Accounting Standards & Bookkeeping — Guides, Updates & Practical Insights
Indian Accounting Standards (AS 1-29), bookkeeping principles, GST accounting entries, and valuation rules
“Bookkeeping” in Accounting Standards & Bookkeeping
Stock Audit Process and Checklist
A stock audit verifies the physical existence, quantity and valuation of inventory. Here is the process and a checklist.
Ind AS 115 — Revenue from Contracts with Customers
Ind AS 115 introduces a single five-step model for recognising revenue from contracts with customers, based on the transfer of control of goods or services.
UDIN: What It Is and How to Generate
UDIN (Unique Document Identification Number) authenticates documents certified by chartered accountants. Here is what it is and how to generate it.
Ind AS Applicability and Roadmap — Who Must Adopt Ind AS
The MCA roadmap sets out which companies must adopt Ind AS based on net worth and listing status, phased across financial years from 2016-17.
Accounting Compliance Calendar 2026–27 — Monthly, Quarterly and Year-End
A month-by-month accounting calendar for FY 2026–27 — what to close each month, what to reconcile each quarter, and the statutory dates for GST, TDS, advance tax and the annual audit that the books have to support.
Audit of property, plant and equipment and intangible assets: the assertions, what the auditor verifies for additions, disposals, depreciation, title and impairment, and the documents to keep ready
The auditor ties each class of asset to the assertions: existence, rights and obligations, completeness, valuation and allocation, and presentation and disclosure. For PPE the usual tests are vouching additions, examining disposals, recomputing depreciation, inspecting title documents and...
SRS 4410 (Revised), Compilation Engagements: when the standard applies, what the practitioner does and does not do, misleading information, documentation and the compilation report
In a compilation the accountant helps prepare financial information from what management provides, and reports in a way that makes the limited role clear. The accountant is not required to verify the accuracy or completeness of the information (paragraph 6) and the report cannot carry an opinion or...
Ind AS vs AS — Key Differences Explained
Ind AS and the older Accounting Standards differ in philosophy, measurement and disclosure — Ind AS is principles-based, fair-value oriented and IFRS-converged.
Journal Entries for GST
Recording GST correctly in your books ensures accurate returns and input tax credit. Here is how GST journal entries work.
Chart of Accounts for Indian Businesses
A chart of accounts (COA) is the organised list of all accounts a business uses to record transactions. Here is how to structure one.
Accounting & Bookkeeping Guide for Indian Businesses 2026–27
A practical guide to accounting for an Indian business — cash versus accrual, the books the law requires, GST and TDS record-keeping, when an audit becomes mandatory under section 63, retention periods, and the mistakes that cost the most.
Audit Documentation and Working Papers
Audit documentation (working papers) is the record of the evidence and conclusions an auditor gathers. Here is what it involves and why it matters.
Accounting & Bookkeeping Checklist — Monthly, Quarterly and Annual
A working checklist for keeping audit-ready books in India — what to record and reconcile every month, what to review each quarter, and the full year-end close, with the record retention periods the law actually requires.
Concurrent Audit in Banks Explained
Concurrent audit is an ongoing, real-time audit of a bank branch's transactions to catch errors and irregularities early. Here is how it works.
How to Do Bank Reconciliation
A bank reconciliation matches your cash book with your bank statement to catch differences. Here is how to do one.
Ind AS 111 — Joint Arrangements
Ind AS 111 classifies joint arrangements as joint operations or joint ventures based on rights and obligations, and prescribes the accounting for each.
Cost classification for a small business: direct and indirect, fixed and variable, product and period costs, cost objects and cost centres, with a worked example for a small manufacturer
Classifying costs means sorting every rupee of expense by what it is for (nature), where it arises (function), how it moves with output (behaviour) and whether it can be traced to a product (direct or indirect). Product cost equals direct material plus direct labour plus direct expenses plus...
How to Maintain Books of Accounts
Maintaining proper books of account is a legal requirement and good business practice. Here is what to maintain and how.
Year-End Closing Checklist for Businesses
Year-end closing prepares your books for financial statements, audit and tax filing. Here is a checklist to close the year cleanly.
Depreciation Methods under Companies Act and Income Tax
Depreciation is charged differently under the Companies Act and the Income-tax Act. Here is how the two methods differ.
Ind AS 112 — Disclosure of Interests in Other Entities
Ind AS 112 consolidates disclosure requirements for interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities.
How to Prepare for a Statutory Audit
Preparing well makes a statutory audit smooth and quick. Here is a checklist to get your company audit-ready.
What is CARO 2020 and Its Applicability
CARO 2020 (Companies Auditor's Report Order) requires auditors to report on specified matters in their audit report. Here is what it covers.
Inventory Valuation Methods Explained
Inventory valuation affects your cost of goods sold and profit. Here are the main methods used by Indian businesses.