Accounts Articles

Consolidation of accounts for private limited companies

ABHISEK TOSNIWAL 13 May 2015 at 11:01

It is believed that to get correct picture of financials of a business, the financials of the subsidiaries & joint ventures of the company should be analyzed together. On this premise the concept of consolidation of accounts is devised & is t

Cost control and cost reduction

Guest 13 May 2015 at 11:00

Cost accounting has been defined as �that branch of accounting which deals with the classification, recording, allocation and summ

Indian accounting standards converged with IFRS (Ind AS)- An Overview

Amit Bavishi 17 April 2015 at 13:52

The world is getting smaller and smaller,globalization has made it possible to accept the world as one market. For better understanding of the business reporting and consistency in accounting policies, there was an urgent need to align to one global

Material Procurement - Inventory levels & EOQ

CMA Poornima Madhava 28 March 2015 at 15:53

Material Procurement Inventory Levels & EOQAn important function of Stores is to requisition materials for replenishment. The following tools help Stores to maintain required inventory and to guide on reorder quantity:Let us discuss each

Introduction of IND AS Framework

CA Vivekanand Pote 28 March 2015 at 15:53

Framework for preparation and presentation of financial statements in accordance with IND AS Purpose Sets out the concepts for preparation and presentation of financial statements in accordance with IND AS Assist in development of future Indian Acc

Stage now set for implementing Accounting Standards converged with IFRS

CA. Rajvir Bhatnagar 10 March 2015 at 10:36

Ministry of Corporate Affairs has finally announced the Companies (Indian Accounting Standards) Rules, 2015 for applicability of Accounting Standards converged with IFRS. A notification in this regard has been issued on 16th February, 2015. Important

Path towards IFRS

Samyak Sanghvi 05 March 2015 at 11:17

INTRODUCTION Since the advent of internet, the world has shrunk, distances have lost their importance and information has no more remained the differentiating factor in this global arena. Globalization-the BUZZWORD has

Ind AS 2 - Inventories

Ashima chachra 25 February 2015 at 10:12

1. Objective: a) Deals with the determination of cost ,b) Subsequent recognition as an expense , including any write-down to NRV ,c) Guidance on the cost formulas that are used to assign costs to inventories.2. Scope: This Standard applies to all inv

Ind AS applicability

Ashima chachra 23 February 2015 at 10:17

Indian Accounting Standards (Ind As)As we all know that as per Notification of Ministry of Corporate Affairs on 16th February2015 Ind As has came into force. They shall come into force on the 1st day of April, 2015. I have gone through the notificati

IFRS 15: Revenue recognition from contracts with customers

CA. Rajvir Bhatnagar 09 February 2015 at 10:19

IFRS 15: Revenue recognition from contracts with customers - Major changes in the offing for some industriesA new Standard, laying down revised guidance for recognising revenue from contracts with customers has been introduced by International Accoun