method of accounting

De-recognition of Financial Liabilities – IND-AS/ IFRS

Finance - As we are gradually moving towards converged IFRS (known as IND-AS in India) in India, there are some rules which have been prescribed by the new accounting standard related to de-recognition of financial liabilities subject to the fulfill of certain requirements....

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Glitches during Migration to New Accounting System

Finance - Before we move on to understand the glitches that are faced at the time of migration, let us analyze the criteria that your company must consider to gauge whether a New Accounting System is indeed desirable. ...

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Fixed asset Accounting under IFRS

Finance - Fixed assets can be classified as tangible & intangible, IFRS, on Property, Plant & Equipment deals with tangible fixed asset except assets held for capital appreciation....

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Research & Development in Pharma Sector

Finance - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in CA Garima Mittal Introduction Pharmaceutical markets are extremely complex. Consumer demand is often indirect for prescription drugs medicated by doctors. New drugs must undergo costly and time consuming process before it could be sold in the ...

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All about Mark To Market (MTM) Concept

Finance - Mark to market (MTM) is a measure of the fair value of accounts that can change over time, such as assets and liabilities. Mark to market accounting refers to accounting for the fair value of an asset or liability based on the current market price, Fair value accounting has been a part of Generally Accepted Accounting Principles (GAAP) in...

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Method of accounting can be changed if such change is bona fide and permissible under law

Commissioner of Income Tax II Vs Mapin Publishing Pvt Ltd. (Gujarat High Court at Ahmedabad): Tax Appeal no. 902 of 2013 - Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition issued by the Institute of Chartered Accountants of India and provisions of S.5 of the Act. ...

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Rejection of Accounting Method followed by Assessee which was accepted in Assessment of earlier Year

Method of Accounting regularly followed by the taxpayer which was accepted by the Tax Officer in past cannot be rejected in future years without expressing the dissatisfaction about the correctness or completeness of the accounts of the taxpayer Rec...

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If book results are not rejected, AO has no alternative except to accept the book results

We find that at the time of survey the sample processing was carried out and according to the sample processing, the bi-products consists of chuni, dust, waste, etc. which comes to 8.46% and the books of account reflected the waste and bi-products at 10%. We find from the facts that out of 100 kg. o...

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If AO assume concealment without considering the actual payments made in the subsequent years, such attempt would be premature

Surrel Enterprise Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad) - We have heard both the sides in detail. Thrust given by the C1T(A) on the mens rea reflected in the conduct of the assessee does not survive with usual force, since the judgment of the Hon'ble Supreme Court in the case of Union of India & Others Vs. Dharmendra Textiles Processors & Ors., 306 1TR 277...

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Change of method of accounting of overdue charges from mercantile basis to cash system does not create any income

CIT Vs. Annamalai Finance Ltd. (Madras High Court) - In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd. (2003)263 ITR 2...

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Recent Posts in "method of accounting"

De-recognition of Financial Liabilities – IND-AS/ IFRS

As we are gradually moving towards converged IFRS (known as IND-AS in India) in India, there are some rules which have been prescribed by the new accounting standard related to de-recognition of financial liabilities subject to the fulfill of certain requirements....

Read More
Posted Under: Finance |

Glitches during Migration to New Accounting System

Before we move on to understand the glitches that are faced at the time of migration, let us analyze the criteria that your company must consider to gauge whether a New Accounting System is indeed desirable. ...

Read More
Posted Under: Finance |

Fixed asset Accounting under IFRS

Fixed assets can be classified as tangible & intangible, IFRS, on Property, Plant & Equipment deals with tangible fixed asset except assets held for capital appreciation....

Read More
Posted Under: Finance |

Research & Development in Pharma Sector

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in CA Garima Mittal Introduction Pharmaceutical markets are extremely complex. Consumer demand is often indirect for prescription drugs medicated by doctors. New drugs must undergo costly and time consuming process before it could be sold in the ...

Read More
Posted Under: Finance |

All about Mark To Market (MTM) Concept

Mark to market (MTM) is a measure of the fair value of accounts that can change over time, such as assets and liabilities. Mark to market accounting refers to accounting for the fair value of an asset or liability based on the current market price, Fair value accounting has been a part of Generally Accepted Accounting Principles (GAAP) in...

Read More
Posted Under: Finance |

Key Takeaways of Oil and Gas Sector

The oil & gas industry is usually divided into three main sectors: upstream (also known as exploration and production (‘E&P’)), midstream & downstream. The upstream part of the industry involves the first phase of finding and drilling oil, the midstream phase involves shipping and storing the oil and the downstream phase involves refi...

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Posted Under: Finance |

DOT-COM Companies, Accounting Concepts and “Its Practical Treatments”

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Naresh Kansala DOT-COM Companies, Accounting Concepts and “Its Practical Treatments” With the development of IT industry there is huge scope for growth not in the IT industry but in all other industries too and the growth of E-Commerce has...

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Posted Under: Finance |

Accounting Treatment of Expenditure Incurred on Stamp Duty and Registration Fees for Increase in Authorized Capital

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Issue – The company is a registered non-banking financial company and is engaged in the business of lending for purchase of equipments. The company has received share application money and to allot further equity shares, the shareholders...

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Posted Under: Finance |

Accounting Standards and IFRS

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Atul Khurana OVERVIEW: What are Accounting Standards? What is IFRS? What is Convergence of Accounting Standards? Convergence of Indian accounting standards with IFRS Role of ICAI in convergence Role of SEBI in convergence Role of Industry Asso...

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Posted Under: Finance |

Forensic Accounting: A Career Path

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in INTRODUCTION Forensic Accounting has existed for many years.  Also known as “Investigative Accounting”, forensic accounting is a detailed examination and analysis of financial documents and records for use as evidence in a court of law....

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Posted Under: Finance |
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