Understanding Modified Accrual Accounting for Government Agencies

Discover how modified accrual accounting merges accrual and cash basis methods, its key principles, and why it's preferred by government agencies for accurate financial reporting.
Tax Guru

Unrealized MTM Loss on Benchmark Linked Debentures Allowed as Deductible Expense

ITAT Mumbai held that fair valuation loss on principal-protected debentures linked to NIFTY Index is not a contingent liability. The loss was allowed as expenditure under Section ...
AccountingWEB

Beyond the Hype: How Bright is Building AI That Actually Works for Accountants

1. The technology has matured beyond hype Early AI was impressive in demos but unreliable in practice. Today's agentic AI — when built correctly — can genuinely handle complex workflows with accuracy ...

Unqualified Audit: Definition and How It Works in Accounting

What Is an Unqualified Audit? An unqualified audit is a complete review that certifies a company's financial statements are compliant with generally accepted accounting principles ...