IPC

Economical Value Added Income

ECONOMIC VALUE ADDED (EVA)1. Delta Ltd.’s current financial year’s income statement reports its net income as Rs. 15, 00,000. The marginal Tax Rate is 40% and its interest expense for the year was Rs. 15, 00,000. The company has Rs. 1, 00, 00,000 of invested capital, of which 60% is debt. In addition, Delta Ltd … Read more

Nature of Auditing Notes for IPCC Group 2

Nature of Auditing Notes1. As per SA 240, the primary responsibility of detection and prevention of fraud is upon with the charge of governance and management. An auditor conducting an audit is responsible for to check that the financial statement taken as whole are free from material statement, whether caused by fraud or error. 2. … Read more

CA IPC May 2016 Amendments

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2016 – Intermediate (IPC) ExaminationPaper 1: AccountingAccounting StandardsAS 1 : Disclosure of Accounting PoliciesAS 2 : Valuation of InventoriesAS 3 : Cash Flow StatementsAS 6 : Depreciation AccountingAS 7 : Construction Contracts (Revised 2002)AS 9 : Revenue RecognitionAS 10 : Accounting for Fixed AssetsAS 13 : Accounting … Read more