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Operating cycle how to apply for education institution
Financial Reporting
answered on 01-Jan-24 07:02
Schedule III of Companies Act is applicable to Companies registered under Companies Act 2013. Classification of current asset and current liability is based on Operating cycle. What I am trying to understand is when I do audit of education trust it is not registered under Companies Act on the basis of logical reasoning can I apply Schedule III. An education institution example deemed University has a fixed deposit of 5 years. From the reporting date if fixed deposit period is 3 months or 4 months I want to show it as current asset. Hope this is accepted argument
latest answer
The framework of financial reporting also has similar definition of current and not current
swaminathan sundaram
CA Final
★ 110
1
341
Ind AS 36
Financial Reporting
answered on 02-Jan-24 15:40
When sum of impairment loss of all assets in CGU differs from impairment loss of CGU as whole how do we allocate?
latest answer
First, you will always impair individual assets and next impair CGU. It is very unlikely that the sale value of individual asset is greater than the unit as a whole.
shamanth rm
CA Final
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1
320
Ind AS 36
Financial Reporting
answered on 02-Jan-24 15:40
When there are many assets in CGU whether all assets are tested for impairment?
latest answer
Always test individual asset first. If an individual asset cannot be tested for impairment because it does not have identifiable cashflows/ sale value, then we test CGU
shamanth rm
CA Final
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1
330
Alteration of AOA
Corporate & Other Laws
answered on 02-Feb-24 13:23
Please explain the meaning of the highlights
latest answer
Why it said copy of BR or power of attorney ? How is it an alternative of BR ?
Sushmita Chowdhury
CA Inter
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7
510
Query
Financial Reporting
answered on 02-Jan-24 15:41
Sir, Can you explain difference between Buyback of Shares and Treausry Shares. Somewhat confused Video Details Course: Financial Instruments - FR Module: Financial Assets, Financial Liabilities & Equity Section: Summary & Misc concepts
latest answer
When shares are bought back and held as investments, these are called treasury shares.
Sai Krishna
CA Final
★ 250
1
306
Alteration of memorandum, change of RO
Corporate & Other Laws
answered on 02-Jan-24 14:53
Please explain point e As in it’s regarding what acknowledgment service ?
latest answer
Thank you Maam
Sushmita Chowdhury
CA Inter
★ 2K+
15
443
Inc of co
Corporate & Other Laws
answered on 01-Jan-24 09:18
Please explain d & e Example would be helpful
latest answer
If any random person claim himself to be a director or an officer of the company entered into contract with an outsider can't be protected on the ground of doctrine of indoor management Any act which is beyond the powers of MOA of the company cannot be protected under this doctrine
Sushmita Chowdhury
CA Inter
★ 2K+
1
365
Inc of co
Corporate & Other Laws
answered on 02-Jan-24 13:19
How can a Co not have sh cap n earn profit ? Any person can anyway can’t participate on profits even if that’s a Co with sh cap, then why it said person here ? Otherwise than a member mean ? Member can participate in profit ?
latest answer
1. Even without share capital, profit can be earned. Eg, instead of share capital, co. can take loan. Or company could start even with little to no capital if its providing service of some sort. Profit will come with sales 2. Dividend cannot be declared without share capital. But members participating in company operations can get salary, commission, etc
Sushmita Chowdhury
CA Inter
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8
387
Appointment of Stat Auditor
Auditing
answered on 02-Jan-24 20:21
Chapter-9 of Council Guidelines said that if we provide two services for same client and we can accept stat audit of that client only if Fees for Stat Audit is greater than fees for remaing My Doubt is Mr. CA.Y Provide mgmt consultancy services for 40Lakhs and they appointed "me" Stat Auditor for 25Lakhs can i Accept? Video Details Course: Advanced Auditing & Professional Ethics (Without SA) Module: Professional Ethics Section: Chapter IX - Appointment of Stat Auditor
latest answer
Guideline is on a firm providing two services. not on the client taking two services.
Surya Prakash
CA Final
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4
391
General
Others
answered on 31-Dec-23 20:31
In the answer sheet backside of the first page there was a column of ticking questions I didn't do that will there be any problems please tell me
latest answer
Thankyou bro 👍
Divinne Fiona
CA Inter
★ 9K+
6
385