Accounting Standard (AS) 5
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies Objective The objective of this Standard is to prescribe the classification and disclosure of certain items in the statement of profit and loss so that all enterprises prepare and present such a statement on a uniform basis. This enhances the […]
Accounting Standard (AS) 4
Contingencies and Events Occurring After the Balance Sheet Date Introduction 1 This Standard deals with the treatment in financial statements of (a) contingencies 3, and (b) events occurring after the balance sheet date. 2 The following subjects, which may result in contingencies, are excluded from the scope of this Standard in view of special considerations applicable to them: […]
Accounting Standard (AS) 3
Cash Flow Statements As per the definition of ‘financial statements’ under the Companies Act, 2013, financial statements include cash flow statement. In case of one person company, small company and dormant company, financial statements may not include cash flow statements. This Accounting Standard is not mandatory for Micro, Small and Medium sized Enterprises (Level IV, Level […]
Accounting Standard (AS) 2
Valuation of Inventories Objective A primary issue in accounting for inventories is the determination of the value at which inventories are carried in the financial statements until the related revenues are recognised. This Standard deals with the determination of such value, including the ascertainment of cost of inventories and any write-down thereof to net realisable value. Scope 1 […]
Accounting Standard (AS) 1
Introduction 1 This Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. 2 The view presented in the financial statements of an enterprise of its state of affairs and of the profit or loss can be significantly affected by the accounting policies followed in the preparation and presentation […]
Incremental revenue
When businesses need to measure profit, they often consider the number of units sold for a set price. Incremental revenue is a way companies calculate the additional profits generated from increased sales. Learning about incremental revenue can be helpful for professionals in a variety of fields, especially marketing and sales. What is incremental revenue? ncremental […]
GST on Bricks Manufacturer
According to a government proclamation dated March 31, proposed changes to the 45th GST Council Meeting on building bricks, clay tiles or roofs, fly ash bricks, and petrol bricks took effect from April 1, 2022. Implications of the new system on GST No composition scheme Benefits – From 1 April 2022 suppliers are not entitled to the previous composition scheme. […]
E-Sewa Portal
An E-Sewa portal is a one-stop solution for accessing the EPF requests without physically visiting the EPFO office. This portal helps employees to claim for their provident fund, check the status of the claim that was processed, and update the information related to KYC. Further, the employer could update the organization’s information or employee’s information […]