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 > Significant Accounting Policies.
Click F1: Detailed or press Alt+F1 to view Significant Accounting Policies in detailed form.
Press Alt+A or click Add Details button to create a new accounting policy.
The Add New Details screen appears as shown below:
Here, the user can enter the Sl. No., the Head and the Content to be disclosed.
● Press Y or click Yes to accept the changes.
Press Ctrl +F9 or click Remove Details button to remove the non-applicable policy from the list.
A dialog box appears to confirm removal as shown below:
Press Ctrl+F10 or click Restore Default to undo all the alterations made to the accounting policy list.
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
● Press Y or click Yes to remove.
● Load the Company from which the details are to be copied.
● In the Significant Accounting Policies screen, press Ctrl+O or click Copy From.
● In Copy from Company field, select the Company from which the configuration needs to be copied.
● In case of company containing data of continuous financial years, select the financial year in the Copy from Financial Year field.
● Press Ctrl+A to accept.
Press Enter or click Change Policy.
The Change Policy Detail screen appears as shown below:
● Here, the user can alter the Sl. No., the Head and the Content to be disclosed.
● Press Ctrl+A to accept the changes.
Click F9: Inv Reports or press F9 to navigate to the default Inventory Reports like Godown Summary, Movement Analysis, Stock Summary and so on.
Click F10: Acc Reports or press F10 to navigate to the default Accounting Reports like Balance Sheet, Cash Flow, Trial Balance and so on.
Click F10: Audit Reports or press Alt+F10 to navigate to the other Audit Reports within Statutory Audit.
'Significant Accounting Policies (India)' has been shared with