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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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As per ASC (accounting standards codification) 855, subsequent events, entities need to consider the subsequent events or transactions to the balance sheet date to determine whether disclosures or adjustments of these transactions or events are required for the financial statements of the company. There are two types of subsequent events: Additional information An event provides
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International financial reporting standards (IFRS) are a deposit of accounting regulations for the financial statements of public companies that are planned to make them logical, crystal clear and easily comparable around the world. Before IFRS, every country had distinct generally accepted accounting principles (GAAP) for the occupations to prepare financial statements in their own country.
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Firms that combine the outcomes of foreign operations termed in local currencies must translate the foreign financial statements into U.S. dollars (USD). ASC 830 (FAS 52) gives the accounting and reporting requisites for foreign currency deals and the translation of financial statements from a foreign currency to the reporting currency. ASC 830 also appeals to
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