Contingent Asseet

Contingent Liability

A contingent asset need are disclosed in the financial statements or not ?
if not then where it is disclosed ?

The distinction between a liability and a contingent liability

Provision means

Accounting Policies

The areas wherein different accounting policies are frequently encountered can be given as follows:

Three major characteristics which should be considered for the purpose of selection and application of accounting policies. viz.,

A change in accounting policies should be made in the following conditions:

Any measurement discipline deals with three basic elements of measurement viz.,

Prof. R. J. Chambers defined ‘measurement’ as (R.J. Chambers, Accounting Evaluation and Economic Behaviour, Prentice Hall, Englewood Cliffs, N.J. 1966, P.10).

Ordinal numbers, or ordinals

cardinal number

According to this definition, the three elements of measurement are:

There are four generally accepted measurement bases or valuation principles. These are:

Historical Cost:

Current Cost:

Realisable Value:

Present Value:

Accounting standards deal with the issue of :

Accounting standards

OBJECTIVES OF ACCOUNTING STANDARDS

Indian Accounting Standards

BENEFITS OF CONVERGENCE WITH IFRSs

IFRSs

International Financial Reporting Standards (IFRSs) are considered

Indian Accounting Standards (Ind-AS)