Hedge Accounting
An accounting treatment aligning the recognition of gains and losses on a hedging instrument with the item it hedges, subject to specific documentation and effectiveness criteria.
Related terms
- GSTR-9
The annual GST return consolidating the information furnished in the monthly or quarterly returns filed during the financial year.
- GSTR-9C
A reconciliation statement between the annual return (GSTR-9) and the taxpayer's audited financial statements, applicable above a specified turnover threshold.
- HSN / SAC Code
Harmonised System of Nomenclature (for goods) and Services Accounting Code (for services) — the classification codes required on GST invoices and returns.
- ICFR / IFC (Internal Financial Controls)
The controls a company has in place over its financial reporting process. The statutory auditor is required to report on their operating effectiveness for specified companies.
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