Revenue from customers is a significant income for businesses all over the world. Accounting for the same requires proper understanding of the accounting principles and standards governing revenue recognition. In India, Ind AS 115, ‘Revenue from … [Read more...]
Ind AS 116 Leases
Lease financing is an age old financing agreement type where a lessee buys or rents capital equipment from lessor for an agreed period of time. The accounting of these transactions, w.e.f. April 1, 2019, is governed by Ind AS 116 “Leases”, issued by … [Read more...]
How to calculate Deferred Tax Asset / Liability AS-22
Income tax is paid on the total income a business which is calculated as per the provisions of Income Tax Act, 1961. The liability so calculated is recognized as “non-current tax liability” in books of accounts. But the accounting Standard 22 … [Read more...]
What is chart of Accounts ? A Detailed Analysis
Chart of Accounts Chart of accounts is the list of various accounting head in an organization opened for recording accounting transactions. The chart of accounts also shows the ledger balances of various accounting heads on a particular … [Read more...]
What is Bookkeeping and how it works?
Bookkeeping is an activity related to recording of the financial transactions of a business in a methodical manner so that all information is readily available when needed. A bookkeeper is responsible for keeping all data & files in systematic … [Read more...]
9 Accounting Concepts You Must Know
Accounting principles refers to fundamental belief or a general truth which once established does not change. They are usually the Accounting concepts and conventions which have been adopted as a general guide by the accounting profession. These … [Read more...]
Who is an Auditor ? Some Facts you must know
Auditor is a independent person who vouches for the correctness of books of accounts. He reports on the true & fairness of the financial statement. He may be appointed by the organization itself or may be appointed by the government authority … [Read more...]
How to prepare cash flow statement in easy steps: A Master Guide
Many of us find it difficult to prepare cash flow statement (CFS). Some of us get confused in what to add and what to reduce, and the CFS never tallies for them. But do you know there is simple way to prepare cash flow statement. I am going to … [Read more...]
Accountancy Profession around the world: A list
Accountancy is nothing but the profession or duties of an accountant. The duties of an accountant are set by the professional body under which they work. For Example a cost accountant is governed by the professional body “Institute of Cost Accountant … [Read more...]
Accounts Payable Meaning and Contents: A Guide
Accounts Payable is a part of Accounting, where payable of an organization are managed. The accounts payable include a different team to organize and manage these payable. It is an important function since it decides on outflow of company resources … [Read more...]