How to do finalisation of account

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Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2011 how does A.S. help in preparing the finalisation of accounts?

as i read the A.S. but got cofused as Every A.S. is different and no connection while writing account except few

what A.S. is more preferable to be remembered?

and what points to be considered for preparing Finalisation of Account
and how to use A.S. in Finalisation of Accounts

CA Jeen paul

CA Jeen paul (Expert)
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01 March 2011 the objective of accounting standard, as mentioned in the introduction of AS, is to standardize the diverse accounting policies and practices with a view to eliminate to the extent posisble the non comparability of financial statements and add reliability to the financacial statements.

standardisation
AS are to be complied with in each and every transaction not only at the stage of finalisation
example:- AS 9 Revenue recognition is an AS introduced for giving guidlines in recording the each and every revenue specificaly and genrally.

many of the accounting standards are specific to the certain industries or transaction for example : AS 19 A/cing for leases it applies only to entities who carries on the leasing business and those who undertakes lease.

my recomentation is that you read the objectives of each a/c ing standards and find whethter any of your transaction reqiures the AS.

ofcouse there are certain ASs effecting the Finalisation such as AS 1 disclosure of a/cing policy,AS2,AS4,AS5,AS6, AS9,AS22 a/cing for taxes on income, AS 29

get a good book and read exampls and probles in the exercise then you will femiliarise with your situations have though understanding of the theory and aplly

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2011 Sir as u Said to get a good book and read exampls and probles in the exercise then can u suggest which books to refer so it would be better

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CA Jeen paul

CA Jeen paul (Expert)
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03 March 2011 taxmann publications