ACCOUNTING STANDARD-01
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This document discusses Accounting Standard 1 on the disclosure of accounting policies. It outlines that the purpose of disclosing accounting policies is to facilitate understanding and comparison of financial statements. It describes what accounting policies are and the key areas they are applied, such as treatment of goodwill, inventories, investments and fixed assets. The primary consideration for selecting policies is that they represent a true and fair view, while principles of prudence, substance and materiality are secondary. Fundamental assumptions of going concern, consistency and accrual are also covered. The document states that all significant policies must be disclosed as part of the financial statements.
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As 01
This document outlines the purpose and meaning of accounting policies and standards. It discusses areas where accounting policies are applied, such as valuation of assets and liabilities. The primary consideration for selecting policies is that they produce financial statements that present a true and fair view. Key policies and assumptions around going concern, consistency, and accrual must be disclosed.
Disclosure of accounting policies
This document outlines disclosure requirements for accounting policies under Accounting Standard 1. It discusses the need to disclose significant accounting policies to provide transparency and allow proper understanding of financial statements. Key requirements include disclosing all significant policies as a separate part of the financial statements. Any changes in policies that materially affect the financials, or are reasonably expected to do so in the future, must also be disclosed along with details of the impact. Areas where alternative policies can be applied, like depreciation and investments, are provided as examples. The fundamental assumptions of going concern, consistency and accrual must also be disclosed if not followed.
Features of management accounting
Management accounting selects only the most relevant information from financial accounting data to help management make planning and control decisions. It emphasizes future projections using tools like standard costing, variances, and budgets. Management accounting modifies, analyzes, and interprets financial data to provide management with supporting information for decision-making. It allows flexibility and considers non-financial factors, with the goal of improving efficiency and achieving organizational objectives.
Accounting standard 1
This document discusses the disclosure of accounting policies as outlined in Accounting Standard 1. It states that all significant accounting policies adopted in preparing financial statements must be disclosed together in one place. This includes policies around areas like fixed assets, expenditures, inventories, foreign currency transactions, contingencies, and retirement benefits. The selection of accounting policies considers principles of prudence, substance over form, and materiality to represent a true and fair view in financial statements. Any changes in policies that materially affect financial statement items must also be disclosed, along with their effects.
Accounting standard
The document discusses International Accounting Standards. It defines accounting standards as policy documents issued by accounting bodies that relate to measuring, treating, and disclosing accounting transactions and events. The standards specify which economic items should be recorded as assets and liabilities, at what values, and when and how changes should be measured. They also determine what financial information should be disclosed and which financial statements should be prepared. The purposes of standards are to standardize accounting policies, make statements comparable, and provide rules for measurement. They promote uniformity, common principles, consistency, and comparability among financial statements.
Accounting std 1
1. The document outlines the requirements for disclosing accounting policies according to AS-1 on the disclosure of accounting policies.
2. It discusses the meaning and significance of accounting policies, how policies can vary between enterprises but must be consistently applied, and the fundamental assumptions of going concern, consistency, and accrual basis.
3. The document also provides details on the scope of accounting policy disclosure, areas where policies may differ, factors to consider when selecting policies, and the overall requirement to disclose significant accounting policies used to prepare financial statements.
Accounting standard 1
This document discusses accounting policies and the disclosure of accounting policies according to AS-1. It defines accounting policies as the specific principles and methods used in preparing and presenting financial statements, such as depreciation methods and inventory valuation. Fundamental accounting assumptions that must be followed include going concern, consistency, and accrual. However, any deviations from these assumptions must be disclosed. Accounting policies are selected based on the objectives of true and fair view, prudence, substance over form, and materiality. The document also notes other factors like statutes, compliance with accounting standards, and appropriate financial statement presentation in policy selection.
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This document provides an overview of financial statement analysis. It defines financial statements and lists the basic types: income statement, balance sheet. It describes key performance measurements like liquidity, solvency, and profitability. Vertical and horizontal analysis are explained as tools to compare financial statement amounts over time and between items. Finally, common financial ratios are outlined to measure liquidity, solvency, and profitability, such as current ratio, times interest earned, and net profit margin.
Recommended
As 01
This document outlines the purpose and meaning of accounting policies and standards. It discusses areas where accounting policies are applied, such as valuation of assets and liabilities. The primary consideration for selecting policies is that they produce financial statements that present a true and fair view. Key policies and assumptions around going concern, consistency, and accrual must be disclosed.
