Accounts Articles

Preparation tips - Accounts

Posted by CA Suraj Lakhotia 14 September 2010 40411 Views

Well begun is half done and it is quite important that we write the first paper of our exams extremely well. I have made an attempt to describe strategies which I adopted and which enabled me to score 95 (PE1), 98 (PE2) and 80 (Final). 1.

IFRS in Insurance Industry

Posted by PS Prabhakar 30 August 2010 10265 Views

ICAI routinely releases Exposure Drafts on the proposed Accounting standards and of late have begun to release IFRS compliant ASs. Recently, the Exp Draft of AS 39 was released for comments. I wrote the following letter to ASB, which I thought I sho

IFRS and Transfer Pricing as per Income Tax Act, 1961

Posted by CA S.SAIRAM 27 August 2010 27909 Views

IFRS and Transfer Pricing as per Income Tax Act, 1961 The bundle of IFRS that we have in the pipeline is no kith and kin for the existing Transfer Pricing concepts. IFRS dwells predominantly on the ‘Fair Value’ concept. Majority of these

Impact of IFRS on Different accounting aspects

Posted by CA Raj Thakkar 23 August 2010 25394 Views

In Previous article I have disussed Impact of IFRS on Accounting Practise now I would like to go ahead with Impact of IFRS on Different Accounting Aspects. Here some important Items has been taken. Inventory Measurement At cost or net realizable

TAX BASE of an ASSET- I GAAP Vs. IFRS

Posted by Raja naga 23 August 2010 27912 Views

TAX BASE of an ASSET- Indian GAAP Vs. IFRS (Assuming the economic benefits that will flow to an entity when it recovers the carrying amount of the asset is taxable) Tax base of an asset as per IAS12 is “The amount that will be deductible

Exposure Draft of New Lease Accounting Standard

Posted by Vinod Kothari 21 August 2010 10786 Views

Exposure draft on Lease Accounting The end of finance-operating lease distinction All leases to come on the balance sheet Vinod Kothari It has been for several years (14 years approx) that the G4 +1 approach to lease accounting, linked to Aust

Ascertaining the Capital Requirements

Posted by CA S.SAIRAM 19 August 2010 14506 Views

ASCERTAINING THE CAPITAL REQUIREMENTS Fixed and Working capital assessments are a professional exercise which demands strong knowledge of business operation as well as finance. Working capital is the active portion of the capital for a business. It

Impact of adoption of IFRS on Accounting Practices

Posted by CA Raj Thakkar 19 August 2010 16140 Views

IMPACT OF ADOPTION OF IFRS ON ACCOUNTING PRACTICES Basic Concept Mix of historical cost and fair valuation. True and fair over-ride In extremely rare circumstances when management concludes that compliance with a requirement in an IFRS or an Inter

Statutory background for Royalty payment in India

Posted by CA S.SAIRAM 16 August 2010 48996 Views

Statutory background for Royalty payment in India The very nature of the term Royalty indicates a disguised share of profit and it is paid for acquiring a very valuable knowhow or technique that assists a person in nourishing his sales. Let us navig

Depreciation - Multifarious views and Court Judgements

Posted by CA S.SAIRAM 13 August 2010 16671 Views

Depreciation – Multifarious views and Court Judgements The common school of thought is that, the term ‘Depreciation’ is associated with the wear and tear of an object which has a useful life extending beyond the normal operating cy