AS 5 Explained: Prior Period, Extraordinary & Estimates
Introduction: Why AS 5 Is Important Many items appear in the Profit & Loss Account that do not belong to normal business operations or do not relate to the current…
AS 4: Events After Balance Sheet Date Explained
Why AS 4 Is Important Financial statements are prepared after the balance sheet date, not on the same day.During this gap, certain events may occur that can significantly affect the…
Introduction: Why AS 3 Is Important
A company may show good profit but still face a cash crunch.Why? Because profit ≠ cash. The Cash Flow Statement explains:• Where cash came from• Where cash was used• Whether…
AS 1 – Disclosure of Accounting Policies Made Easy
Every business follows certain rules while preparing its financial statements — like how it values stock, when it records expenses, or how it treats fixed assets.These rules are known as…