Disclosure of accounting policies
This document outlines disclosure requirements for accounting policies under Accounting Standard 1. It discusses the need to disclose significant accounting policies to provide transparency and allow proper understanding of financial statements. Key requirements include disclosing all significant policies as a separate part of the financial statements. Any changes in policies that materially affect the financials, or are reasonably expected to do so in the future, must also be disclosed along with details of the impact. Areas where alternative policies can be applied, like depreciation and investments, are provided as examples. The fundamental assumptions of going concern, consistency and accrual must also be disclosed if not followed.
Features of management accounting
Management accounting selects only the most relevant information from financial accounting data to help management make planning and control decisions. It emphasizes future projections using tools like standard costing, variances, and budgets. Management accounting modifies, analyzes, and interprets financial data to provide management with supporting information for decision-making. It allows flexibility and considers non-financial factors, with the goal of improving efficiency and achieving organizational objectives.
Accounting standard 1
This document discusses the disclosure of accounting policies as outlined in Accounting Standard 1. It states that all significant accounting policies adopted in preparing financial statements must be disclosed together in one place. This includes policies around areas like fixed assets, expenditures, inventories, foreign currency transactions, contingencies, and retirement benefits. The selection of accounting policies considers principles of prudence, substance over form, and materiality to represent a true and fair view in financial statements. Any changes in policies that materially affect financial statement items must also be disclosed, along with their effects.
Accounting standard
The document discusses International Accounting Standards. It defines accounting standards as policy documents issued by accounting bodies that relate to measuring, treating, and disclosing accounting transactions and events. The standards specify which economic items should be recorded as assets and liabilities, at what values, and when and how changes should be measured. They also determine what financial information should be disclosed and which financial statements should be prepared. The purposes of standards are to standardize accounting policies, make statements comparable, and provide rules for measurement. They promote uniformity, common principles, consistency, and comparability among financial statements.
Accounting std 1
1. The document outlines the requirements for disclosing accounting policies according to AS-1 on the disclosure of accounting policies.
2. It discusses the meaning and significance of accounting policies, how policies can vary between enterprises but must be consistently applied, and the fundamental assumptions of going concern, consistency, and accrual basis.
3. The document also provides details on the scope of accounting policy disclosure, areas where policies may differ, factors to consider when selecting policies, and the overall requirement to disclose significant accounting policies used to prepare financial statements.
Accounting standard 1
This document discusses accounting policies and the disclosure of accounting policies according to AS-1. It defines accounting policies as the specific principles and methods used in preparing and presenting financial statements, such as depreciation methods and inventory valuation. Fundamental accounting assumptions that must be followed include going concern, consistency, and accrual. However, any deviations from these assumptions must be disclosed. Accounting policies are selected based on the objectives of true and fair view, prudence, substance over form, and materiality. The document also notes other factors like statutes, compliance with accounting standards, and appropriate financial statement presentation in policy selection.
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This document provides an overview of financial statement analysis. It defines financial statements and lists the basic types: income statement, balance sheet. It describes key performance measurements like liquidity, solvency, and profitability. Vertical and horizontal analysis are explained as tools to compare financial statement amounts over time and between items. Finally, common financial ratios are outlined to measure liquidity, solvency, and profitability, such as current ratio, times interest earned, and net profit margin.
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Gaap the rules for financial reporting.
Generally Accepted Accounting Principles (GAAP) are the standard framework of guidelines for financial accounting used to prepare financial statements. GAAP includes the standards, conventions, and rules, such as measurement and disclosure principles, that companies use to compile their financial reports. Following GAAP allows for uniformity in financial reporting so that statements can be interpreted and compared consistently between companies.
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https://efinancemanagement.com/financial-accounting/importance-of-gaap
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Step 1 through 5 outline the steps in performing accounting analysis. Step 4 evaluates the quality of disclosure by companies, determining if they adequately explain business strategy, accounting policies, and current performance. Step 5 identifies potential red flags in a company's accounting, such as unexplained transactions, unusual increases in inventory/receivables, and gaps between net income and cash flows.
Difference between management and Financial accounting.
Financial accounting shows overall profit and loss but not details for individual products or departments. Management accounting provides detailed information and costs for products, plants, and departments to help with decision-making. Cost accounting provides historical cost information for future cost decisions, while management accounting uses both historical and predictive information for future decision-making.
