Category: Accounting

Guidance Notes issued by the ICAI on accounting/ auditing aspects are designed to provide guidance to members on matters which may arise in the course of their professional work and …

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 …

The Accounting Standards for non-corporate entities (including Small and Medium-sized Enterprises SMEs) in India are issued by the Accounting Standards Board (ASB) of ICAI, to set up 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 …

Accounting policies cover accounting principles and methods of applying these rules adopted by the organization when they prepare the financial statement. There isn’t one set of accounting rules that …