I am doing an audit of Construction company.. There is only 1 project (township) going on currently. Is there any guideline for valuation of Construction WIP as on 31.03. Booking collections received have to be treated as advances under current liabilities. Also AS 7 is not applicable. Also please guide me about treatment of borrowing costs under AS 16 in this context...
Thanks in Advance
Hai
There is an apartment in our compnys fixed asset register which was not used by the company last year. From Dec07 onwards the company has let out the same for 10,000.
Should it classify under the fixed asset or investment?
As per AS-22, Deferred Tax (Asset or Liability) should be recognised only when there is a temporary difference between taxable income and accounting income.
Now as per AS-31, The Financial Instruments need to be marked to market and recognise the anticipated losses in books. Since these losses are not recognised by income tax. This will give rise to a difference between taxable income & accounting income.
But I am uncertain about the type of difference it should be referred to - permanent or temporary.
The reason being if the actual sale of instrument results in profit, the anticipated loss becomes a permanent difference, as no loss occurs at any time and was never reversed.
Hello sir,
I just wanted to know that is there any AS which supports capitalisation of pre incorporation profits in the books of accounts?
At prest we book a purchase value of new mobile as expenses instead of assets booking.
Now our internal auditor recongnized as assets & statutory as expenses , b'cause statutory argue that nowadays mobile is a very changeble instrument. So don't provide it as assets.
Now tell us should we continue with expense or go with internal auditor as assets
I have a confusion....
On Sep, 2007 in AGM, M/s X & Co, is appointed as auditor till next AGM. Bal. Sheet is going to be finalized for 31.03.2008.Assume Prov for Audit fee will be Rs. 50000/- but not yet finalised.On 31.03.2008 Provision is made in books on estimate basis:
Audit fee Dr. 50000
To Prov. for Audit Fee 50000
Is it perfect?or TDS have to deduct here?
Is it compusory to deduct TDS on 31.03.08 or we should wait till audit completion and receiving of Audit Bill.
Let assume Bill received on 10.08.08 then on that date we will booked X & Co. as creditor and deduct the TDS on that date.
Am I right?
Hi.How do i know if i need to go for acturial valuation of gratuity and leave.
our organisation donot pay any fixed contributions to any fund,so it comes under defined benefit plan.so do we need to go for this AV every year or once in every 3 years..
During the course of one of my audits i came across an expenditure for the Increase in the Authorised Capital paid to MCA. In the books of accounts the same was debited as preliminary expenses. when i asked a senior CA/my Principal he said the treatment of the exp is correct but couldnt xplain the reason.
Can anyone provide me a reason for the same.
Whether a company, must, make provision for liability arise out of employee benefits as described at AS -15 or as written in AS-29 (retirement benefit as contingent liability).
If the company does not provide such liability, whether the company is liable to be prosecuted or anwerable to any govt. authority.
Company (including its Holding foreign company) has a total turnover more than 50 crores and the indian company has a employee strength of 40.
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