Revised ICDS Masterclass (Gurgaon)
The CBDT notified 10 Income Computation Disclosure Standards (‘ICDS 2015’) vide notification dated 31 March 2015 for compliance by all assessees following mercantile system of accounting for computing ‘business’ and ‘other sources’ income w.e.f. 1 April 2015. Subsequent to notification of the ICDS, a number of representations were received from the stakeholders which were examined by an Expert Committee. Since the Committee recommended amendments to the notified ICDS and revision of ICDS/ issue of clarifications as recommended by the Committee was under consideration, the Government decided to defer the applicability of ICDS and made the same applicable, w.e.f., April 1st 2016, i.e., from previous year 2016-17 (Assessment Year 2017-18)
The Central Government has vide Notification dated 29 September 2016 released new set of ICDS. The revised ICDS are applicable from assessment year 2017 -18 and would have bearing on the taxable income of the current financial year and subsequent financial years. The revised ICDS are applicable to all taxpayers following mercantile system of accounting, except individual and Hindu Undivided Family not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB of the Act.
CorpKonnect’s one full day masterclass on the Revised Income Computation and Disclosure Standards (ICDS) will throw insights on various revisions in the news standards and the transitional issues on new income computation and disclosure requirements and understand the practical applicability of new tax standards.
Benefits of attending:
- Understand the impact of ICDS from MAT perspective
- Understand the impact of ICDS on Preparation of Books of Accounts
- Insights on the impact of ICDS on ERP changes
- Insights on the new disclosure requirements
- Relevant Insights on differences between Indian GAAP, IND AS and ICDS
Who should attend?
- Tax Heads
- CFOs and Finance Heads
- Tax Auditors
- Corporate Tax Professionals
- Finance and Accounting Managers
- Internal Auditors
- Practicing Chartered Accountants
Technical Session 1: Introduction to ICDS:
- General Principles of ICDS applicability
- Impact on MAT liability
Important Upcoming Compliance Issues:
- Changes in Form 3CD & ITR
- Form 3CD – Disclosure Requirements
- ITR Form for A.Y. 2017-18 – ICDS Disclosures
- Practical Example: Computing Taxable Income under ICDS Framework
ICDS I (Accounting Policies)
- Going Concern, Consistency and Accrual
- No concept of prudence or materiality
- Non Recognition of MTM or expected losses
- Tax Impacts
- Disclosure of accounting policies
- Comparison with AS1 and IND-AS1
Discussion of Relevant Case Laws
ICDS II (Valuation of Inventories)
- Scope and exclusions of the standard
- Definition and Measurement of Inventory
- Cost Determination
- Comparison with AS2 IND AS 2
Discussion of Relevant Case Laws
Session 2: ICDS III (Construction Contract)
- Contract costs
- Recognition of Contract Revenue and Expenses
- Provision of expected loss (Rotok Control India Case)
- Comparison with AS 7 and IND AS 115
ICDS IV ( Revenue Recognition)
- Recognition of sale of goods
- Recognition of revenue from service transactions
- Recognition of Interest and Royalty
- Discount/Premium on Debt securities
- Comparison with AS 9 and IND AS 115
ICDS on Real Estate Transactions – The New Addition
Session3: ICDS V (Tangible Assets)
- Recording of tangible assets
- Expenditures to be capitalized
- Expenditures to be expensed
- Treatment of consolidated price for acquiring group of assets
- Depreciation and income on transfer of assets
- Comparison with AS 10, AS 6 and IND AS 16
ICDS VI (The effects of changes in foreign exchange rates)
- Recording of foreign currency transactions
- Revenue monetary items
- Revenue non-monetary items
- Capital monetary items - Relating to Imported assets
- Capital monetary items – Not relating to Imported assets
- Integral and non-integral foreign operations
- Forex derivatives – Forward exchange contracts
- Comparison with AS 11, IND AS 21 and IND AS 109
ICDS X (Provisions, contingent liabilities and contingent assets)
- ICDS X vs AS 29 and IND 37
- Recognition of provisions
- Meaning of obligation
- Contingent Asset
- Onerous & Executory contracts
Session 4: ICDS VIII (Securities)
- Scope and exclusions
- Significant impact and issues
- Recognition and Initial Measurement
- Pre-acquisition interest/ Broken period interest
- Bucket Approach valuation
- Significant Impact and Issues
- ICDS VIII vs. AS 13
ICDS VII (Government Grants)
- Definition of government grants
- Refund of Government Grants
- Comparison with AS 12 and IND AS 20
ICDS IX (Borrowing costs)
R.N. Marwah & Co. LLP
Raghu Marwah is partner with R.N. Marwah & Co. LLP and is responsible for and in-charge of Consultancy Services and International Taxation in the firm.As a part of the Consultancy space, he handles matters relating to the setting up of businesses abroad on behalf of Indian Corporate Clients and at the same time advising India entry strategy for Foreign Clients; interacting and liasoning with various officials of the Reserve Bank of India under the Foreign Exchange Management Act, 1999 (FEMA). Transfer Pricing and overseas taxation matters are also part of his repertoire.
