Category: Finance

IFRS 15, or the International Financial Reporting Standard 15, is a global accounting standard that provides guidance on the recognition, measurement, and disclosure of revenue from contracts with customers. It was issued by the International Accounting Standards Board (IASB) and became effective for annual reporting periods beginning on or after January 1, 2018. The standard… Continue reading IFRS 15

Deferred revenue, also known as unearned revenue or deferred income, represents money that a company has received in advance for goods or services that it has not yet delivered. It’s a liability on the balance sheet because the company still owes the customer the product or service for which it has been paid. Here’s a… Continue reading Deferred Revenue

A Special Economic Zone (SEZ) is a dedicated zone wherein businesses enjoy simpler tax and easier legal compliances. SEZs are located within a country’s national borders. However, they are treated as a foreign territory for tax purposes. This is why the supply from and to special economic zones have a little different treatment than the… Continue reading Special Economic Zone (SEZ)

Within the lessee accounting model under IFRS 16, there is no longer a classification distinction between operating and finance leases. Rather, now a single model approach exists whereby all lessee leases post-adoption are reported as finance leases. These leases are capitalized and presented on the balance sheet as both assets, known as the right-of-use (ROU)… Continue reading IFRS 16 Leases

Software Technology Parks of India (STPI) is an autonomous society under the Ministry of Electronics and Information Technology, Government of India. STPI was established with the primary objective of promoting software exports and providing various services to the software industry.  Objectives of STPI:  Promotion of Software Exports: STPI aims to promote and facilitate the export… Continue reading Software Technology Parks of India(STPI)

Retained earnings represent the accumulated net profits or losses of a company over time that have not been distributed as dividends to shareholders. It’s a component of the shareholders’ equity on the balance sheet and reflects the company’s ability to reinvest its profits for future growth. The formula for retained earnings is quite straightforward: Retained Earnings=Beginning Retained Earnings+Net Income (or Loss)−DividendsRetained Earnings=Beginning Retained Earnings+Net Income (or Loss)−Dividends… Continue reading Retained Earnings

Realized gain or loss refers to the profit or loss that is actually incurred when an investment is sold or otherwise disposed of. It contrasts with unrealized gain or loss, which is the potential profit or loss on paper, based on the current market value of an investment. Here’s how to calculate realized gain or… Continue reading Realized Gain/Loss

RFD-01 is an application for the online processing of refunds under GST. It is to be e-filed on the GST portal to claim the refund of: Taxes, cess and interest paid in case of zero-rated supplies (except the export of goods with tax payment). Balance of excess cash paid into the electronic cash ledger. Unutilised Input tax credit… Continue reading Form RFD-01 in GST

The Annual Return (Form 11) is a crucial regulatory filing required for Limited Liability Partnerships (LLPs) in India. It is filed with the Registrar of Companies (RoC) as part of the compliance obligations for LLPs. Form 11 contains information about the LLP’s management, partners, and financial details for the previous financial year. Here are the… Continue reading Form 11

Form 8 is a document related to Limited Liability Partnerships (LLPs) in India. It is used for the filing of a statement of account and solvency by LLPs. This form is required to be filed annually with the Registrar of Companies (RoC) in India. Form 8 contains information about the financial position of the LLP,… Continue reading Form 8