accounting standards in brief


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

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

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Accounting of cargo buisness

A person is into cargo buisness and earns commission on providing trucks for transportation He acts as a middleman between the the person who requires truck and the person who is ready to send his truck for transportation and earns commission income on the same Please guide regarding the overall acc

Travel agency Accounting, income tax & service tax

good morning to all of you one of my friend starts a HAJJ UMRA TRAVELING AGENCY WHETHER HE is required to get register under service tax and how his books of accounts are kept and how the income tax is calculated

Accounting of boot contracts for infrastructure facility

If we construct an infrastructure facility under fixed annuity payment concession agreement with state govt whether that asset can be shown as fixed asset in concessionaire books whether depreciation is allowed How to recognised fixed annuity receipts deferred over a concession period

Banking company - accounting & taxation


Auditing standards - techniques to remember easily

Sir tell me how to link an Auditing standard number to its Name and remember it easily I know one such example SA 550 is both 5 and 5 are similar and Related Parties to each other Please help me with other standards


Accounting words

Dear All Let me know in accounting definition meaning of below words Netting off Nullify Thanks

Accounting and tax for share trading

Hello Everyone I want some help on Accounting for a Person who do Share Trading the whole year and also Filing his Income Tax Return and Calculating Taxes STCG and LTCG While doing Accounting I Use FIFO Method in Calculating Stock But I dont know how to Calculate the Value of Closing Stock Im Confus

4% sad (special additional duty ) refund accounting entry in tally

DEAR ALL i would like to know what is the accounting entries of SAD 4 refund if firstly treated as expense and then received as a refund in next year

Hospital accounting

High value forceps surgical instrument use in Hospital consider as Assets or revenue expenses Note This instrument maynot have long life more than three years

System of accounting

If a educational institution prepares BRS Bank Reconcilation Statement then which will be the system of accounting of the institution whether cash basis or mercantile

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Proposed Buy back of Shares by TCS- An Accounting perspective-Ind -As/ IFRS

We all got to hear by now that some major companies in India including Tata Consultancy Services TCS are planning to buy back its shares in order to improve efficiencies into its earning per share We will not discuss about the reasons and shortcoming of Buyback schemes which are normally being done

Brief on 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

Associates - Key accounting changes - Ind-AS/IFRS

As India moves towards International Financial Reporting Standards Ind AS IFRS requirements gradually there are some fundamental changes which are imperative in nature while defining group structure of any entity and or requirement to present it on the face of financial statements differently compar

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

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Updated on : 2/25/2017 4:20:16 AM

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