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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.
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ACCOUNTING STANDARD-01
Accounting Standard-1 discusses the disclosure of accounting policies in financial statements. It states that the purpose is to facilitate understanding and meaningful comparison between financial statements. It identifies key areas that accounting policies apply to, such as goodwill, inventories, investments, fixed assets and depreciation. 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. All significant policies and any changes must be disclosed as part of the financial statements.
ACCOUNTING STANDARD-01
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.
Acc0104. Accounting Policies
Accounting policies refer to the specific principles and methods used to prepare financial statements. They should be selected based on prudence, substance over form, and materiality. The significant accounting policies must be disclosed as part of the financial statements and applied consistently between periods, though a change can occur to comply with accounting standards, laws, or to provide a more accurate representation under changed circumstances. Common areas where accounting policies vary include methods of depreciation, inventory valuation, and treatment of retirement benefits.
Features of management accounting
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AS - 1 (Disclosure of Accounting Policies)
This document discusses the disclosure of accounting policies. It states that accounting policies refer to the principles and methods used in preparing financial statements. The selection of policies is the responsibility of management and varies between entities. Key considerations for selecting policies include prudence, substance over form, and materiality. There must be disclosure of any changes in fundamental accounting policies from the previous year. The disclosure aims to promote understanding of financial statements and should include all relevant information in a single place.
IPCC Important topics for May 2014
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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.
Accounting standard
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ACCOUNTING STANDARD-01
Accounting Standard-1 discusses the disclosure of accounting policies in financial statements. It states that the purpose is to facilitate understanding and meaningful comparison between financial statements. It identifies key areas that accounting policies apply to, such as goodwill, inventories, investments, fixed assets and depreciation. 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. All significant policies and any changes must be disclosed as part of the financial statements.
ACCOUNTING STANDARD-01
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.
Acc0104. Accounting Policies
Accounting policies refer to the specific principles and methods used to prepare financial statements. They should be selected based on prudence, substance over form, and materiality. The significant accounting policies must be disclosed as part of the financial statements and applied consistently between periods, though a change can occur to comply with accounting standards, laws, or to provide a more accurate representation under changed circumstances. Common areas where accounting policies vary include methods of depreciation, inventory valuation, and treatment of retirement benefits.
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.
AS - 1 (Disclosure of Accounting Policies)
This document discusses the disclosure of accounting policies. It states that accounting policies refer to the principles and methods used in preparing financial statements. The selection of policies is the responsibility of management and varies between entities. Key considerations for selecting policies include prudence, substance over form, and materiality. There must be disclosure of any changes in fundamental accounting policies from the previous year. The disclosure aims to promote understanding of financial statements and should include all relevant information in a single place.
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The document provides a summary of important topics for the May 2014 IPCC exams. It lists key topics from each exam paper, including accounting standards, company accounts, partnership accounts, taxation, cost accounting, and auditing. For each topic, there is a brief description of concepts and calculations that may appear in exam questions. The summary is intended to help with last-minute revision by highlighting essential areas to review from the full syllabus before the exams.
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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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.
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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.
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27268asb as-1
This document outlines accounting standard AS 1 on the disclosure of accounting policies. It discusses the need for disclosing significant accounting policies to provide transparency and allow for meaningful comparison between financial statements. The standard specifies that all significant policies, such as methods of depreciation, treatment of foreign currency items, and valuation of investments, should be disclosed as a single statement within the financial statements. It also mandates disclosure of any changes in policies and their material impacts. By standardizing policy disclosures, this aims to improve understanding of reported financial information.
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The document discusses departmental accounting for businesses with multiple departments or trading activities. It notes that large businesses often divide work into departments that each deal with different goods or services. Departmental accounting involves maintaining separate financial records for each department so their individual performance and results can be analyzed. This allows businesses to evaluate department performance, calculate manager compensation accurately, and make decisions about expanding or dropping departments. The document outlines two methods for departmental accounting - maintaining completely separate books for each department or keeping departmental accounts in columnar form within collective books. It also discusses the principles, advantages and objectives of departmental accounting.
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Jimmy Gentry presents "The Income Statement and Cash Flows" in Minneapolis on Oct. 4, 2011 at the Star Tribune during the Reynolds Center's free workshop, "Business Journalism Boot Camp."
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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.
