,
00:15:37you usually get credit for 1 month.
00:15:39I will pay $4.
00:15:41I will pay $3.
00:15:44Now, he becomes my debt.
00:15:45So, if you have a debt,
00:15:46I will pay $1 lakh.
00:15:49The payment is $1 lakh.
00:15:52So, one should be sure that you are looking at the market, and you are looking at the market.
00:15:56So, that's all.
00:15:57If we are looking at the market, we will have inflation adjusts, but the receivables will not have any impact.
00:16:03Is that clear?
00:16:05Three definitions are completed here.
00:16:09Foreign currency transactions, buying and selling record.
00:16:16Vangam bodhu, and the goods are vangam bodhu, and the transaction enter out
00:16:19bodhu, and the amount record pannan puringgan, the initial recognition, okay, reporting
00:16:25currency, other than you report pannan, okay, exchange rate at the transaction date, transaction
00:16:31date low average rate, okay, so, can be used for all the transactions, provided, and the
00:16:41exchange rate do not fluctuate significantly, kandamulun change average rate kadeh, and
00:16:45the date kule rate, and the asset one lakh dollar, and the one week, and the one month, the
00:16:56average rate, and the average rate, probably one dollar one day, 84, which is shaped, and
00:17:03the payment sometimes, later, you are with the later payment, because of the later payment,
00:17:10And the dollar rate may be either increasing or decreasing.
00:17:14Increase probably dollar rate 85 or increase or decrease or loss.
00:17:21So for transactions.
00:17:25So year on year and at the year end also you have to do conversion, monetary items probably
00:17:32at the end of the previous year.
00:17:45Non-monitor items are admitted to debt as bills receivable, bills payable and monetary items.
00:17:53Non-monitor items are admitted to historical cost, when the value was determined, you have
00:18:02planned and measure in 2015-2016, you have to convert that into the reporting currency.
00:18:06Inventory in foreign currency, use the exchange rate at the time of determining the net releasable.
00:18:14Why is NRV calculated?
00:18:16Cost or NRV, whichever is lower.
00:18:19Inventory in foreign currency, use the exchange rate at the time of determining the net releasable.
00:18:26At the time of determining the net releasable.
00:18:27So this is how you can handle the monetary items, non-monitor items inventory in foreign currency.
00:18:43In the exchange differences in case of exchange difference due to the monetary items are admitted,
00:18:50okay, that will be immediately recognized as income or expenses, BR and BP, BR and BP and
00:19:00debtors and creditors.
00:19:02And the settlement rate difference, the data income and expenses are followed.
00:19:09Non-monitor items, assets and liabilities are not recognized as income and expenses, but
00:19:15it may be added or subtracted from the concern assets and liabilities.
00:19:17Non-monitor items.
00:19:19Section 43A and the logic.
00:19:23Exception to recognition.
00:19:25So provisions of Section 43A of Income Tax Act, Rule No. 115 of the Income Tax Rules 1962
00:19:37may override these provisions.
00:19:38It is applicable not.
00:19:39For assets and assets cut them both, loan or repayment, exchange difference plus or minus
00:19:461.
00:19:47Section 43A applicable.
00:19:48According to ICDSM applicable, ASM applicable, first priority goes to Income Tax Act, second priority
00:20:01goes to Income Tax Act, second priority goes to Income Computation Disclosure Standard.
00:20:05Foreign operations, foreign loan branch is foreign operations.
00:20:11Financial statement of foreign operations translate.
00:20:12As if the foreign operations transaction were conducted by the person himself using the same
00:20:26principle.
00:20:27So this is the normal principle.
00:20:30So Mr. X being in India and X has his branch in US.
00:20:35If you have the trial balance, convert the contract, this business market tree and over assets
00:20:43monetary, non-monitor assets conversion rate, the rate is the only conversion rate.
00:20:48Is that clear?
00:20:50Now in case of forward exchange contract, forward exchange contract amortization, what do you
00:20:57You can see, one dollar is 80 rupees, okay, forward contract is 81.5 for 3 months, okay,
00:21:07per dollar.
00:21:09So this is what about the forward rate, this is forward rate, this is forward for the 3
00:21:12months.
00:21:13For integral difference, one rupee if you say excess you are paying, no, this is for
00:21:163 months in general, over the 3 months period, it can be amortized, you can be financial
00:21:19accounts, the AIS number, right, the premium or discount arising inception, at the inception
00:21:26is amortized over the contract life, and exchange difference, okay.
00:21:31Suppose exchange difference under, okay, for contracts not intended for trading and speculation
00:21:38or to hedge, okay.
00:21:41So if you are entering into the exchange, means foreign foreign contract, for contracts not
00:21:50intended for trading speculation or to hedge foreign currency risk.
00:21:56Then the exchange differences are recognized in the year of change, eventually, okay.
00:22:01We know that the forward contract is trading, speculation or hedging, even hedging.
00:22:07If you are doing it, the purpose is hedging, the main intention.
00:22:10But hedging, if you are doing it, you will enter trading, it is just a guesswork, it is speculation.
00:22:18So other than various reasons, that can be directed, means transferable to the PN local.
00:22:27Trading and speculation contract, premium, discount, exchange difference, what are you doing?
