Sumit Dhadda

Sumit Pic

Chartered accountant, member since 2003 & secured gold medal in CA Inter exams (AIR 25th), Diploma in Information System Audit & Risk Management, Certified Anti Money Laundering Specialist, Certified Concurrent Auditor

  • Registered Valuer from Insolvency & Bankruptcy Board of India under Securities or Financial Asset Class.
  • Insolvency Professional from Insolvency & Bankruptcy Board of India under Securities or Financial Asset Class.
  • Managing Partner of DLS & Associates LLP, having offices at Delhi, Jaipur, Bangalore & Chandigarh
  • Over 17 years of experience in multi-national audit & accounting firms in statutory audits, Ind AS, Valuation & Risk Management.
  • Worked with PWC India (4 years) & KPMG Bahrain (4 years) in the Audit and Assurance vertical.
  • Worked as Head of Compliance & MLRO in SICO, one of the premier Investment Banks of GCC region.
  • Independent Director & Audit Committee Chairman of a Listed Company
  • GMCS faculty
  • Regular Faculty in IBBI Valuations courses across India at following RVOs:

– ICAI

– ICSI

–  ICMAI

– Divya Jyoti Foundation

  • Delivered lectures on valuation course for above mentioned RVOs across several cities in India.

Miscellaneous items – Ind AS 21

Miscellaneous items – Ind AS 21 Intra-group transactions While following the normal consolidation process, intra-group balances and intra-group transactions of a subsidiary are eliminated, thereby incorporating the results and the financial position of the foreign operation with that of the reporting entity. However, when an intra-group monetary item is eliminated against the corresponding intra-group asset or liability, an exchange difference would emerge in the consolidated financial statements.  The entity is exposed to a foreign exchange gain or loss arising on account of converting the monetary items.   All the exchange differences arising on account of consolidation are reported in the profit and loss account only …
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Debt instrument measured at FVOCI

Debt instrument measured at FVOCI For financial assets that are debt instruments measured at FVOCI, both the amortised cost and the fair value of the instrument are relevant. The reason for this is the objective of categorising a debt instrument as FVOCI is that both the contractual cash flows characteristic and the fair value of the instrument are relevant as the asset is held to receive contractual cash flows as well as to buy or sell such assets. For the contractual cash flow characteristic, amortised cost is relevant as the interest revenue would be based on the effective rate calculated at …
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