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 […]
Accounting standards refine, boost and enhance the exposure directness of financial reporting and its position.
Meaning of Accounting Standards
Accounting Standards are inscribed as directorial principles. The documents furnished by expertise regulatory authority in accounting association or by the government administration shielding the exposure of.
- A revelation of financial transactions
- Accounting and bookkeeping records […]