00:22:32Settlement date, that is 3 months or 3 months, you can recognize each and every period, is
00:22:37that okay?
00:22:38Trading and speculation.
00:22:39Hedging, amortize, it is usually hedging.
00:22:41Trading and speculation or settlement date, exchange difference, if any, other than these 3 reasons,
00:22:48other than these 3 reasons, can be recognized in the year of change.
00:22:52Yeppure, I know that the person is recognized.
00:22:55Now, AS number 11, ICDAS number 6, comparative study, monitor items revenue, okay.
00:23:08Monitor items, compared to the study, AS number 11, all the monetary items are converted closing
00:23:15rate.
00:23:16And the differences are PN local.
00:23:18ICDAS fully adheda, but subject to the provisions under rule number 115.
00:23:23Okay, 43A, rule 115 render chain on the catalyst contract.
00:23:30Non-monitor items are PN local.
00:23:31Non-monitor items are PN local.
00:23:32As number 11, historical cost number record record.
00:23:35Converted assets means, appreciation depreciation, depreciation, revaluation do not pay.
00:23:37The revaluation of the fund in the data, the data is fair value.
00:23:39Fair value data is one day, the conversion rate is paid.
00:23:42And ICDAS 6, transaction date and asset is original and under the data is converted.
00:23:45and the date will be conversion rate.
00:23:47And ICDS-6, transaction date and the asset original
00:23:52in the original rate.
00:23:54This is non-monitory, assets, some other provision.
00:23:58Capital monetary items are in the share.
00:24:01Capital monetary items are in the P&L
00:24:04and ICDS-6 subject to section 43A, capital monetary items.
00:24:11Okay, that is one asset.
00:24:15Loan for asset purchases.
00:24:16Loan one of the monetary items.
00:24:18What is the monetary items?
00:24:19Due to the inflation.
00:24:21Loan repayment due to the fluctuation difference.
00:24:25AS-11 P&L debit fund and ICDS-6, capital assets.
00:24:31Foreign operations, ICDS-6 branch.
00:24:39But AS-11, subsidiaries associate joint venture branch.
00:24:45Foreign operations.
00:24:47Integral foreign operations.
00:24:49Foreign branch.
00:24:51Foreign division.
00:24:53One of the entity.
00:24:55Integral foreign operations.
00:24:57I don't know.
00:24:58Integral.
00:24:59Integral.
00:25:00Integral.
00:25:01Whatever the profit loss is there.
00:25:03Due to the exchange difference can be
00:25:05Debated to the feed.
00:25:06Acorn.
00:25:07ICDS-6 is the subject to section 43A.
00:25:09Non-integral.
00:25:10That is one thing.
00:25:12Foreign exchange differences due to the separate entity.
00:25:16due to the separate entity and you consider that, you know what to do with foreign currency translation
00:25:21reserve ringer account sometimes until the entity full dispose of the entity foreign forex
00:25:29profit and loss will be kept in a separate name called FCTR foreign currency translation
00:25:34okay and the provisioning is required and normally the PNRM treat debit or credit
00:25:41rather than according accumulating in FCTR FCTR accumulation for number
00:25:47Forex derivatives for hedging okay Forex derivatives are being required dollar for three months
00:25:55for a few forward contract other forward for exit derivatives either it may be forward contract
00:26:02futures or options okay.
00:26:05If you have excess of payment and the premium or discount AS number 11 over the period amortize
00:26:11over the period and ICDS number 6 it should be but without distinction between capital
00:26:18and revenue in account okay distinguished similar to AS number 11 and section 43A will be applicable
00:26:26here section 43A and so as already told you in the chapter
00:26:31chapter 1 income tax related to the inter buy hard
00:26:35strong funding okay and Forex derivatives for trading and speculation firm commitments okay
00:26:40trading ko speculation ko any other commitment so AS number 11 mark to market
00:26:48every day and finally it will be recognized in PNRM but ICDS 6 on the premium or discount
00:26:54whatever it may be settlement date
00:26:55whatever it may be settlement date
00:26:56we recognize
00:26:58that capital and revenue classification
00:27:01okay Forex derivatives not covered by ICDS
00:27:03that is not covered by ICDS that is still Forex derivatives like interest rate swaps and the other
00:27:13futures covered under section AS number 30, 31, 32 as such know 30, 31, 32 companies are covered
00:27:20that is still US and they want to cover to cover
00:27:34BUT find provided to BS and ROX advertising for tragen
00:27:37swaps are not covered under this one and MTM losses recognized but gains ignored so loss
00:27:42on the recognize pannan also rate karang gain case on the ignored permit of unless permitted
00:27:47by the ICS ICS permit pannan lana for winning one pannan mudiad otherwise thing is my
00:27:53ignore pannan pannan pannan there is no such provisions right so forex derivatives
00:27:57pannan is number 30 31 32 moon me inno recognize a pannan inno applicable
00:28:03pannan is that clear so with that forex funding does not cover governmental assistance not in
00:28:14the form of grants grants are illa the the ICDS cover as number 11 and 12 okay so as number
00:28:2612 provisions recognized only when
00:28:31iti eppna nie ngay unaccaccald cows recognize pannan is a government grants
00:28:34botutta raikyam silla government grants kuru kumpodu yyay kuiormand grants kuru krakagama silla conditions
00:28:40here conditions walik a jurisdictions you will fulfill pannan apodla yeppaband on a vfund pannan
00:28:44A Fulfill pannam.
