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New accounting standard for insurance soon

CFO News

The ministry of corporate affairs (MCA) has received recommendations by the National Financial Reporting Authority (NFRA) on the Indian Accounting Standard (Ind AS) 117 for insurance contracts, he told ET."The The standards will soon be notified under the Companies (Indian Accounting Standards) Rules 2015," he added.

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Updated Accounting Standards for In-Kind Donations (2022)

The Charity CFO

If your nonprofit uses donations of supplies, services, and even time to help fund your operations, you need to know about recent changes in accounting standards for in kind donations. The #1 accounting mistake that nonprofits make is hiring the wrong people to help them. Get the free guide!

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NFRA reviews proposals for new accounting standards for insurance contracts

CFO News

NFRA will share its recommendations with the ministry of corporate affairs, which will consider the Ind AS 117 and notify the standards under Companies (Indian Accounting Standards) Rules 2015. Once notified, Ind AS 117 will replace the current Ind AS 104, Insurance Contracts.

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Hot-Tip: Accounting Standards Update to ASC 842

Bramasol

Specific issues addressed in the PIR are: Which terms and conditions should be considered when determining whether a lease exists and, if so, the classification and accounting for the lease.

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SMBs May Get More Time To Adopt New Accounting Standards

PYMNTS

Financial regulators are considering allowing smaller businesses (SMBs) more time to comply with sweeping changes in lease accounting standards, which experts have said will place a significant burden as organizations work to comply with the requirements. We’ll ask you for input on this as well.”

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FASB’s environmental credit rules recall crypto debate

CFO Dive

Like crypto rules FASB recently finalized, the environmental credit accounting standards would provide specific guidance where GAAP is currently silent.

GAAP 246
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New Hedge Accounting Standard Flashes Green Light

Reval

accounting standard that makes it easier to account for hedges is likely to encourage more corporates to hedge. The Financial Accounting Standards Board voted last month to finalize the new hedge accounting standard, and the final standard is due out in August. Treasury & Risk.