ACCOUNTING STANDARD 22

This query is : Resolved

CA Prabhakar Dubey (Querist)
Follow

25 March 2008 RESPECTED SIR,

WHAT IS THE MEANING OF "difference is capable of reversal in subsequent periods", "Permanent Difference", "Temporary difference", "virtual certainty" & "real certainty" IN ACCOUNTING STANDARD 22.

REGARDS,

PRABHAKAR

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
Follow

25 March 2008 Timing differences are the differences between taxable income and accounting income for a period that originate in one period and are capable of reversal in one or more subsequent periods.

Permanent differences are the differences between taxable income and accounting income for a period that originate in one period and do not reverse subsequently.

Virtual Certainity means if the enterprise is near to certain that the event will occur; and
real certainity means if the enterprise is totally certain that event will occur.

MANAS ROUT

MANAS ROUT (Expert)
Follow

25 March 2008 it is not possibel to describe all here so please go through the books of accounting standard of M.P VIJAY KUMAR.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
Follow

25 March 2008 permanent difference means the one thing is allowable under one act which shall never be allowable under other act whereas timing differences means that one thing is allowable under one act in one year and such thing shall be allowable under the another act in subsequent years

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now