In the world of corporate accounting and taxation, deferred tax asset and deferred tax liability are two terms that often cause confusion. At their core, […]
Accounting
Accounting for Real Estate Developers: Revenue Recognition Rules, Methods, and Tax Compliance
Revenue recognition in real estate development is one of the most debated and complex issues in financial reporting. The process of determining when revenue should […]
Golden Rules of Accounting Explained: Complete Guide to Debit and Credit Rules
Accounting is often referred to as the language of business because it communicates financial information that is vital for decision-making. Every business, whether small or […]
Complete Guide to Business Income Measurement and Revenue Recognition in Accounting
In the field of financial accounting, one of the most fundamental objectives is the determination of business income. The term income is used in both […]
Cash Basis of Accounting: ICAI’s Latest Technical Guide and Its Real-World Impact
In India, accounting practices are shaped by both legislative mandates and commercial usage. Among the accepted methods for recognizing financial transactions are two principal approaches: […]
Methods of Accounting and Their Role in Business Income Computation
The process of determining taxable profits from business or profession is inseparably tied to the method of accounting adopted by the assessee. Accounting does not […]
Accounting Treatment of Minimum Alternate Tax in Financial Statements
Minimum Alternate Tax is a mechanism under the Indian Income Tax Act that ensures companies with substantial book profits and minimal or zero tax liability […]
Accounting Standards Relaxations Applicable to SMCs
Small and Medium Companies (SMCs) often do not have the same level of resources, systems, or personnel as large enterprises. Recognising this, Indian Accounting Standards […]
Accounting for Interest: A Practical Approach
Interest, as recognized in financial statements, can either be an item of income or an item of expense. The accounting treatment for each differs depending […]
Fundamentals of Accounting: Concepts, Importance, and Objectives Explained
The principles of financial accounting are man-made rules designed to guide action. They are the result of a broad consensus and are therefore referred to […]
Step-by-Step Guide to the Accounting Process: Journal, Ledger, and Trial Balance
The accounting process follows a standardized sequence of steps to ensure the accuracy and completeness of financial records. These steps include the preparation and use […]
From Transactions to Trial Balance: A Guide to the Accounting Process
The accounting process refers to a structured sequence of steps used to record, classify, and summarize business transactions to produce meaningful financial information. The primary […]
Essential Accounting Principles for Partnerships
According to Section 4 of the Indian Partnership Act, 1932, a partnership is the relation between persons who have agreed to share the profits of […]
Accounting Basics: Meaning, Concepts, and Importance
Accounting is often referred to as the language of business across the world. In simple terms, a language is a system of communication that uses […]
A Beginner’s Guide to Accounting: Meaning, Categories, and Evolution
Accounting is often referred to as the language of business. Just like any language functions as a medium of communication, accounting enables organizations to communicate […]