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This document summarizes the key principles for valuing inventory according to Accounting Standard 2. Inventories should be valued at the lower of cost and net realizable value. Cost includes costs of purchase, conversion, and other costs to bring inventory to its present location and condition, but excludes abnormal wastage, storage costs unless necessary for production, and administrative and selling overheads. Net realizable value is estimated selling price less costs to complete and sell. Certain inventories like work in progress for construction contracts are excluded from this standard.
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To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
This Slideshare is the sole Property of the Welingkar School of Distance Learning – Reproduction of this material , without prior consent, either wholly or partially will treated as a violation of copyright.
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This standard provides guidance on accounting for inventories. It defines inventories as assets held for sale, in production, or in the form of materials used in production. Inventories must be measured at the lower of cost or net realizable value. Cost includes all purchase, conversion, and other costs to bring inventories to their present condition and location. The standard outlines acceptable costing methods and requires inventories to be recognized as an expense when the related revenue is recognized. Disclosures include inventory accounting policies, classifications, amounts, write-downs, and reversals.
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As 2- Indian Accounting Standard -Valuation of Inventory
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In this slide presentation you will be introduced to the methods of Cost Accounting and why business organizations should follow methods of cost accounting impeccably. In this it is important to establish budget and actual cost of operations, processes, departments or products and the analysis of variances, profitability or social use of funds. This Slideshare will offer insight to entrepreneurs.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
This Slideshare is the sole Property of the Welingkar School of Distance Learning – Reproduction of this material , without prior consent, either wholly or partially will treated as a violation of copyright.
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3. Net realizable value is estimated selling price less costs to sell. Inventories are written down to NRV if damaged, obsolete or if
A REPORT OF PROFESSIONAL TRAINING WORKSHOP
This document summarizes a report on a professional training workshop for stores and purchasing personnel organized by the Institute of Chartered Accountants of Nigeria from September 15-18, 2015. The training focused on stock quantification, valuation, and documentation. It provides an overview of inventory accounting standards, definitions, recognition and measurement principles, disclosure requirements, and methods for periodic and continuous stocktaking, documentation, and reconciliation.
INDAS2.pdf
This document outlines the accounting standards for inventories as per Indian Accounting Standard (Ind AS) 2. Some key points:
- Inventories are assets held for sale, in production, or in the form of materials used in production. They must be measured at the lower of cost or net realizable value.
- Cost of inventories includes all purchase costs, conversion costs like direct labor, and systematically allocated fixed and variable production overheads.
- Net realizable value is the estimated selling price less costs to sell. Fair value reflects the price in the principal market between participants.
- Techniques like standard costing and retail method can approximate actual cost of inventories.
Corporate Reporting - MFRS102, IAS2: Inventory
This document provides an overview of MFRS 102 - Inventories, which establishes the accounting treatment for inventories. It defines inventories as assets held for sale, in production for sale, or in the form of materials or supplies to be consumed. Inventories must be measured at the lower of cost or net realizable value. Cost includes purchase price, conversion costs, and other costs to bring inventories to their present condition and location. Common costing methods are specific identification, FIFO, and weighted average. Net realizable value is the estimated selling price less costs to complete and sell. Certain disclosures are required regarding accounting policies, carrying amounts, and inventories carried at fair value less costs to sell.
Ppt on accouting standars 2 - final
The document discusses accounting standards for inventory valuation in India. It defines inventory and outlines the objectives of inventory valuation such as determining accurate purchase costs, calculating cost of goods sold, and reporting accurate financial position. The standard measurement for inventories is the lower of cost or net realizable value. Cost includes purchase price, conversion costs, and other costs to bring inventory to its present condition. Methods for determining cost and net realizable value are provided. Accepted methods for valuing inventory include FIFO, LIFO, and weighted average cost. Disclosure of accounting policies and inventory classifications is also required.
