accounting standards in brief

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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 entry


Please tell me when we purchase self land construction make building on land purchase building construction material Cement stone tiles M S Bars Rodi etc than accounting entry of construction material will book in which head

cost accounting-Joint Products


In share of joint cost do we add fixed cost

Method of accounting


CAN A SOCIETY REGISTERED UNDER SOCIETY REGISTRATION ACT 1860 BOMBAY PUBLIC TRUST ACT 1950 DO ACCOUNTING AS PER CASH SYSTEM IS IT MANDATORY TO DO ACCOUNTING ON MERCANTILE SYSTEM FOR THEM

Voucher serial no as per accounting standard


I have joined in a company recently they are not maintaining voucher serial no in all their vouchers except sales entry They are putting parties bill no as voucher serial no they are using manual voucher no in tally erp Is accounting standard allows to pass vouchers without any serial no Pls guide m

Accounting treatment of winning a car in lottery


winning a car in lottery worth RS 456150 and tds has been deducted of RS 136845 and the person who has won the car has to pay the tax Amt as well as insurance and other charges aggregating to RS 269766 what should be the accounting treatment and tax effect of it

Discussion

Provision for expense at the end of accounting year

Hai All While closing books of accountson 31st march 2017 I made an expenses related to march as provision for expenses since bill wasnt received till 31st march and Input on service tax not taken consideration for the month march But when i got the bill in April Invoice date was 31 3 2017 So can I

Australian accounting basic - very urgent

How do your explain the differences in basic accounting system between AUSTRALIA AND INDIA This is very urgent for an interview

Requirements for hedge accounting

What are the requirements for hedge accounting

Advanced accounting

In study material 3 of advanced accounting pg no 7 18 for calculating unrealised profit they have taken increase in stock i e opening less closing however in other remaining sums the cost element is calculated on closing stock Why this is so Kindly help Thank you

Accounting entry of current and prepaid expens

Dear All I have a query related to prepaid expenses Invoice Date 21 03 2017 Basic Amt 100 Service Tax 15 Total 115 Please note basic amt is inclusive of period 4th Qtr FY 16 17 and 1st Qtr FY 17 18 Payment against the invoice is not done till date Please help me out for making accounting entry to be

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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 : 4/26/2017 6:14:11 AM


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