Archives: Countly Learning
Mastering Vendor Relationship Management in India
The goal of vendor relationship management, or VRM, is to establish and preserve a solid working relationship with your suppliers and service providers. Managing vendor relationships is essential for a seamless supply chain, consistent quality, and long-term success in a fast-paced business climate such as India. Here’s a discussion of how to handle Indian merchants […]
Invoice Verification in India
Invoice verification is not an insignificant problem that can be left unattended. It is a very vital process that helps in safeguarding your business against fraud, controlling the financial flows, and helps dealing with the tax regulations of India, which are dynamic in nature. This means that, if you’re not good with number crunching, your […]
Matching Purchase Orders with Invoices
Matching Purchase Orders with Invoices Invoice matching is usually neglected, but it is one of the important processes in the business. In an organization, the accounts payable department established the flow of the funds. It is the obligation of the accounts payable department to be experts in the invoice matching. This blog provides you with […]
Tackling Invoice Discrepancies in India
Tackling Invoice Discrepancies in India In the fast-paced business world of today, it’s important to keep track of all financial activities to keep your cash flow healthy. Managing invoices is a very important part of this process. But in India, businesses in all kinds of fields have to deal with problems where bills don’t match […]
Prioritizing Payments During Payment Processing in India
Prioritizing Payments During Payment Processing in India Digital technology is advancing at its own pace in India. The arrival of digital technology transformed the financial ecosystem. But as the digital financial system grows, it faces plenty of problems, and one of them is managing multiple transactions smoothly and stably. Also, prioritization of payments plays a […]
Avoiding Payment Failures in Payment Processing
Avoiding Payment Failures in Payment Processing India’s digital payments scene is blowing up—UPI, mobile wallets, online banking, you name it. But with this explosion comes a frustrating issue: payment failures. Whether it’s a glitch, wrong info, or just bad timing, failed payments can wreck customer trust, kill sales, and mess up operations. If you’re in […]
Applicability of IND AS
Companies (Indian Accounting Standards (Ind AS)) Rules 2015 Notified by the Ministry of Corporate Affairs (MCA), which makes financial reporting in India turn a new leaf. This makes the accounting period 2016–17 Ind AS adoption phase-wise. These standards were later improved upon by the other subsequent changes in the years 2016, 2017, and 2018, which […]
Audit and Assurance with Respect to Indian Accounting Standards
In the tangled world of finance, auditing and assurance are like the backbone of reliable financial reporting. In India, these services ensure that financial statements line up with Indian Accounting Standards (Ind AS), which aim to match global practices. Let’s break down how audit and assurance work with Ind AS and why they matter. What […]
Case Study: Infosys IndAS Implementation
Infosys, an Indian multinational company that is now a global leader in innovation and technology, took off on the journey for the installation of Indian Accounting Standards (IndAS) to synchronize with international financial reporting standards. This shift is taken for the sake of more clarity, compatibility, and enhanced financial disclosures, making Infosys more determined and […]
Challenges in Adopting Ind AS
Adopting Indian Accounting Standards (Ind AS) is a major step towards synchronizing India’s financial reporting with global practices. But the path to adopting Ind AS is crowded with a lot of challenges. For system updates and vast training, the process can be challenging. This blog will guide you through the challenges and how to overcome […]
Compliance and Reporting Requirements for Indian Accounting Standards
The financial world moves quickly these days, so it’s important that financial reports are clear and consistent. The Indian Accounting Standards (Ind AS) are made by the Ministry of Corporate Affairs (MCA) and the Institute of Chartered Accountants of India (ICAI). The goal of these guidelines is to make Indian financial reporting more like what […]
How NFRA is used for the Compliance and Enforcement of Accounting standards
Accounting standards are a set of written rules, guidelines, and principles used in India for the preparation of financial statements. These are used uniformly and consistently. For the compliance and enforcement of these accounting standards, the National Financial Reporting Authority (NFRA) plays an important role. What is meant by NFRA? The National Financial Reporting Authority […]
Ind AS for Insurance
The Indian insurance industry has gone through plenty of changes in recent years. One of the major changes in this industry is the adaptation of Indian Accounting Standards (Ind AS). Indian Accounting Standards (Ind AS) align with the International Financial Reporting Standard (IFRS). This change results in more transparency, comparability, and consistency in financial reporting […]
Ind AS for Real Estate Sector
Indian Accounting Standards (Ind AS) plays an integral role while shaping the financial reporting for real estate sector. Clarity, Compatibility and credibility regarding financial reporting can be achieved by the implementation of Ind AS. This blog will provide information regarding the complexities of Ind AS for real estate as well as the benefits of it. […]
Introduction to Ind AS
They are a set of accounting standards harmonized with the International Financial Reporting Standards (IFRS) by the Ministry of Corporate Affairs (MCA), known as the Indian Accounting Standards (Ind AS). The aim of the standards is to make the financial statements transparent, comparable, and reliable, thus aligning Indian corporate financial reporting with global standards. Need […]