Applicability of Accounting Standards to Companies other than those following Indian Accounting Standards (Ind AS)1 (I) Accounting Standards applicable in their entirety to companies AS 1 Disclosures of Accounting Policies AS 2 Valuation of Inventories (revised 2016) AS 3 Cash Flow Statements AS 4 Contingencies and Events Occurring After the Balance Sheet Date (revised 2016) […]
ANNOUNCEMENTS OF THE COUNCIL REGARDING STATUS OF VARIOUS DOCUMENTS ISSUED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Contents I. Clarification regarding Authority Attached to Documents Issued by the Institute 607 II. Accounting Standards 1, 7, 8, 9 and 10 Made Mandatory 611 III. Applicability of Mandatory Accounting Standards to Non-corporate Enterprises 619 IV. Accounting
Provisions, Contingent Liabilities and Contingent Assets Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of this Standard is also
Impairment of Assets Objective The objective of this Standard is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no mo re than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of
Reporting and analyzing financial metrics is necessary to understand your business’s financial health. Gross revenue represents the total amount of revenue earned from all your income sources and is a useful tool for calculating sales, predicting business growth and attracting lenders or investors.Gross revenue, also known as gross income, is the sum of all money generated
The residents of India’s capital may now avail the gamut of services and certificates provided by the Government through digital means, thanks to the launch of the e-District portal. eDistrict Delhi is a Delhi Government initiative that facilitates the online delivery of services to the citizens in a time-bound and hassle-free manner. The e-District Delhi
Amounts gained in exchange for time off that an employee did not use are referred to as “leave encashment.” An employee has the option to cash in accrued leave during their retirement. It is completed either as part of maintaining service or after quitting a job. Every organization has a different leave encashment policy. Some
Financial Reporting of Interests in Joint Ventures Objective The objective of this Standard is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors. Scope 1. This Standard should be applied in accounting for interests in
Intangible Assets Objective The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard. This Standard requires an enterprise to recognise an intangible asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and
Interim Financial Reporting Objective The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in a complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an enterprise’s capacity
CA Bhuvnesh Kumar Goyal
Chartered Accountants
cabkgoyal@gmail.com
9971782649
Ph: 9971782649
E: cabkgoyal@gmail.com
