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AS 24 & AS 4 related query
Accountancy
answered on 06-Nov-20 18:11
Sir, here in the book it says that if an initial disclosure event (as per AS 24) occurs between the balance sheet date and before approval of financial statements by the board of directors we need to disclose as per requirement of a AS 4 (see attached, please). But as per AS 4, their needs to exist a condition as on the balance sheet date to be called "adjusting event" and therefore make adjustments, right? Let me be more clear with this example If say, BoD of A Ltd announced and approved on 3rd May that they are going to discontinue a part of their business, and say FS is approved on 8th Aug and year end is 31st March (as usual). There was no condition existing as on 31st March indicating that the management would discontinue a part of its business operation.
latest answer
Thank you sir
Kumarjit Dey
CA Inter
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Query on MLP (AS 19)
Accountancy
answered on 06-Nov-20 13:42
For the lease to be classified as finance lease one of the conditions requires that: at the Inception of the lease, the present value of the minimum lease payments must be substantially equal to the fair value of the leased Asset My question is that is this MLP from "the standpoint of the lessee" or "the standpoint of the lesser"?
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Understood. Thank you
Kumarjit Dey
CA Inter
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2
844
Capital vs revenue
Accountancy
answered on 06-Nov-20 13:44
Sir in this question point why it is classified as revenue expenditure?? as it leads to endurable benefit..
latest answer
ICAI can be wrong.
Sri kanaga Varshini
CA Final
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3
801
partnership
Accountancy
answered on 07-Nov-20 14:09
How do we know whether the joint life policy is taken as a expense , asset or a reserve?
latest answer
ok Sir
lohita Prava
CA Final
★ 35
2
839
partnership
Accountancy
answered on 07-Nov-20 14:10
What is the difference in accounting of retirement and death of a partner?
latest answer
OK and everything else is the same like goodwill ?
lohita Prava
CA Final
★ 35
2
738
Dissolution of Partnership
Accountancy
answered on 05-Nov-20 18:24
Is loan from HUF of partner outside liability or inside liability?
latest answer
Outside
Raviteja Kusumanchi
Qualified CA
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1
829
Dissolution of Partnership
Accountancy
answered on 05-Nov-20 18:26
This is illustration 5. Why is realization expenses not considered in this sum?
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The firm already has 500 balance. and first instalment realised is 1000. So 500 is kept aside and distributed.
Raviteja Kusumanchi
Qualified CA
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1
679
Company
Accountancy
answered on 05-Nov-20 10:33
If a share holder pays some money say 40 rs and due to some reason if his share is forfeited under what accounting head this amount will bd in the company If a shareholder pays some money in advance will company provide any rebate Similarly if a shareholders pays the amount taking more time will company charge interest
latest answer
Normal forfeiture accounting.
Prasanth Kumar
CA Inter
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3
748
From the standpoint of AS 18
Accountancy
answered on 05-Nov-20 10:39
is it always necessary that KMP and their relatives have Significant influence over the reporting entity?
latest answer
Thank you sir
Kumarjit Dey
CA Inter
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2
730
Does Substantial Interest and Significant Influence mean the same?
Accountancy
answered on 05-Nov-20 10:56
Or is Substantial interest only used for 'Control' definition purpose? See attached please to refer what i am talking about
latest answer
Some times substantial interest may not give rise to influence. It depends on Shareholders Agreements.
Kumarjit Dey
CA Inter
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