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Suresh Surana & Associates LLP (SSA) Group provides a wide range of professional service with
special focus on the fields of Internal/ Management Audits, Corporate Advisory, Risk Management and
Attestation
Introductionto Indian Accounting Standards:
Indian Accounting Standard are converged standards for IFRS (International Financial Reporting
Standards). These are popularly known as Ind AS. Indian Accounting Standard provides principles for
recognition, measurement, treatment, presentation and disclosures of accounting transactions in financial
statements prepared as per Indian Accounting Standard.
For example: Indian Accounting Standard 38 on Intangible asset will provide principles regarding
recognition of intangible asset, what all cost will form part of such asset, how to treat those cost and how
to present intangible asset in the financial statement and relevant disclosures.
Income Tax Act 1961
The Income Tax Act is a comprehensive statute that focuses on the different rules and regulations that
govern taxation in the country. It provides for levying, administering, collecting and recoveringincome tax
for the Indian government. It was enacted in 1961.
The Income Tax Act contains a total of 23 chapters and 298 sections according to the
official website of the Income Tax Department of India[1]. These different sections deal
with various aspects of taxation in India. The various heads for which you have to pay
income tax include:
1. Salary
2. Income from house property
3. Capital gains
4. Profit and gains from business or profession
5. Income from other sources

Commercial Law Overview
Commercial law or business law comprises the whole set of laws related to trade and sales.
It includes laws on business contracts, sale of goods, banking, insurance, finance,
partnership, bankruptcy, and taxation. It defines rights and obligations of parties in different
types of contracts, such as agency agreements, guarantees, and contracts for carriage,
sales and purchase of goods.
Elements of a Contract
It is difficult for sellers and buyers to make transactions without a clearly defined contract.
Without a contract, there would be no assurance that the other party will honor the

transaction. There are certain rules that need to be followed while forming these
agreements. They make sure that the contract becomes enforceable through the legal
system.
There are three main elements of a contract:
 Offer: The party proposing to enter into a contract must make an offer setting out the
terms of the contract. The offer must be made with an intention of entering into a
legally binding contract.
 Acceptance: The party to whom the offer is made must accept it unconditionally,
and convey its acceptance to the offerer. Conditional acceptance and counter offers
do not form a valid contract.
 Consideration: When one party is forgoing something, it must also receive
something in return. That “something in return” for a promise to do or abstain from
doing something is called consideration. A contract without consideration is not
enforceable.
Branches of Commercial Law
 Contract Law: Contract law seeks to regulate the formation and enforcement of
contracts. It sets out the essential elements of a valid contract and the remedies
available to parties in the case of a breach of contract.
 Property Law: This law governs the transactions pertaining to different types of
property. Although it mainly includes sale, transfer, lease, and rental of immovable
property, it also covers within its ambit bailment of moveable property.
 Business Regulations: This set of law covers government rules and regulations for
business organizations, factories, trade unions, and labor.
 Corporate Law: This is where corporations get their power from. Corporate law
deals with formation, management, and termination of corporations. It sets out legal
provisions for issues such as election of directors, raising of capital, prevention of
insider trading, distribution of dividends, redemption of shares, and mergers and
acquisitions.
 Intellectual Property Law: This is an umbrella law that provides for patenting of
inventions and copyrighting of creative work.
 Tax Law: Tax law covers government levy of direct and indirect taxes on business
transactions. Primary types of taxes include income, sales, excise, gift, capital gain,
and profit distribution taxes.
 Uniform Commercial Code: The UCC or the Uniform Commercial Code aims at
bringing consistency to commercial law across all the states of the USA.
Common Legal Issues in Commercial Law
All commercial and business laws are associated with different types of the legal issues.
The most common among them is the violation of contracts. In addition to this, there are
several other issues such as advertising disputes, marketing term violation, unfair trade
practices, deficiency in service, consumer complaints, and leakage of trade secrets.

Sometimes, a contract between two parties may affect the rights of someone else who is
not a party to the contract. Similarly, sometimes, a dispute may involve more than one law.
Commercial law helps in resolving such complex issues as well.
Internal control systems
Internal controls system include a set of rules, policies, and procedures an organization
implements to provide direction, increase efficiency and strengthen adherence to policies.
1. The control environment
2. Risk assessment
3. Control activities
4. Information and communication
5. Monitoring

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