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The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India.It advises the Central Government on the formulation and laying down of accounting policy and accounting standards for adoption by companies . [1]
Tata Consultancy Services Limited, originally known as Tata Computer Systems, was established in 1968 by Tata Sons Limited. [12] The company's initial contracts involved providing punched card services to its sister company TISCO (now Tata Steel ), developing an Inter-Branch Reconciliation System for the Central Bank of India , [ 13 ] and ...
A balance sheet is often described as a "snapshot of a company's financial condition". [1] It is the summary of each and every financial statement of an organization. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. [2]
The Amendment Act (21 of 2015), passed to consolidate and amend the 2013 Companies Act, received assent from the President of India on 25 May 2015, and contained 23 sections. Official notice was published in the Gazette of India , [ 2 ] specifying 29 May as the date on which sections 1–13 and 15–23 of the act would come into force.
To ensure uniformity and comparability between financial statements prepared by different companies, a set of guidelines and rules are used. Commonly referred to as Generally Accepted Accounting Principles (GAAP), these set of guidelines provide the basis in the preparation of financial statements, although many companies voluntarily disclose ...
Contingencies and Events Occurring After the Balance Sheet Date (1978) Events After the Balance Sheet Date (1999) Events after the Reporting Period (2007) 1978 January 1, 1980: IAS 11: Accounting for Construction Contracts (1979) Construction Contracts (1993) 1979 January 1, 1980: IFRS 15 IAS 12: Accounting for Taxes on Income (1979) Income ...
Prior to the corporate takeover by TCS, the BaNCS software was developed at the headquarters of Financial Network Services Pty (FNS) in Sydney Australia.First implemented into local Australian and New Zealand banks and credit unions throughout the late 1970s and into the 1980s the demand from overseas markets grew substantially looking for automation and consolidation of disparate systems.