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8/17/2019 Accounting Standards Ppt 21 to 30
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8/17/2019 Accounting Standards Ppt 21 to 30
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Group Members:Ajinkya Adhikari (A01)
Surhud Deshpande (A16)
Geet Donde (A19)
Nitin Jadhav (A24)
Sharad Nadoundi (A!6)
"ara Sa#ant (A$0)
Su%it Sutar (A$6)
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&ontents'ntrodution
*+jetives
,vo-ution o. Aountin Standards
/ypes o. Aountin Standards
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ntrodution'Aountin standards are .or%u-ated +y Aountin Standards
oard o. &A
n ndia issued +y &A on 21st Apri-19
As on date the 3inistry o. &orporate A..airs noti.ied !9 ndian
Aountin Standards(nd AS)
App-y to o%panies on vo-untary +asis .or the year 201$16
and %andatory .ro% the year 201615
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*+jetives'/o re%ove variations in treat%ent o. severa- aountin
aspets
/o +rin standardiation in aountin proess
Add re-ia+i-ity to the 7inania- state%ents
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,va-uation o. Aountin Standards'AccountingStandards
Initiation
15AS 1 to AS 1$ 199 to 199$
25AS 16 to AS 29 2000 to 200
!5AS !0 to AS !2 8ater part o. 200
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AS 21'&onso-idated 7inania- State%ents
ssued +y the &ouni- o. the nstitute o. &harteredAountants o. ndia
&a%e into e..et in respet o. aountin periodso%%enin on or a.ter 142001
An enterprise that presents onso-idated .inania-state%ents shou-d prepare and present these state%ents inaordane #ith this Standard52
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*+jetives' AS 21
/o -ay do#n prinip-es and proedures .or
preparation and presentation o. onso-idated .inania-
state%ents
"resented +y a parent (a-so kno#n as ho-din enterprise)to provide .inania- in.or%ation a+out the eono%i
ativities o. its roup
/o present .inania- in.or%ation a+out a parent and its
su+sidiary(ies) as a sin-e eono%i entity
/o sho# the eono%i resoures ontro--ed +y the roup
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AS 22'Aountin .or /aes and no%e
eo%e app-ia+-e to a-- -isted o%panies #5e5. Apri- 12001
eo%e app-ia+-e to a-- non-isted o%panies #5e5.
Apri- 12001
t is a %easure%ent standard %eanin there+y invo-ves
aountin a-on #ith dis-osure5
/hen on#ards there are t#o taes aounted in state%ents'
&urrent no%e /a
De.erred no%e /a
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*+jetives' AS 22 To prescribe accounting treatment for taxes
on income
Accounting for specic period.
Focus on the need to adhere to fundamental
principle
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AS 2!' Aountin .or invest%ents in
Assoiates in &7S&a%e into e..et .ro% Apri- 12002
:&onso-idated 7inania- State%ent; prepared +y theinvestor aount .or invest%ents in assoiates in
aordane #ith this standard
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*+jetives' AS 2!/he e..ets o. invest%ents in assoiates on the .inania-
position and operatin resu-ts o. a roup5
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Genera- Dis-osure
nvest%ent in assoiates are to +e -isted and desri+ed as
to the proportion o. o#nership interest
nvest%ents in assoiates shou-d +e -assi.ied as -on
ter% invest%ents and dis-osed separate-y in theonso-idated +a-ane sheet
/he investor=s share o. the pro.its or -osses o. suh
invest%ents shou-d +e dis-osed separate-y in the
onso-idated state%ent o. pro.it and -oss5
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AS 24' Disontinuin operations&a%e into e..et on Apri- 0120015
3andatory in nature .or the enterprises #hih .a-- in any one
or %ore o. the .o--o#in ateories'
i5 ,nterprises #hose e>uity or de+t seurities are -isted #hether
in ndia or outside ndia
ii5 anks in-udin ooperative +anks and 7;s
iii5 ,nterprises arryin on insurane +usiness
iv5 ,nterprises havin +orro#ins in-udin pu+-i deposits in
eess o. ?s5 10 rore
. /he enterprises #hih do not .a-- in any o. the a+ove ateories
are not re>uired to app-y this Standard5
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*+jetives' AS 24
/o esta+-ish prinip-es .or reportin in.or%ation a+out
disontinuin operations
/o enhane the a+i-ity o. users o. .inania- state%ents to%ake projetions o. an enterprise=s'
&ash .-o#s
,arninGeneratin &apaity
7inania- position +y sereatin in.or%ation a+outdisontinuin operations
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Standard app-ies in'denti.yin re-ated party re-ationships and transations
denti.yin outstandin +a-anes in-udin o%%it%ents +et#een an entity and its re-ated parties
denti.yin the iru%stanes in #hih dis-osure o. the
ite%s in (a) and (+) is re>uired
Deter%inin the dis-osures to +e %ade a+out those ite%s
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AS 2$'nteri% 7inania- ?eportin (7?)
