Accounts Articles

Inflation Accounting

V CHANDRA SEKARA RAJU 06 December 2010 at 13:04

Inflation Accounting Introduction: The basic objective of Accounting is the preparation of fi

As-22 Accounting for Taxes on Income - Brief Note

Shreya Sanghvi 03 November 2010 at 12:59

Accounting for Taxes on Income : What is the Object of this standard? In number of cases, the accounting income is different from taxable income that is profit as per Profit & Loss account is different compared to Income

Definition,Type and Issue of Debentures

Suresh Prasad 27 October 2010 at 12:44

(i) No journal entry to be made in the books of accounts of the company : Debentures are issued as collatera

IFRS: Amoritsed cost and tax implications

CA S.SAIRAM 16 October 2010 at 17:16

Amortized cost basis valuation in IAS-39 with respect to specified financial instruments can be compared to a journey in a passenger train which is either behind or ahead of the schedule and makes lot of discretionary time adjustments (i.e. halts and

Deferred Tax asset on Depreciation Loss: a Moot

CA S.SAIRAM 16 September 2010 at 11:56

Deferred Tax asset on Depreciation Loss: a Moot Creation of deferred tax asset in pursuance of accounting standard-22 requires existence of an intriguing situation called ‘Virtual Certainty’ for future taxable profits. ‘Virtual Cer

Preparation tips - Accounts

CA Suraj Lakhotia 14 September 2010 at 12:39

Well begun is half done and it is quite important that we write the first paper of our exams extremely well. I have made an attempt to describe strategies which I adopted and which enabled me to score 95 (PE1), 98 (PE2) and 80 (Final). 1.

IFRS in Insurance Industry

PS Prabhakar 30 August 2010 at 11:56

ICAI routinely releases Exposure Drafts on the proposed Accounting standards and of late have begun to release IFRS compliant ASs. Recently, the Exp Draft of AS 39 was released for comments. I wrote the following letter to ASB, which I thought I sho

IFRS and Transfer Pricing as per Income Tax Act, 1961

CA S.SAIRAM 27 August 2010 at 15:37

IFRS and Transfer Pricing as per Income Tax Act, 1961 The bundle of IFRS that we have in the pipeline is no kith and kin for the existing Transfer Pricing concepts. IFRS dwells predominantly on the ‘Fair Value’ concept. Majority of these

Impact of IFRS on Different accounting aspects

CA Raj Thakkar 23 August 2010 at 11:53

In Previous article I have disussed Impact of IFRS on Accounting Practise now I would like to go ahead with Impact of IFRS on Different Accounting Aspects. Here some important Items has been taken. Inventory Measurement At cost or net realizable

TAX BASE of an ASSET- I GAAP Vs. IFRS

Raja naga 23 August 2010 at 10:26

TAX BASE of an ASSET- Indian GAAP Vs. IFRS (Assuming the economic benefits that will flow to an entity when it recovers the carrying amount of the asset is taxable) Tax base of an asset as per IAS12 is “The amount that will be deductible