Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
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 […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
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 […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
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 […]
Venkkatesh K Uncategorized Accounting, Accounting Term 0
Accounting or Accountancy is the process of transforming the Book-Keeping data into understandable financial information about a business entity to users such as shareholders and management. The communication between the Accountants and Management generally in the form of Financial Statements that show in money terms. The art lies in selection of Information that is relevant […]
Venkkatesh K Uncategorized Accounting, questions-and-answers, recording-accounts-in-tally-erp-9, tally-tips 14
When ever a person paid his or his dependents’ Insurance Premium can account in his books of Accounts for assessment of Accounts. And there are two different possible methods available for Accounting of payment transaction of Premium of an Insurance to Life Insurance Corporation of India, or other such Insurance Companies. The most common thing […]
Venkkatesh K Uncategorized Accounting, CA Material, IPCC Group 1 - Paper 1, IPCC Material, technical-guide-of-income-tax-filing 0
Enterprises are willing to toddle (walk) down to the Global Market and want to reach their products and services to the Global Customers, as well inviting the Global Investors to invest in their company. An organization follows certain Accounting Standards notified by the Government of the corresponding countries. In order to attain the capital beyond […]
Venkkatesh K Uncategorized Accounting, CA Material, IPCC Group 1 - Paper 1, IPCC Material, technical-guide-of-income-tax-filing 0
The Council of ICAI has been issued 32 Accounting Standards so far. AS 8 which pertain to “Accounting for Research and Development” has been withdrawn consequent to the issue of AS 26 on “Intangible Assets”. Thus effectively, there are 31 Accounting Standards at present. The following are the mandatory Accounting Standards as on July 1, […]
Venkkatesh K Uncategorized Accounting, CA Material, IPCC Group 1 - Paper 1, IPCC Material, technical-guide-of-income-tax-filing 0
Accounting Standards aims to disseminate the true information about financial position and profitability of an enterprise to the stakeholders for prudent management decisions, by preparing and presenting the financial information by applying the valuation techniques and methods of accounting principles, thereon. By setting the standards the accountant has following benefits. Reduce Alternative Accounting Treatments By […]
Venkkatesh K Uncategorized Accounting, CA Material, IPCC Group 1 - Paper 1, IPCC Material, technical-guide-of-income-tax-filing 0
In the process of application of the Accounting Standards while drawing up the Financial Statements and its presentation, some practical questions would rise in the starting stage. To answer these issues Accounting Standard Interpretation(ASI) were issued. Earlier these were issued by the Accounting Standard Board. ASIs are issued after the AS issuance on the relevant […]
Venkkatesh K Uncategorized Accounting, CA Material, IPCC Group 1 - Paper 1, IPCC Material, technical-guide-of-income-tax-filing 1
ICAI, the premier (most important) accounting body in India, has constituted the Accounting Standards Board(ASB) in 1977. Accounting Standard Setting and Issuing procedure is initiated by the ICAI and it is fully Consultative (Advising) and Transparent In the Standard Setting process ASB will consider the following International Standards while drafting the Standard. International Accounting Standards […]