” 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.
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 […]
This AS 18 defines disclosure criteria for:
This Standard applies to the financial statements of each reporting enterprise as well as the consolidated financial statements of a holding company.
According to AS 18, a related party is defined […]
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.
The following are not covered by AS 13 Accounting for Investments:
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.
A construction contract is one that is entered into expressly for the building of […]
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.
