TYASuite - Cloud ERP Solutions

Accounting was one of the first business processes to undergo mass-scale digitalization around the world, with accounting software slowly replacing manual accounting and bookkeeping across the globe as the digital revolution began and the results of IT became felt at all levels of industry. Accounting software giants such as Tally or QuickBooks became synonymous with businesses across industries, sizes and locations, as more and more functionalities and features kept being invented and added to the digital accounting process. ERP (Enterprise Resource Planning) software on the other hand, is a relatively newer development in the IT world, and it encompasses a much broader scope of action than accounting software. Though it is a newer model of digital business processing, it is also a much faster growing one, projected to reach a global worth of USD 47 Billion by 2022. This growth is very simple to justify, due to the immense number of advantages ERP software has as compared to an ...

The whole world is coming out with their advisories for dealing with the implications of the Covid-19 Fallout. The sole accounting body in India has not left its footprint for the same. Although SEBI has given more time to file earnings reports , corporates are still trying to meet their internal deadline amidst this fight against the Coronavirus. This puts a very high pressure on CFOs and Auditors to close the numbers and sign off while working from home. The ICAI has released its guidelines for CFOs and Auditors on how to handle certain specific accounting issues due to Covid-19. We have summarized possible accounting implications under Ind AS reporting related to Covid -19. 1. Inventory : Reconsider Inventory Valuations to the “Net Realizable Value” considering the following: Reduced movement in inventory Decline in selling price Inventory obsolescence due to lower expected sales Amount of fixed overhead allocated to each unit of production shall not be incre...