The amendment made in Ind AS 116 includes a practical expedient that provides lessees with a choice not to assess a rent concession occurring as a result of the direct consequence of the Covid-19 pandemic as a lease modification. Know more about the amendment here
Hospitality Industry - Does handing over business operations and premises, equate to lease, or hiring a sub-contractor?
Is Parking area a lease or a non-lease component as per Ind As-116?
Apart from differences in the perseverance in accounting and financial terms, the least we can predict is the future of both. The year 2020 has already been a year of financial loss and the loss did not hinder a state or a country, but the world has been suffering lately.
With the advent of innovations and new technologies due to pandemic across the world, the economic environment continues to evolve. Therefore, the change becomes a new constant for organizations to reshape their business model and business processes to be aware of recent trends. Accounting is an essential element of the business process.
IFRS 9 is crucial and important especially in Covid time. This IFRS application is very testing for Companies in Covid time.
How Audits are Being Performed Remotely by Accountants During the Pandemic?
ICAI is working to develop the standards for forensic accounting and investigation (FAIS). These are expected to be completed by December 2020.
From speeding up transaction processing to gaining actionable insights to make informed decisions, every business owners are aware of several benefits of a retail POS system.
Section 135 of the Companies Act, 2013 requires the Board of Directors to constitute a Corporate Social responsibility Committee
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