method of accounting

Significance of Bank Reconciliation Statement (A forensic approach)

CA, CS, CMA - There are numerous reasons to analyze BRS prepared by an entity. One major reason why should an auditor has to be vigilant while performing BRS audit is discussed below. BRS is a statement prepared to reconcile or tally the balance shown in cash book of an entity with that of bank statement....

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6 Best accounting software in India

CA, CS, CMA - Best accounting software keeps one’s financial data organized and it however also provides more accurate information anytime when anyone needs it....

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What you need to know about Accounting Fraud and Fraud Triangle

CA, CS, CMA - Accounting fraud is intentional manipulation of financial statements to create a window dressing of a company's financial health. It involves an employee, account or the organization itself and is misleading to investors and shareholders. A company canfalsify its financial statements by overstating its revenue or assets, not recording exp...

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

CA, CS, CMA - 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

CA, CS, CMA - 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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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

CIT Vs. SAS Hotels & Enterprises Limited (Madras High Court) - 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

Jai Pulse Mills VS. ITO (ITAT Ahemdabad) - 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"

Significance of Bank Reconciliation Statement (A forensic approach)

There are numerous reasons to analyze BRS prepared by an entity. One major reason why should an auditor has to be vigilant while performing BRS audit is discussed below. BRS is a statement prepared to reconcile or tally the balance shown in cash book of an entity with that of bank statement....

Read More
Posted Under: Finance |

6 Best accounting software in India

Best accounting software keeps one’s financial data organized and it however also provides more accurate information anytime when anyone needs it....

Read More
Posted Under: Finance |

What you need to know about Accounting Fraud and Fraud Triangle

Accounting fraud is intentional manipulation of financial statements to create a window dressing of a company's financial health. It involves an employee, account or the organization itself and is misleading to investors and shareholders. A company canfalsify its financial statements by overstating its revenue or assets, not recording exp...

Read More
Posted Under: Finance |

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....

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Posted Under: Finance |

Research & Development in Pharma Sector

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 market. Further, brainstorming & analysis need to be done about what to work on and how inten...

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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...

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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”

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 revolutionized the way of conducting business. The buyers and the sellers are a mere click-of-th...

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Posted Under: Finance |
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