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The document provides an overview of understanding financial statements. It discusses key terms like audited, unaudited, and certified public accountants. It describes the Sarbanes-Oxley Act which created the PCAOB to oversee accounting in response to Enron and WorldCom. The PCAOB oversees accounting firms and audits. Key SEC filings include the 10-K, 10-Q, and 8-K. The annual 10-K report includes strategy, auditors report, financial statements, and management discussion.
3.management accounting vs financial accounting
Financial accounting records historical transactions to assess financial position and profit/loss, provides information to external users, follows accounting principles, and results are published. Management accounting helps management formulate policies and plans using both monetary and non-monetary data, provides quicker internal reporting not governed by strict principles, and is not audited or published. Key differences are financial accounting focuses on historical data for external reporting while management accounting uses approximate future-oriented data for internal management decision making.
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Industry diversity and vast differences between corporate financial strategies make standardizing accounting difficult. The complexity and fluidity of financial markets, asset securitization and accounting cast a certain shadow over the effectiveness of generally accepted accounting principles. GAAP are faced with numerous regulatory obstacles such as the intended goal of merging with international financial reporting standards, complications in asset valuation and exploitation of accounting practices that allow corporations considerable leeway and latitude.
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- The matching concept requires that revenue and expenses be recorded in the same accounting period.
- Historical cost is the proper basis for recording assets, expenses, equity, and other accounts.
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This document provides an overview of financial statements for corporate organizations. It defines financial statements as reports that show how a firm has used funds from shareholders and lenders, and what its current financial position is. The three basic financial statements are the balance sheet, income statement, and cash flow statement. Financial statements are important to management, shareholders, lenders, labor, the public, and the national economy as they provide information on the firm's liquidity, profitability, and performance. The document also outlines accounting conventions like conservatism, consistency, and disclosure that are followed in preparing financial statements.
Intermediate/Financial Accounting: Recognition & measurement concepts
This presentation introduces the key concepts of financial accounting recognition and measurement. It lists six presenters and covers assumptions, principles, constraints, objectives and elements of financial accounting. The assumptions discussed are the economic entity, going concern, monetary unit and periodicity. The principles covered are measurement, revenue recognition, expense recognition and full disclosure. Constraints include cost-benefit, materiality, industry practice and conservatism. The objectives aim to provide useful information for investment, credit and cash flow decisions.
Generally accepted accounting principles
Generally Accepted Accounting Principles (GAAP) are the rules that govern how accountants measure, process, and communicate financial information to ensure consistent accounting procedures are followed when preparing financial statements. The document outlines key GAAP concepts like the business entity concept, continuing concern concept, time period concept, and principles of consistency, conservatism, objectivity, materiality, and full disclosure. It also discusses the cost principle, revenue recognition convention, and matching principle for determining when to record the results of business transactions.
Compensation is a critical area of human resource
The document discusses the concept of Cost to Company (CTC) salary, which includes an employee's in-hand salary as well as additional costs incurred by the company due to employing that individual. It outlines several components that make up a CTC salary, such as provident fund contributions, reimbursements, insurance premiums, medical/transportation facilities, and subsidized meals. Some companies inflate CTC salaries excessively by including costs like office space rent. Government salaries may seem low but constitute a substantial CTC that includes perks like pension fund contributions and free housing/transportation. HR professionals design pay structures through steps like job analysis, evaluation, pay surveys, and policy development to determine appropriate and competitive compensation.
Gaap the rules for financial reporting.
Generally Accepted Accounting Principles (GAAP) are the standard framework of guidelines for financial accounting used to prepare financial statements. GAAP includes the standards, conventions, and rules, such as measurement and disclosure principles, that companies use to compile their financial reports. Following GAAP allows for uniformity in financial reporting so that statements can be interpreted and compared consistently between companies.
What is the difference between cost accounting, management accounting, and fi...
Accounting is not limited to any singular thing. It is a versatile thing and meets the different requirements of a business. Several branches of accounting are there which one needs to understand to get comprehensive knowledge about accounting. Proper accounting helps in doing financial planning for the future. so here is the difference between different types of accounting. information in this presentation is provided by the accounting assignment help expert who helps students in dealing with their complicated accounting assignments. for more information visit - https://bit.ly/2S17Riz
Importance of GAAPs
GAAP (Generally Accepted Accounting Principles) are a set of rules and guidelines that tell a company how to prepare financial statements.
https://efinancemanagement.com/financial-accounting/importance-of-gaap
Step 1
Step 1 through 5 outline the steps in performing accounting analysis. Step 4 evaluates the quality of disclosure by companies, determining if they adequately explain business strategy, accounting policies, and current performance. Step 5 identifies potential red flags in a company's accounting, such as unexplained transactions, unusual increases in inventory/receivables, and gaps between net income and cash flows.
