Accounts Articles

IFRS 15: Revenue recognition from contracts with customers

CA. Rajvir Bhatnagar 09 February 2015 at 10:19

IFRS 15: Revenue recognition from contracts with customers - Major changes in the offing for some industriesA new Standard, laying down revised guidance for recognising revenue from contracts with customers has been introduced by International Accoun

IND AS 7 vs AS 3

Aadarsh Gupta 03 February 2015 at 10:42

Ind AS 7 and existing AS 3The objective of IND AS 7 is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the

Comparison of IND AS 2 and existing AS 2

Aadarsh Gupta 28 January 2015 at 10:51

Ind AS 2 and existing AS 2 The principles laid down in Accounting Standard (AS) 2, Valuation of Inventories, are well established and the principles laid down in Ind AS 2, Inventories, are almost similar to the pr

Comparison of IND AS 1 and existing AS 1

Aadarsh Gupta 23 January 2015 at 10:25

Accounting Standard 1 i.e. Disclosure of Accounting Policies deals with disclosure of significant accounting policies followed in preparing and presenting financial statements whereas IND AS 1 i.e. Presentation of Financial State

Preface to IFRS

CA ANKUSH AGGARWAL 17 January 2015 at 12:38

PREFACE TO INTERNATIONAL FINANCIAL REPORTING STANDARDS PURPOSE OF ISSUING PREFACE Setting out objectives and due process of the IASB Explain the scope, authority and timing of application of IFRS Preface has been amended from time t

Accouning Standards vis-a-vis IND vis-a-vis IFRS

CA. Atul Khurana 22 December 2014 at 11:00

OVERVIEW:What is Convergence of Accounting Standards?What is IFRS?Convergence of Indian accounting standards with IFRSRole of ICAI in IND ASRole of SEBI in IND ASRole of Industry AssociationsAdvantages and Challenges after implementing IND ASFor bett

Joint Development Agreement - A Business Model - Part 2

Bhanu Prakash Rao 16 December 2014 at 10:58

In my earlier article Joint Development Agreement - A Business Model I had made an attempt to discuss the joint development agreement model and a broad view of tax implication under the Income T

Basic Provisions of Corporate Social Resposibility (CSR)

Sushil Kumar Shaokand 06 December 2014 at 12:12

Basic provisions related to CSR Policy Corporate Social Responsibility requirementsAs per the Companies Act, 2013, section 135, every company having: 1. Net worth of rupees five hundred crore or more, or2. Turnover of rupees one thousand crore or mor

AS 17 Segment reporting (An Overview)

Narayanan 03 December 2014 at 11:48

Why is it required ?For a clearer understanding of the performances of segments.Scope :For General Purpose Financial Statements or Consolidated Financial Statements. If Financ

Meaning of Debit Note & Credit Note

Ankur Dudani 19 November 2014 at 10:28

#!,This Article contains Detainled Information about Debit Note & Credit NoteDebit note is a note sent by one party to another informing him that his account is debited in the sender's book.e.g. P (Purchaser) Purchased goods from S (Seller)