Fund accounting The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods: A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business. Personal[ edit ] Personal financial statements may be required from persons applying for a personal loan or financial aid.
It is a quotation from the Upanishads Kathopanishad. Shastri, a Chartered Accountant from Chennai went to Sri Aurobindo and requested him through a letter to give an emblem to the newly formed Institute of which he was an elected member from the Southern India.
In reply to this request, Sri Aurobindo gave him the emblem with a Garudathe mythical eagle in the centre and a quotation from the Upanishad: Ya Aeshu Suptaeshu Jagruti.
The emblem along with the motto was placed at the first meeting of the Council of the Institute and was accepted amongst many other emblems placed by other members of the Council.
Apart from its emblem, ICAI also has a separate logo for its members. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed.
The holder of a restricted certificate was allowed to practice only within the province of issue and in the language specified in the restricted certificate. In a course called Government Diploma in Accountancy was launched in Bombay now known as Mumbai. On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate.
This certificate entitled the holder to practice as an auditor throughout India. Later on the issue of restricted certificates was discontinued in the year In the year it was decided that the Government of India should maintain a register called the Register of Accountants.
Any person whose name was entered in such register was called a Registered Accountant. However it was felt that the accountancy profession was largely unregulated, and this caused lots of confusion as regards the qualifications of auditors. Hence in the yearjust after independence inan expert committee was created to look into the matter.
The Government of India accepted the recommendation and passed the Chartered Accountants Act in even before India became a republic.
XBRL (Extensible Business Reporting Language) is an XML-based computer language for the electronic transmission of business and financial data. The goal of XBRL is to standardize the automation of business intelligence (BI). XBRL is an open standard which is overseen by a . XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting. The eXtensible Business Reporting Language (XBRL) standardises financial reporting and with a machine-interpretable format that makes corporate reports easier to consume and integrate. However, XBRL-based information sources only provide part of the picture, and many other data sources are used in conjunction with XBRL.
Under section 3 of the said Act, ICAI is established as a body corporate with perpetual succession and a common seal. Unlike most other commonwealth countriesthe word chartered does not refer to a royal chartersince India is a republic.
At the time of passing the Chartered Accountants Act, various titles used for similar professionals in other countries were considered, such as Certified Public Accountant.
This had created some sort of brand value.XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
The GAAP taxonomy is a list of computer-readable tags in extensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures.
eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data, which is being adopted as a reporting standard around the world.
Organizations today are looking to establish a sustainable reporting process to comply with the Securities and. XBRL stands for eXtensible Business Reporting Language. It is a language for e-communication of business and financial information worldwide.
Since , the Accounting & Corporate Regulatory Authority (ACRA) of Singapore has adopted XBRL filing for the purpose of financial statement reporting.
rank-based scientific classification as opposed to clade-based classification; Business and economics. Corporate taxonomy, XBRL Taxonomy, eXtensible Business Reporting Language; SRK taxonomy, in workplace user-interface design; Education and academia.  XBRL (eXtensible Business Reporting Language) is a freely available, market-driven, open, and global standard for exchanging business information.
XBRL allows information modeling and the expression of semantic meaning commonly required in business reporting.