Meaning of Government : “Government” means the Central Government – section 2(9) of IGST Act and section 2(53) of CGST Act. In SGST Act, ‘Government’ will be defined as ‘State […]
Accounting Standard (AS)
Illustration D
Illustration D : Disclosure This illustration does not form part of the Accounting Standard. Its purpose is to illustrate the application of the Accounting Standard to assist in clarifying its […]
Illustration 10: An Onerous Contract
Illustration 10: An Onerous Contract : An enterprise operates profitably from a factory that it has leased under an operating lease. During December 2005 the enterprise relocates its operations to […]
Illustration 9B: Refurbishment Costs – Legislative Requirement
Illustration 9B: Refurbishment Costs – Legislative Requirement : An airline is required by law to overhaul its aircraft once every three years. Present obligation as a result of a past […]
Illustration 9A: Refurbishment Costs – No Legislative Requirement
Illustration 9A: Refurbishment Costs – No Legislative Requirement A furnace has a lining that needs to be replaced every five years for technical reasons. At the balance sheet date, the […]
Illustration 8 : A Court Case
Illustration 8 : A Court Case : After a wedding in 2004-05, ten people died, possibly as a result of food poisoning from products sold by the enterprise. Legal proceedings […]
Illustration 7: A Single Guarantee
Illustration 7: A Single Guarantee: During 2004-05, Enterprise A gives a guarantee of certain borrowings of Enterprise B, whose financial condition at that time is sound. During 2005- 06, the […]
Illustration 6: Staff Retraining as a Result of Changes in the Income Tax System
Illustration 6: Staff Retraining as a Result of Changes in the Income Tax System : The government introduces a number of changes to the income tax system. As a result […]
Illustration 5: Legal Requirement to Fit Smoke Filters
Illustration 5: Legal Requirement to Fit Smoke Filters : Under new legislation, an enterprise is required to fit smoke filters to its factories by 30 September 2005. The enterprise has […]
Illustration 4: Refunds Policy
Illustration 4: Refunds Policy : A retail store has a policy of refunding purchases by dissatisfied customers, even though it is under no legal obligation to do so. Its policy […]