Gratuity Income

GRATUITY Job-hopping can increase your pay, but good old loyalty also has its perks. Stay on with your employer for five years or more, and you are entitled to gratuity when you resign, retire or are retrenched.   Going by the book:- Gratuity is a reward for long and meritorious service. In 1972 the government passed the Payment of Gratuity Act that made it mandatory for All employers with more than 10 employees to pay gratuity. Gratuity shall be payable to an [...]

AS-26- Intangible Assets (Part – 2)

Hello everyone, thanks for the appreciation for the first part of AS 26, now we will start the second part of our AS 26. In case you have missed the previous part, then don't worry and click here to read it. Self generated Intangible asset are Goodwill, titles, brand, copyrights will not be recognised in accounts. Other self generated Intangible asset should be recognised in accounts for example websites, softwares, patents, knowhow, formulation. Expenditure incurred on research should be recorded as expense. [...]

AS-26- Intangible Assets (Part 1)

Recognition Of AS-26- Intangible Assets, Its Accounting Treatment And Disclosure Requirement (Part 1) Being a commerce professional the term Intangible Asset is so common, generally we think  intangible asset is that asset which we cannot touch, feel, see etc. so according to this meaning prepaid advances is intangible assets as we cannot feel, touch or see, but it is not so prepaid advances are not intangible assets it is tangible, So friends discussing with you all in detail the concept [...]

Application of AS-22 on AS-19

Hello everyone today we will discuss about the application of AS-22 in AS -19 “leases”. I am writing this article to discuss with you all how AS- 22 deferred taxes is applied in  AS-19 There are two types of lease Financial lease Operating lease Financial lease is lease where risk and reward are also transferred to lessee by lessor Operating lease means lease other than financial lease In case of financial lease we get the ownership of asset so we charge depreciation on [...]

Accounting Standards and IFRS

OVERVIEW: What are Accounting Standards? What is IFRS? What is Convergence of Accounting Standards? Convergence of Indian accounting standards with IFRS Role of ICAI in convergence Role of SEBI in convergence Role of Industry Associations in convergence Advantages and Challenges for convergence Meaning of Accounting Standards: In order to ensure transparency consistency, comparability, adequacy and reliability of financial reporting, it is essential to standardize the accounting principles and policies, Accounting Standards provide framework and standard accounting polices so that the financial statements of different enterprises become comparable. Accounting Standards [...]

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