Day: December 29, 2021

The objective of AS-5 on the above subject is to prescribe the classification and disclosure of certain items in the statement of profit and loss so that all enterprises prepare and present such a statement on a uniform basis. This Read More …

Accounting Standard – 4 on “Contingencies and Events occurring after the Balance Sheet Date” deals with the treatment of contingencies and events occurring after the balance sheet date in financial statements. According to it, events occurring after the balance sheet Read More …

Accounting Standard 29 issued by the ICAI deals with the “Provisions, Contingent Liabilities and Contingent Assets”. According to it a contingent liability is  a possible obligation that arises from past events and the existence of which will be confirmed only Read More …

Directors of a company in exercise of the powers vested in them may raise a loan by issue of debentures with or without creating a charge on the assets of the company. Debenture holders do not carry any voting right. Read More …

There are seven clauses under paragraph 4(iii) of the Order. It is clarified that the auditor’s comments on all the seven clauses are to be made with reference to the companies, firms or other parties covered in the register maintained Read More …

In addition to the procedures described above, the auditor· should also employ the following procedures in the case of audit of a company. In determining whether the loans obtained by the company are within its powers, the auditor should scrutinise Read More …