AS 22 - 420 Accounting Standard(AS 22(issued 2001...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
420 Accounting Standard (AS) 22 (issued 2001) Accounting for Taxes on Income Contents OBJECTIVE SCOPE Paragraphs 1-3 DEFINITIONS 4-8 RECOGNITION 9-19 Re-assessment of Unrecognised Deferred Tax Assets 19 MEASUREMENT 20-26 Review of Deferred Tax Assets 26 PRESENTATION AND DISCLOSURE 27-32 TRANSITIONAL PROVISIONS 33-34 APPENDICES The following Accounting Standards Interpretations (ASIs) relate to AS 22: Revised ASI 3 - Accounting for Taxes on Income in the situations of Tax Holiday under Sections 80-IA and 80-IB of the Income- tax Act, 1961 Revised ASI 4 - Losses under the head Capital Gains ASI 5 - Accounting for Taxes on Income in the situations of Tax Holiday under Sections 10A and 10B of the Income-tax Act, 1961 ASI 6 - Accounting for Taxes on Income in the context of Section 115JB of the Income-tax Act, 1961 Continued. ./. .
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
421 ASI 7 - Disclosure of deferred tax assets and deferred tax liabilities in the balance sheet of a company ASI 9 - Virtual Certainty Supported by Convincing Evidence ASI 11 - Accounting for Taxes on Income in case of an Amalgamation The above Interpretations are published elsewhere in this Compendium.
Background image of page 2
Accounting Standard (AS) 22 (issued 2001) Accounting forTaxes on Income (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Statements of Accounting Standards 1 .) Accounting Standard (AS) 22, ‘Accounti ng for Taxes on Income’ , issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-2001. It is mandatory in nature 2 for: (a) All the accounting periods commencing on or after 01.04.2001, in respect of the following: i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India and enterprises that are in the process of issuing equity or debt securities that will be listed on a recognised stock exchange in India as evidenced by the board of directors resolution in this regard. ii) All the enterprises of a group, if the parent presents consolidated financial statements and the Accounting Standard is mandatory in nature in respect of any of the enterprises of that group in terms of (i) above. (b) All the accounting periods commencing on or after 01.04.2002, in respect of companies not covered by (a) above. 1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which Accounting Standards are intended to apply only to items which are material. 2 Reference may be made to the section titled ‘Announcement s of the Council regarding status of various documents issued by the Institute of Chartered Accountants of India’ appearing at the beginning of this Compendium for a detailed discussion on the implications of the mandatory status of an accounting standard.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/07/2011 for the course MBA 0001 taught by Professor Akshat during the Spring '09 term at Institute of Management Technology.

Page1 / 18

AS 22 - 420 Accounting Standard(AS 22(issued 2001...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online