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Accounting Standard (AS)

Meaning of Government

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 […]

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 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 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 […]