Category: Accounting
ICAI has issued a Technical Guide on ‘Financial Statements of Non-Corporate Entities (NCEs)’ to ensure consistent and effective application of the accounting standards for strengthening and standardising the financial …
MCA has notified the Companies (Accounts) Second Amendment Rules, 2022 to further defer the date of applicability for the requirement relating to Audit Trail feature in the Accounting Software …
The National Financial Reporting Authority (NFRA) has issued ‘Financial Reporting Quality Review (FRQR)’ Report in the case of Financial Statements of M/s Prabhu Steels Industries Limited (PSIL) for FY …
In India, the Accounting Standards for non-corporate entities including Small and Medium sized Enterprises (SMEs), are issued by the Accounting Standards Board (ASB) of ICAI, to establish uniform standards …
As per AS-1 issued by the ICAI, the primary considerations in selection of accounting policies should be to ensure that the financial statements prepared and presented on the basis …
In recent years, the number of acceptable alternative accounting treatments for various situations, particularly in the case of corporate enterprises. have substantially reduced specifically due to unification approach of …
Final users should know that Financial Statements are prepared/ presented by adhering to certain basic accounting assumptions, like Going Concern, Consistency and Accrual, which are not required to be …
ICAI’s AS-1 deals with mandatory disclosure of significant accounting policies followed in preparing and presenting the ‘true and fair’ view of the financial statements, by way of a separate …
To ensure proper understanding of financial statements, it is necessary that all significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed. Therefore, first …
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) …
