Material Procurement Inventory Levels & EOQAn important function of Stores is to requisition materials for replenishment. The following tools help Stores to maintain required inventory and to guide on reorder quantity:Let us discuss each
Framework for preparation and presentation of financial statements in accordance with IND AS Purpose Sets out the concepts for preparation and presentation of financial statements in accordance with IND AS Assist in development of future Indian Acc
Ministry of Corporate Affairs has finally announced the Companies (Indian Accounting Standards) Rules, 2015 for applicability of Accounting Standards converged with IFRS. A notification in this regard has been issued on 16th February, 2015. Important
INTRODUCTION Since the advent of internet, the world has shrunk, distances have lost their importance and information has no more remained the differentiating factor in this global arena. Globalization-the BUZZWORD has
1. Objective: a) Deals with the determination of cost ,b) Subsequent recognition as an expense , including any write-down to NRV ,c) Guidance on the cost formulas that are used to assign costs to inventories.2. Scope: This Standard applies to all inv
Indian Accounting Standards (Ind As)As we all know that as per Notification of Ministry of Corporate Affairs on 16th February2015 Ind As has came into force. They shall come into force on the 1st day of April, 2015. I have gone through the notificati
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 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
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
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