Difference between management and Financial accounting.
Financial accounting shows overall profit and loss but not details for individual products or departments. Management accounting provides detailed information and costs for products, plants, and departments to help with decision-making. Cost accounting provides historical cost information for future cost decisions, while management accounting uses both historical and predictive information for future decision-making.
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The document provides an overview of understanding financial statements. It discusses key terms like audited, unaudited, and certified public accountants. It describes the Sarbanes-Oxley Act which created the PCAOB to oversee accounting in response to Enron and WorldCom. The PCAOB oversees accounting firms and audits. Key SEC filings include the 10-K, 10-Q, and 8-K. The annual 10-K report includes strategy, auditors report, financial statements, and management discussion.
3.management accounting vs financial accounting
Financial accounting records historical transactions to assess financial position and profit/loss, provides information to external users, follows accounting principles, and results are published. Management accounting helps management formulate policies and plans using both monetary and non-monetary data, provides quicker internal reporting not governed by strict principles, and is not audited or published. Key differences are financial accounting focuses on historical data for external reporting while management accounting uses approximate future-oriented data for internal management decision making.
Problems with Generally Accepted Accounting Principles
Industry diversity and vast differences between corporate financial strategies make standardizing accounting difficult. The complexity and fluidity of financial markets, asset securitization and accounting cast a certain shadow over the effectiveness of generally accepted accounting principles. GAAP are faced with numerous regulatory obstacles such as the intended goal of merging with international financial reporting standards, complications in asset valuation and exploitation of accounting practices that allow corporations considerable leeway and latitude.
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GAAP refers to the common set of accounting principles, standards and procedures that ensure consistent accounting procedures are followed in recording business transactions and preparing financial statements. GAAP is based on basic accounting assumptions like separate entity, monetary unit and time period, as well as principles like historical cost, full disclosure and revenue recognition. Publicly traded companies must follow GAAP to provide transparent and consistent financial reporting. Similarly, IAS are international standards that facilitate cross-border capital flows and global business by standardizing financial reporting across countries.
Accounting Standard -1
This document discusses accounting standards for disclosure of accounting policies. It defines accounting policies as the principles used in preparing and presenting financial statements. Key accounting policies that must be disclosed include the method of depreciation, inventory valuation, treatment of foreign currency transactions, and treatment of investments. Notes to the accounts provide explanations of items in the financial statements. Fundamental accounting assumptions like going concern, consistency, and accrual must be followed unless disclosure is provided. Selection of accounting policies should be based primarily on achieving a true and fair view, with secondary considerations including prudence, substance over form, and materiality. Changes in accounting policies require disclosure of the old policy, new policy, reasons for change, and impact on the current year.
ACCOUNTING STANDARDS
Accounting standards provide guidelines for financial accounting and reporting. They aim to standardize diverse accounting policies, increase reliability of financial statements, and facilitate comparison. In India, the Accounting Standards Board issues accounting standards, called Accounting Standards (AS), which are now being converged with International Financial Reporting Standards (IFRS) called Indian Accounting Standards (Ind AS). A phased roadmap is being implemented from 2015-2017 for listed and large unlisted companies to adopt Ind AS. Adoption of standards aims to improve transparency and comparability of financial reporting.
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The document provides an overview of key accounting concepts including the three primary forms of business organization (sole proprietorship, partnership, corporation), branches of accounting (financial accounting, management accounting), the basic financial statements (income statement, balance sheet, cash flow statement), accounting principles, concepts, and conventions. It also describes the three principal types of business activity (financing, investing, operating), and defines key terms like assets, liabilities, equity, revenues and expenses.
Topic 1 – Part 2 The Accounting Areas And Professional Bodies
The accounting concepts/conventions/principles applied are:
- Entity concept - Accounts are prepared separately for Farhan's small business and not combined with his personal affairs.
- Going concern concept - The accounts are prepared on the assumption that the business will continue operating in the foreseeable future.
- Accrual basis of accounting - Revenues and expenses are recognized in the period earned/incurred rather than when cash is received/paid out.
