I am seeking information on the basis of accounting being followed by apartment associations. Is it a general practice to maintain such accounts on cash basis? Is it permitted?
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Basis of accounting to be followed by apartment associations
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| Originally posted by : J Narayanan | ||
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I am seeking information on the basis of accounting being followed by apartment associations. Is it a general practice to maintain such accounts on cash basis? Is it permitted? |
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It is always advisable to follow accrual basis of accounting, sometime one need to charge interest and also may need to present the financial statement to users, which should be meaningful, it is very important to recognise liability and receivable
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