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…
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…
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…
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…
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…
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 …
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…