Bank Reconciliation Statement (BRS)
A reconciliation between the cash book balance and the bank statement balance, explaining every difference (outstanding cheques, unrecorded charges, deposits in transit).
Related terms
- Audit Trail
A record of who did what, when, in a system or a file — including what a value was changed from and to. Also the name of a specific Companies Act compliance requirement for accounting software to log edit history.
- Bank Guarantee
A bank's commitment to pay a beneficiary on a customer's behalf if the customer fails to meet an obligation — a contingent liability requiring disclosure, not recognition on the balance sheet.
- Blocked Credit (Section 17(5))
Categories of input tax credit specifically disallowed under the CGST Act, such as credit on motor vehicles for personal use or on goods lost or stolen, regardless of whether conditions are otherwise met.
- Board's Report
The report the directors present to shareholders alongside the financial statements each year, covering operational performance, CSR, related-party transactions and other matters required under Section 134.
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