Significant Accounting Policies

As per the Accounting Standards, Companies are required to disclose the accounting policies followed by them while preparing the financial statements. Also, any change in the accounting policies, which has a material effect in the current period or which is reasonably expected to have a material effect in later periods needs to be disclosed.

Now, significant accounting policies can be disclosed in Tally.ERP 9. A pre-defined list of policies has been provided. The user can choose to retain, modify or remove policies from the list. Also, new policies can be added as per company’s disclosure requirements.

To view Significant Accounting Policies,

Go to Gateway of Tally > Balance Sheet > Click Schedule VI or press Alt + S > Significant Accounting Policies

Button options in Significant Accounting Policies

F1: Detailed

Click F1: Detailed or press Alt+F1 to view Significant Accounting Policies in detailed form.

 

A: Add Policy

Press Alt + A or click Add Details button to create a new accounting policy.

The Add New Details screen appears

Here, the user can enter the SI. No., the Head and the Content to be disclosed

 

Ctrl +F9: Remove Details

Press Ctrl +F9 or click Remove Details button to remove the non-applicable policy from the list.

A dialog box appears to confirm removal

 

Ctrl + F10: Restore Default

Press Ctrl + F10 or click Restore Default to undo all the alterations made to the accounting policy list.

 

Ctrl + O: Copy From

Using the Copy From option, the user can copy the accounting policy details of same company from different year and from another company to the company currently in use. This saves the user’s time and efforts as it helps him eliminate duplication of work.

To copy configuration,

Data Configuration screen appears

 

Enter: Change Policy

Press Enter or click Change Policy button.

The Change Policy Detail screen appears

F9: Inv Reports

Click F9: Inv Reports or press F9 keys to navigate to the default Inventory Reports like Godown Summary, Movement Analysis, Stock Summary etc.

F10: Acc Reports

Click F10: Acc Reports or press F10 keys to navigate to the default Accounting Reports like Balance Sheet, Cash Flow, Trial Balance etc.

F10: Audit Reports

Click F10: Audit Reports or press Alt+F10 keys to navigate to the other Audit Reports within Statutory Audit and Tax Audit.


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