An Indian private ltd company which satisfies first four conditions of sec 2(f) of Companies (Accounting standard rules) 2006 to qualify as a smc. But it is a subsidiary of a foreign company which has the turnover of more than 50 crores during the immediately preceeding accounting year.
In that case will the Indian pvt ltd company be smc or non smc? Thank you in advance.

Whether fixed assets received free of cost can be capitalised at nominal value or zero value ?

whats the meaning of Pt. 7 & 8 in AS-18

dear sir,

can accountant use of green or red pen for checking vouchers.

also give me information abt who use green & red ink pens. especially in accounts / internal - external audit.

Hi,
My Company have a foreign branch in USA. Whenever the invocie is booked in INR it has to be converted to the USD for the local reporting in USA. So at which date's Foreign Exchange Rate should be consider for the conversion. The conversion should be done on the invoice date or the date at which invoice is booked in the books.
Thanks,
Kailash

Hi everone, I have a query regarding accounting treatment towards preproduction expenses. I have taken this as a deferred expenses. Now I want to write off this expense after considering the Accounting Standards. Can anyone please help me regarding this.

Can Sharing lunch with clients be treated as Business promotion expenses?
Please explain the difference between advertisement and business promotion expenses?

plz advice me on accounting for lifemembership fees received by trust for publication published by that trust.
some times trust received annual subscription also.

how can i recognised income of that trust

I have a query regarding Recognistion Revenue and Exchange Rate to be taken in case of Export sale or Import.

1. What is Exchange Rate to be taken in case of Export sales i.e whether RBI Exchange Rate or Customs Exchange Rate for Recognising revenue ?

2. Whether two exchange rates can be followed I.e RBI and Customs

3.While recognising revenue customs rate is taken and when actual payment is received RBI Rate is taken. Is this correct method.?

Please suggest me the correct way of the representing the transaction.

In one of the company, many payments are made exceeding rs. 20000 against the same bill. Is there any way by which such entries can be changed so that the disallowance u/s. 40A (3) is not attracted.

Plz answer this as soon as possible.