What Is Management Accounting and Its Functions? Management accounting is the process of preparing reports about business operations that help managers make short-term and long-term decisions. It helps a business pursue its goals by identifying, measuring, analysing, interpreting and communicating information to managers. What Is a Management Accounting System? Internal management accounting systems are used to provide critical information to management to be used in operational business decision-making. A manufacturing company might use these systems to help in the costing
Month: March 2022
Computerised Accounting
A computerised accounting system is an accounting information system that processes financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements. The features of computerised accounting software are: The following are some principal advantages of computerised accounting: The following are some significant disadvantages of computerised accounting. Modern computerised accounting systems are based on the concept of a database. A database is implemented using a database management system, which is defined by a
Artificial Intelligence: Need Of The Hour
ARTIFICIAL INTELLIGENCE: NEED OF THE HOUR THE PHASE IS OF ARTIFICIAL INTELLIGENCE AUDITORS, IT’S HIGH TIME TO ENVISAGE Its RELEVANCE LET’S APPLY THIS CONCEPT TO CONDUCT AUDIT WITH THE DUE DILIGENCE Over a last few years, there has been a tremendous increase in the no of organizations: small or large, domestic or MNCs. With the operation & processes going countless, it calls for the application of AI tools. AI has led to the creation of Next- generation workplace that thrives on
Why Startups Need Accounting?
“Behind every good company is a great accountant.” Entrepreneurs must often learn and perform a number of business activities while starting a business. Accounting is a crucial business function to use when establishing a small firm. Despite the fact that many entrepreneurs are afraid of sifting through countless stacks of financial records, accounting frequently delivers the clearest picture of a company’s profitability. For tax and legal concerns, entrepreneurs must also maintain a permanent record about their small business startup. A
Direct Tax Alert
Union Budget 2022-23 Highlights Updated Income Tax Return: Sub-section (8A) has proposed to be inserted into section 139 to provide an additional 2 years to a taxpayer to update his return. Updated returns can be filed irrespective of the fact whether the taxpayer has earlier filed the original, revised or belated return in respect of the relevant assessment year. However, an updated return cannot be filed if it is a return of a loss or has the effect of decreasing
Finance News Alert
Bharti Airtel to buy Vodafone’s equity stake in Indus Tower: Telecom operator Bharti Airtel Ltd has agreed to buy Vodafone Group’s 4.7% stake in India’s largest cell tower firm Indus Towers Ltd. Vodafone Group is looking to sell its entire stake in Indus Towers Ltd. Currently, Vodafone holds about 28% in Indus Towers while that of Bharti Airtel is close to 42%. Vodafone has said that the cash it raises via these stake sales would be infused in loss-making Vodafone
GST Calendar –Compliances for the month of February’2022
Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) March 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) March 10,2022 GSTR-1 March 11,2022 IFF- Invoice furnishing facility (Availing QRMP) March 13,2022 GSTR-6 Input Service Distributor March 13,2022 GSTR-2B (Auto Generated Statement) March 14,2022 GSTR-3B March 20,2022 GSTR-5 (Non-Resident Taxable Person) March 20,2022 GSTR-5A (OIDAR Service Provider) March 20,2022 PMT-06 (who have opted for QRMP scheme) March 25,2022 E-invoice is now mandatory for taxpayers with a turnover of Rs. 20
Auditor’s Responsibility to Evaluate the Risk of Material Misstatement (ROMM)
SA 315, Identifying and Assessing the Risks of Material Misstatement through understanding the entity and its environment deals with the auditor’s responsibility to identify and assess the risk of material misstatement in the financial statements, through understanding the entity and its environment. A risk assessment procedure is performed for the identification and assessment of risks of material misstatement at the financial statement and assertion levels. SA 315 requires that: • The auditor shall document the discussions among the engagement team and
The latest amendment that followed in February 2022 issued by MCA, RBI, SEBI, DIPP and others.
In this edition, we have tried to bring to notice the latest amendment that followed in the month of February 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA LLP (Amendment) Rules 2022: MCA has notified the Limited Liability Partnership (Amendment) Rules, 2022 which shall come into force with effect from April 01, 2022. The amendment is brought under Rule 19(1) which states that a limited liability partnership or a company or a proprietor of a
CLOUD GOVERNANCE & SECURITY
“Data is the new oil.” Being such a huge resource, it is important to protect it and also to keep it accessible, confidential and well-maintained. One such method of ensuring this is to maintain the data on the cloud. So, this shall be an appropriate time to ask ourselves how much are we aware of this new and emerging technique of maintaining data. The ‘cloud’ refers to servers that can be accessed through the internet and includes vast databases and