Accounting Standards & Bookkeeping — Guides, Updates & Practical Insights
Indian Accounting Standards (AS 1-29), bookkeeping principles, GST accounting entries, and valuation rules
“Financial Statements” in Accounting Standards & Bookkeeping
AS 11 Effects of Changes in Foreign Exchange Rates: Complete Guide
AS 11 (Accounting Standard 11) prescribes the accounting treatment for foreign currency transactions and foreign operations. This guide covers initial recognition, reporting at balance sheet date, exchange differences, forward contracts, integral and non-integral foreign operations, and disclosure requirements.
AS 16 Borrowing Costs: Capitalisation, Qualifying Assets and Disclosure
AS 16 (Accounting Standard 16) prescribes the accounting treatment for borrowing costs. This guide explains which borrowing costs to capitalise, what constitutes a qualifying asset, when capitalisation begins/suspends/ceases, and disclosure requirements with practical examples.
AS 18 Related Party Disclosures: Identification, Transactions and Disclosure Requirements
AS 18 (Accounting Standard 18) requires disclosure of related party relationships and transactions. This guide covers identification of related parties, types of related party transactions, key management personnel, control and significant influence, and disclosure requirements.
AS 24 Discontinuing Operations: Recognition, Disclosure and Presentation
AS 24 (Accounting Standard 24) establishes principles for reporting information about discontinuing operations. This guide covers the definition, initial disclosure event, recognition and measurement, required disclosures, and presentation with practical examples.
AS 10 Property, Plant and Equipment: Recognition, Depreciation and Disclosure
AS 10 (Accounting Standard 10) prescribes the accounting treatment for property, plant and equipment (PPE). This guide covers recognition criteria, measurement at cost, elements of cost, depreciation methods (SLM and WDV), subsequent expenditure, derecognition, and disclosure requirements.
AS 21 Consolidated Financial Statements: Procedures, Minority Interest and Goodwill
AS 21 (Accounting Standard 21) prescribes the preparation and presentation of consolidated financial statements for a group of enterprises. This guide covers consolidation procedures, line-by-line aggregation, elimination of intra-group transactions, minority interest, goodwill on consolidation, and disclosure requirements.
AS 1 Disclosure of Accounting Policies: Meaning, Assumptions and Examples
AS 1 (Accounting Standard 1) issued by ICAI deals with disclosure of significant accounting policies adopted in the preparation and presentation of financial statements. This guide explains the three fundamental accounting assumptions — going concern, consistency and accrual — the nature and selection of accounting policies, and disclosure requirements under the Companies Act 2013.
AS 13 Accounting for Investments: Classification, Valuation and Disclosure
AS 13 (Accounting Standard 13) prescribes the accounting treatment for investments. This guide covers classification into current and long-term investments, cost of acquisition, carrying amount, reclassification, disposal, and disclosure requirements with practical examples.
AS 3 Cash Flow Statements: Direct & Indirect Method with Format and Examples
AS 3 (Accounting Standard 3) requires enterprises to present a cash flow statement as part of their financial statements. This guide explains the classification of cash flows into operating, investing and financing activities, the direct and indirect methods, and disclosure requirements with a sample format.
AS 17 Segment Reporting: Business Segments, Geographical Segments and Disclosure
AS 17 (Accounting Standard 17) establishes principles for reporting financial information by segments. This guide covers business segments, geographical segments, primary and secondary reporting formats, reportable segment thresholds, and disclosure requirements.
AS 12 Accounting for Government Grants: Recognition, Presentation and Disclosure
AS 12 (Accounting Standard 12) deals with accounting for government grants. This guide covers recognition criteria, capital approach vs income approach, grants related to fixed assets, revenue grants, non-monetary grants, refund of grants, and disclosure requirements.
AS 29 Provisions, Contingent Liabilities and Contingent Assets: Complete Guide
AS 29 (Accounting Standard 29) prescribes accounting for provisions, contingent liabilities and contingent assets. This guide covers recognition criteria, measurement (best estimate, present value), the distinction between provisions and contingent liabilities, and disclosure requirements.
AS 9 Revenue Recognition: Conditions, Methods and Disclosure Requirements
AS 9 (Accounting Standard 9) establishes the principles for revenue recognition from the sale of goods, rendering of services, and use of enterprise resources by others (interest, royalties, dividends). This guide explains the conditions for recognition, percentage of completion method, and disclosure requirements.
AS 4 Contingencies and Events After Balance Sheet Date: Complete Guide
AS 4 (Accounting Standard 4) deals with the treatment of contingencies and events occurring after the balance sheet date. This guide explains contingent losses, contingent gains, adjusting events, non-adjusting events, and disclosure requirements with practical examples.
AS 2 Valuation of Inventories: Cost Formulas, NRV and Disclosure Requirements
AS 2 (Accounting Standard 2) prescribes the treatment for valuation of inventories. This guide explains the measurement of inventories at cost or net realisable value (whichever is lower), cost formulas (FIFO and Weighted Average), and disclosure requirements under Indian accounting standards.
AS 23 Accounting for Investments in Associates in Consolidated Financial Statements
AS 23 (Accounting Standard 23) prescribes the equity method of accounting for investments in associates in consolidated financial statements. This guide covers the definition of associates, significant influence, the equity method, goodwill, and disclosure requirements.
AS 25 Interim Financial Reporting: Components, Recognition and Disclosure
AS 25 (Accounting Standard 25) establishes principles for recognition, measurement and disclosure in interim financial reports. This guide covers minimum components of interim reports, form and content requirements, recognition principles, use of estimates, and disclosure requirements.
AS 27 Financial Reporting of Interests in Joint Ventures: Complete Guide
AS 27 (Accounting Standard 27) prescribes the accounting for interests in joint ventures. This guide covers three forms of joint ventures — jointly controlled operations, jointly controlled assets, and jointly controlled entities — along with proportionate consolidation and disclosure requirements.
AS 5 Net Profit or Loss: Prior Period Items and Changes in Accounting Policies
AS 5 (Accounting Standard 5) prescribes the classification and disclosure of certain items in the profit and loss statement. This guide covers extraordinary items, prior period items, changes in accounting policies, and changes in accounting estimates with practical examples.
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.
How to Read Financial Statements
Reading financial statements helps you understand a business's health. Here is how to interpret the three key statements.
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.
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.
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.