Applicability of Indian Accounting Standards (Ind AS)

About IND AS Indian Accounting Standards (IndAS) can be considered as guiding principle or standards for the International Financial Reporting Standards (IFRS) to ascertain that Indian Companies have same understandability and accessibility globally. For certain companies, the application of specified standards was made mandatory. The objective of IND AS is to ensure that the financial… Continue reading Applicability of Indian Accounting Standards (Ind AS)

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Categorized as Finance

Chapter 4 Value of Supply – Goods and Services Under GST

   Value of Supply In GST regime it is important to know about the value of goods or services or both on which tax is to be paid. As per CGST Act, 2017 along with rules prescribed the provisions for determining the value of supply of goods or services have been made applicable in different… Continue reading Chapter 4 Value of Supply – Goods and Services Under GST

Accounts Payable Management – Meaning, Benefits etc

  Accounts payable management is one of the important business processes that help in managing payable obligations of the entity in the most effective manner. Accounts payable is the amount that the entity has to pay to its suppliers or vendors on the account of goods and services received. It means that after giving orders… Continue reading Accounts Payable Management – Meaning, Benefits etc

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Understanding The Balance Of Payments: Meaning, Classification etc

  Ever wondered as to how the recording is being done for the transactions that takes place in and around countries having a different system, currency, and economic status. In this article, we will discuss such recording.   Meaning The balance of payments or BOP is a statement or summary of all transactions that take… Continue reading Understanding The Balance Of Payments: Meaning, Classification etc

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Dearness Allowance (DA) – Meaning, Types, Calculation etc

  Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy… Continue reading Dearness Allowance (DA) – Meaning, Types, Calculation etc

Accounting Entries under GST (Goods and Services Tax)

    The introduction of the biggest indirect taxation reform in India namely Goods and ServicesTax (GST) has impacted the functioning of all the sectors of the economy. The impact of the radical shift can also be tracked in the segment of Finance and Accounting as well. Prior to the introduction of GST in India… Continue reading Accounting Entries under GST (Goods and Services Tax)

BRS – Bank Reconciliation Statement

  Every person who is involved in the field of accounting or even uses the accounting information knows the importance of bank reconciliation statement and the purpose it serves for the user of such information. So let’s understand the meaning and why this tool of accounting is important. Meaning Bank reconciliation statement is a statement… Continue reading BRS – Bank Reconciliation Statement

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Public Provident Fund (PPF) India, Interest, Benefit, Withdrawals, Deposit etc

  Though there is a hype of certain types of investments nowadays, some schemes launched by the government are still considered the best safety net for long-term investments. One of which is PPF (Public Provident Fund). Not only this investment plan makes you financially secure but also brings you lots of benefits with a decent… Continue reading Public Provident Fund (PPF) India, Interest, Benefit, Withdrawals, Deposit etc