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Recognition and Initial Measurement of Property, Plant and Equipment (PPE) as per IAS 16

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  T ngible fixed asset is a key resource for any business and generally represents a significant portion of the net worth captured on the balance sheet. These fixed assets help businesses to run its operating activities and thereby generating revenue. Apart from generating future economic benefits, amount of such tangible assets is also used in various vital ratios which are regularly analysed by the users of financial statements. IAS 16 -“Property, Plant, and Equipment” (PPE), is a basic and vital International Financial Reporting Standard (IFRS) that provides guidelines on the accounting of tangible fixed assets. IAS 16 provides the accounting principles for recognition, initial and subsequent measurement, presentation, derecognition and disclosure for the PPE in the financial statements. In essence, IAS 16 provides in depth guidance on the topics like when to recognise PPE in the financial statements, how to measure asset initially i.e. measurement basis (viz. cost), which expen...
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Analysis of accounting for Joint Development Agreements in the books of Real Estate Developer under Ind AS 115 – Revenue from contracts with customers

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A. Background: In recent times, due to increased prices of land, very commonly, real estate developer / contractors may not own lands in their own names. Landowners, on the other hand, may not possess the skillset to develop the land. And thus, both parties enter into a Joint Development Agreement (“JDA”) with the landowner for the development of the land and for the construction of commercial, retail, and residential properties on the land owned by the landowner. Pursuant to a JDA, the developer and the landowner enters into an agreement whereby landowner transfers the land to the developer for development in the form of  ‘land development rights’  in return of a consideration in the form of specific constructed portion out of total constructed area on the entire land. To elaborate further, in accordance with the JDA, the developer and landowner agrees that the landowner shall be entitled to a certain percentage of saleable / leasable area of the total constructed area which ...
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Reporting for IPO – Restatement adjustments

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  In the previous blog of the series on  IPO reporting , we evaluated the accounting framework applicable for the IPO. Accordingly, the issuer company shall prepare restated consolidated financial information to be presented in the offer document based on reporting framework in which they have prepared their latest financial statements before filing the offer document. Even if the latest financial statements are in  Indian GAAP, SEBI  has provided an option to issuer company to adopt Ind AS to restate the financial statements for all three years. Per our view, the issuer company shall opt for the Ind AS reporting framework for the restated financial statements as it reduces time, costs, and efforts of the Company. The company could execute Ind AS restatement as well as IPO restatement at the same time by removing duplication of efforts which otherwise would be performed at different times. In this blog, we will analyze the nature of adjustments required to prepare ‘C...
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