Accounts Articles

IFRS: IMPACT IN THE ASSET ACCOUNTING CYCLE

Posted by CA S.SAIRAM 20 July 2010 16703 Views

IFRS: IMPACT IN THE ASSET ACCOUNTING CYCLE An asset accounting cycle is akin to our Working capital cycle. It comprises of a purchase or in house production, consumption for business or capital appreciation and final disposal. This article envisag

Converged AS 9 (IAS -18) vs. Customs and Excise Valuation

Posted by CA S.SAIRAM 12 July 2010 10088 Views

Converged AS 9 (IAS -18) vs. Customs and Excise Valuation - Alignment The new AS 9 or the offspring of IAS-18 comes with a tinge of maturity to the most fundamental concept of Revenue. A comparative analysis between the existing definition as per A

IASB issues ED of new standard on revenue recognition

Posted by Vinod Kothari 30 June 2010 6756 Views

IASB issues ED of new standard on revenue recognition Revenues to be deferred to recognize performance obligations in sales and services Vinod Kothari www.vinodkothari.com, email vinod@vinodkothari.com As a part of a

IND AS 41 First time adoption of Indian Accounting standards

Posted by CA. Amit Daga 18 June 2010 18424 Views

IND AS 41First time adoption of Indian Accounting standards Scope of IAS 41 Ind-AS 41 is applicable to the first set of annual Ind-AS financial statements prepared by a company. The first Ind-AS financial statements are defined as the first annual f

IMPLEMENTING IFRS

Posted by Dilip K Raina 16 June 2010 11295 Views

FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES-IAS 29 Since we are talking of accounting standards which are acceptable internationally, thus the quality of such standards making them stable and dependent in the long run for better presentation

Profit & Loss account during Construction Period mandatory?

Posted by CA Kishore Tallam 28 May 2010 46024 Views

Many times, we see that many companies which are in startup stage i.e. during construction period and before it is ready for commencing commercial operations do not prepare Profit and Loss Account for the year / period and the total expenditure incu

IMPAIRMENT OF ASSETS UNDER IFRS

Posted by Dilip K Raina 24 May 2010 35931 Views

IMPAIRMENT OF ASSETS UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS)-A VIEW While some of our professional brothers will be updating their knowledge to be ready for the implementation of IFRS from the next financial year the need of the hou

Defferred tax and life

Posted by Chinmaya Hegde 07 May 2010 13371 Views

Accounting Standard 22 explains about Accounting for Taxes on Income had created a great deal of fear in me before i have actually gone through it.So this article is for those who have sufferred from Defferred tax fobia.

Roadmap for Convergence to IFRS by MCA

Posted by CA. Amit Daga 03 February 2010 14998 Views

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view

Accounting & Taxation Impacts of Cert. Emission Reductions

Posted by CA. Rishabh Mittal 17 December 2009 13933 Views

ACCOUNTING ASPECTSICAI has already issued Guidance Note on Accounting for Self Generated CER’s & it is made effective from 01st July, 2009. It mainly focuses on recognition of CER’s in financial statements. Here, we’ll discuss