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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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Accounting policies are the specific principles, procedures, rules, and practices applied by an entity’s management to prepare and present financial statements. Principles are the guidelines that must be followed when reporting financial transactions. Rules are the debit and credit of accounting (i.e. golden rules). Practices are how accounting policies are implemented and adhered to on a
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