Accounts Articles

Integrated Accounting System : An overview

Pankaj Pendse 11 June 2012 at 12:02

Integrated Accounting is a distinguished accounting system in which the accounts are integrated and only a single set of accounts are maintained. Essentially it avoids maintenance of Accounts under cost accounting & financial accounting. Thi

Preparation of Cash Flow Statement - Part II

RaGHuRaM 08 June 2012 at 11:38

Hi, friends! In continuation to my first part Preparation of Cash Flow Statement; Im writing this article to make it easier to prepare the cash flow statement. The second part explains the preparation of working notes. First we are going to s

Real Estate/Construction Industry: Reconfirmation of Applicability of Cost Accounting Record Rules 2011

CMA Navneet Kr Jain 30 May 2012 at 11:02

Real Estate/Construction Industry: Reconfirmation of Applicability of Cost Accounting Record Rules-2011 by Ministry of Corporate Affairs By Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA The present article is in continuati

Preparation of Cash Flow Statement

RaGHuRaM 29 May 2012 at 14:08

Cash flow statement.As the name itself indicates the statement which only deals with inflow and outflow of cash (and cash equivalents) during the accounting year. Our work is to classify those inflows and outflows into three activities namel

Compulsory Convertible Instruments under Revised Schedule VI

Sanjay Chauhan (IFRS) 10 May 2012 at 11:15

Facts of the case Indian Entities have issued Foreign Currency Compulsory Convertible Bonds / Compulsory convertible debentures. How should the same be classified under revised Schedule VI? Revised Schedule VI Excerpt from Guidance

International Financial Reporting Standard (IFRS): Principle based Standard

Sanjay Chauhan (IFRS) 09 May 2012 at 11:46

IFRS are considered a "principles based" set of standards that establish broad rules for accounting.Rules-based standards such as US GAAP have an accounting rule for almost every type transaction. There are various oversight bodies whose objective is

Cost Compliance Report and Applicability On New Industries

CMA Navneet Kr Jain 03 May 2012 at 12:45

Cost Compliance Report and Applicability On New Industries for the year 2011-12: From the year 2011-12 onwards many companies have come under the purview of Section 209(1)(d) of the companies Act

Deferred Tax in Simple Words - PART II

Vignesh Killur 02 May 2012 at 11:22

The Day is 1st of April 2001; the Indian Accounting Fraternity is introduced to the concept of Deferred Tax. Accounting for Taxes on Income (AS 22) is applicable to different categories of enterprises from different dates. TABLE 1.

Books of Account u/s 209 of the Companies Act,1956

G S Rao 05 April 2012 at 10:50

Introduction Section 209 is one of the most important sections in the Companies Act, 1956. This section deals with the requirements of maintenance of books of accounts and penalties for non compliance. A detailed analysis of the provisions of Sect

Revised Schedule VI - Paradigm shift and Impact

CA S.SAIRAM 03 April 2012 at 11:04

The Revised Schedule VI which is to come with effect from 1.4.2011 is intended to mandate a presentation format which will facilitate showing what would have been accounted under the upcoming I