00:28:45That is why you will be a refund.
00:28:47If you have grants, you will be recognized.
00:28:50Assurance of Compliances with Attached Conditions.
00:28:53In the conditions, if you have fulfilled pannam, you will be recognized.
00:28:57And grants, you will be recognized.
00:29:01That is why you will be recognized.
00:29:04Recognition cannot be postponed beyond the date of results.
00:29:08If you have recognized, you will be postponed.
00:29:12On Resist Basis.
00:29:14On Resist Basis, it can be recognized.
00:29:17Conditions to Fulfill pannam, Resist Basis.
00:29:21Treatment of Government Grants.
00:29:25So, in case if the grants are for,
00:29:29Depressable Assets.
00:29:32Depressable Assets.
00:29:35WDU will less pannam.
00:29:38Section 43 clause only.
00:29:40The capital cost of detail.
00:29:42WDU of the block, 100,000,000.
00:29:45100,000,000.
00:29:46Grants, there are 20,000,000.
00:29:49Subtract balance of 8,000,000.
00:29:51In case of non-depressable assets,
00:29:55Income, you will be recognized.
00:29:58Related to the obligations.
00:30:00Related to the obligations.
00:30:01For 4 years,
00:30:02Conditions to fulfill the obligations.
00:30:04That is why you will have 100,000,000.
00:30:06You will have 100,000,000.
00:30:07Subtract balance of 4 years.
00:30:09Grants not related to specific assets.
00:30:12Grants not related to specific assets.
00:30:14So, Grant's not related to specific assets.
00:30:16If you know a particular asset created R
00:30:32in a plant 3 where we can get the grants from the 3rd proportionate and subtract.
00:30:40Compensation for Previous Laws, if you have a compensation, means a loss,
00:30:46if you have a government grants, this income is considered.
00:30:51As per section 41 class 1, any expenses or losses are recognized and claimed as a deductions in the previous year.
00:31:01In the subsequent period, the loss of government will give compensation.
00:31:05For example, flood bill.
00:31:07Flood bill will give sanctions.
00:31:11Farmers will give compensation.
00:31:17In the last period, any grants will be considered as your income.
00:31:25Other grants.
00:31:27In the format, the reason for the periods matching with the related cost, you will recognize.
00:31:35In case non-monitory grants are recognized at the acquisition cost.
00:31:40For example, solar panels.
00:31:42If you want to promote the government, you will get a subsidy.
00:31:45Usually, solar panels will be $1,000,000.
00:31:47If you want to say, if you want to give a government subsidy, you will get $60,000.
00:31:52If you want to record the balance sheet, this $60,000 will be recorded.
00:31:57Is that okay?
00:31:58This $60,000 will be recorded.
00:32:00Refund of grants.
00:32:02Refund of grants.
00:32:03So, grants for the conditions attached.
00:32:06And the conditions to fulfill your plans, you will have a refund.
00:32:10So, refunds are refunded.
00:32:12What will happen?
00:32:14Against un-amontized credit, excess amounts are charged, and the amount of differences are in the period.
00:32:18If you want to submit credit, grants are refunded.
00:32:23The refund is debit.
00:32:25debit money there are they depreciable assets are not refund by dating may get
00:32:29in a separate funding a brief and banana and it's our partner with a refund
00:32:32money there apply add back for depreciable assets refund increases the
00:32:36assets value our future depreciation is adjusted so other than the money future
00:32:39depreciation and say that's all and transitional provisions on the
00:32:44line now one first April 2016 let I implement
00:32:47disclosure requirement grant recognition details
00:32:59depreciable assets capitalized general revenue or subsidized purchase price
00:33:08is that clear now a comparative study between ICDS number 7 and 12
00:33:20recognition of grants is number 12 deal okay
00:33:25reasonable assurance conditions compliances as well as a
00:33:30is that clear grant in nature of promoters contributions
00:33:45promoters contributions mother promoters contribution and business start
00:33:49ppandangai adil la yo lo niki capital pander you know namura government a
00:33:53contribution so part kudu krein soo waga actually yes number 12
00:33:56That is the capital reserve.
00:33:58But in the 7th, there is a balance.
00:34:01If you have another asset related subsidy,
00:34:05over some period, it will be amortized,
00:34:07P&L loan credit,
00:34:08that logic has to be considered as capital reserve.
00:34:13And in case of depreciable fixed assets,
00:34:16reduced from cost and recognized as a deferred revenue,
00:34:19or you follow up.
00:34:21The assets value is separate.
00:34:23The assets value is $100.
00:34:26If you put the depreciation year on year,
00:34:29it will be credit for the year on year.
00:34:33Life is $10.
00:34:35This is cost.
00:34:36This is $40.
00:34:38Life is $10.
00:34:40Year on year is $10.
00:34:42If you have $10.
00:34:44The assets value is $10.
00:34:46This is $10.
00:34:48This is the method.
