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What is a CEO (Chief Executive Officer)? A CEO stands for Chief Executive Officer, who is the highest-ranking person in a company or organization. The CEO is the person who responsible …
Is social security socialism ?
What Is social security Socialism ? Socialism is a popular political and economic system that is based on public ownership as also known as collective or common ownership of the means …
How to Calculate Total Revenue ?
What is Total Revenue in details ? To know How to Calculate Total Revenue ? Total Revenue is the total income that can be generated from normal business operations, and it …
How to make Passively Income ?
Passively Income explained Passive Income can be an income or earnings received from a rental property, limited partnership, or another enterprise where a person is not involved actively. As with active …
What is Protectionism ?
Know the in details what is Protectionism ? Protectionism is the economic policy that restricts imports from other countries through various methods such as tariffs on imported goods, import quotas, and …
Sole Proprietorship Examples
Introduction of Sole Proprietorship When you are looking for Sole Proprietorship Examples you need to understand the Individual entrepreneurship, sole tradership, or proprietorship is also known as a sole proprietorship. It …
Single Step Income Statement
What is an Single Step Income Statement? An income statement is considered as one of the three major financial statements used to report a company’s financial performance at the term of …
What is classified Balance Sheet ?
What is classified Balance Sheet ? The balance sheet is reviewed as one of the three major fundamental financial statements and is key to financial modeling and accounting. The balance sheet also …
Ind AS 41 Agriculture Accounting Standards
INTRODUCTION AND OBJECTIVE Ind AS 41, Agriculture is the standard that is first specifically covering the accounting and reporting requirements for the primary sector. Before this standard, there were no establishment …
Ind AS 105 Non Current Assets & Discontinued Operations
OBJECTIVE Non-Current assets held for sale are presented separately from other assets in the Balance Sheet as their classification will change. The value will be principally recovered through a sale transaction …
Ind AS 40 Investment Property
Objective and Complete details Ind AS 40 Investment Property The objective of IND AS 40 standard is for prescribing the accounting treatment for property (land or buildings) which is held to …
Ind AS 38 Intangible Assets or fictitious assets
OBJECTIVE The objective of this Standard is for authorizing the accounting treatment for intangible assets that aren’t dealt with specifically in another Standard. This Standard also requires an entity for recognizing …
Ind AS 36 Impairment of Assets
Objective Ind AS 36 Impairment of Assets ? The main objective of this Standard is to prescribe the method that an entity is applying for ensuring that its assets are not …
What Is Straight Line Depreciation
What Is Straight Line Depreciation? Straight line depreciation is an usual technique of devaluation where the value of a fixed asset is minimized over its useful life. It’s made use of …
Liability – Definition and Types
What is Liability? Liability is a term in accountancy that is used to define any type of economic responsibility that a service needs to pay at the end of a bookkeeping …
Ind AS 23 Borrowing Costs Accounting Standards
CORE PRINCIPLE Ind AS 23 Borrowing Costs Accounting Standards The core principle of Ind AS 23 states that: Borrowing costs that are directly attributable to the acquisition, construction or production of …
Ind AS 116 Leases Accounting Standards
Know All about Ind AS 116 Leases Accounting Standards The MCA (Ministry of Corporate Affairs) has notified new standards on leases, i.e., Ind AS 116 vide its notification dated 30th March …
Companies (Auditor’s Report) Order CARO 2020
The Ministry of Corporate Affairs (MCA) has actually announced a new format of legal audits of firms. The MCA has informed Companies (Auditor’s Record) Order, 2020 on 25 February 2020 (CARO …
Kinds of Assets
Kinds of Assets What are the Key Types of Assets ? A Assets is a resource had or controlled by a specific, corporation, or government with the assumption that it will …
Ind AS 16 Property, Plant and Equipment
Objective of Ind AS 16 Property, Plant and Equipment Accounting Standards The objective of this Standard is for prescribing the accounting treatment for Property, Plant, and Equipment (P, P&E) so that …
Accounting Standards IND AS 2 Inventory
Know All about Accounting Standards IND AS 2 Inventory The objective of this Standard is for prescribing the accounting treatment for inventories. This Standard guides determining the cost of inventories and …
Most Profitable Businesses in Malaysia
Are you looking for the most lucrative businesses in Malaysia? With its fast-growing economy and an exciting mix of population and culture, Malaysia is a dream destination for entrepreneurs. Here are the most …
First time Adoption of Ind AS 101
To know First time complete details of Adoption of Ind AS 101 Ind AS 101 usually prescribes the accounting principles for the first-time the adoption of Ind AS. It have been …
Ind AS 102 Share Based Payments
Accounting Standard Ind AS 102 Share Based Payments As the name suggests, it is a payment based on the price or value of shares. Entities often grant shares or share options …
Accounting Standard IND AS 20
Accounting for Government Grants Accounting Standard IND AS 20 The government permits entities for various purposes, which also includes industrial, geographic and social development, for facilitating the flow of foreign investments …
Ind AS 113 Indian Accounting Standard
All details about Indian accounting standard 113 i.e. Ind AS 113. WHAT IS FAIR VALUE? Normally assets and liabilities have being exchanged between parties at a particular agreed terms and conditions …
Ind AS 8 Applicability
