Accounts Articles
International Financial Reporting Standard (IFRS): Principle based Standard
IFRS are considered a "principles based" set of standards that establish broad rules for accounting.Rules-based standards such as US GAAP have an accounting rule for almost every type transaction. There are various oversight bodies whose objective is
Cost Compliance Report and Applicability On New Industries
Cost Compliance Report and Applicability On New Industries for the year 2011-12: From the year 2011-12 onwards many companies have come under the purview of Section 209(1)(d) of the companies Act
Deferred Tax in Simple Words - PART II
02 May 2012
126262 Views
The Day is 1st of April 2001; the Indian Accounting Fraternity is introduced to the concept of Deferred Tax. Accounting for Taxes on Income (AS 22) is applicable to different categories of enterprises from different dates. TABLE 1.
Books of Account u/s 209 of the Companies Act,1956
Introduction Section 209 is one of the most important sections in the Companies Act, 1956. This section deals with the requirements of maintenance of books of accounts and penalties for non compliance. A detailed analysis of the provisions of Sect
Revised Schedule VI - Paradigm shift and Impact
The Revised Schedule VI which is to come with effect from 1.4.2011 is intended to mandate a presentation format which will facilitate showing what would have been accounted under the upcoming I
IFRS- Impact on Country's GDP
IFRS: Impact on the Countrys GDP IFRS (International Financial Reporting Standards) is not just a corporate subject but something which is of national interest. As the world turns into a Global village it is difficult for a co
About Revised Schedule VI
Ministry of Corporate Affairs has amended the schedule VI which is required to be implemented by the companies from Financial Year 2011-12 along with regrouping last year figures. Following are the changes in Revised Schedule VI.
Basic - Operating and Finance Lease
LEASE (FINANCE AND OPERATING) AS -17 Definition:- Finance Lease :- A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred. In other wor
Meaning of Deferred Tax Liability & Asset in Simple Words
10 August 2020
1993552 Views
Meaning of Deferred Tax Liability & Asset Explained in Simple Words: In Simple words, Deferred Tax Liability is a Provision for Future Taxation. This is in stark Contrast to Provision for Taxation. Provision for Taxation is basically a provision
Costing for Service sector - An overview Part-1
Costing for Service sector An overview- Part-1 Introduction: Costing is a typical process in each and every sector. It is a very important area to concentrate for all the sectors. Not like earlier only Manufacturing industry apply Costin
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