Accounts Articles

IFRS Convergence in India - Part 1

Posted by Rajesh 05 January 2011 20628 Views

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

Posted by CA Prabhakar Dubey 13 December 2010 36946 Views

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

Posted by V CHANDRA SEKARA RAJU 06 December 2010 147369 Views

Inflation Accounting Introduction: The basic objective of Accounting is the preparation of fi

As-22 Accounting for Taxes on Income - Brief Note

Posted by Shreya Sanghvi 03 November 2010 183672 Views

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

Posted by Suresh Prasad 27 October 2010 410654 Views

(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

Posted by CA S.SAIRAM 16 October 2010 10881 Views

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

Posted by CA S.SAIRAM 16 September 2010 95570 Views

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

Preparation tips - Accounts

Posted by CA Suraj Lakhotia 14 September 2010 40403 Views

Well begun is half done and it is quite important that we write the first paper of our exams extremely well. I have made an attempt to describe strategies which I adopted and which enabled me to score 95 (PE1), 98 (PE2) and 80 (Final). 1.

IFRS in Insurance Industry

Posted by PS Prabhakar 30 August 2010 10259 Views

ICAI routinely releases Exposure Drafts on the proposed Accounting standards and of late have begun to release IFRS compliant ASs. Recently, the Exp Draft of AS 39 was released for comments. I wrote the following letter to ASB, which I thought I sho

IFRS and Transfer Pricing as per Income Tax Act, 1961

Posted by CA S.SAIRAM 27 August 2010 27902 Views

IFRS and Transfer Pricing as per Income Tax Act, 1961 The bundle of IFRS that we have in the pipeline is no kith and kin for the existing Transfer Pricing concepts. IFRS dwells predominantly on the ‘Fair Value’ concept. Majority of these