IND AS 8 on Accounting Policies , Changes in Accounting Ind AS 1 also narrates the importance of accounting policies, but Ind AS 8 takes a step further and gives a …
Ind AS 115
Introduction of IND AS 115 This standard can establish principles for reporting useful information about the amount, timing, nature, cash flows, uncertainty and revenue arising from a customers contract. The basic …
Interim Financial Statements
Interim Financial Statements is applied for Reporting when an entity is preparing for an interim financial report. Ind AS 34 is not mandatory for an entity as to when to construct …
Cash Flow Statement Financing Activities
Component of Cash Flow Statement Financing Activities Cash flows which are arising from taxes on Financing should be separately disclosed. They shall be classified as cash flows from operating activities unless …
The Statement of Cash Flows Reports
What is a use of Statement of Cash Flows Reports ? The balance sheet is considered as a snapshot of the entity’s financial resources and obligations at a particular time. The …
A common set of Accounting Standards and Procedures
Main A common set of Accounting Standards and Procedures The Conceptual Framework of Financial Reporting under the standards of Indian Accounting describes the objective and the concepts and general purpose of …
Financials Statement of Reporting Entity
Introduction of Financials Statement of Reporting Entity As we have discussed in chapter 1 and 2 about the information which is provided for the general purpose of the financial reports, and …
Framework for Financial Reporting IND AS 1
What are Framework for Financial Reporting IND AS 1 ? The characteristics of qualitative useful financial information discussed in this chapter identify the types of information that are likely to be …
Financial Reporting under IND AS
Brief Background of Financial Reporting under IND AS To form the foundation of the Conceptual Framework, the objective of general-purpose financial reporting is necessary. Other aspects of the Conceptual Framework are …
PAID UP CAPITAL
What Is the Meaning of Paid Up Capital? The money that a company receives from shareholders in exchange for its stock shares is known as Paid-up capital. Paid-up capital comes into …
GST on gold
How to Know GST on Gold? In various forms, GST on gold can be discussed at length. GST has subsumed various taxes like VAT, service tax, excise duty and several other …
Intimation under Section 143 (1) of Income-tax Act
What is Intimation under Section 143 (1) At the Centralised Processing Centre (CPC), the taxpayer’s income tax returns are first processed online. Then income tax department issues intimation under section 143(1) …
Transition Provisions for Goods in Transit under GST
What is Transition Provisions in GST When VAT is applicable, goods leaving a seller might reach buyers after GST has been live. Want to know more about the transition provisions of …
What is Form16 ?
What is Form 16 and it’s Basics? This form (Form 16) contains the details that you need to prepare and file your income tax return. Instantly, after the financial year in …
GST Return Due Date
When is GST Return Due Date ? The businesses who are registered under GST have to file returns monthly, quarterly and annually based on a business category through India’s GST portal. …
PAN card Correction
How to do PAN card Correction ? Permanent Account Number (PAN) is a type of document that holds extreme importance in India. It is not only for Income Tax purposes, but …
Know Standard Deduction
What is Standard Deduction ? The Income Tax Act provides provisions for imposing taxes on the income of citizens but also offers several ways through which one can claim deductions and …
Income Tax Rebate
What is Income Tax Rebate under section 87A ? A rebate under section 87A is considered one of the income tax provisions that help taxpayers reduce their income tax liability. In …
TDS on Salary
Who are eligible for the deduction of TDS ON Salary u/s 192 of the Income Tax Act? Any employer willing to pay salary to an employee (Resident or non-resident) must deduct …
Tax collected at source TCS
TCS Is Mainly TAX Collected at Source Tax Collected at Source, known as TCS, is a type of tax payable by the seller but collected by the buyer. Under the Income-tax …
Know Your Tax Audit Due Date
What is Tax Audit Due Date ? The central government governs various laws in India, different kinds of audit like an audit of income tax, auditing of stock, cost audit, and …
Income Tax Return Due Date
F.Y. 2020-21, A.Y. 2021-22 Income Tax Return Due Date Due date to file income tax returns comes when one can file the returns without any late charges or penalties. The taxpayers …
Fixed Deposit – Best FD Interest Rates
Fixed Deposit – Best FD Interest Rates in 2022 When it pertains to cost savings, each person has their very own preferences. The financial savings instrument an individual selects may vary …
How To Prepare For College
How To Plan for College College Preparedness Overview What does it mean to be all set for university? There are some vital actions to take during secondary school. Here are 11 …
College Entrance Exams Tests
TOP College Entrance Exams Tests Top 7 Entry Examinations and University Tests GED (General Education Development). SAT (Scholastic Analysis Test). CLT (Classic Understanding Examination). SAT Topic Tests (formerly SAT II). ACT …
Income Tax Slab for AY 2020-21
Income tax can be levied on the income earned by all the individuals, Hindu Undivided Family (HUF), various partnership firms, LLPs, and Corporates as per the Income-tax Act of India. In …
What is Financial Planning and Analysis (FP&A) ?
What is Financial Preparation and Evaluation (FP&A)? Financial Planning and also Analysis (FP&A) interplay an essential duty in business by performing budgeting, forecasting, as well as analysis that support major business …
BEST GST Registration Process
Process for Registration of GST According to GST rules, a business with a turnover of above 40 lakh INR must register as a normal taxable entity. It is referred to as …