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Showing posts from March, 2012

AS-29 PROVISIONS, CONTIGENT LIABILITIES AND CONTINGENT ASSETS

PROVISION: A provision is a liability which can be measured only by using a substantial degree of estimation. Treatment : A provision should be recognized when: (a) An enterprise has a pr…

AS - 9 Revenue Recognition

This is the best notes on accounting standard 9 revenue recognition with examples. Accounting standard or AS 9 defines Revenue as Revenue is the gross inflow of cash, receivables or other considera…

AS-24 DISCONTINUING OPERATIONS

A discontinuing operation is a component of an enterprise: (a) that the enterprise, pursuant to a single plan, is: disposing of substantially in its entirety (example – demerger) disposing of p…
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AS-22 ACCOUNTING FOR TAXES ON INCOME

Applicability :- a) Mandatory w.e.f. 1-04-2001 in respect of the following: 1.Enterprises whose equity or debt securities are listed on a recognized stock exchange in India; 2.All the enterp…

AS – 6 DEPRECIATION ACCOUNTING

Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, passage of time or obsolescence through technology and market changes. Depr…

AS-4 CONTINGENCIES AND EVENTS OCCURRING AFTER THE BALANCE SHEET DATE

Accounting Standard - 4  CONTINGENCIES AND EVENTS OCCURRING AFTER THE BALANCE SHEET DATE Contingency: A contingency is a condition or situation, the ultimate outcome of which, gain or loss, will …

AS-5 NET PROFIT OR LOSS FOR THE PERIOD, PRIOR PERIOD ITEMS AND CHANGES IN ACCOUNTING POLICIES

All items of income and expense, which are recognized in a period, should be included in the determination of net profit or loss for the period unless an Accounting Standard requires or permits other…