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 2 Explained: Lower of Cost & NRV – A Complete Guide
Inventory forms a major part of assets for most businesses — especially retail, manufacturing, and trading firms.If inventory is valued incorrectly: Profit becomes wrong Balance Sheet becomes misleading Taxation gets…
How to Start Your CA Intermediate Journey (2025 Guide)
Starting your CA Intermediate journey is a big step—whether you have cleared CA Foundation or are entering through the Direct Entry route. This stage forms the backbone of your Chartered Accountancy career and…