Accounting policies

This query is : Resolved

rohit (Querist)
Follow

19 July 2013 WHAT IS THE MEANING OF FORMULATION OF ACCOUNTING POLICIES AND PROCEDURES?

I HAVE SEEN THIS IN ONE OF THE CV

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

19 July 2013 It is preparation of accounting policies and procedure for the company, how to account each and every business transaction etc. this top management level profile

rohit

rohit (Querist)
Follow

20 July 2013 how it is prepared,give an example

Upgrade to CAclubindia Pro. Subscribe Now!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

20 July 2013 Basis for this accounting standard by the ICAI. we need to define the policies and procedure for each transaction how to be treated and accounted.example capitalisation of fixed asset. company may decide that below if the asset below Rs.10000/- the same can be written of the year or purchase and second example, deciding the the method of depreciation whether SLM or WDV this are the example of accounting policies