Accounts Articles

Concept of Project Costing

CMA Ramesh Krishnan 31 December 2012 at 12:33

Concept of Project Costing Introduction: Costing of an each product or activity will differ from product to product and activity to activity. But the concept of the costing is same for all type of costing whether Product costing or Service costing.

Transfer Price in Advanced Management Accounting

CA Roopak Singh 14 December 2012 at 11:45

Transfer pricing comes into use when various divisions of a company deal with one another. A transfer price is that notional value at which goods and services are to be transferred by the supply division to receiving division. The goods that are pro

Summary of AS 18

CA Chirag Haraniya 11 December 2012 at 11:39

Crux of AS - 18 : 1. The objective of the accounting standard is greater transparency and disclosures with regard to related party relationship by the reporting entity. 2. Related Party relationships arise on either of the two below: a)

IFRS 3 and Goodwill

Sanjay Chauhan (IFRS) 08 December 2012 at 11:50

Introduction: With the introduction of revised schedule VI, India has shown its intent to Converge Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS) read with 41 International Accounting Standards (IAS) and

Applicability of Costing Accounting Rules to Construction Industry - An Overview

CMA Ramesh Krishnan 05 December 2012 at 12:23

Applicability of Costing Accounting Rules to Construction Industry- an overview Introduction: As per the Ministry of Corporate affairs notification G.S.R.429 (E) dated 3rd June 2011 as well as clarification issued on 25th May 2012, compani

The Era of Accounting Standards

CA Rashmi Ainapur 05 December 2012 at 12:22

Introduction: I am being pragmatic in citing that Accounting Standards are the pre requisite for carrying on the business efficiently in the globalized economy. Accounting Standards are defined as the principles

Ind AS 16 Industry Impact and Way Forward

Sanjay Chauhan (IFRS) 28 November 2012 at 11:52

In continuation of my previous article, this writeup brings out the brief differences between the two GAAPs and shares the industry impact analysis. Takes away from this article are part of the way forward section at the end. Major differences bet

Convergence to Ind AS 16 : Property, Plant & Equipment

Sanjay Chauhan (IFRS) 15 November 2012 at 12:41

Introduction India has principally agreed to converge to IFRS by implementing Revised Schedule VI, being the first constructive step in the journey. Let us appreciate the requirements of accounting for fixed assets in specific under Ind AS (ie IFR

Merger and Acquisition basics

Member (Account Deleted) 02 November 2012 at 15:59

Merger & Acquisitions Merger refers to a situation where two or more existing firm combine to form a new entity either a new firm is incorporated or one of the existing firm survives and another is merged with it. Acquisitions and takeover r

Accounting for Service Tax under point of taxation regime

Member (Account Deleted) 25 October 2012 at 11:17

Back-ground The Ministry of Finance has brought into force the Point Of Taxation Rules 2011 from July 2011. Although it has been nearly a year since these rules have been brought into eff