Accounting method v/s Accounting policy
This query is : Resolved
14 August 2016
how do we distinguish change in method of accounting from change in accounting policy.
CA MAYANK WADHERA
(Expert)
14 August 2016
Please elaborate a bit
14 August 2016
For example, if a company changes it's method of determination of cost formula for valuation of inventory from fifo basis to weighted average cost basis. Is it change is accounting policy or method of accounting employed?
Amol S Joglekar
(Expert)
15 August 2016
it is change in accounting policy
Method of accounting are CASH system, ACCRUAL system, HYBRID system... (Income tax has derecognised HYBRID system)
Method of accounting are CASH system, ACCRUAL system, HYBRID system... (Income tax has derecognised HYBRID system)
Amol S Joglekar
(Expert)
16 August 2016
you are most welcome.
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