ssued +y &A #5e5. Apri- 01 2002
. an enterprise is re>uired or e-ets to prepare and presentan interi% .inania- report it shou-d o%p-y #ith this
Standard5
t is not %andatory that #hih enterprises shou-d +ere>uired to present interi% .inania- reports ho#
.re>uent-y et5
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Cont….An interi% .inania- report shou-d in-ude at a %ini%u%
the .o--o#in o%ponents'
i5 ondensed +a-ane sheet
ii5 ondensed state%ent o. pro.it and -oss
iii5 ondensed ash .-o# state%ent
iv5 se-eted ep-anatory notes5
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*+jetives' AS 2$
/o presri+e the %ini%u% ontent o. an interi% .inania-
report
/o presri+e the prinip-es .or reonition and
%easure%ent in a o%p-ete or ondensed .inania-
state%ents .or an interi% period5
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AS 26 ntani+-e Assets
ssued +y &A #5e5. Apri- 01 200!
No physia- eistene
&an not +e seen or even touhed
An intangible asset is an identifiable non-monetary asset without
physical substance.
So%e intani+-e assets %ay +e ontained in or on a physia-
su+stane suh as a o%pat dis (in the ase o. o%puter so.t#are)
-ea- dou%entation et5
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*+jetives' AS 2$
/o presri+e the aountin treat%ent .or intani+-e assets
that are not dea-t #ith spei.ia--y in another Standard
Spei.ies ho# to %easure the arryin a%ount o.
intani+-e assets and re>uires spei.ied dis-osures a+out
intani+-e assets
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Standard does not app-y to'
ntani+-e assets he-d +y an entity .or sa-e in the ordinary
ourse o. +usiness
De.erred ta assets
Assets arisin .ro% e%p-oyee +ene.its
Good#i-- a>uired in a +usiness o%+ination
Assets arisin .ro% ontrats #ith usto%ers
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AS 2' 7inania- ?eportin o. interest in Joint
@entureStandard is %andatory in respet o. separate .inania-
state%ents o. an enterprise
Joint ventures are not su+sidiaries nor assoiates and
hene do not a-- .or onso-idation
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*+jetives' AS 2
/o set out prinip-es and proedures .or aountin .or
interests in joint ventures
?eportin o. joint venture assets -ia+i-ities ino%e and
epenses in the .inania- state%ents o. venturers and
investors5
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AS 2'%pair%ent o. Assets
3andatory .or a-- entities to aount .or i%pair%ent o.
assets
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Standard does not app-y to'Inentories
Assets arising from construction contracts
!eferred tax assets
Financial assets including Inestments
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AS 29 "rovision ontinent -ia+i-ities and assets"rovisions'
t is a 8ia+i-ity
Sett-e%ent shou-d resu-t in out.-o#
8ia+i-ity is resu-t o. o+-iatin event
&ontinent -ia+i-ities'
*+-iation arises o. past event
,istene on.ir%ed #hen atua--y ourred o. unertain .uture
&ontinent Asset'Arises .ro% past events the eistene o. #hih #i-- +e on.ir%ed on-y +y
ourrene or nonourrene o. one or %ore unertain .uture events
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7inania- nstru%ents
AS !0 C ?eonition and 3easure%ent
AS !1 C "resentation
AS !2 C Dis-osuresas not +een %ade %andatory (epeted in 2009)