Ind AS 12 prescribes accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of future recovery of the carrying amount of assets (liabilities) that are recognized in an entity’s balance sheet and transactions and other events of the current period that are recognized in an entity’s financial statements.
Notable changes were made in Ind AS 12 in comparison to AS 22. Considering the time constraint and for ease of understanding it is important to address only those issues which are imperative for the one’s understanding. … Read more
An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards are adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which is a committee under Institute of Chartered Accountants of India (ICAI) consisting of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.
Ind AS stands for Indian Accounting Standard and are converged standards for IFRS (International Financial Reporting Standards). Before the introduction of Ind AS, financial statements were prepared on the basis … Read more
Accurate bookkeeping and accounting are not optional for successful businesses, but hiring a full time accounting staff to keep your company’s books can be expensive.
While every business needs the financial data that accountants and bookkeepers prepare in order to fulfill regulatory obligations and make solid business decisions, incurring the cost of a full time staff to prepare that data may not be a very good business decision at all.
Outsourcing this work to a Raleigh CPA firm can mean having the expert financial services that you need anytime while enjoying significant savings.
Top Benefits you Get from Outsourcing your … Read more
Business owners in need of reliable accounting services should ensure to hire accomplished accountants. It is quite easy to obtain bookkeeping services because there are practicing individuals as well as companies. The work demands in your accounting department will determine the kind of professional to be hired. When looking for reliable bookkeeping services Coral Springs FL accountants are obtainable online
At Reliable Bookkeeping Services, we look for long term relationships. Bookkeeping is not the most exciting task and bookkeepers also like excitement and once internal bookkeeper learns all about your business, they stop learning and that leads to boredom … Read more
Cost accounting involves the techniques for:
1. determining the costs of products, processes, projects, etc. in order to report the correct amounts on the financial statements, and
2. assisting management in making decisions and in the planning and control of an organization.
For example, cost accounting is used to compute the unit cost of a manufacturer’s products in order to report the cost of inventory on its balance sheet and the cost of goods sold on its income statement. This is achieved with techniques such as the allocation of manufacturing overhead costs and through the use of process costing, operations … Read more
Accounting is a vast and dynamic profession and is constantly adapting itself to the specific and varying needs of its users. Over the past few decades, accountancy has branched out into different types of accounting to cater for the diversity of needs.
Financial Accounting, or financial reporting, is the process of producing information for external use usually in the form of financial statements. Financial statements reflect an entity’s past performance and current position based on a set of standards and guidelines. GAAP refers to the standard framework of guideline for financial accounting used in any given jurisdiction. This generally … Read more
If you’re running a business, it doesn’t matter whether you’re an independent contractor or a growing company, managing accounts payable is a key part of your everyday business administration. Accounts payable is the process of tracking money owed by your business to suppliers. As your business grows, so does the complexity of your accounts payable process.
The term bookkeeping means different things to different people:
- Some people think that bookkeeping is the same as accounting. They assume that keeping a company’s books and preparing its financial statements and tax reports are all part of bookkeeping.
- Others see bookkeeping as
… Read more
Bookkeeping is necessary in every business whether it is a small or large scale business. As a small business owner, following basic accounting principles is essential for success, record-keeping and financial analysis is key to not only monitoring your expenses, but to discovering new avenues of growth. In addition, it ensures you stay responsible for tax obligations to the government and to your employees.
Accounting closely monitors your accounts receivable to illustrate trends or behaviours in your customer base. It can also cut down on the costs you incur by pursuing late payers. Establishing a detailed budget to help discover … Read more
1. Download the Bank Statements using Online Banking Website in PDF format.
2. Convert the Bank Statements from PDF to excel/ csv format using any software like Adobe
3. Delete those transactions which are already appearing in Quickbooks and identify transactions
which are yet to be uploaded.
4. For those transactions which are yet to be uploaded, prepare a csv file containing the following
1) Date in format MM/DD/YY
3) Amount: All debit amounts should be negative and all credit amounts should be
5. Go to website: qbo.intuit.com
6. Enter User ID and … Read more