Tag: Auditing and Reporting Bangalore University b.com Notes

A financial concept of capital is adopted by most entities in preparing their financial statements. Under a financial concept of…

Financial position The financial position of an enterprise is primarily provided in a balance sheet. The main purpose of financial…

“Recognised” means reported on, or incorporated in amounts reported on, the face of the financial statements of the entity (whether…

Customers When a customer is considering which supplier to select for a major contract, it wants to review their financial…

Phase I Mandatory applicability of IND AS to all companies from 1st April 2016, provided:  It is a listed or…

Benefits of Accounting Standards Accounting Standards are the ruling authority in the world of accounting. It makes sure that the…

The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be…

Procedure for Issuing an Accounting Standard Broadly, the following procedure is adopted for formulating Accounting Standards: (i) The ASB determines…