Accounts Articles
Hedge Accounting for Foreign Currency Firm Commitments
In Continuation of my previous article.. Application of AS 30 under existing Indian GAAP as per ICAIs announcement: ICAI wide its circular dated 11th February 2011, has clarified that in respect of the financial statements or other financial
Hedging Foreign Currency Firm Commitments
Introduction Institute of Chartered Accountants of India (ICAI) had come out with an announcement in February 2011, on Application of AS 30, Financial instruments: Recognition and Measurement. It was clarified that the prepares of Financial S
Concept of Project Costing
Concept of Project Costing Introduction: Costing of an each product or activity will differ from product to product and activity to activity. But the concept of the costing is same for all type of costing whether Product costing or Service costing.
Transfer Price in Advanced Management Accounting
Transfer pricing comes into use when various divisions of a company deal with one another. A transfer price is that notional value at which goods and services are to be transferred by the supply division to receiving division. The goods that are pro
Summary of AS 18
Crux of AS - 18 : 1. The objective of the accounting standard is greater transparency and disclosures with regard to related party relationship by the reporting entity. 2. Related Party relationships arise on either of the two below: a)
IFRS 3 and Goodwill
Introduction: With the introduction of revised schedule VI, India has shown its intent to Converge Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS) read with 41 International Accounting Standards (IAS) and
Applicability of Costing Accounting Rules to Construction Industry - An Overview
Applicability of Costing Accounting Rules to Construction Industry- an overview Introduction: As per the Ministry of Corporate affairs notification G.S.R.429 (E) dated 3rd June 2011 as well as clarification issued on 25th May 2012, compani
The Era of Accounting Standards
Introduction: I am being pragmatic in citing that Accounting Standards are the pre requisite for carrying on the business efficiently in the globalized economy. Accounting Standards are defined as the principles
Ind AS 16 Industry Impact and Way Forward
In continuation of my previous article, this writeup brings out the brief differences between the two GAAPs and shares the industry impact analysis. Takes away from this article are part of the way forward section at the end. Major differences bet
Convergence to Ind AS 16 : Property, Plant & Equipment
Introduction India has principally agreed to converge to IFRS by implementing Revised Schedule VI, being the first constructive step in the journey. Let us appreciate the requirements of accounting for fixed assets in specific under Ind AS (ie IFR
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