Ind AS 110, Consolidated Financial Statements : The objective of Ind AS 110, is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. Consolidated Financial Statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows … Read more
IndAS 1: Presentation of Financial Statement, In India Presentation of Financial Statement is always governed by Companies Act instead of Accounting Standard. Earlier there is Schedule VI, now Schedule III is there for Presentation of Financial Statement as per Accounting Standard. Now you can scroll down below n check more details regarding “IndAS 1: Presentation of Financial … Read more
Ind AS 102, Share Based Payment: The objective of Ind AS 102 is to specify the financial reporting by an entity when it undertakes a share-based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in … Read more
Accounting Concepts are the assumptions and conditions on the basis of which financial statements of an entity are prepared. These are the concepts which are adopted by the organizations in the preparation of financial statements to achieve uniformity in reporting. Accounting concepts are the base for the formulation of accounting principles. Accounting concepts have universal … Read more
Ind AS 103, Business Combinations: A business combination is a transaction or other event in which a reporting entity (the acquirer) obtains control of one or more businesses (the acquiree). Ind AS 103 does not apply to the following: the formation of a joint arrangement the acquisition of an asset or group of assets that is … Read more
Ind AS 104, Insurance Contracts: The objective of Ind AS 104 is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described as an insurer). In particular, this Ind AS requires: limited improvements to accounting by insurers for insurance disclosure that identifies and explains the amounts in an insurer’s financial statements … Read more
Supply Chain is typically seen as a cost center. Digitization allows for a paradigm shift making supply chains a differentiator and a strategic pillar of new business models. Digitization can enhance the customer experience, improve efficiencies by eliminating manual processes, and foster new operating or business models. The supply chain exists to streamline the processes … Read more
Ind AS 114, Regulatory Deferral Accounts: The objective of Ind AS 114 is to specify the financial reporting requirements for regulatory deferral account balances that arise when an entity provides goods or services to customers at a price or rate that is subject to rate regulation. An entity is permitted to apply the requirements of this … Read more
Ind AS 112, Disclosure of Interests in Other Entities: The objective of Ind AS 112 is to require an entity to disclose information that enables users of its financial statements to evaluate: the nature of, and risks associated with, its interests in other entities; and the effects of those interests on its financial position, financial performance … Read more
Ind AS for NBFCs: Non-Banking Finance Companies (‘NBFCs’) having net worth of Rs 500 crore or more as at 31st March 2016 or thereafter are required to comply with Ind AS for accounting periods beginning on or after 1st April 2018 with the date of transition of 1st April 2017 or thereafter. As a result, … Read more
TaxAdda PMS Review: Today, we are going to review a famous application for CAs and tax practitioners i.e. TaxAdda PMS a cloud based application for managing tax practice. Tax professionals use GST and Income tax software for preparing and filing returns. But there is also a need for them to track their day to day … Read more
5 Key Factors to Consider While Choosing an Accounting Software. How to Choose Accounting Software. Do you run a small business? Are you planning to switch from traditional bookkeeping practices to using a business accounting software? While almost every business has benefited greatly from employing accounting software, there are few factors that you should consider … Read more
The objective of the IndAS 106 is to specify the financial reporting for the exploration for and evaluation of mineral resources. The exploration and evaluation expenditures are expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource … Read more
Accounting is a complex discipline in which accuracy and clear analytical thinking play essential roles. Writing a thesis paper dedicated to this subject may seem a very challenging assignment. Significant loads of information and complex calculations may scare you and make you stressed out. Here are a few useful tips on how to make your … Read more
If you own a business or you are holding an important portfolio in a business organisation, you ought to know the importance of bookkeeping. Bookkeeping is an essential aspect of every business that can make or break the business. A badly maintained ledger of expenditures, receivables etc. can create chaos while accounting. Read on to … Read more
Accountancy as a profession has always garnered a lot of popularity among students across the world. There are several accountancy regulatory bodies globally that award certifications to students or qualified accountants for enhancing their careers. ACCA or the Association of Chartered Certified Accounts is also a globally renowned organisation in the field of accountancy. The … Read more
Ind AS 111, Joint Arrangements: The objective of Ind AS 111 is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i .e., joint arrangements). The Standard requires a party to a joint arrangement to determine the type of joint arrangement in which it is involved by … Read more