CA Viral Shah

Viral Shah Photo

He is a fellow Member of ICAI, also holds bachelor’s and Master’s in Commerce from Gujarat University, Ahmedabad
He holds a USA CPA license from Arizona State Board of Accountancy
He also has successfully passed the certified course of Ind AS conducted by ICAI
He also has cleared CS (Company Secretary) Professional exam
Viral has over 10 years of experience of Accounting and Auditing and Consulting on varied Accounting frameworks (including IND AS, IFRS, US GAAP and IGAAP)
His expertise includes implementing IFRS / IND AS in companies across sectors
Presently, Viral has been consulting / advising to corporates and varied entities based on their needs arising from Accounting framework areas (like IND AS, IFRS, US GAAP and IGAAP), Taxation (Direct), FEMA and other related matters
Viral holds an experience of working with an Indian arm of a US CPA firm (ranked amongst Top 30 firms of USA) in US GAAP / IFRS areas
Viral has also been to USA for 7 years from 2012 to 2018 (for a defined period every year) to work on professional engagements with a US CPA firm” (ranked amongst Top 50 firms of USA) in US GAAP / IFRS areas. Viral has also been associated with one of the Top CA firms of India for over 7.5 Years
His other interests include Valuation, Finance Management, Litigation Support and Forensic Accounting and Fraud prevention

Objective, Scope and Key terms – Ind AS 40

Objective, Scope and Key terms – Ind AS 40  Objective The prime two objectives of the Ind AS 40 are as follows: to prescribe the accounting treatment for investment property andto prescribe the related disclosure requirements Scope This Standard shall be applied in the recognition, measurement and disclosure of investment propertyThis Standard does not apply to:biological assets related to agricultural activity (Refer Ind AS 41and Ind AS 16); andmineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources. Key terms Fair value The price that would be received to sell an asset orpaid to transfer a liabilityin an orderly transactionbetween market participantsat the measurement …
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Recognition and measurement – Ind AS 40

Recognition and measurement – Ind AS 40 An owned investment property shall be recognized as an asset when, and only when:it is probable that the future economic benefits that are associated with the investment property will flow to the entity; andthe cost of the investment property can be measured reliably An entity evaluates under this recognition principle all its investment property costs at the time they are incurredThese costs include costs incurred initially to acquire an investment property and costs incurred subsequently (if the recognition criteria are met )to add to, replace part of, or service a property Under the recognition principle, an …
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Measurement after Recognition – Ind AS 40

Measurement after Recognition – Ind AS 40 Accounting Policy An entity shall adopt as its accounting policy the cost model per Ind AS 16to all of its investment property This Standard requires all entities to measure the fair value of investment property, for the purpose of disclosure even though they are required to follow the cost model An entity is encouraged, but not required, to measure the fair value of investment property on the basis of a valuation by an independent valuer who holds a recognized and relevant professional qualification and has recent experience in the location and category of the investment property being …
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Disclosures – Ind AS 40

Disclosures – Ind AS 40 Disclosure – 1 its accounting policy for measurement of investment propertywhen classification is difficult, the criteria it uses to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of businessthe extent to which the fair value of investment property (as measured or disclosed in the financial statements) is based on a valuation by an independent valuer who holds a recognized and relevant professional qualification and has recent experience in the location and category of the investment property being valued. If there has been no such valuation, that fact shall be …
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Appendix to Ind AS 37

Appendix to Ind AS 37 Appendix A Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds The purpose of decommissioning, restoration and environmental rehabilitation funds, hereafter referred to as ‘decommissioning funds’ or ‘funds’, is to segregate assets to fund some or all of the costs of decommissioning plant (such as a …
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Impact of COVID 19 on Ind AS 37

Impact of COVID 19 on Ind AS 37 Onerous Contract Onerous contracts are those contracts for which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Unavoidable costs under a contract are the least net cost of exiting from the contract, …
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Objectives and Scope – Ind AS 37

Objectives and Scope – Ind AS 37  Introduction to Ind AS 37 Ind AS 37 Provisions, contingent liabilities and contingent assets outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations)Provisions are measured at the best estimate (including risks and …
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Provisions – Ind AS 37

Provisions – Ind AS 37 What is a Provision? Provision is a liability of uncertain timing or amount The word “uncertain” is very important here, because if timing and amount are certain or almost certain, then you don’t deal with the provision but with a payable or an accrual To understand provisions better, let’s break down the …
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Contingent Liability & Contingent Asset – Ind AS 37

Contingent Liability & Contingent Asset – Ind AS 37 What is a contingent liability? A contingent liability isa possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; …
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Measurement of Provision – Ind AS 37

Measurement of Provision – Ind AS 37 The amount of the provision should be measured at the best estimate of the expenditures required to satisfy the obligation at the end of the reporting periodAs you can see, here’s some judgment and estimates involved. Management should really incorporate all available information in their estimates, …
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