accounting standards in brief

News

Inviting expression of interest from CA firms for Indian Railways project


ICAI Accounting Research Foundation ICAI ARF established by the Institute of Chartered Accountants of India in January 1999 as a Section 25 Company under the Companies Act 1956 now a Section 8 Company under the Companies Act 2013 for promoting research in the areas of accounting auditing capital mar

Guidance Note on Audit of Banks 2017 released


Guidance Note on Audit of Banks 2017 edition issued by the Auditing and Assurance Standards Board The Auditing and Assurance Standards Board of the ICAI has today issued the Guidance Note on Audit of Banks 2017 edition For the benefit of the members complete text of the Guidance Note and the content

Applicability of ICDS for May 2017 CA exams


The Central Government had vide Notification No S O 892 E dated 31 3 2015 in exercise of the powers conferred by section 145 2 notified ten income computation and disclosure standards ICDSs to be followed by all assessees following the mercantile system of accounting for the purposes of computation

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

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Experts Opinions

Accounting


Respected Sir Our private limited company was registered by ROC on 29 12 2016 Thereafter we have applied for PAN to NSDL online Still today i e 24 03 2016 we have not received PAN by NSDL As such there are no business activities till 31 03 2017 Whether we can extend our accounting period till 31 03

Accounting & taxation of contractors who take govt contracts


Sir Madam I want to Know about the Accounting and Tax Compliance direct as well as indirect of Contractors or Engineers who take contracts from P w d or various works contracts department of State Central Govt or Local Authorities As the Govt delays payment of Bills T D S also delays in Form 26 AS s

Advance management accounting


Can anyone tell me is there any changes in AMA since 2012 till now And are these changes minor or major Do the classes of 2012 are enough for me if my attempt is nov 2018

Advance management accounting


I am taking pendrive classes of Sanjay Aggarwal of costing of year 2012 however a few classes are missing Can anyone explain sales variances based on turnover in the same way as Sanjay Aggarwal sir has taught

Accounting of cash credits in balance sheet?


An assessee availed a CC Limit of 15 lacs against mortgage of property Balance on 31st March in CC Account shows 13 5 lacs How much to show under Liability 1 5 lacs CC utilised to be shown under Liab Under which head Current Liability or Long Term Loans Does CC limit of 13 5 lacs UNUTILISED needs to

Discussion

Accounting standard 10 property plant and equipment

Accounting to New standard Depreciation Method should be based on revenue that is generated by asset but what to do where one want to change method of depreciation from SLM to WDV because of change in revenue generation pattern according to AS that should be accounted according to AS 5 According to

Gratuity fund accounting

WE PAID GRATUITY FUND TO LIC SO HOW TO MAKE THE ACCOUNTING

Accounting of cash credit in balance sheet?

An assessee availed a CC Limit of 15 lacs against mortgage of property Balance on 31st March in CC Account shows 13 5 lacs How much to show under Liability 1 5 lacs CC utilised to be shown under Liab Under which head Current Liability or Long Term Loans Does CC limit of 13 5 lacs UNUTILISEDneeds to

Accounting ratios

Dear All Could anyone of you please post all the accounting ratioformulas with necessary details in excel format With Regards Mukunda 9900924000

Accounting treatment

Hi What will be the accounting treatment for the below entry how much to be part of PL and Balance sheet Plant and equipment cost Rs 2300000 will be added to the factory on the basis of deffered payments to be made in 5 equal instalments

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File Download

  • Financial Accounting and Tally ERP 9

    Financial accounting Introduction Journal entry Tally Introduction Creating company Creating ledger Voucher entry Inventory Vat TDS tcs
  • SAC - HSN code under GST

    SAC HSN code under GST HSN codes at 8 digits will be mandatory in case of export and imports The GST law has to be compatible with international standards For taxpayers with turnover between Rs 1 5 Crores and Rs 5 Crores in the preceding financial year HSN codes need to be specified only at 2 digit chapter level HSN code of 4 digits will be mandatory for taxpayers having turnover more than 5 crores Turnover will be taken on self declaration basis for IST year and afterwards turnover of the previous year shall be used
  • GST - Registration & Business Process

    GST Registration An analysis and brief introduction of Business Process
  • CA-IPCC Advanced Accounting

    Summary of CA IPCC Advanced Accounting first 2 chapters
  • Overview on SEBI LODR & Role of PCS Under SEBI LODR

    THIS FILE CONTAINS BRIEF OVERVIEW OF SEBI LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS REGULATIONS 2015 THE REGULATIONS OPPORTUNITIES FOR PCS UNDER THE REGULATIONS

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Articles

A brief analysis on insolvency professionals


Background The Insolvency and Bankruptcy Code 2016 Code is considered as the biggest economic reform next only to GST It offers a market determined time bound mechanism for orderly resolution of insolvency wherever possible and orderly exit wherever required It envisages an ecosystem comprising Nati


GST in Brief


Goods Service Tax GST 1 Single Tax Structure for both Goods Services which will Replace Indirect taxes at central state level However alcohol for Human Consumption Petroleum not cover 2 GST will applicable throughout the India including J K 3 GST is consumption based tax i e tax on value additions a


An Overview of Guidance note on Accounting for derivative Contracts


An Overview of Guidance Note on Accounting for Derivative Contracts Applicable from April 1 2016 Accounting treatment for derivative contracts was earlier covered by AS 30 31 32 which was withdrawn in March 2011 owing to revision in IAS 39 Financial Instruments Recognition and measurement issued by


Indian Accounting Standards: Employee benefits perspective


PART 1 BACKGROUND 1 1 Why new accounting standards are being introduced Need for a consistent accounting framework Accounting bodies around the world are working towards having a consistent framework for financial reporting This purpose of developing such a framework is to enable users of this infor


Uniform Accounting Software can change the economic scene


All people keep some records of their financial transactions money receipts payments receivables and payables When these transactions are recorded in chronological order and classified according to some rule or policy adopted by the business entity it is known as accounting and required information


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Updated on : 3/24/2017 9:40:16 PM


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