MEANING An Intangible Asset is an identifiable asset which is non-monetary in nature that has no physical substance held for use in production or supply of goods or services. They exist in opposition to tangible assets like plant, machinery, etc and Financial Assets like government securities, etc. Some Examples of Intangible Asset are patents, copyright, franchises, goodwill, trademarks, and trade names, as well as software APPLICABILITY OF AS 26 AS 26 comes into effect on or after ..
In India, the power and knowledge that comes with the position of chartered accountants have always been revered in a top place? Have you considered why? Not only is it one of the toughest exams to crack but it caters to a large number of students all around the nation. But why would anyone put themselves under the hardship? What is the role of a chartered accountant anyway? A chartered accountant is a reputable person who manages the number of a company. They maintain several chords adhering..
Under AS 5 considering the errors are reported as ‘prior period adjustment' in the financial statements of the period in which such misstatements were discovered i.e. previous years' financial statements were not restated and therefore, it leads to lack of understanding by the users of the revised financial position and performance of an entity however, under Ind AS 8,due to the retrospective restatement of the financial statements to adjust the material prior period error, the re..
The year 2020 has been important for every type of business size - small, medium, large. To prevent the spread of COVID-19, the government announced a prolonged global shutdown. In the meantime, many businesses had to take quick measures (such as the right use of business software, accounting software) to move quickly. While many others were not so lucky and were forced to close forever as a result. Thus, to remain contact-less, all of us started using online platforms and business software. And..
As businesses are still evolving and providing superior user expertise to their client base, the need for the POS systems they use to back their sales efforts also have to evolve. If you run a retail business, then there is a need for decent retail POS software for your operations. The work of today's retail POS system isn't only to process client purchases, handling payments, and recording sales quickly. Retail POS software allows you to do more by providing all the new and accessibl..
Today, POS systems are imperative to run a fruitful business. They assist you in processing various payment methods rapidly and safely. Rather than payment processes, the current POS system can deal with much more than that which includes invoicing, maintain inventory, accounting, and reporting. If we look at the present scenario, the dependency of the organization on POS systems is 68 percent. With countless alternatives out there, analyzing how to opt for a best fit POS system according to you..
Through this article, I intend to summarize relevant provisions relating to the Redemption of Preference Shares as per Companies Act 2013 and its latest Amendments. I. Sec 55 (1) No company limited by shares shall, after the commencement of this Act, issue any preference shares which are irredeemable (2) A company limited by shares may, if so authorized by its articles, issue preference shares which are liable to be redeemed within a period not exceeding twenty years from the date of th..
On 4 November 2020, ICAI issued two Guidance Notes (GN) formulated by the Research Committee. The GN can be accessed at https://www.caclubindia.com/news/icai-releases-guidance-note-on-applicability-of-as-25-and-measurement-of-income-tax-expense-for-interim-financial-reporting-18699.asp The GN covers two important aspects - On share-based payments On the applicability of AS 25 for interim financial statements. The GN is applicable to companies following accounting ..
Finance and accounting, these two topics play a very important role in the world of business. But, do they mean the same? How are they different? These are the basic questions that go on in an individual’s mind in case he/she is interested in business, finance, etc. These two have a lot of similarities because of which it becomes difficult for one to choose but there are many differences too and you need to know the difference between them in order to successfully choose a path for yoursel..
Background In the current scenario, it is very common that corporates are having and coming up with employee stock options plans in order to retain and motivate the human capital of the organizations to achieve the target performance. Retaining and motivating the human capital of the company is quite imperative for an organization to be successful in the long run. Large corporate groups have such an employee stock plan for the group, whereby employees of the Group Company are eligible for ..
Guidance Note on Accounting for Share-based Payments (The following is the text of the Guidance Note on Accounting for Share-based Payments, issued by the Institute of Chartered Accountants of India. This Guidance Note is applicable for enterprises that are not required to follow Indian Accounting Standards. Pursuant to the issuance of this, “Guidance Note on Accounting for Employee Share-based Payments” stands withdrawn) Introduction 1. In a number of countries, shares a..
Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting (The following is the text of the ‘Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting’, issued by the Institute of Chartered Accountants of India. Pursuant to the issuance of this, “Guidance Note on Applicability of AS 25 to Interim Financial Results” and “Guidance Note on Measurement of Income Ta..