00:34:52The other way is the method that subsidy,
00:34:54less than the balance in the 60,
00:34:55either over the 10 years,
00:34:57life on the P&L loan debit.
00:34:59So,
00:35:0010 debit,
00:35:016,
00:35:024 credit,
00:35:03but the 1st,
00:35:046 debit,
00:35:05the same thing.
00:35:06Right.
00:35:07But,
00:35:08ICD 7,
00:35:107 loan,
00:35:11it should be always subtracted from the cost of assets as per section 43 clause 1.
00:35:15Is that clear?
00:35:16Now,
00:35:17in case,
00:35:18grants relatable to non depreciable assets,
00:35:21non depreciable assets are in the end of the law.
00:35:24Okay.
00:35:25So,
00:35:26capital resources are created.
00:35:27But,
00:35:28over the period,
00:35:29you can credit.
00:35:30That's the concept.
00:35:31Treated as income upfront,
00:35:33if no conditions.
00:35:34Conditions,
00:35:35you can consider the income.
00:35:38Conditions are fulfilled.
00:35:40So,
00:35:41the condition is fulfilled.
00:35:42You have a proportionate.
00:35:43Recognize.
00:35:44Other grants.
00:35:45Okay.
00:35:46Other grants.
00:35:47Proportionate.
00:35:48Calculate.
00:35:49And the related expenses.
00:35:50Minus.
00:35:51And,
00:35:52the period of the,
00:35:53and the period of the,
00:35:54and the period of the,
00:35:55you recognize.
00:35:56So,
00:35:57general provisions.
00:35:58You can,
00:35:59simply understand the logic.
00:36:00That's more than enough.
00:36:03Securities.
00:36:04So,
00:36:05equivalent
00:36:07As number 13,
00:36:09investments.
00:36:10Okay.
00:36:11Okay.
00:36:13that too for the calculation of PGBPS,
00:36:16with other sources.
00:36:17And,
00:36:18securities are recognized in your books.
00:36:20Now,
00:36:21the idea of the book is,
00:36:22the month of the year.
00:36:24So,
00:36:25it's a stock in trade.
00:36:27Okay.
00:36:28That too for the calculation of PGBPS,
00:36:30with other sources.
00:36:32And,
00:36:33securities are recognized in your books.
00:36:35Securities are recognized in your books, if you have fixed assets on the actual cost record, securities are recognized at actual cost and acquisition, where you are the purchase related cost, you can add it.
00:36:50Subsequent period at the year end, usually you have to compare actual cost or net free lessable value, whichever is lower will be taken.
00:37:02Shares, debentures, bonds, securities, debt, securities, other securities, other securities, other securities, grouping, categorized by type, shares, debt, securities.
00:37:16Valuation in case of non-listed securities, so listed securities, market rating data, but non-listed securities, either non-listed securities are not quoted regularly,
00:37:29market price, regular available, actual cost rate.
00:37:34The cost determination, specific identification will be the first one, specific identification.
00:37:42What share, what rate, bond, what rate?
00:37:45In the bond, what rate?
00:37:46In the bond, what rate?
00:37:47Clear, specific identification.
00:37:49One company shares multiple periods.
00:37:53BTC.
00:37:54What rate?
00:37:55If you go to share, if you just want to share, what rate?
00:37:56In the bond, you can simply follow the FIFO method and weighted average method, weighted average, pricing method.
00:38:00Okay.
00:38:01Very simple.
00:38:02And, this is ICDS-8 is applicable for securities held by banks and financial institutions.
00:38:14classifications and measurement of the RB guidelines can be found, no detection exiting these guidelines
00:38:24alone, it is the last pin, you can repeat the claim.
00:38:29And compared to study between ICDS 8 and 13, AS number 13 is the non currency investment
00:38:43investment held as a stock in trade, both cost are NRV whichever is lower and long-term investment
00:38:52money.
00:38:53This is specifically appeased to securities held as stock in trade.
00:38:59Where securities are acquired against non-monitory consideration.
00:39:12You can use securities, which is more evidence will be taken.
00:39:27This one is final for ICDS and whichever is more clear will be taken for the EAS.
00:39:48For years, we have to take this year-end valuation.
00:39:53The EAS No.13 in advance is, your current investments is lower of cost or fair value.
00:39:59Fair value costs is lower value, either industry or by category.
00:40:03That is what I believe in my channel.
00:40:05If you have a share, your own 5 company and share.
00:40:11If you have a share with 5 company, you can group you.
00:40:16If you have a divenger, you can group it.
00:40:19If you have a share, your own company, which is lower than the cost of the value.
00:40:25ICDS8 is valued at the lower cost of NRV.
00:40:32debt convertible securities. Okay,
00:40:34categories-wise,
00:40:36individual case
00:40:38ICDS-A.
00:40:40Is that clear?
00:40:42Now, opening value of securities.
00:40:44Opening in the beginning,
00:40:46securities is the value.
00:40:48AS number 30 is clear.
00:40:50One will tell you.
00:40:52ICDS-A.
00:40:54Opening value is based on the end of the
00:40:56previous financial year.
00:40:58Cost.
00:41:00Cost in the commencement of the business.
00:41:02In the beginning, business start
00:41:04the date-loader value.
