Books of Account
The complete set of financial records a company is legally required to maintain under Section 128 of the Companies Act, forming the basis from which the financial statements are prepared.
Related terms
- 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.
- Capital Work-in-Progress (CWIP)
Costs incurred on an asset under construction or development that has not yet been brought into use, carried separately from completed fixed assets.
- Capitalisation Threshold
A minimum cost a company sets, below which an item is expensed rather than capitalised as a fixed asset, even if it otherwise meets the definition.
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