THOUGHT FOR THE DAY

Money

“The safe way to double your money is to fold it over once and put it in your pocket.”

- Frank Hubbard

TOPIC OF THE DAY

Indian Accounting Standards

Accounting is the art of recording transactions in the best manner possible, so as to enable the reader to arrive at judgments/come to conclusions, and in this regard it is utmost necessary that there are set guidelines. These guidelines are generally called accounting policies. The intricacies of accounting policies permitted Companies to alter their accounting principles for their benefit. This made it impossible to make comparisons. In order to avoid the above and to have a harmonised accounting principle, Standards needed to be set by recognized accounting bodies. This paved the way for Accounting Standards to come into existence.

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