Accounts Articles
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
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
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
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
Definition,Type and Issue of Debentures
(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
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
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
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