method of accounting - Page 4

Robotics and Artificial Intelligence in Finance world

With everyday grooming world and innovative environment, traditional way of working is changing now. There were a time when people were not familiar with computer and typical accountant were there to maintain the books, but with the passage of time we even cannot think to do the accounting without technology, whether its computer hardware...

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Posted Under: CA, CS, CMA |

Accounting Treatment of Spare Parts

Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset...

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Posted Under: CA, CS, CMA |

IPSAS Board issued Exposure Draft 63, ‘Social Benefits’ for comments

The IPSASB seeks feedback on Exposure Draft 63, 'Social Benefits' to guide it in developing a final International Public Sector Accounting Standards (IPSASs) that establishes requirements for accounting for social benefits....

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Posted Under: CA, CS, CMA |

Methodical Business Book Keeping

At present the Manufacturing Companies and Trading Companies are following Financial Accountancy and Cost Accounting to maintain their Books of Accounts...

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Posted Under: CA, CS, CMA |

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....

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Posted Under: CA, CS, CMA |

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....

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Posted Under: CA, CS, CMA |

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...

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Posted Under: CA, CS, CMA |

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....

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Posted Under: CA, CS, CMA |

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. ...

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Posted Under: CA, CS, CMA |

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: CA, CS, CMA |

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