Category: Accounting
Learn about the fundamental accounting assumptions that shape financial reporting, i.e. going concern, consistency and accrual basis accounting.
Learn about AS 1 of ICAI and its crucial role in promoting transparency and comparability of financial statements through the disclosure of significant accounting policies.
Accounting policies are crucial in financial statement preparation. Learn about their nature and how their disclosure requirements vary depending on the circumstances in which enterprises operate.
ICAI has issued revised/updated Guidance Notes (2022 Edition) on Ind AS Compliance by ‘Non Ind AS Companies’ (Division I), ‘Ind AS Companies’ (Division II), and ‘NBFCs’ (Division III) for …
ICAI has decided to revise the Accounting Standards applicable to entities to which Ind AS are not applicable and has accordingly issued the Exposure Drafts of various Revised Accounting …
Accounting Standards formulated by the ICAI do not override the statute/ law that govern the preparation and presentation of general purpose financial statements of a particular Local Body. Accounting Standards …
NFRA has published its comments on the Regulatory Impact Assessment (RIA) conducted by ICAI for revision of existing Accounting Standards for adherence by the micro entities which are not …
Effect of Uncertainties on Revenue Recognition may either result in postponement of recognition of revenue in full or partial adjustment thereof by way of provisions for a particular accounting …
The ICAI’s IND AS Implementation Committee has published the 2019 edition of the ‘Quick Referencer on Indian Accounting Standards (IND ASs)’ issued by the MCA, which provides a concise …
The ICAI’s IND AS Transition Facilitation Group (ITFG) has published a ‘Compendium (January 2019 Edition) of 132 Clarifications issued upto 31/12/2018 (Bulletin #1 to Bulletin #17)’ regarding concerns or …