Accounts Articles

A Small Note on Related Party Disclosure

Posted by CA Prashant Gupta 17 January 2013 91497 Views

A Small Note on Related Party Disclosure Sometimes relation between two or more enterprises effects the arm length price transactions between them. To know the effect of this relation on financial statement, one must know this relation. For this p

Utility of Cloud Computing for Accounting & Taxation Firms

Posted by CA D. Singhal 10 January 2013 21350 Views

Utility of Cloud Computing for Accounting & Taxation Firms In the present day business functions and financial activities technology acts as a major requisite. Technology has changed the ways we exchange financial information and presentat

Hedge Accounting for Foreign Currency Firm Commitments

Posted by Sanjay Chauhan (IFRS) 07 January 2013 33059 Views

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

Posted by Sanjay Chauhan (IFRS) 03 January 2013 20842 Views

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

Posted by CMA Ramesh Krishnan 31 December 2012 38064 Views

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

Posted by CA Roopak Singh 14 December 2012 24850 Views

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

Posted by CA Chirag Haraniya 11 December 2012 176628 Views

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

Posted by Sanjay Chauhan (IFRS) 08 December 2012 27468 Views

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

Posted by CMA Ramesh Krishnan 05 December 2012 21471 Views

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

Posted by CA Rashmi Ainapur 05 December 2012 24049 Views

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