00:41:06That's how it is given.
00:41:08Opening value based on the end of the previous financial year.
00:41:101st April 24
00:41:12current previous year in the date-loader
00:41:1431st March 24.
00:41:16In the beginning,
00:41:18business start at the beginning,
00:41:201-7-24
00:41:22business start at the beginning,
00:41:24and the date-loader opening value.
00:41:26In case of
00:41:28Unlisted securities,
00:41:30AS number 13,
00:41:32specific provisions
00:41:34but ICDS-A.
00:41:36Unlisted are thinly traded securities.
00:41:38Market is very rare,
00:41:40and very rare,
00:41:42and very rare.
00:41:44Thinly traded securities.
00:41:46That will always be shown at the actual cost.
00:41:48Assertainment of cost over
00:41:50AS number 30,
00:41:52FIFO or average cost method,
00:41:54FIFO or waiter average method
00:41:56where specific
00:41:58identification is not possible.
00:42:00So, 1st priority goes for this one,
00:42:022nd priority will be choice of these two.
00:42:04Now,
00:42:06ICDS number 9 is all about borrowing cost.
00:42:16In case of borrowing cost,
00:42:18of course,
00:42:20interest,
00:42:22commitment charges,
00:42:24discounts,
00:42:26premiums,
00:42:38and finance charges
00:42:40on lease payments
00:42:42on lease payments
00:42:44and borrowing cost.
00:42:46In case of borrowing cost,
00:42:48interest,
00:42:49commitment charges,
00:42:50discounts,
00:42:51premiums,
00:42:52and finance charges
00:42:53on lease payments.
00:42:54So,
00:42:55you can loan loan
00:42:56and repayment,
00:42:57interest,
00:42:58some other commitment charges
00:42:59if you are giving,
00:43:00and
00:43:01debenture issue
00:43:02is $100,
00:43:03debenture is $90,
00:43:04is $90,
00:43:05discount also cost.
00:43:06Repayment is $100,
00:43:08and $110,
00:43:09redeeming cost.
00:43:11Excess payment is also a cost.
00:43:13And lease,
00:43:14finance lease
00:43:15is financial charges
00:43:17are borrowing cost.
00:43:19And
00:43:20directly
00:43:21attributable
00:43:22borrowing cost
00:43:23of
00:43:25qualifying assets
00:43:26is capitalized.
00:43:27As number
00:43:2916
00:43:30is
00:43:31qualifying assets
00:43:32is
00:43:33a substantial period
00:43:34assets
00:43:35ready
00:43:36and
00:43:37the loan
00:43:38is
00:43:39interested.
00:43:40So,
00:43:41general
00:43:42borrowing
00:43:43is
00:43:44subject to
00:43:45some conditions.
00:43:46As number
00:43:4716
00:43:48is
00:43:499
00:43:50non-distributable
00:43:52borrowing cost
00:43:53of
00:43:54qualifying assets
00:43:55and save the money.
00:43:56Now, the required billing user's date is up to the put to use date.
00:43:59It's we've got 60 source of value.
00:44:02If you're buying the interest, you'll see the interest can be divided to the t-e include.
00:44:08Quantifying assets are substantial period.
00:44:12Inventory requiring 12 months,
00:44:15we consider that qualifying assets.
00:44:18In case of wine.
00:44:20At three or four years,
00:44:24So if you want to sell the brievery period, if you want to invest in the loan, the inventory is getting ready for the intended sale for 3 months waiting period, you need to interest in the inventory of the cost.
00:44:38So qualifying assets is always not being the fixed asset, sometimes inventory also possible.
00:44:43So usually tangible or intangible, qualifying assets, but substantial period will be taken before it is for the intended user.
00:44:53In the capitalization, you can start the start date and stop date.
00:44:59So to use, you can capitalize on that.
00:45:03When substantial activities are, inventory are completed. Finish.
00:45:07And when you start the borrowing, you can start the utilization of funds later.
00:45:14That is when borrowing is 1-1-2021. Construction start the 1-7-2020.
00:45:20You can start the 1-1-2021. You can start the 1-1-2021.
00:45:22But if you start the intended use, you can start the 1-1-2021.
00:45:24You can capitalize on that.
00:45:26You can capitalize on that.
00:45:28You can capitalize on that.
00:45:30if you start the 1-1-2021. You can start the construction.
00:45:34You will start the 1-1-2021. You can start the construction.
00:45:36You can start the 1-6-2021. You can capitalize on that.