- Matching principle - Expenses are matched against the revenues of the period to determine the profit of RM25,000 for the period.
Topic 1 – Part 2 The Accounting Areas And Professional Bodies
The accounting concepts/conventions/principles applied are:
- Entity concept - Accounts are prepared for Farhan's small business separately from his personal affairs.
- Going concern concept - The accounts are prepared on the assumption that the business will continue to operate in the foreseeable future.
- Accrual basis of accounting - Revenues and expenses are recognized in the period earned/incurred rather than when cash is received/paid out.
b. The company recorded its land at cost of RM500,000 in 2010. In 2015, the market value of the land increased to RM800,000 but the company did not revalue the land in its books.
Financial Reporting Council Accounting
This document summarizes the findings of a project examining accounting policy disclosures and the integration of related financial information in corporate reports. It gathered input from 16 companies and 19 institutional investors. Key findings include:
1) Investors want improved prominence and quality of disclosures for significant accounting policies, but views differ on how non-significant policies should be presented. 2) Attributes that may indicate a significant policy include material transactions, accounting choices, and policies requiring significant judgement or estimation. 3) Investors find current disclosures often include boilerplate text and lack company-specific details. They want disclosures to better explain policy applications, judgements, and impacts. 4) Opinions are mixed on note ordering and integrating financial statements with
financial accounting and auditing
The document provides an overview of financial accounting and auditing. It defines financial accounting as the process of recording and summarizing financial transactions and publishing financial reports for external users. It describes the accounting cycle and key financial statements. It also outlines the objectives, principles, benefits, limitations and users of accounting information. The document concludes by distinguishing between financial and management accounting, and defining auditing as the independent examination of an organization's financial data and reporting.
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This document provides an introduction to accounting standards in India. It discusses that accounting standards specify how financial transactions and events should be recorded, measured, presented, and disclosed in financial statements to ensure transparency, reliability, consistency and comparability. The accounting standards board of India was established in 1977 to harmonize accounting policies and practices. The document outlines some key accounting policy areas like depreciation methods, inventory valuation techniques, treatment of construction expenditures, and foreign currency conversion where different accounting methods can be applied.
Introduction to Accounting Standards_7iWCuHN.pdf
The document discusses accounting standards, including:
1. The objectives and benefits of accounting standards such as standardizing accounting treatments and improving comparability.
2. The standards setting process in India, which involves identification of areas for standards, drafting standards, public comments, and finalization.
3. The status of accounting standards in India, which are developed by ICAI's Accounting Standards Board and notified by the Ministry of Corporate Affairs.
4. The need for convergence with global standards like IFRS to facilitate cross-border investment and improve confidence in financial reporting.
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Conversion Ind AS (the converged IFRS standards) in India
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Topic 1 – Part 2 The Accounting Areas And Professional Bodies
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ACCOUNTING STANDARD-01
- 1. ACCOUNTING STANDARD-1 DISCLOSURE OF ACCOUNTING POLICIES BY- INDRAJEET VERMA
- 2. PURPOSE To facilitate better understanding of financial statements. To facilitate meaningful comparison between financial statements of different enterprises.
- 3. MEANING OF ACCOUNTING POLICIES Specific accounting principles. Methods of applying those principles adopted by the enterprise. In prepration of financial statements.
- 4. AREAS ENCOUNTERED Treatment of Goodwill Valuation of Inventories Valuation of Investments Valuation of Fixed Assets Methods of Depreciation Treatment of retirement benefits Treatment of Contingent Liabilities
- 5. CONSIDERATIONS IN THE SELECTION OF ACCOUNTING POLICIES PRIMARY CONSIDERATION The financial statements prepared & presented on the basis of such accounting policies should represent a true and fair view of the state of affairs of the enterprise.
- 6. CONSIDERATIONS IN THE SELECTION OF ACCOUNTING POLICIES SECONDARY CONSIDERATION Prudence Substance Materiality
- 7. FUNDAMENTALACCOUNTING ASSUMPTIONS GOING CONCERN CONSISTENCY ACCRUAL These are not specifically stated in the financial statements. Their acceptance and usage is assumed.
- 8. DISCLOSURE OF ACCOUNTING POLICIES All significant accounting policies adopted should be disclosed. The disclosure should form part of the financial statements. Any change in the accounting policies which has a material effect in the current period should be disclosed along with amount of effect. If the fundamental accounting assumptions is not followed, the fact should be disclosed.