He also specialises in advising and rendering consultancy services to clients in relation to structuring strategic investments, offshore structuring, cross-border holdings, M&A, valuations etc.He has extensive experience in the global markets, having done M&A transactions in London, U.K. and involved in other transactions in Canada & USA.
He has co-authored a book titled “International Tax and Business Guide” which has been published in 2010 and in 2013 by the GGI, Switzerland.
He graduated from Hindu College, University of Delhi in the year 1998 in Bachelor of Arts (Economic) Honours and qualified as a Chartered Accountant in the year 2003.
Vaish Associates Advocates
Rohit Jain is a senior member of the Tax group of Vaish Associates Advocates. He has experience of more than 15 years in the field of direct taxation. His practice covers all aspects/ areas of direct tax laws, including income tax and wealth tax. He has been involved in several complex tax litigations and restructuring activities, involving mergers, demergers, slump sale, etc. He has gained considerable experience and specialization in various aspects relating to domestic taxation.
He regularly appears before Courts, Tribunals and other appellate/ quasi-judicial authorities and has successfully argued several matters relating to taxation. He has handled various matters related to search and seizure and has been involved in representing various matters before the Income Tax Settlement Commission.
Associate Director - International Tax & Regulatory
B S R & Co LLP
Alok has over 9 years of experience in providing tax & regulatory, advisory and compliance services involving cross border transactions, domestic / international taxation and related exchange control matters. He has extensive experience in advising multi-national companies companies on their entry strategies, ownership and operating structures in India from a tax and regulatory perspective.
Alok has advised Indian and foreign companies in areas related to exchange control, foreign direct investment policy and related matters. Alok has handled clients in a diverse range of sectors including Telecom, IT/ITes, Software and e-Commerce.
He has represented his clients before tax authorities on various tax related issues. He has been a regular speaker/ trainer in various forums and workshops wherein he has spoken on wide range of tax & regulatory issues.
Prabhat is a Director with the Tax and Regulatory Services practice of PwC India and is based out of Delhi office. Prabhat has over 11 years of experience in the areas of international taxation, domestic taxation, compliance and tax litigation and compliance matters at multiple levels. Prabhat specializes in direct tax advisory and high-end litigation before the Indian Revenue Authority. Prabhat has been involved in some of the largest tax litigation in the Telecom industry.
He specializes in tax advisory, compliance & litigation matters and he has been working closely with Senior Counsels in relation to case preparation and strategy formulation. He has helped clients on tax position review, reduce exposure risk and ensure overall effective tax compliance. Prabhat is core team member involved in tax due diligence of various clients.
Ghanshyam is a Director with PW’s capital markets and accounting advisory services group and has more than 15 years of professional experience in providing assurance services across various industry segments working on Indian GAAP & IFRS engagements.He has experience of assisting companies in IFRS/Ind AS diagnostic, solution development and conversion besides other assurance engagements.
He has rich experience of working with multinational teams and has carried out international engagements as well. His international experience includes working in the United States of America and Canada on secondments besides couple of other countries on client assignments. Ghanshyam has an extensive experience of auditing financial statements prepared in accordance with current Indian GAAP and IFRS for large multi-location listed clients and private limited companies across industries (including manufacturing sector).
He has work on projects requiring identification of gap between current Indian GAAP and IFRS; and advising clients on preparation of issue memos on complex accounting matters.
Site No 2, Sector 44, Gurgaon
0124 - 4886400
Registration Fees: INR 8,500 + 18% GST Per Delegate
Avail 10% early bird discount on 2 or more registrations till 14th July 2017
Note: The fees would include Course Material, Participation Certificate and Lunch & Refreshments at the Hotel
Modes of Payment and Registration
Online Registrations through Credit/Debit Card : Click Here
For Offline registration through Cheque/DD/ and NEFT: Please contact the below mentioned:
Mob No: 8130826342