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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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Related terms

  • 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.

  • HSN / SAC Code

    Harmonised System of Nomenclature (for goods) and Services Accounting Code (for services) — the classification codes required on GST invoices and returns.

  • Ind AS

    Indian Accounting Standards — the accounting framework converged with IFRS, applicable to companies above specified thresholds; smaller companies continue to apply the older Accounting Standards (AS).

  • Ind AS 1

    Governs the presentation of financial statements — their structure and minimum content requirements.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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