Accounts Articles

Specific Issues in Revised Schedule VI

CA Sourabh Agarwal 26 September 2012 at 11:16

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,

Analysis of Clarification issued by MCA Dated 9-8-2012

Nirmal Shah 01 September 2012 at 12:55

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

Cash basis of accounting followed by non corporate entities

Vivek Hebbar 28 August 2012 at 11:27

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

Functional Currency's consequential Impact on Deferred Tax

Sanjay Chauhan (IFRS) 27 August 2012 at 12:00

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

Revised Schedule VI - An Overview

Aravind.. 13 August 2012 at 11:24

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 & Time Liability of Savings Bank Account

Member (Account Deleted) 09 August 2012 at 11:46

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

Real Estate/EPC Contracts : Draft Guidance Note for Cost Records

CMA Navneet Kr Jain 09 August 2012 at 11:46

Real Estate/EPC Contracts : Draft Guidance Note for Cost Records By Navneet Kumar Jain, Practising Cost Accountant, Delhi Institute of Cost Accountants of India has recently released a draft guidance note on the maintenance of cost records in respec

Basic concepts of CMA data

CMA Ramesh Krishnan 30 July 2012 at 11:02

Basic concepts of CMA data Introduction: Credit Monitoring Arrangement (CMA) data is a very important area to understand by a person dealing with finance in an organisation. It is a critical analysis of current & projected financial statements

At the verge of financial reporting

Aditi Jhunjhunwala 27 July 2012 at 14:59

At the verge of financial reporting- MCA comes up with amended format for Abridged Balance Sheet and Profit and Loss Account Just as companies have declared the financial results for FY 2011-12, the Ministry of Corporate Affairs (MCA&rdqu

Currency Translation Reserve

Sanjay Chauhan (IFRS) 09 July 2012 at 12:05

A. Objective: This topic covers accounting for non integral operations under AS 11 in specific and its comparison with IAS 21. B. Back Ground: With the intent to Go Global, Indian entrepreneurs are now expanding their business focus in variou