A contingent liability may be defined as a possible obligation that arises from past events and depends on the outcome of an uncertain future event. CONTINGENT LIABILITIES are those liabilities which may arise when certain claims are settled in the near future. So anything that is under litigation or liability is not ascertained as to…
Reconciliation is a financial process that compares internal financial statements with external sources to identify discrepancies and maintain financial reliability. Reconciliation is a financial process that compares transactions and activity to supporting documentation and resolving any discrepancies that may have been discovered. Inter-office adjustments are differences that may occur due to incomplete recording of transactions…
The Government of Himachal Pradesh order No.GAD-A (F)10-7/2023 dated 18.10.2024 declared the following days as Gazetted holidays for the year 2025 Sr.No Date Day Occasion/Festival Date 1 25.01.2025 Saturday STATEHOOD DAY 2 26.01.2025 Sunday REPUBLIC DAY 3 12.02.2025 Wednesday GURU RAVIDAS JAYANTI 4 26.02.2025 Wednesday MAHASHIVARATRI 5 14.03.2025 Friday HOLI 6 31.03.2025 Monday ID-UL-FITR /RAMZAN…
The back office in an organisation exists to finalise the transactions conducted by the front office. This includes confirming transactions and settlement instructions with the back office of the counterparty. The back office is essential for maintaining the integrity of the financial system and ensuring the accurate processing of customer transactions. The back office is…
Banks in different countries use different accounting principles and practices due to the legal requirements of their home country. These legal requirements are based on cultural attitudes towards business, and the stage of development of their economies resulting in a diversity of accounting standards and regulations, which affects the preparation and presentation of financial statements.…
The general structure of the accounting system and financial statements for banks isn’t that much different from a regular business. However, there are significant differences in the sub-classification of accounts. Banks need to deal with various complex issues like Technological disruptions, Cybersecurity threats, Regulatory compliance, Talent management, Geopolitical and economic uncertainties, etc. Therefore, such issues…
Accounting for bills of exchange starts when the drawer draws a bill and the drawee accepts it. The drawer receives back the bill after the drawee accepts the bill and returns it to the drawer. The drawer becomes the holder of the bill accepted by the drawee. Once the drawer is the holder of the…
West Bengal Government Holiday List 2025: The Government of West Bengal published a Holiday List under the NI Act for 2025. On 22nd Nov 2024, the Finance Department of West Bengal published a notification stating the list of holidays for the year 2025. The order 712-F(P2) dated Howrah, the 22nd November 2024 describes the details…
A Bill of exchange is a written, unconditional order by one party (the drawer) to another party (the drawee) to pay a specified sum of money to a third party (the payee) at a predetermined date or on demand. The bill of exchange serves as a promise to pay and acts as a credit instrument,…
A credit instrument is a written document that serves as evidence of a debt, such as a bill of exchange promissory note, bond, loan, cheque, or invoice. A Bill of exchange is a written, unconditional order by one party (the drawer) to another party (the drawee) to pay a specified sum of money to a…