method of accounting - Page 2

Guidance Note on Accrual Basis of Accounting

Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about its future direction of the company's stock price. One of the most important resources of reliable and audited financial data is the annual report, which contains the firm's financial statements....

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Posted Under: CA, CS, CMA |

SOP for Finance & Accounts for Construction & Infrastructure Company

1. OBJECTIVE The aim of this SOP is to lay down necessary directives for the smooth and efficient administrative functioning, handling/ operating funds, functioning of Finance & Accounts Department and to ensure that Statutory compliances are made in the following areas: a) Delegation of Authorities and Financial Powers b) General acc...

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Posted Under: CA, CS, CMA |

Accounting for Government Grant and Government Assistance

In India, there are many entities receiving government grants or government assistance each year. As per Indian GAAP and Ind As there are specific treatment for accounting of Government Grants and Government Assistance. Entity has to follow the same in the preparation of financial statements according to Indian Accounting Standards or ear...

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Posted Under: CA, CS, CMA |

Accounting of GST Transactions

In the new GST era, some major changes are introduced by the Government. One of the major changes is introduction of Electronic Ledger system of GST Portal which shows Taxpayer’s ledger in the books of government. In order to align with the same, some accounting changes are also required in the Taxpayer’s books. This would […]...

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Posted Under: CA, CS, CMA |

Accounting by infrastructure companies

In the absence of sufficient elaboration, many companies executing BOT contracts have treated infrastructure as fixed asset rather than as an intangible or financial asset.Infrastructure not only forms a significant component of India's economic activity but is also a major thrust area that can provide the necessary impetus for the double...

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Posted Under: CA, CS, CMA |

Various Type of Assessment & amp; Study of Best Judgement Assessment

Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

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Posted Under: CA, CS, CMA |

Why Take Your Accounting Practices to Cloud

In today’s time, you may have become habitual of hearing the word “cloud” and would be curious to know if it’s safe for your business. Well, cloud is one of the few things that give your business functions a unified platform for multiple solutions, safely stores data, and lets you access your operations anytime from […]...

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Posted Under: CA, CS, CMA |

Automated Accounting: For Business Growth & Development

Automated accounting helps accountants with the mundane tasks of accounting such as bill payments and invoices. As the tasks of accounting are getting automated, so the accountants can use the data from technology and execute it in real business at a much greater pace.  Over 50% of C-level executives expect that with the intelligent auto...

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Posted Under: CA, CS, CMA |

‘Going Concern Concept’ during Pandemic times

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken for granted. With the present Covid19 crisis, the basic fundamentals of business existence itself has changed and standards relating to going concern are becoming suddenly relevant ...

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Posted Under: CA, CS, CMA |

Accounting aspects of Taxation Laws (Amendment) Ordinance, 2019

The Taxation Laws (Amendment) Ordinance, 2019 (or ’the Ordinance’)  was passed by Lok Sabha on December 2, 2019. The Ordinance provides significant tax cuts to Domestic companies.  This article specifically enlightens the treatment of the same in Books of Account of the assessee taking benefit of the ordinance....

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Posted Under: CA, CS, CMA |

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