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Scope of accounting
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1. The document discusses accounting principles and concepts from Accounting Principles, 7th Edition. It covers generally accepted accounting principles, the conceptual framework developed by the Financial Accounting Standards Board, objectives of financial reporting, qualitative characteristics of accounting information, and key assumptions and principles used in accounting.
2. The conceptual framework consists of objectives of financial reporting, qualitative characteristics of useful information, elements of financial statements, and operating guidelines including assumptions, principles, and constraints. The primary objective of financial reporting is to provide decision-useful information to investors and creditors.
3. Qualitative characteristics that make information useful include relevance, reliability, comparability, consistency, and understandability. Key principles discussed include revenue recognition using the percentage
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Similar to As 01
Accounting Standard 1
Accounting Standard 1 discusses the disclosure of accounting policies. Accounting policies refer to the specific principles and methods used to prepare financial statements, such as the methods of depreciation, treatment of construction expenditures, currency conversion, and inventory valuation. Disclosing all significant accounting policies together is helpful for readers to understand and compare financial statements. Fundamental assumptions like going concern, consistency, and accrual must be followed. Selection of policies should exhibit a true and fair view while considering prudence, substance over form, and materiality. Changes in policies are allowed if required by statute, compliance with standards, or to provide a more appropriate presentation.
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.
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02/01/2015 when the Press Information Bureau, Government of India, Ministry of Corporate Affairs (MCA) issued a note outlining the various phases in which Indian Accounting Standards converged with IFRS (Ind AS) is proposed to be implemented in India it was a landmark reforms in accounting & reporting sector. With this the Companies other than Banking Companies, Insurance Companies and NBFCs will be covered. Indian Accounting standard is highly precise. Thus Conversion Ind AS (the converged IFRS standards) in India may significantly affect a company’s day-to-day operations and may even impact the reported profitability of the business itself. Of course Conversion brings a one-time opportunity to comprehensively streamline the financial reporting.
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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.
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This accounting standard provides guidance on the valuation of inventories. It states that inventories should be valued at the lower of cost and net realizable value. Cost includes all costs of purchase, costs of conversion, and other costs incurred to bring the inventories to their present location and condition. Costs must be systematically allocated, including an appropriate share of fixed and variable production overheads. The standard describes the different elements that make up the cost of inventories.
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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.
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This document provides an overview of accounting principles and the conceptual framework used in financial reporting. It discusses the key topics of generally accepted accounting principles set by the FASB, the objectives of providing useful financial information, qualitative characteristics like relevance and reliability, elements in financial statements, and operating guidelines including assumptions, principles, and constraints. The conceptual framework developed by the FASB serves as the basis for resolving accounting problems and consists of these important components.
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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.
Intro to giuyt
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.
Financial statement analysis
Financial statements are prepared by a company's management to provide information on financial performance and position to outside users. They generally include a balance sheet, income statement, statement of cash flows, and statement of owner's equity. Financial statement analysis involves reviewing these statements to evaluate a company's risks, performance, financial health and future prospects. The statements provide recorded facts based on accounting records and conventions but also involve some personal judgment in their preparation.
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.
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The document discusses accounting standards and social accounting. It defines accounting standards as methods for preparing accounts established by accounting bodies. It then lists the main objectives of Indian accounting standards as bringing transparency, adopting international best practices, and increasing reliability. Next, it provides details on specific Indian accounting standards like Ind AS 1 for financial statements and Ind AS 19 for employee benefits. The document also defines social accounting as applying double-entry bookkeeping to socio-economic analysis and measuring an entity's social and environmental impacts. Finally, it outlines some benefits of social accounting like building trust and enhancing goodwill, and different approaches to social accounting like the classical, descriptive, and integral welfare theoretical approaches.
As 1 disclousre of accounting policies
This document discusses Accounting Standard 1 regarding the disclosure of accounting policies. It defines an accounting policy as the specific principles and methods used to prepare financial statements. Companies need flexibility to select policies that suit their individual circumstances. Accounting policies must adhere to fundamental assumptions like going concern, accrual, and consistency. When selecting policies, companies consider principles like true and fair view, materiality, substance over form, and prudence. The standard mandates disclosing all significant policies adopted as well as any changes made to existing policies.
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- 1. ACCOUNTING STANDARD-1 DISCLOSURE OF ACCOUNTING POLICIES prepared 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 FixedAssets 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.