00:45:38interest a capitalist money from him stopping period on the section 40
00:45:42be one less on a mother put to use for a community use when the other manning a
00:45:45capitalist but is that clear now
00:45:51I'm seeing yeah calculation for either piece of calculate one of the borrowing
00:45:57cost capitalist depending on the average cost of qualifying assets and the
00:46:01total assets okay excluding assets funded by specific or a great the borrowing
00:46:05one is specific borrowing and one is general borrowing specific borrowing
00:46:09on the asset we can borrow from that asset we can know that the interest is capitalized
00:46:13money in case of general borrowing general borrowing for five items five assets
00:46:18because of the five assets value 1000 a b c that is a value 300 b c value 500
00:46:26and this is qualifying assets only c only a and c
00:46:31so finally disclosure according policy for borrowing cost and amount capitalized in the financial year must be disclosed
00:46:35borrowing cost you know you know capitalized year on year and that's what about the logic of ICDS 9 in the ICDS 9 we are going to study along with the
00:46:45the in according standard 16 borrowing cost borrowing cost
00:47:03borrowing cost as number sixteen okay includes exchange
00:47:07difference also as an adjustment to interest cost as number sixteen
00:47:11no one of the exchange difference affecting the means payment
00:47:17ok includes exchange difference also as an adjustment to interest cost as number sixteen
00:47:21ICT is 9 level begin the exchange difference separately handled foreign currency borrowing easily
00:47:28qualifying assets are beginning to 12 months ago and there is substantial period ready for use but it may be anywhere between one year
00:47:37it may be tangible intangible assets for sale regardless of time period
00:47:45you will be able to do it in the same way. Commencement or cessation, how do you start or stop capitalization?
00:47:53that is logic. How do you incur the cost?
00:47:56how do you incur the construction activity starts when you are ready for use?
00:48:02but in the case of ICDS, specific borrowings capitalized with the date of borrowing for general borrowing
00:48:09from the utilization of funds only you can capitalize.
00:48:12So, in that case, this is general borrowing case. This is general borrowing case.
00:48:16Specific borrowing, you can capitalize on the day one itself you can capitalize. That is what about ICDS number 9.
00:48:27Methodology for capitalization, when you are capitalization?
00:48:31A is number 16. Directly attributable costs specific borrowing, that is greater average cost for general.
00:48:39So, directly attributable cost is the general borrowing. This is the specific borrowing case.
00:48:44Okay?
00:48:45A building cut in the case of the loan. The loan is meant for this building only.
00:48:51The loan is meant for this building only. It is the interest in the capitalized.
00:48:54So, in the case of the profits, the initial 해요 and I look around manner of interest.
00:49:06This is the rate credit rates of interest as the şu and your rates areатели.
00:49:08Now, if you haveえ to pay, and the rate freeUR, you both have for the expense of the trust.
00:49:15general borrowing and 9 level of prorated borrowings cost must be based on the formula
00:49:22you can capitalize so prorate proportionate different assets as well as borrowing cost
00:49:29qualifying assets capitalized but in case of income from temporary deployment so you
00:49:39our next one is our dedication to a $1 indetter Sanction millions of thousand dollars
00:49:46and what's the bill Ahisha even having alara use one thousand dollars
00:49:49one of the buildings start more than 5 kosten management and cost perang time
00:49:56you will see that the bank returns exclusion in any cries institutional�руз
00:49:59which is how you spend all the interest of the bank
00:50:02how thinking about that interest purchase income from temporary deployment utilization of funds
00:50:05must be reduced from borrowing cost
00:50:08logic but and the provisions on the income from means PGBPO income from other sources
00:50:15will calculate pundam mooliyat but the interest will always be considered as income from other
00:50:20sources and the interest calculation will be considered separately temporary suspension
00:50:26of capitalization for a business on the temporary strike in the recent knowledge master total
00:50:33visitor page and the 4 months after they are out the interest in the capitalized
00:50:39there is no similar provision in ICDS is that clear so with that all the logics of AS16 and
00:50:46evens are cut time there is an outflow of interest in the present obligation credit as
00:50:52owner of the owner of the original application as the present obligation the credit purchase
00:50:58So, it is a real estate analysis.
00:50:59If you are one or two, it will be a short attention.
00:51:01So, your bank will never say that.
00:51:02Then, the money is one.
00:51:04So, you must have a real estate?
00:51:06Just like you, like, cash is one.
00:51:08So, it is like an estateINO.
00:51:11The improvement is possible.
00:51:13You are already a shortness.
00:51:14If you are a 10 should, you will be a bigストップ.
00:51:17If you're a short and more about this,
00:51:20then, you need to save your stock right now.
00:51:21You will be a short one.
00:51:23and if you recognize, provisions are recognized if there are a present application, probable outflow of source and reliable estimate, so this is the provision, in the provisions in the you recognize, now, contingent liabilities and assets usually not recognized, okay, but contingent assets are assessed continuously, contingent assets are assessed continuously, contingent assets you can assess year on year
00:51:52and the assets are assessed, and that is one person, you can recognize, is that clear, now, measurement, how can we measure that sir, provisions and contingent assets should be measured at the best estimate of the amount required, so provisionally, you can go to the best estimate, and discount, without discounting, without discounting, reimbursement are recognized when reasonably certain, okay, suppose reimbursement,
00:52:21we should consider the loss clearly, and the loss then, what I have set the provision, you can create my own way to get the least money, and that is the past, until you confirm that, this 60,000 is recoverable, that is because I have recognized, okay,
00:52:40ok so one of the rainfall here, when a road with a road with a bike, you can go to a road
00:52:49road to a road with a road, road with a bike, road with a road with a road with a road
00:52:59that's what about the measure. Review and use. Provision can be only used for specific
00:53:25expenditure. Okay. And what about the disclosure? Disclosure requirements include nature of
00:53:40obligation, measurement provisions, amount used, amount used, amount used and all the details
00:53:46if needed. Continent assets must also be disclosed when they become certain. Continent assets
00:54:01So, if you have a case, you can get a case.
