Accounting Standards Ppt 21 to 30

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)

Documents

Accounting Standards Ppt 21 to 30