Accounts Articles

IFRS with Indian AS

Vijay 16 July 2011 at 14:14

I.Indian Accounting Standards already issued by the Institute of Chartered Accountants of India (ICAI) corresponding to the International Financial Reporting StandardsAS 1 is based on the pre-revised IAS 1. AS 1 is presently under revision to bring i

Mandatory Cost Audit.Cost compliance for the FY 2011-12

CMA Navneet Kr Jain 30 June 2011 at 12:44

Sub: Latest amendment with relation to Cost Records (Sec 209(1)(d) and Cost Audit (Sec 233B) of Companies Act to be complied from the year 2011-12 onwards Sir, Ministry of Corporate Affairs has recently issued various notifications/cir

Bank Reconciliation Statement

NURSINGHA SAHOO 29 June 2011 at 14:15

BANK RECONCILIATION STATEMENT Bank Reconciliation Statement You operate a bank account in which you deposit money and withdraw money from time to time. You maintain a record with yourself of these deposits and withdrawals. One day you get your pas

Specialization for Survival for Chartered Accountants

Dilip K Raina 13 June 2011 at 11:52

Gone are the days when a chartered accountant in profession use to provide service to the clients with authority and client was supposed to reveal everything during the process of audits or other consultancy services being availed by such clients? T

Growing consumption a bane for India - Cost Management

CMA.Devarajan Swaminathan 18 May 2011 at 13:45

Growing consumption a bane for India - Chandran Nair.I was reading this interview that appeared in the Economic Times, Mumbai Edition today with great interest. "Author and think-tank founder Chandran Nair is a second-generation Indian-orig

Getting Started With Ind-AS

CA S.SAIRAM 11 April 2011 at 11:39

GETTING STARTED WITH IND-AS Most of us are now aware that the Ministry of Corporate Affairs has kick started the process of Globalization in accounting by notifying 35 new Accounting standards (titled Ind-AS) which are the current desi version of t

Financial Items Classification AS 30-32

Fahim 21 March 2011 at 12:03

The accounting standards 30-32 suggest reclassification of financial assets into various sub-categories such as FVTPL, HTM, AFS etc. These jargons appear to be technical, but in reality we already know them under different name. This article is inte

FAQ on Convergence of Indian Accounting Standards with IFRS

Santhosh Thaikkadan 11 March 2011 at 13:03

What is IFRS?International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). These are becoming the global standard for the prep

Impact of Introduction of IFRS on Indian Businesses.

anurag 01 March 2011 at 22:48

India has committed itself at the G-20 to make its companies, IFRS compliant from April 1st, 2011. Though India has not adopted the IFRS in full but it converged its Accounting Standards (AS) to get those in line with the international reporting s

IFRS - Basics

CA Ruban kumar 12 February 2011 at 13:16

International Financial Reporting Standards (IFRS) was issued by International Accounting Standards Board (IASB). The International Standard setting process began long ago as an effort to Standardize