accounting standards in brief


Annual Improvements to IFRS Standards 2015-2017 Cycle

Exposure Draft issued by the International Accounting Standards Board the Board on proposed amendments to three Standards for public consultation as part of its annual improvements process The document contains proposed amendments to IAS 12Income Taxes IAS 23 Borrowing Costs and IAS 28 Investments i

Exposure Draft of Ind AS Taxonomy for Comments

As per the roadmap issued by the Ministry of Corporate Affairs MCA in February 2015 certain class of companies have to prepare their financial statements as per Indian Accounting Standards Ind AS which are converged with International Financial Reporting Standards IFRS w e f F Y 2016 17 MCA has also

Old notes returned figures might change says RBI

Clarification regarding Specified Bank Notes SBNs There had been various estimates on SBNs tendered in certain sections We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country

Recent Decisions of Ethical Standards Board of ICAI

ESB DECISIONS 1 A chartered accountants in practice cannot become Financial Advisors and receive fees commission from Financial Institutions such as Mutual Funds Insurance Companies NBFCs etc 2 A chartered accountant cannot exercise lien over the client documents records for non payment of his fees

Nomination for Membership at the International Accounting Standards Board

International Accounting Standards Board IASB is seeking applications for vacancies in the Board A IASB position summary The International Accounting Standards Board is the independent standard setting body of the IFRS Foundation Members of the Board represent the best available combination of techn

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Experts Opinions

Accounting entry

Dear Sir What will be the accounting entries for the following transactions 1 Purchased goods worth 44100 and paid cst 2 on it 2 Sold goods on credit to party for 90000 add vat 6 90000 5400 95400 3 Party deposited the vat amount of 5400 via challan to the department Deducted 1200 as income tax and p

accounting treatment

my client is installed GPS system in car what journal entries is passed it is treated repair and maintenance or any other head suggest me

accounting standard

I want to ask that which accounting standard applicable to a degree college or university

Cash back accounting

Say I issue 5000 to Customer as cash back and customer consumes 1000 is the following entry correct A Cashback expense A c Dr 1000 Customer A c Cr 1000 Customer consumes cash back At end of period Cash back expense A c Dr 4000 Liability A c Cr 4000 Provision for unused cash back This entry can be re




Accounting for quantity of bonus shares received

Dear Members How do I account for the quantity of bonus shares received by me I understand that no entry has to be passed on receipt of bonus shares But say if I hold 500 shares of a certain company who has awarded bonus shares at 1 1 how do I account for the quantity of the 500 bonus shares receive

Accounting quetion

Hi A sole proprietor can show his persoanal expense in his books of accouns He withdraw money for his personal use How can i pass this entry If i pass drawing entry capial account is showing on Asstets side because his drawing is more than capital How can i adjust this transaction

Auditing standards


Accounting & taxation consultancy service in erode district

Dear Sir I provide following Consultancy Services in Erode District Tally Accounting Book Keeping Sales Tax Return Service Tax Return E TDS Return Internal Audit PAN TAN Accounts Finalization Work Other Tax Consultancy Service Please contact me for consultancy service Thanking You Regards M Shanmuga

About general accounting principles or gaap

Dear Sir Iam Abhimanyu kumar I Am a student of UPSC In my Syllabus General Accounting Principle or GAAP is Here What is the difference between them

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Glitches during Migration to New Accounting System

A direct nexus can be established between Migration to New Accounting and the saying Well begun is half done Before we move on to understand the glitches that are faced at the time of migration let us analyze the criteria that your company must consider to gauge whether a New Accounting System is in

Separate law for Accounting & Auditing Practices

Dear Accountants As you are aware that certain professionals are targeting the profession of accounting auditing by invoking provisions of some special laws that have a direct or indirect bearing on the profession of accountancy and auditing Tax practitioners advocates are claiming that accountants

Brief Benami Transaction Act, 2016

The recently cleared amendment to Benami Transaction Prohibition Amendment Act 2016 indicates the resolve of the Government of India to control the menace of black money and its by product Benami transactions with the new stringent law and its effective implementation It looks like our PM will be ho

Income Computation And Disclosure Standards - In Brief

Income Computation and Disclosure Standards ICDS Section 145 2 of the Income Tax Act 1961 confers powers to the Central Government to notify accounting standards to be followed by any class of assessee Exercising that power the Central Government introduced Income Computation and Disclosure Standard

Immunities under Income Tax Act, 1961 - In Brief

If a person co operates with tax department in disclosure of income the assessing officer normally grants immunity as permitted under the Income Tax Act However the final decision on whether to grant or not rests with the concerned tax authority where the appeal lies Here are the immunities availabl

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Updated on : 1/20/2017 7:37:10 AM

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