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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Duties of an Auditor

By |2021-11-11T06:42:03+00:00October 23rd, 2021|Categories: Accounting|Tags: , , , , , , , , , |

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 [...]

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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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Bad Debts: Meaning and provisions for bad debts under Income Tax Act

By |2021-11-11T06:39:14+00:00October 16th, 2021|Categories: Accounting|Tags: , , , , , , |

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 it [...]

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Ind AS 115 : Revenue From Contracts With Customers

By |2021-10-09T05:50:46+00:00September 21st, 2021|Categories: Business|Tags: , , , , , , , , |

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 [...]

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