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Real Estate/EPC Contracts : Draft Guidance Note for Cost Records
Real Estate/EPC Contracts : Draft Guidance Note for Cost Records By Navneet Kumar Jain, Practising Cost Accountant, Delhi Institute of Cost Accountants of India has recently released a draft guidance note on the maintenance of cost records in respec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