New technologies and techniques have evolved and transforming every area of the industry over the past few years, including marketing, management, web design, and HR. But the accounting sector had been trapped in the dark ages for long until with the emergence of powerful new technologies, it finally begins to look like an industry that is ripe for disruption. With the advent of web-enabled communication, automation, and the cloud, the accounting industry experienced a tectoni..
Government Grant Objective of the Standard:- Ind AS 41, Agriculture is the first standard that specifically covers the Accounting and Reporting requirements for the Primary sector. Prior to this standard, there were no established guidance on Agriculture and Allied Industry. This standard introduces a Fair Value model to Agriculture accounting which is a major shift away from the traditional cost model widely applied in Primary Industry. This standard..
Its 11th year that IFRS. 2009 is the birth year of IFRS. The main motto of IFRS is -TEA - Transparency, Efficiency, and Accountability in Financial statement preparation and Reporting. IFRS is not a statutory body. It is Not a Profit organization and 140 Countries are members of this. IFRS is a software code of accountants and CA to become Globally acceptable. Before we start IFRS Decoding in my way, Its good to s..
Technology has several stories to tell. The word itself is similar to development and, in an abundance of today's business landscape; it continues to reshape industries and businesses. It transforms systems and processes, changing manual tasks into automatic functions. Developments like SaaS and cloud-based subscriptions, in conjunction with on-premise solutions, are the most used technology today. Still, a lot of technological disruptions square measures are on the way for acco..
Coronavirus has led to many issues world around not just in relation to health but also has impact over various other concerns and one such concern is its accounting impact. Since lots of businesses have been hurt economically, a lot of matters will now be of concern to be informed to the stakeholders, as a lot will be concerned about the financial stability of the orgaizations Governments world around have taken steps to stop its spread which have indirectly affected the financial ..
Background, in a Sale and leaseback transactions (SALT), an entity transfers an asset to another entity and leases that asset back from the buyer. This kind of transactions are used for financing, where the seller immediately receive funds while possessing right to control the use of asset. The accounting treatment prescribed under Ind AS 116 is considerably changed from the existing standard (i.e. Ind AS17). Concept of sale and leaseback accounting as per Ind AS 116: In..
Covid19 pandemic disease which had restricted movement of people all around world has given rise to various side effects. Many business activities depended upon movement of people. Example : logistics, Hotel & Tourism Industry. These had got big hit because of Covid. Every Industry has inter depend on each other. Nobody is free from COVID19 effect. Every economical effect has effect on Psychology. It creates fear in the minds. Fear of uncertainty affects future activities of a p..
The Golden Rules Of Accounting Accounting, often referred to as the "language of business" measures, processes and communicates the results of an organization's economic activities to its users, which include investors, creditors, management and other stakeholders. Accounting today is much more than book-keeping as it is responsible for the overall analyzing, summarizing and reporting of financial data. Table of Contents: <div class="table-resp..
The pandemics of coronavirus, or COVID-19 has been here for a while and after the first shock of its quick spread and effect on people's health, we are all seeing its economic consequences. In order to stop the spread, governments in many countries ordered complete lockdown. Many businesses had to stop their operations and thus many Companies have re-negotiated their lease agreements and modified the lease payments, original tenure, variable consideration etc. According to Ind A..
IFRS (International Financial Reporting Standard )16 has significantly changed the accounting for leases across the globe. Most of the entities are busy managing these impacts for reporting their numbers of the previous financial year...