An Overview of Bank Statutory Audit
Table of Contents 1. Introduction 2. Meaning & Types 3. Who appoints the bank auditor? … Continue reading “An Overview of Bank Statutory Audit”
Account & Audit
IASB issued exposure draft on IAS 7 Statement of Cash Flows and IFRS 9 Financial Instruments: Disclosures
The International Accounting Standards Board (IASB) has issued an exposure draft to amend IAS 7 … Continue reading “IASB issued exposure draft on IAS 7 Statement of Cash Flows and IFRS 9 Financial Instruments: Disclosures”
IAS 1: Proposal for amendment in IAS 1 to improve disclosure about long term debts with covenants.
IAS 1: Presentation of Financial Statements, requires a company to classify a liability as non-current … Continue reading “IAS 1: Proposal for amendment in IAS 1 to improve disclosure about long term debts with covenants.”
Ind AS 16: Treatment of Aviation turbine fuel maintained in storage tank which is not held for sale
As per Ind AS 16 Property, Plant and Equipment, an asset shall be classified as … Continue reading “Ind AS 16: Treatment of Aviation turbine fuel maintained in storage tank which is not held for sale”
Ind AS 2: Valuation and recognition of sub-grade iron ore fines in the books of accounts as an inventory
Ind AS 2 Inventories, states that when joint product and by product are also produced … Continue reading “Ind AS 2: Valuation and recognition of sub-grade iron ore fines in the books of accounts as an inventory”
Audit, disclosure and filing requirements of Limited Liability Partnership
[2021] 132 taxmann.com 62 (Article) Limited liability Partnership (LLP) 1. As we are all aware … Continue reading “Audit, disclosure and filing requirements of Limited Liability Partnership”
Ind AS 109: Classification of embedded derivatives closely related to host purchase & installation contract
An embedded derivative can only be regarded as closely related to the host contract if … Continue reading “Ind AS 109: Classification of embedded derivatives closely related to host purchase & installation contract”
Consignment Accounts | Principles & Practice of Accounting
1. Account sale Account sale is a statement sent by consignee to consignor periodically. It … Continue reading “Consignment Accounts | Principles & Practice of Accounting”
The ‘NFRA’ and its ‘Supra’
[2021] 131 taxmann.com 340 (Article) The National Financial Reporting Authority (NFRA) has been making its … Continue reading “The ‘NFRA’ and its ‘Supra’”
Issuing a true and fair view on Financial Statements of Company lies with Auditor – Implications due to amendments to Companies Act, 2013
[2021] 131 taxmann.com 300 (Article) The Ministry of Corporate Affairs (MCA) has issued amendments to … Continue reading “Issuing a true and fair view on Financial Statements of Company lies with Auditor – Implications due to amendments to Companies Act, 2013”
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