Accounting Standards & Bookkeeping
Articles & Guides
Expert insights on Accounting Standards & Bookkeeping from practising Chartered Accountants — plain language, actionable advice.
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 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 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 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 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 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.
Accounting Entries under GST: Complete Journal Entry Guide with Examples
Learn how to record GST transactions in your books of accounts. This guide covers journal entries for intra-state and inter-state purchases and sales, input tax credit set-off, reverse charge mechanism, advances received, and GST payment to government — with practical examples and ledger formats.
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