00:54:03You can get a case.
00:54:05Confirm, you can get a case.
00:54:07You can recognize the case.
00:54:09So, if you have a period of differences,
00:54:13AS No.29
00:54:15So, if you have a period of differences,
00:54:17AS No.29
00:54:19Provisions, Contigion, Liabilities and Contigion Assets,
00:54:21Honorous and Executory Contracts.
00:54:23AS No.29
00:54:25Excludes Honorous Executory Contracts,
00:54:27Requiring Upfront Recognition of Liabilities.
00:54:29Right?
00:54:31So, if you have an Honorous Executory Contracts,
00:54:33That's why AS No.29
00:54:35This is the Honorous Executory Contracts.
00:54:37The property is in 2000 square feet.
00:54:39And the contract,
00:54:41I used to use the contract.
00:54:43If you don't know,
00:54:45If you don't know,
00:54:47If you don't know,
00:54:49If you don't know,
00:54:51If you don't know,
00:54:53If you don't know,
00:54:55If you don't know,
00:54:57If you fulfill the contract,
00:54:59If you use the contract,
00:55:01If you don't know,
00:55:03If you don't know,
00:55:05If you don't know,
00:55:07But AS No.29
00:55:09That's why
00:55:11Recognition of Provision
00:55:12As No.29
00:55:13Probably
00:55:14That an Outflow
00:55:15You can recognize
00:55:17But reasonably certain
00:55:19You can recognize
00:55:21Provisions
00:55:22More or less
00:55:23What should be
00:55:25The taxes and the insurance
00:55:27Are nobody
00:55:29Okay?
00:55:31Okay?
00:55:32Hotel,
00:55:33You can eat
00:55:34You can see
00:55:35Taste,
00:55:36The
00:55:37Probable
00:55:37You can look
00:55:38You can buy
00:55:39yet, this is a problem.
00:55:44Probable is more than a million project!
00:55:49It is 60% chance.
00:55:52But there are 60% chance.
00:55:56Yes, it is a claim.
00:55:58Recognition of re-investment claims.
00:56:00Re-investment claims are going to take a way to the real estate.
00:56:04If you have a realization on the REASONBLY ASSED.
00:56:07but when related income realisation is virtually certain, so this is reasonably certain, this is virtually certain, okay, terms are different, right, meaning of obligation, can arise, that is legally arising, or business practice, sir, I have to bear,
00:56:36and business practice, no specific guidance in meaning for the obligation in ICDS number 10, so with that, all the ICDS are over here, some miscellaneous provisions are, there are four sections in the chapter, okay, section 145a,
00:57:06method of accounting, method of accounting, we usually follow accrual system, our cash system, whichever is regularly followed, follow up on the 145a, inventory valuation, section 145a,
00:57:24what we have to do, sir, inventory values, ICDS assets, ICDS assets, we have to follow income tax act, okay, so inventory valuation, actual cost or net realisation value, whichever is lower will be followed,
00:57:40so, section 145a, so what we have to do, we have to do this, we have to do this, we have to go to ICDS standard and refer, and follow that, here,
00:57:48we have to do that, tax duties says that we have to do that, that we have to do that,
00:57:51Purchases, sales, inventory should reflect taxes, duties, fees also, right to their location conditions in the stock
00:58:04tax, duty, any other charges everything will be added. Securities having a non-listed
00:58:12actual cost. In the bookseller record, inventory record
00:58:18tax, duties, adjustment, inventory or any other assets purchased or sold. Securities
00:58:24in that cost, ICDS listed but irregularly quoted value at cost. Other securities are
00:58:34mentioned, lower of actual cost or net real estate value will be taken. This is our securities
00:58:38report. So, ICDS said, IT Act is more or less equal. So, section 145,
00:58:48these are the reasons, so that the company's act has changed it. Also, these are the
00:58:53ones that you have to do, they are not the ICDS. And that too, in the case, in the
00:58:58case, we can follow the Bank's Act and the Bank's Act and the Bank's Act, we can
00:59:03follow the bank's Act to defend the meaning and then the bank's Act is 145. So, we can
00:59:16that comes under section 143A. Section 43AA. So, you might have studied section 43A at
00:59:34your inter-level where forex changes are in the shape of the forex changes and assets
00:59:39plus or minus if it is related to the assets are the other ways income statement transfer
00:59:44policy. This is the number 43A. Gain or loss on foreign exchange. Can be adjusted in the
00:59:55P&L account or not. Other than that leads to income or loss that can be adjusted. Any
01:00:04change in foreign exchange rates leads to income or loss as per the ICDAS law. Now, this ICDAS
01:00:13is the forex loss is completed as per the ICDAS standard. That is a foreign exchange fluctuation.
