Accounts Articles
Definition & scope of Financial Instruments
FINANCIAL INSTRUMENTS: DEFINITION AND SCOPE (IND AS 32) Financial Instrument-: Any contract that give rise to a financial asset of one entity and a financial li...
IND AS - 10 events after the reporting period
Reporting of significant events, occurring post reporting date, are required to maintain transparency of financial statement
Ind AS 37 vis-a-vis AS 29
Due to globalization in the recent past, the world has become a global village. Many multinational companies have started expanding their business across various countries. Accounting frameworks of different countries provide
Most common mistake in Depreciation
Change in life of assets has been specified in new companies act 2013. However it does not suggested change in depreciation method. Hence there is no need to recalculate effect of depreciation from the period of asset inception for depreciation. Chan
Ind AS 16 quick review
Quich Review of IND AS 16IND AS 16 deals with Accounting & depreciation of property, plant and equipment which are covered by existing Accounting Standard 10 (Accounting for Fixed Assets) & AS 6 (Depreciation Accounting).1. Meaning of Fix
All about internal financial control (IFC)
What is Internal Financial Control (IFC)? (Sec 134) As per Section 134 of the Companies Act 2013, the term �Internal Financial Controls� means the policies and procedures adop
Practical Guide to Consolidation of Accounts
"The more you learn, you learn that you still have lot to learn� Did you know? Before Companies Act 2013, only listed company was required to do Consolidation. AS 21 says that if a company is required to do consolidation then consolidation
Books of account
Books of Account etc. to be kept by CompanySection 128 of Companies Act, 2013Rules 2A, 3 & 4 of Companies (Accounts) Rules, 2014Sub-section 1 states1. Place of keeping Books of account -Books of account + other relevant books and papers + financi
Related Party disclosure under IFRS
Current business scenario, the related party relationship are normal feature of any business, It may be through subsidiaries, joint ventures and associates, these kind of business arrangements generally affect the b
Hedge Accounting as per IND-AS
Purpose of the Article:- Hedge accounting is a method of accounting where entries for the ownership of a security and the opposing hedge are treated as one. Hedge accounting attempts to reduce the volatility created by the repeated adjustment of a fi
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