The core principle of IND AS 115 is that revenue should be recognized to reflect the transfer of promised goods or services to customers in an amount that represents the consideration to which the entity expects to be entitled.
The Percentage-of-Completion Method (POCM) is an accounting method commonly used in the construction industry and other long-term contracts. It involves recognizing revenues and expenses in proportion to the project's completion during each accounting period.
IND AS was introduced in India way back in 2015 with the inherent objective of devising a better compliance model and structure for the big Indian conglomerates so that they could prepare their financial statements for true and fair representation.
In this article we discuss 3 AI-driven innovations, actively used by accountants to improve the accuracy of financial data, to free up time and make accounting more efficient.
In this article, we check the benefits of accounts outsourcing and how it can streamline your operations. So, get ready to say goodbye to accounting stress.
Golden Rules of Accounting means guiding principles for recording transactions correctly. The 3 main Golden Rules are Personal Accounts, Real Accounts and Nominal Accounts.
A Comparative Analysis of Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors and AS 5 - Net Profit or Loss for the Period, Prior Period ..
Helps Audit Professionals in ensuring compliance with accounting standards like AS -15 (R), Ind AS 19 | IAS 19 | US GAAP which mandate the use of Actuarial Valuation methods for provisioning for Long Term Employee Benefits.
1. Disclosure of Material Non-Adjusting Events Ind AS 10: Requires the disclosure of material non-adjusting events directly in the financial statements. AS 4: M..
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