01:00:20If you have ICDAS, you will have section 43AA. ICDAS is in 2016. If you have it, you will have
01:00:27account for the ICDAS standard, some of the income will be included. Some of the
01:00:47in the 43 AAUs, in the loss or profit, ICDS standard. Section 36 on the specific detection
01:00:57that PGP will purchase interest deductible, bonus or commission, PF contribution for the
01:01:02employee at NPS, section 36. Any loss calculated as per ICDSR, you can debit fund
01:01:12funds, 18, especially mark to market loss or any other expected loss. Mark to market
01:01:19loss, each and every day, share price is adjusted to the market price and find whether there
01:01:24is any profit loss in that date, that profit loss can be transferred to the PL record and
01:01:28the section 36, class 1, subclass 18. And deductible if computed as per the ICDSR,
01:01:33then deductible to learn in detail. Otherwise, non deductible to section 48, class 30. Is
01:01:41that clear? Now, Section 43 CB, Section 43 CB, Construction, Service, Construction and Service
01:01:50Contract, Income if we complete from wrong. So, as usual, percentage of completion method
01:01:56or completed contract method, the method of predominant error. Okay. Methodology for construction and
01:02:01service contract method, percentage of completion method, used for determining profits and gains for the
01:02:07construction of contract, construction contract and service contract. Usually, one of the PO, CM
01:02:12method that we use to do, revenue recognition method. And in case of service contract
01:02:18are the case method. Okay. Service contract are the case method. And the contract service
01:02:25is required. 90 days later, you can recognize completely. For service contract with intermittent act and
01:02:35straight line method for service contract with time-based duration. Moon method, case method,
01:02:40completion contract method. That is clear, completion contract. 34
01:02:46KILAR MORIART, at 11k KILAR MUDEER ALUAR MUDEER ALUAN, 10k KILAR MUDEER ALUAN. And 5k KILAR MUDEER ALUAN
01:02:57If you are looking for 24 hours, you are looking for one person to identify and elect to work.
01:03:06We are collecting the fees for around 20,000 rupees for 4 papers online classes.
01:03:12One paper must be 5,000 is recognized.
01:03:142 paper must be 10,000 is recognized.
01:03:16If you are looking for one person to identify and identify.
01:03:18This is the personal age completion method.
01:03:20Sometimes time-based.
01:03:22If you are looking for the first class,
01:03:24if you are looking for the first class,
01:03:26if you are looking for the first class,
01:03:28if you are looking for the first class,
01:03:30if you are looking for the first class,
01:03:32one-fourth of my revenue can be recognized as my income.
01:03:36That is the service contract.
01:03:37So, completion contracted, project completion method,
01:03:40and another one is straight line method.
01:03:42So, case-based.
01:03:43Okay, 90 days skill and that.
01:03:45Contract revenue and cost.
01:03:47Contract revenue,
01:03:49if you are looking for A, B,
01:03:51they are already O a B with a long-term loan but
01:03:52if you report this.
01:03:53if you are looking for the first class,
01:03:54then your financial tax return costs from 5,000 is a year.
01:03:57If you pay the part of the next class,
01:03:59the contract revenue implies that is not only a contract revenue.
01:04:00They are making the same thing for a paycheck.
01:04:01It is us must look for the retention money.
01:04:02It is the commission for the full purchase money.
01:04:03If you don't get it,
01:04:04it is the original revenue to retire.
01:04:05If you are looking for the contract revenue of this,
01:04:06then,
01:04:07you are looking for the contract revenue.
01:04:09So,
01:04:10contract revenue includes the retention money also.
01:04:12But if you are talking about short-tenure gains, if you are in advance, if you are using
01:04:20the bank, you are using the interest or dividend capital gains, that should not be a part
01:04:26of contract cost. Contract cost includes incidental income, interest or dividend or capital gains,
01:04:32so you are saying 20 hours in the section 43c. So these are the specific provisions also
01:04:36there than ICDS itself. Is that clear? So with that ICDS chapter is completed. So already
01:04:42I have completed, right? So according policy, AS number one, same. ICDS two, AS number two,
01:04:50more or less same. Construction contract AS number seven, construction contracts three,
01:05:00fourth revenue recognition on the AS number nine and tangible fixed assets AS number 10,
01:05:06this AS number 11, this AS number 12, this AS number 13.
01:05:14So if you know AS, then ICDS, you can easily memorize this set.
01:05:189, 10, 11, 12, 13.
01:05:209 and the 4, 10 and the tangible fixed assets.
01:05:2211 and the 6th item is 4X.
01:05:2412th and the 7th item is government grants.
01:05:2613th and the 8th.
01:05:28Okay?
01:05:30So almost,
01:05:32what number difference is.
01:05:34If you know AS, then ICDS, you can easily memorize this set.
01:05:369, 10, 11, 12, 13.
01:05:38Same.
01:05:40If you know AS, then ICDS, you can easily memorize this set.
01:05:429, 10, 11, 12, 13.
01:05:44Same.
01:05:45If you know investment, security is solid, tangible fixed assets.
01:05:48So you know property, plant equipment is solid.
01:05:50That you have to make a small difference.
01:05:52Borrowing cost 9th one.
01:05:55As number 16.
01:05:57And last, provisions contingency.
01:06:00As the last which is AS number 29.
01:06:03Same, same.
01:06:04Is that clear?
01:06:05Do a small recap.
01:06:06Most least important chapter for your examination.
01:06:09But in all, overall guide.
01:06:11Guidance.
01:06:13Sorry.
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