Fundamental Accounting Assumptions as per AS-1
Learn about the fundamental accounting assumptions that shape financial reporting, i.e. going concern, consistency and accrual basis accounting.
Author: Kewal Garg
Nature of Accounting Policies and Disclosure Requirements of AS-1
Accounting policies are crucial in financial statement preparation. Learn about their nature and how their disclosure requirements vary depending on the circumstances in which enterprises operate.
RBI Guidelines on Safe Digital Banking Practices to Avoid Cyber Frauds
In order to prevent “Cyber Frauds,” the RBI has published guidelines on “Safe Digital Banking” practises and advised all parties concerned to be extremely cautious of fraudulent messages, spurious …
ICAI’s Revised Guidance Notes on Ind AS Compliance by Companies/ NBFCs
ICAI has issued revised/updated Guidance Notes (2022 Edition) on Ind AS Compliance by ‘Non Ind AS Companies’ (Division I), ‘Ind AS Companies’ (Division II), and ‘NBFCs’ (Division III) for …
CBDT Guidelines on Income Tax Exemption for ULIP Receipts u/s 10(10D)
CBDT clarifies that any sum received including by way of bonus during the current previous year under any one or more eligible Unit Linked Insurance Policy (ULIPs) issued on …
New IT Rule 8AD on Computation of Capital Gains from ULIPs u/s 45(1B)
CBDT has notified the Income tax (2nd Amendment) Rules, 2022 to insert new IT Rule 8AD on ‘Computation of Capital Gains from ULIPs u/s 45(1B)‘, in respect of insurance policy receipts on …
ICAI’s Implementation Guides on SA 210 and SA 560
ICAI has come out with the Implementation Guides on Auditing Standards ‘SA-560: Subsequent Events’ and ‘SA-210 : Agreeing the Terms of Audit Engagements, as under: ICAI’s Implementation Guide on …
MCA notifies Higher Additional Fee (upto 18 Times) for Late Filing
MCA has notified the Companies (Registration Offices and Fees) Amendment Rules, 2022, to effect Higher Additional Fee of upto 18 Times (as against existing 12 times) the Normal Fee …
ITR & TAR Due Dates further Extended by CBDT: FY 2020-21/ AY 2021-22
CBDT further extends due dates for filing of Income Tax Return (ITR)/ Tax Audit Report (TAR)/ Transfer Pricing Report (TPR), in respect of FY 2020-21/ AY 2021-22. This is …
Exposure Drafts of Revised Accounting Standards of ICAI
ICAI has decided to revise the Accounting Standards applicable to entities to which Ind AS are not applicable and has accordingly issued the Exposure Drafts of various Revised Accounting …