AS 10 : Accounting standard on Property, Plant and Equipment

AS 10 Property, Plant, and Equipment prescribes the accounting treatment for properties, P&E (Plant and Equipment) so that financial statement consumers can recognize and appreciate information about any enterprise’s property, P&E investment, as well as understanding changes in such investments. It’s also worth noting that AS 6 – Accounting for Depreciation has been withdrawn, and […]

By |2021-11-05T12:11:01+05:30November 5th, 2021|Accounting|

NFRA – National Financial Reporting Authority

Incorporate governance, the quality of accounting and auditing is critical. The Central Government established the ‘National Advisory Committee on Accounting Standards’ (NACAS) under Section 210A of the Companies Act of 1956 to advise it on the formulation and laying down of accounting standards and auditing procedures. NACAS will be replaced by the National Financial Reporting […]

By |2021-11-05T11:57:10+05:30November 5th, 2021|Accounting|

AS 15 :Employee Benefits

AS 15 Employee Benefits covers all types of employee benefits, as well as all forms of compensation supplied by an employer in exchange for employee services. The inventory compensation is not addressed in AS 15.

AS 15’s Applicability 

AS 15 went into effect on April 1, 2006, and it applies to Level 1 businesses. Level – 1 businesses, […]

By |2021-11-11T06:42:56+05:30October 27th, 2021|Accounting|

Duties of an Auditor

An auditor is a qualified individual who examines and confirms the accuracy of financial documents and ensures that businesses adhere to tax regulations. Their main goal is to safeguard organizations from fraud and to draw attention to any inconsistencies in accounting systems, among other things. In general, being an auditor is not a stroll in the […]

By |2021-11-11T06:42:03+05:30October 23rd, 2021|Accounting|

Section 50c of Income Tax Act

Due to the country’s massive population, there is always a high demand for real estate in India, which usually outnumbers supply. This demand-supply relationship, as well as people’s desire to acquire more, causes real estate prices to rise, resulting in significant gains for the seller. Such gains are unlikely to fall outside of the tax rate. […]

By |2021-11-11T06:40:14+05:30October 21st, 2021|Accounting|

AS 22: Accounting for Taxes on Income

The ICAI has established  Accounting Standard  AS 22 for the purpose of accounting for income taxes. AS 22 is used to reconcile the disparities between taxable and accounting income. 1. Accounting income is the net profit before taxes recorded in the profit and loss statement for a certain period. 2. Taxable income is income that […]

By |2021-11-11T06:40:02+05:30October 20th, 2021|Accounting|
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