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Financial Statements & Accounting

3 terms

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Financial Statements & Accounting

Accrual Accounting

The convention of recording revenue when it is earned and expenses when they are incurred, regardless of when cash moves.

Test: the transaction is recognised in the period in which the economic event occurs, not the period in which cash is received or paid qualitative Financial Statements & Accounting

Amortisation

The systematic write-off of an intangible asset's cost over its useful life, the intangible equivalent of depreciation.

Annual Amortisation = Cost of Intangible Asset / Useful Life in Years ₹ crore Financial Statements & Accounting

Auditor's Report

The statutory auditor's formal opinion on whether the financial statements give a true and fair view in accordance with the applicable…

Test: the report states an unmodified, qualified, adverse or disclaimer opinion, together with any key audit matters and emphasis of matter qualitative