accounting-standards

The Accounting Standards Board of ICAI has issued an announcement called Criteria for Classification of Entities and Applicability of Accounting Standards in which the Board has classified the Entities into three categories based on turnover, borrowing, and other elements, which we have already learned. The ASB of ICAI has shortlisted the Accounting Standards which have […]

The Accounting Standards Board of ICAI has issued an announced regarding the Classification of Entities and Applicability of Accounting Standards. In connection with this the ASB has divided the Non Corporate Entities into three Levels and these three are explained in details and the conditions are explained to decide the classification of an Entity. As […]

The Accounting Standards Board of ICAI has classified the Enterprises for the Application of Accounting Standards with the Financial Statements. For which, the ICAI has already issued an announcement called Classification of Entities and Applicability of Accounting Standards and it was notified by the Central Government of India. As per ICAI the Entities are classified […]

Accounting Standards are formulated by the Accounting Standards Board of ICAI to reduce the complications involved in the application of Accounting Principles, As well to improve the comparability of Financial Statements and to promote the transparency and fairness in their presentation. There are certain fiscal policies formulated by Income Tax Department, where Deductions and Exemptions […]

All the concerned Enterprises should present the Items of the Financial Statements as per the Order made by the Court/ Tribunal. On November 17, 2004, the Council of ICAI has announced that if an Item in the Financial Statement of an Enterprise is treated differently, disclosures should be made in the Financial Statements of the […]

Accounting Standards are applicable to the Items, which are shown in the Financial Statements of an Enterprise and the Items should be of Material in nature. An item in the Financial Statement is likely considered to be a Material, if it is likely to affect the economic decision of the Enterprise. The Materiality is not […]

There are Enterprises which required to comply with the Accounting Standards (issued by the ICAI and notified by the Central Government), and which does not required to comply with the Accounting Standards and these are explained in detail below. An Enterprise does not required to comply with Accounting Standards. Non Companies like Partnership Firms does […]

Accounting Standards are applicable to an Enterprise, which is a Corporate, Co-operative, or any other form type, but it must be engaged in Commercial, Industrial, or Business activities. Even it is applicable to the Non Profit Enterprises like Charitable, Religious Trusts, such activities carried by them. So, an Enterprise must have engaged in any one […]

Earlier we have learned that the Accounting Standards framed by the Accounting Standards Board (ASB) of ICAI, and issued by the Council of ICAI. The ASB will submit the Finalized Exposure Draft of Proposed Accounting Standard to the Council. After consideration of all the comments the Council will request the ASB for further amendments to […]