Question

I'm currently doing a project on IND-AS( Indian accounting standards). i have filled most of the info in it from the newest accounting standards to the once which have been withdrawn by the ICCA. all i need is conclusion for my project in about half para typed with good language. the project it at the college level

Answer 1

A construction contract is a contract specifically negotiated for the construction of an

asset or a combination of assets that are closely interrelated or interdependent in terms

of their design, technology and function or their ultimate purpose or use.

A fixed price contract is a construction contract in which the contractor agrees to a fixed

contract price, or a fixed rate per unit of output, which in some cases is subject to cost

escalation clauses.

A cost plus contract is a construction contract in which the contractor is reimbursed for

allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee.

4. A construction contract may be negotiated for the construction of a single asset such as a

bridge, building, dam, pipeline, road, ship or tunnel. A construction contract may also deal

with the construction of a number of assets which are closely interrelated or interdependent in

terms of their design, technology and function or their ultimate purpose or use; examples of

such contracts include those for the construction of refineries and other complex pieces of

plant or equipment.

Answer 2

$\bf \red{ \underline{Answer:}}$

• Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an independent body formed under an act of parliament.

• The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable for companies in India. As on date MCA has notified 41 Ind AS. This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a mandatory basis.

• Based on the international consensus, the regulators will separately notify the date of implementation of Ind-AS for the banks, insurance companies etc. Standards for the computation of Tax has been notified as ICDS in February 2015 .