Accounts Articles
FAQ on Convergence of Indian Accounting Standards with IFRS
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.
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 - Euphoria over certain doom
Oh Lord! Forgive them! They do not know what they do can be the prayers of well meaning people over the inexplicable euphoria
IFRS - Basics
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
Intellectual Property
Intellectual propertyIntellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, and images used in commerce. Intellectual property is divided into two categories:1) Industrial Property inc
IFRS Convergence in India - Part 1
IFRS Convergence Key Challenges Introduction: In last decade the Global market has become local. Entities are reaching new markets world over to sell their products & services, tap capital markets & banks for funds. Investors have s
IFRS Convergence in India
IFRS/IAS The International Financial Reporting Standards (IFRS) is, as all we know, is posed as the global language of accountancy which is aimed to make the comparison and interpretation of the financial statements across the world easier. T
Consolidation requirements under AS-21
Issues: There are two companies. Both companies holding 50:50 in one another company. After some period of time, one company purchased additional 1 equity shares due to which the holding of this company is increased more than 50%. Is in this case co
Inflation Accounting
Inflation Accounting Introduction: The basic objective of Accounting is the preparation of fi
As-22 Accounting for Taxes on Income - Brief Note
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
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