Advanced accounting- as 4 and as 29
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2013
The accounting standards 4 and 29 both relate to contingent liabilities. So i have a question whether how it would be decided which contingency is covered under which AS. Also if there's a law suit filed by us. it's a contingent asset under AS 29 but if after balance sheet is prepared result for the law suit is declared as we win it. How would be the amount receivable be treated?
Ganeshbabu K
(Expert)
15 August 2013
It is covered under Accounting standard 4
if you have created provision for bad debts earlier it can be written back as receibale is confirmed
if you have created provision for bad debts earlier it can be written back as receibale is confirmed
Message likes :
1 times
15 August 2013
If u won the case then reverse the provision for bad debts in profit and loss a/c with a note in notes to account regarding the description of the matter.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
