AS 9 Revenue Recognition

” Profit is the gross flux of cash, receivables, or other consideration arising in the course of an enterprise’s ordinary conditioning from the trade of goods, picture of services, and from colorful other sources similar as interest, royalties, and tips,” according to the ICAI’s AS 9 Profit Recognition.

 Preface of AS 9 Profit Recognition

By |2021-12-14T11:36:57+00:00January 18th, 2022|Accounting|

Types of Cost Accounting

 

Cost accounting is a type of cost managerial accounting that aims to capture a company’s whole cost of production by monitoring both variable and fixed costs, such as a lease payment. Cost accounting is the practise of a company’s (variable and fixed) costs associated with the manufacture of a commodity being tracked, reviewed, and documented. So […]

By |2021-12-18T07:18:24+00:00January 3rd, 2022|Accounting|

AS 18 – Related Party Disclosures

This AS 18 defines disclosure criteria for:

  1. Related party relationships; and
  2. Transactions between a reporting entity and its related parties.

This Standard applies to the financial statements of each reporting enterprise as well as the consolidated financial statements of a holding company.

What is the meaning of a Related Party?

According to AS 18, a related party is defined […]

By |2021-12-07T12:17:55+00:00December 12th, 2021|Accounting|

AS 13 Accounting for Investments

AS 13 Accounting for Investments is a widely used standard that governs the accounting for investments in a company’s financial statements and specifies different disclosure criteria.

Applicability of AS 13 Accounting for Investments

The following are not covered by AS 13 Accounting for Investments:

  • Dividends, interest, and rentals earned on investments covered by AS 9
  • Finance or operating leases […]
By |2021-12-01T08:01:57+00:00December 3rd, 2021|Accounting|

AS 7 – Construction Contracts

AS 7 Construction Contract defines and specifies the accounting treatment of revenue and expenditures associated with a construction contract. Construction contracts have to be accounted for in the financial statements of the contractors using Accounting Standard 7 Construction Contract.

Different Types Of Contracts

A construction contract is one that is entered into expressly for the building of […]

By |2021-11-11T05:46:02+00:00November 11th, 2021|Accounting|

AS 19 – Leases

AS-19 deals with the accounting policies applicable for all types of leases except certain listed below. A lease is an arrangement between the lessor and the lessee that grants the lessee the right to use an asset in exchange for a payment or series of payments over a predetermined period of time.

What types of leases are […]

By |2021-11-08T08:37:04+00:00November 8th, 2021|Accounting|
Go to Top