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A payroll is a financial record of what employees earn- whether it’s their salaries, bonuses, or deductions for the work done during a particular period. Payroll plays a vital role in the success of any business. It’s not just about numbers; it’s about supporting your team and ensuring everyone feels valued for their hard work. It
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Bookkeeping is required in every business, whether it is small or large. As a small business owner, following basic accounting principles is essential for success. Record keeping and financial analysis are key to not only monitoring your expenses but also discovering new avenues of growth. Additionally, it ensures you stay responsible for tax obligations to
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In today’s fast-paced business environment, many companies are increasingly turning to outsourced accounting and bookkeeping services to streamline their operations. Whether you are an independent contractor or setting up your business in India to scale up, keeping accurate financial records is crucial for long-term success. With evolving technology and the complexities of modern finance, handling
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Reverse Acquisition: Its Benefits and GuidelinesIn a reverse acquisition, a private company acquires a publicly listed company in substance. The owners of the private company become the controlling shareholders of the public company. After the acquisition, they reorganize the public company’s assets and operations to absorb the formerly private company. The term “reverse” refers to
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IFRS 14 is to identify the financial reporting requirements for ‘Regulatory Deferral Account Balances’ (RDAB) that come to light when an entity provides goods or services to customers at a price regulated by the government or rate fixed by regulatory that’s subject to rate regulation. IFRS 14 is authorized, but not required, to be applied
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Financial instrument relates to any contract or agreement that gives rise to a financial asset of one entity and financial liability (obligation) or equity instrument of another entity. The objective of this IND AS is to establish principles for offsetting financial assets and liabilities and for furnishing financial instruments as liabilities or equity. Scope This
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ASC 205 contains four subtopics, below is an overview of each subtopic. 205-10 Overall ASC 205-10, prescribes the advantages of presenting comparative financial statements of the entities instead of the single-period financial statements of the entities, and addresses how the comparative information of the entity shall be presented in the financial statement and the required
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The Companies Act, 2013 required the preparation of financial statements of specified companies following IND AS. For this purpose, the Ministry of Corporate Affairs (MCA) had constituted a layout that guided the adoption of IND AS by the defined companies in a stage manner. IND AS 101 provides the basis for transition and disclosures to
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The objective of this standard affects the accounting treatment of revenue and costs related to construction contracts. Because of the nature of the affair undertaken in construction contracts, the date at which the contracting activity is entered into and when the activity is completed usually fall into different accounting periods. Therefore, the main issue in
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The objective of this IND AS 27 is to lay down the accounting and disclosure requirements for investments in subsidiaries, JV, and associates when a parent company prepares separate financial statements. This standard shall be applied in accounting for investments in subsidiaries, JV, and associates when a parent company elects or is required by law
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