Accounts Articles

IASB issues ED of new standard on revenue recognition

Vinod Kothari 30 June 2010 at 12:44

IASB issues ED of new standard on revenue recognition Revenues to be deferred to recognize performance obligations in sales and services Vinod Kothari www.vinodkothari.com, email vinod@vinodkothari.com As a part of a

IND AS 41 First time adoption of Indian Accounting standards

CA. Amit Daga 18 June 2010 at 12:51

IND AS 41First time adoption of Indian Accounting standards Scope of IAS 41 Ind-AS 41 is applicable to the first set of annual Ind-AS financial statements prepared by a company. The first Ind-AS financial statements are defined as the first annual f

IMPLEMENTING IFRS

Dilip K Raina 16 June 2010 at 10:29

FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES-IAS 29 Since we are talking of accounting standards which are acceptable internationally, thus the quality of such standards making them stable and dependent in the long run for better presentation

Profit & Loss account during Construction Period mandatory?

CA Kishore Tallam 28 May 2010 at 17:58

Many times, we see that many companies which are in startup stage i.e. during construction period and before it is ready for commencing commercial operations do not prepare Profit and Loss Account for the year / period and the total expenditure incu

IMPAIRMENT OF ASSETS UNDER IFRS

Dilip K Raina 24 May 2010 at 11:45

IMPAIRMENT OF ASSETS UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS)-A VIEW While some of our professional brothers will be updating their knowledge to be ready for the implementation of IFRS from the next financial year the need of the hou

Defferred tax and life

Chinmaya Hegde 07 May 2010 at 10:59

Accounting Standard 22 explains about Accounting for Taxes on Income had created a great deal of fear in me before i have actually gone through it.So this article is for those who have sufferred from Defferred tax fobia.

Guide to accounting for financial instruments and derivatives

Vinod Kothari 19 March 2010 at 17:04

Guide to accounting for financial instruments and derivatives All that stuff about AS 30, 31 and 32 Note of cautionWe would like to start this article with two notes of caution. First, AS 30, 31 and AS 32 are Indian accounting standards that corresp

Roadmap for Convergence to IFRS by MCA

CA. Amit Daga 03 February 2010 at 16:57

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view

Accounting & Taxation Impacts of Cert. Emission Reductions

CA. Rishabh Mittal 17 December 2009 at 13:50

ACCOUNTING ASPECTSICAI has already issued Guidance Note on Accounting for Self Generated CER’s & it is made effective from 01st July, 2009. It mainly focuses on recognition of CER’s in financial statements. Here, we’ll discuss

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IRFS)-GLIMPSE

Dilip K Raina 07 December 2009 at 10:08

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IRFS)-GLIMPSEDilip K RainaWith the opening of world economies and cross border investments the need for adoption of uniform accounting standards while preparing financial statements was felt prompting v