Corporate Compliances

Benefits and Limitations of Accounting Standards

Benefits and limitations of Accounting Standards-min
Accounting Standards describe the accounting principles. They provide for the valuation techniques and the methods of applying the accounting principles. Accounting Standards help in establishing comparability and reliability features for financial statements. This helps financial statements to represent the true and fair view. Benefits of Accounting Standards It reduces confusing variations in the accounting treatments used to prepare financial statements, to a reasonable extent. It allows for disclosure of certain information beyond what are statutorily required. By bringing in comparability features, it helps in assisting comparison of financial statements of different enterprises. It also helps in comparing financial statements of
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Objectives of Accounting Standards

Objectives of Accounting Standards-min
Accounting is a language in itself. It communicates the financial statements of an enterprise. It speaks its financial status. But, as common with any other language, this language also suffers from ambiguity. Words and figures can be interpreted differently from what the author of such report intends to express. It is not different to errors that use of words such as "unreported loan" instead of "cash theft" can mean. Any financial statement is simply a report authored by an accountant. And as each accountant is a distinct person, so does his report. Accounting is full of estimates. And each estimate
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Overview of Prevention of Money Laundering Act, 2002

Prevention of Money Laundering Act, 2002 is also commonly known as PMLA 2002. This Act applies to the whole of India and it came into force with effect from 1st July 2005. It’s silent features are – It aims at combating chanellising of money into illegal activities, Provides for attachment and seizure of property and records Has stringent punishment, including rigorous imprisonment of up to 10 years and fine This Act is in line with the commitment made by India to fighting all forms of economic crimes. It has ten chapters and seventy-five sections. Brief History of this Legislation On
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