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Income Computation and Disclosure Standards (ICDS) – Delhi

22 June, 2016 @ 9:00 am - 5:00 pm

₹8500

[vc_row][vc_column width=”2/3″][vc_tta_tabs][vc_tta_section title=”Description ” tab_id=”1464603183146-34c49ad5-bcbe”][vc_column_text]The Central Government (CG) notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015–16. This will affect the compliance practice of all taxpayers following the mercantile system of accounting for computing income chargeable to income tax under the heads:

  • Profits and gains of business or profession or
  • Income from other sources

ICDS will help bring increased consistency in computation and reporting of taxable income, reduce litigation and minimize the alternatives provided by the existing Accounting Standards issued by the Institute of Chartered Accountants of India.

Given that this is the initial year of applicability, there could be transitional concerns on income computation, as well as disclosure under the ICDS vis-à-vis current established practices. Differences in the two practices could have significant cash and tax impact (including risk of a Best Judgement assessment in case of non-compliance). It is critical for all stakeholders to understand the applicability of new tax standards and its various practical application issues.

Key areas of impact

  • Expected losses or mark-to-market (MTM) losses will not be recognized unless permitted by any specific ICDS. Provisions silent in relation to MTM gains
  • ICDS is applicable to all open construction contract as on 31 March 2015
  • Introduction of new formula for capitalization of borrowing costs in case of general purpose borrowings
  • Only Forward Contracts and Foreign Currency Options (Forex derivatives) are covered by ICDS
  • Recognition of provisions and contingent assets will be considered if outflow/inflow of economic resources is considered reasonably certain
  • The service sector will mandatorily have to adopt Percentage of Completion Method (POCM) for revenue recognition
  • Concept of “prudence” according to IGAAP1 modified by ICDS
  • Inventory of service providers to be valued at lower of cost or NRV
  • Every assesse is required to implement ICDS, and potential impact will be considered by companies while estimating advance tax liability for FY 15–16, due on 15 June 2015. Non-compliance of ICDS will result in best judgement assessment by tax authorities, which may lead to protracted litigation.
  • Against this backdrop, we are announcing a one day comprehensive workshop on ICDS. The master class will provide a detailed understanding of ICDS, differences from the current Indian GAAP, insights into practical application issues and transitional provisions, including changes required to IT systems.

Key takeaway

  • Understanding of differences between Indian GAAP and ICDS  (with high-level inputs on comparability with IND-AS)
  • Understanding of disclosure requirements as proposed by the ICDS
  • Clarity on the ultimate tax (including deferred tax) impact arising due to such differences
  • Guidance for transition to the ICDS regime
  • Interplay between ICDS and MAT

Understanding of ICDS with practical examples and case studies, especially focusing on critical Issues

Focus areas

  • Critical Analysis of ICDS
  • Ultimate tax impact
  • GAAP differences
  • Potential conflict over MAT
  • Transition to ICDS

Topics Covered:

  • Introduction to ICDS
  • ICDS 1- Accounting Policies
  • ICDS 2- Inventories
  • ICDS 3- Construction Contracts
  • ICDS 4- Revenue Recognition
  • ICDS 6- Effects of Changes in Foreign Exchange Rate
  • ICDS 5- Tangible Fixed Assets
  • ICDS 7- Government Grants
  • ICDS 8- Securities
  • ICDS 9- Borrowing cost
  • ICDS 10- Provisions, Contingent Liabilities and Contingent Assets

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Target Audience” tab_id=”1464603183222-ad695bf5-2188″][vc_column_text]Managers/Senior Executives  from
1.      Finance,
2.      Accounts,
3.     Corporate Tax and Accounting professionals.
4.      All those who are concerned with Taxation and Financial Management Decisions.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How to Register” tab_id=”1464695509755-3c05693e-5154″][vc_column_text]Timings: 9:30 am – 5:00 pm , Registration begins at 9:00 am

  • Fees: Rs. 8,500/- +15% service tax per person
  • Please write to register@princetonacademy.co.in / Call -022 66976892
  • Mention the name of participant, company, contact details .
  • Cheque favoring Princeton Academy Mumbai II Pvt. Ltd. payable at Mumbai.
  • Fees includes lunch, tea, course material etc.

[/vc_column_text][/vc_tta_section][/vc_tta_tabs][/vc_column][vc_column width=”1/3″][vc_column_text]Register_Now

How to Register:

• Fees: Rs. 8,500/- + 15 % service tax per person.
• Please write to- register@princetonacademy.co.in/Call -022 66976892/74
• Mention the name of participant, company, contact details .
• Fees includes lunch, tea, course material etc.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Pil,Register[/vc_column_text][/vc_column][/vc_row]

Details

Date:
22 June, 2016
Time:
9:00 am - 5:00 pm
Cost:
₹8500

Venue

The Claridges
12, Dr APJ Abdul Kalam Road,
New Delhi, 110011 India

Organizer

Princeton Academy
Phone:
022 66976892/74
Email:
register@princetonacademy.co.in