” 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.
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:
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 […]
Bad debt is one that cannot be collected and is therefore worthless to the creditor. It is usually the result of a bankruptcy filing by a debtor. Bad debts can also emerge when the expense of collecting exceeds the amount owed. As soon as the loan becomes bad, the company should be able to deduct […]
Recognition of revenue is the most essential accounting policy which can directly impact the company’s financial performance. Ind AS 115 lays down rules and new requirements for recognition of revenue which can be new or can be different from the already existing revenue recognition standards provided
Ind AS 115 Revenue from contracts with customers deals with the […]
Financial statements are censorious to your business. Without them, you would not be able to do things like plan expenses, assure loans, or vend your business. But how do they create? Through the accounting cycle (every so often called the “bookkeeping cycle”).
The accounting cycle is a multi-stage procedure designed to transform all of your company’s raw financial […]
