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The lead article of our May 2014 Accounting and Auditing Update focuses on the Transport and Logistics sector and highlights some of the key revenue recognition issues faced by the sector. This month we also examine practical issues relating to dry docking expenditure. We also focus on some of the accounting and reporting implications of typical structures and investments by venture capital/private equity type investors under Indian GAAP and IFRS.
We also cover important developments relating to permissibility of following pushdown accounting in private companies and the accounting for income taxes in certain situations under U.S.GAAP. Finally, in addition to our round up on key regulatory developments during the recent past, we highlight how factoring arrangements are accounted for under Indian GAAP and IFRS.