Tag: Accounting Standards
Financial Statements are prepared based on certain assumptions which are neither disclosed nor required to be disclosed, so they are called Fundamental Accounting Assumptions, like Going Concern, Consistency & …
Once an ASLB is issued, the Local Bodies should follow the ASLB and not the corresponding Accounting Standard issued by the ICAI.
Primary considerations in selection of accounting policies of an enterprise should be that the financial statements should represent a true and fair view of the state of affairs and …
ICAI has published the revised/ second edition (July 2019) of the Guidance Note on Division I (Non Ind AS) of the Schedule III to the Companies Act, 2013, for …
Accounting Standards (AS 1~32) are issued/ amended by the Accounting Standards Board of ICAI, to establish uniform standards for preparation of financial statements, in accordance with Indian GAAP (Generally …
The MCA has notified the Companies (Accounting Standards) Amendment Rules, 2018, to amend Accounting Standard (AS) 11: The Effects of Changes in Foreign Exchange Rates (revised 2003) applicable w.e.f. 1 April, 2018.
The ICAI has issued a set of FAQs to clarify accounting treatment of the increased liability arising from enhancement of gratuity ceiling from Rs. 10 Lac to 20 Lac, …
ICAI has announced withdrawal of 'AS 30 on Financial Instruments: Recognition and Measurement', 'AS 31 on Financial Instruments: Presentation' and 'AS 32 on Financial Instruments: Disclosures'.
ICAI makes Amendments to AS 2, AS 4, AS 10, AS 13, AS 14, AS 21, AS 29 and withdraws AS 6; pursuant to MCA's Companies Accounting Standards Amendment …
MCA notifies the Companies Accounting Standards (AS) Amendment Rules, 2016 vide Notification dt 30/03/2016, which are applicable from the financial year 2016-17.