AS 18 – Related Party Disclosures

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

This AS 18 defines disclosure criteria for: Related party relationships; and 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 [...]

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AS 13 Accounting for Investments

By |2021-12-01T08:01:57+00:00December 3rd, 2021|Categories: Accounting|Tags: , , , , , , , , |

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 [...]

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AS 7 – Construction Contracts

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

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 [...]

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AS 10 : Accounting standard on Property, Plant and Equipment

By |2021-11-05T12:11:01+00:00November 5th, 2021|Categories: Accounting|Tags: , , , , , , , , , |

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 It's also worth noting that AS 6 – Accounting for Depreciation has been withdrawn, and all [...]

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AS 15 :Employee Benefits

By |2021-11-11T06:42:56+00:00October 27th, 2021|Categories: Accounting|Tags: , , , , , , , |

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 – [...]

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AS 22: Accounting for Taxes on Income

By |2021-11-11T06:40:02+00:00October 20th, 2021|Categories: Accounting|Tags: , , , , |

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 is [...]

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