Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

ICAI proposes accounting standards for local bodies
May, 12th 2008

Institute of Chartered Accountants of India is framing new accounting standards for local bodies, including municipal corporations and panchayats.

The committee set up for formulating accounting standard (AS) for such local bodies has proposed two draft AS which will be recommendatory in nature in the initial years and will be later made mandatory by state governments, the ICAI said on its website. The two draft AS, on which the ICAI has sought public comments by July 31, deal with revenue from exchange transactions and borrowing costs.

The objective of the AS Revenue from Exchange Transactions is to lay down the accounting treatment of revenue arising from exchange transactions and events in addition to specifying revenue recognition norms, it said. The local bodies following accrual basis of accounting will be able to use this standard for revenue arising from the sale of goods, and income like royalty, dividends and interest. However, the AS will not deal with revenue from non-exchange transactions like revenue from taxes, duties, fines, grants and donations and revenues from lease agreements among others. The draft accounting standard on Borrowing Costs will deal with interest on borrowings, amortisation of discounts or premiums relating to borrowings and foreign exchange fluctuations among others.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting