The actual taxation entries are most important things as they clears the Balance sheet picture and gives real result. Before going to understand the taxation entries, we should clear the various heads relating to Income Tax. [1] Provision for In
As we know the Revised Schedule VI has introduced a concept of classified balance sheet. Para 1 and 3 of General Instructions for preparation of Balance Sheet defines current assets / non-current assets and curre
In continuation of earlier article on topic Specific Issues in Revised Schedule VI, I am now here to discuss certain issues on Assets Side of Balance Sheet. Here we have a residual head named as Other Non Current Assets&
Greetings of the day to all the members of CCI Family. INTRODUCTION In this Article I will be discussing about some vital issues which arise while finalizing the Accounts. There are some points
Financial year 2011-12 has elapsed and nearly all companies have prepared there financial statements in accordance with revised Schedule VI. With every change, lots of clarifications and guidance material is made available to stakeholders, however,
Accounting treatment of Foreign exchange fluctuation (Forex) is covered under various standards as follows: AS 10 - Forex on liabilities for FA purchase etc, AS 11 - Forex on Monetary items, forward cover forex, forex on Long term monetary items e
Note on Cash Basis of Accounting followed by non-corporate entities in India Non-corporate entities in India may include an individual, a proprietory concern, a Hindu Undivided Family (HUF), a partnership firm, a LLP, a trust, etc. Unlike a
In continuation of my previous article, this article highlights the consequential impact of having two sets of functional currency (one for GAAP reporting and other Tax submissions) on deferred tax computation under Ind AS 12, which again is based
What is the primary objective of a financial statement? A financial statement is the language of a business through which it communicates. It is a summary of the business performance for a defined period. A summary always req
DEMAND AND TIME LIABILITY OF SAVINGS DEPOSITS DEMAND LIABILITY IS ONE WHICH IS DEMANDABLE AT ANY POINT OF TIME WHEREAS TIME LIABILITY IS ONE WHICH IS CORE PORTION AND NOT DEMANDABLE FOR A LONGER PERIOD. WHEN INTEREST ON SAVINGS DEPOSITS
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)