ACCOUNTING STANDERD
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ACCOUNTING STANDERD

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CORPORATE ACCOUNTING

CORPORATE ACCOUNTING

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ACCOUNTING STANDERD ACCOUNTING STANDERD Presentation Transcript

  • CORPORATEACCOUNTING
  • ACCOUNTINGSTANDARDS
  • CONTENTS
    • DEPRECIATIONACCOUNTING (AS – 6)
    • Revised and effective from 1-4-1995.
    • Mandatory in nature.
    • Depreciable amount of depreciable assets should be allocated on systematic basis.
    • Depreciation method selected should be applied consistently from period to period.
  • DISCLOSURES
    AS – 6 requires the following disclosures in the financial statements :
    • Historical cost or other amount substituted for historical cost of each class of depreciable assets.
    • Total depreciation for the period for each class of assets.
    • Depreciation method applied.
    • Accumulated depreciation for the period for each class of assets.
    • depreciation rates and useful lives if they are different from the principal rates given in schedule XIV.
    • ACCOUNTINGFORCONTRUCTIONCONTRACTS (AS – 7)
    • Revised and effected from 1-4-2003.
    • Mandatory in nature.
    • deal with accounting for construction contract in financial statements of contractors.
    • Objective is to prescribe the accounting treatment of revenue and costs associated with construction contracts.
    • REVENUERECOGNITION (AS – 9)
    • It deals with bases for recognition of revenue in the statement of profit and loss of an enterprise.
    • It provide a key criterion for determining when to recognize revenue from a transaction involving sales of goods.
    • It usually recognized as the service is performed by different methods.
    • it also charge the interest for the use of CASH resources.
    • It also rewards the dividends pertaining to the investments…
    • ACCOUNTINGFORFIXEDASSETS (AS – 10)
    • Issued in November 1985 and is mandatory.
    • it deals with fixed assets such that land, building , plant and machinery, vehicles, furniture and fittings, etc.
    • it provides directions for proper accounting of these assets on the basis of the cost and life of fixed assets.
  • DISCLOSURES :
    • Gross and net book values of fixed assets at the beginning and end of accounting period showing additions, disposals acquisitions and other movements.
    • Expenditure incurred on account of fixed assets in the course of construction or acquisition.
    • Valued amount substituted for historical cost of fixed assets, the method adopt to complete the revalued amounts, the nature of indices used, the year of any appraisal made, and weather an external value was involved, in case fixed assets are stated as revalued amounts.