What is the Difference between AS 22 and Ind - AS 12?
IND AS 17 1. it has specific provisions dealing with leases of land and biulding 2. it is not applicable as the basis of measurement of property held by lesses or provided by the lessors under operating leases but treated as investment property and biological asset held by lessor. 3. the definition of residual value appearing in the existing standard 4.The lessee shall recognise finance leases as assets and liabilities in balance sheet at the commencement of the lease term AS-19 the existing standard excludes leases of land from its scope 2.this standard does not contain provisions of treated as investment property biological asset held by lesses 3 no distinction between inception of lease and commencement of lease 4.As per the existing standard such recognition is at the inception of the lease.
Dear Rohit, Difference b/w Ind AS-12 and AS-22, 1 Disclosure requirements are more detailed While in AS-22 Comparatively less detailed. 2 Provides guidance that deferred tax asset/liability arising from revaluation of assets shall be measured on the basis of tax consequences from the sale of asset rather than through use. While AS-22 does not deal with this aspect. 3 Provides guidance as to how an entity should account for the tax consequences of a change in its tax status or that of its shareholders. While AS-22 does not deal with this aspect. 4 The concept of virtual certainty does not exist in Ind AS 12, this explanation is not included. while in existing As-22 Explains virtual certainty supported by convincing evidence. 5.Does not specifically deal with this aspect. While AS-22 Specifically provides guidance regarding tax rates to be applied in measuring deferred tax assets/liability in a situation where a company pays tax under section 115JB. Any other query feel free to contact us