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International Financial Reporting Standards (IFRS) is a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB); these accounting standards or frameworks are accepted by India.  In 2011, the Institute of Chartered Accountants of India released a concept paper on the strategy of adoption of IFRS in India. This move was… Continue reading International Financial Reporting Standards: Gateway to Foreign Investment

Reconciling bank accounts is not just a financial task- It is a crucial process to find and fix discrepancies between bank receipts and fiscal records. But what are your thoughts on bank reconciliation statements? Here’s a complete guide for you! Let’s unravel the insights into the topics and get clarity into your financial journey!   What… Continue reading Bank Reconciliation Statement: Everything You Should Know!

Imagine this: Mr. A, owner of ABC Enterprise. It happened once; he remembered that a payment of Rs. 50,000 was pending from Mr X’s end (who happens to be Mr A’s client). He checked his bank account statement but could not find any credit entry from Mr X. Then he decided to follow up with… Continue reading From Paper to Proof: Role of Cash Receipts in Accounting

GSTR-2A and 2B sound confusing to taxpayers due to their overlapping compliance responsibilities. However, they have distinct roles that ensure report accuracy and seamless ITC reconciliation.  Let’s check out what is GSTR-2A and 2B, along with their differences.  What is GSTR-2A? GSTR-2A refers to a dynamic tax return on purchases made, and it is automatically… Continue reading GSTR-2A and 2B: What is the Difference?

‘Invoicing’ and ‘billing’ are the widely used terminology in accounting. Normally, they are used interchangeably even in accounting practice, but the reality is that both the terms are distinctively different. This revelation might shock you, or you may think we are factually incorrect, right? Read this blog until the end and decide what is right… Continue reading Invoicing and Billing: The Twin Pillars of Business Finance

GSTR-9C is an annual GST reconciliation statement that certain taxpayers are required to file. It applies to registered taxpayers whose annual aggregate turnover exceeds ₹5 crore during a financial year.  Here’s a detailed breakdown of GSTR-9C: What is GSTR-9C?  GSTR-9C refers to the reconciliation that takes place between:  GSTR-9 C includes gross and taxable turnover… Continue reading GSTR-9C: Everything a Taxpayer Should Know!