method of accounting - Page 3

Identification of contracts (First of five steps for revenue recognition)

Few General considerations that we should know before we start with the topic Identification of contracts (First of the five steps for revenue recognition) Important Definition: Customer: A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchang...

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Posted Under: CA, CS, CMA |

5 Simple Ways To Manage Your Accounts

Bookkeeping or the books of accounts are the lungs of your business. It is advisable to streamline your accounts to keep your financial records sorted. Streamlining your bookkeeping makes sure that you save your time and money and reduce the last-minute anxiety and financial stress while not compromising on productivity. Here’s listing ...

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Posted Under: CA, CS, CMA |

Test of Accounting Principles in recognizing disputed AGR dues of Telecom Sector

What is Adjusted Gross Revenue (AGR)? Pursuant to the National Telecom Policy, 1994, the telecom sector was liberalized. The licenses were granted to the companies operating in the telecom sector. To tide over the huge fixed license fee, the government in 1994 gave an option to the licensees to follow the Revenue sharing model. Under [&he...

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Posted Under: CA, CS, CMA |

Goods in Transit or Transit Inventory

ALL ABOUT GOODS IN TRANSIT (GIT) OR TRANSIT INVENTORY. The term Goods in Transit (or Transit inventory) refers to inventory items that have been shipped by the seller, but not yet received by the buyer. Transit inventory is an important component of company’s inventory valuation. GIT is booked in books of accounts on quarterly basis [&h...

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Posted Under: CA, CS, CMA |

Why Actuarial Services are required by Companies for Accounting for Defined Benefit Plans?

Why Actuarial Services are required by Companies for Accounting for Defined Benefit Plans? This article is prepared to create general awareness about requirement of Actuarial Services for Accounting for Defined Benefit Plans amongst Professionals/Company Personnel involved in Finalization of Financial Statements. In Indian context, Compan...

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Posted Under: CA, CS, CMA |

Efficient Accounting System:Backbone of Any Business

Dear  Entrepreneurs this title may sound very odd to you. And why not so when most of the Business gurus, Business Owners, Management consultants consider Marketing / Finance / Production / Service to customer etc. as the core areas of any business. But being a Practicing Chartered Accountant I can tell you that most important […]...

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Posted Under: CA, CS, CMA |

Use of robotics and Optical character reader for accounting & return filing

As we are progressing  towards a world full of process automation, the use of new technology to make the accounting and return filing process integrated, accurate and less time consuming is becoming a reality much faster. This does not mean that it will do away the need of humans in processing, but will surely automate […]...

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Posted Under: CA, CS, CMA |

Structuring of Chart of Accounts

Chart of Accounts are key to the health of books of accounts. Never ignore or underestimate its power. In this Article, I am going to cover what should be the right structure of Chart of Accounts. The structuring of Chart of Accounts depends on following factors: – Nature & Size of Business Type of ERP/ […]...

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Posted Under: CA, CS, CMA |

HEDGE Accounting – WHAT is allowed to be hedged?

In continuation to our earlier article on ‘Risk Management Strategy vs. Risk Management objectives’, let’s understand what is allowed to be hedged as per the Accounting Standard. WHY do we hedge? Simple answer is to mitigate all expected losses or adverse effect on fair values of any balance sheet items (e.g. Investments etc...

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Posted Under: CA, CS, CMA |

Guide on Audit of Urban Improvement Trusts & Development Authorities

Urban Improvement Trusts and Development Authorities are responsible for the improvement and expansion of urban areas. In India, these Authorities are playing an important role by planning, coordinating and supervising the proper, orderly and rapid development of urban areas in their jurisdictions. Audit of these entities involve many iss...

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Posted Under: CA, CS, CMA |

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