Author: Meenumol Thomas

Revenue recognition under Generally Accepted Accounting Principles (GAAP) is a key accounting concept that outlines when and how a company should record revenue in its financial statements. It’s governed primarily by the Financial Accounting Standards Board (FASB) under ASC 606, “Revenue from Contracts with Customers,” which provides a standardized five-step model to ensure revenue is… Continue reading Revenue Recognition Under US GAAP

Consolidation of intercompany transactions involves the process of combining the financial results of a parent company and its subsidiaries while eliminating the effects of transactions between entities in the same corporate group. This ensures that the consolidated financial statements represent the group’s overall financial position as if it were a single entity, without double-counting revenues,… Continue reading Intercompany Transactions

Section 194Q of the Income Tax Act, 1961 in India pertains to the Tax Deducted at Source (TDS) on purchase of goods. It was introduced through the Finance Act 2021 and applies to buyers who are required to deduct TDS on the purchase of goods from sellers, subject to certain conditions. Key Aspects of Section… Continue reading Section 194Q of the Income Tax Act