Finance Ppl: FINANCIAL-ACCOUNTING



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Showing posts with label FINANCIAL-ACCOUNTING. Show all posts
Showing posts with label FINANCIAL-ACCOUNTING. Show all posts

Role of depreciation in financial statements

In this article, we shall discuss about depreciation and its impact on financial statements. Definition of concepts of relevant to Dep...
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The March End!

The year-end closing is dramatically addressed by folks in Finance dept as “March end has come” like the famous phrase “winter has come”....
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The Saga of Operating, Non-operating and Exceptional items

In this section, i have explained about expense and income in the context of their presentation in Profit and Loss a/c Note: presentat...
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The Golden Rule

Fundamental types of accounts: Accounts are classified into Real, Personal and nominal based on who and what is affected. If it’s a p...
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Amended definition of Materiality

The definition of "Materiality" under Indian Accounting Standards (Ind AS) was amended in July 2020, aligning with the amendment...
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What you mean by closing stock?

What is closing stock? Closing stock is the Inventory that a business still has on hand, at the end of a reporting period. Typical...
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Allocation of a discount -Ind AS 115

Recognition of discount Customer is said to have received volume discount for purchasing a bundle of items, if sum of the stand-alon...
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Concepts relevant to Fixed assets Capitalization-Part 1

Following are some relevant concepts w.r.t Asset capitalisation Source lines: Source Lines basically refers to break up of an asset ...
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Days Inventory Outstanding

What is Days Inventory Outstanding : Days inventory outstanding (DIO) is a metric that calculates average number of days taken by the co...
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NFRA-Life Insurance industry discuss Ind AS 117 proposed changes

In the meeting held on 23rd February 2023, the executive body of National financial reporting authority (NFRA) held interactions with memb...
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NFRA to introduce ATR Annual transparency report for Audit firms of Listed Companies

NFRA (National financial regulatory authority) has published draft requirement regarding publication of ATR annual transparency report by a...
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Accrual Concept

Basically, there are two basis of accounting. One is cash basis and another is accrual basis of accounting. Cash basis: In cash basis of...
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