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+05:30January 18th, 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+05:30December 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+05:30December 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+05:30November 11th, 2021|Accounting|

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 It’s also worth noting that AS 6 – Accounting for Depreciation has been withdrawn, and […]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|

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|
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