Accounts Articles
Highlights of Companies (Cost Records and Audit) Rules 2014
Highlights of Companies (Cost records and audit) Rules 2014Introduction: Ministry of Corporate Affairs has notified the Companies (Cost records and audit) Rules 2014 under section 148 & 469 Companies Act 2013 on 30th June 2014. These rules have l
IFRS
I. Introduction :1. These are challenging times in many respects. A global financial meltdown in which India cannot escape without hurt, a gruesome terrorist at...
Message from President
My dear professional colleagues, This is my first communication from me to you all, after having taken over the reigns of the Institute yesterday a...
Accounting Ratios
To test Name of Ratio Formula Parties interested Industry norm Liquidity and Solvency ...
Provision and Payment of Gratuity is Mandatory
This Act is enacted to provide for a scheme for the payment of gratuity to employees engaged in factories, mines, oilfields, plantations, ports, railway compani...
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
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
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