FINANCIAL STATEMENT ANALYSIS MATERIAL.pdf
This document discusses various types of costs involved in manufacturing, including direct materials, labor costs, power and fuel costs, maintenance and repairs costs, depreciation, production overheads, and excise duties. It explains how each cost is treated for accounting and analysis purposes, whether it is variable or fixed, and how various costs like depreciation and excise duties should be handled. The purpose of segregating and analyzing these manufacturing costs is to properly evaluate the real strength and efficiency of a company's manufacturing function.
Part III-Managerial Accounting.pptx
Cost and management accounting provides managers with detailed cost information to control operations and plan for the future. Cost accounting information is used for financial accounting and by managers for decision making. Management accounting provides economic and financial information for internal users. Cost concepts like cost objects, cost pools, and cost drivers are introduced. Costs are classified by elements, functions, traceability, behavior, and controllability. Product costs include direct materials, direct labor, and manufacturing overhead and become inventory until goods are sold. Period costs are expenses of the current period. Job order costing and process costing are introduced as costing systems. Just-in-time processing, activity-based costing, cost-volume-profit analysis, contribution margin,
Cost accounting
Introduction of cost sheet and cost accounting.
1) Introduction
2) An objective of Cost sheet
3) Classification of Cost sheet
4) Advantage and Dis-advantage of Cost sheet
5) Different between Financial Accounting and Cost Sheet Accounting
sumit kumar dhanwar.pptx
This document provides information about cost accounting concepts. It defines cost accounting as recording, classifying, and summarizing costs to determine product or service costs and provide information for management decision making. It discusses the key elements of cost accounting like cost determination, recording, analysis, and reporting. It also explains concepts like cost sheet, components of total cost including prime cost, factory cost, office cost and total cost. Finally, it classifies costs as fixed, variable, semi-variable and step costs based on their behavior with changes in production volume.
Accounting standards with reference to Genting Lanco Power (India) Pvt.Ltd.
The document discusses accounting standards in India issued by the Institute of Chartered Accountants of India (ICAI). It provides details on three key standards - AS 1 on disclosure of accounting policies, AS 2 on valuation of inventories, and AS 10 on accounting for fixed assets. For each standard, it outlines the objectives, relevant definitions, valuation methods, disclosure requirements, and other guidelines specified in the standards. It also includes an example balance sheet from Genting Lanco Power (India) Pvt. Ltd. as of March 31, 2014.
THE FUNDAMENTAL OF COSTING and CALCULATION OF UNIT COSTS
The document discusses key concepts in cost accounting including definitions of cost accounting, the cost accountant's role, differences between cost accounting and financial accounting, elements of cost, cost classification, and cost behavior. Specifically, it defines cost accounting as identifying, measuring, and analyzing costs associated with producing goods and services. It also explains the differences between fixed and variable costs, with fixed costs remaining constant despite changes in activity level and variable costs changing proportionately with activity level.
Similar to As 02 (20)
Indian Accounting Standards AS2 - Valuation of Inventories
Indian Accounting Standards AS2 - Valuation of Inventories
Accounting standards with reference to Genting Lanco Power (India) Pvt.Ltd.
Accounting standards with reference to Genting Lanco Power (India) Pvt.Ltd.
THE FUNDAMENTAL OF COSTING and CALCULATION OF UNIT COSTS
THE FUNDAMENTAL OF COSTING and CALCULATION OF UNIT COSTS
More from Praveen Kumar
Useful charts for tax compliances
Useful Charts for Tax Compliances (Useful to have with you in your computer within easy reach) like ready reconer :-)
Visit my blog for Latest updates on Income Tax, TDS and many more :-)
http://latestupdatesofincometax.blogspot.com/
have fun. :-)
God bless you.
Regards
Praveen
Latest updates of income tax by praveen kumar
This document provides a summary of updates related to income tax, TDS, and other financial regulations in India. It includes changes to income tax rates and limits, due dates for tax compliance, updates on electronic filing procedures, and summaries of recent court rulings related to tax law. The document is an informative resource for finance professionals to stay up-to-date on their compliance obligations and understand the latest tax regulations.
As 04
This document summarizes accounting standards for contingencies and events occurring after the balance sheet date. It states that contingent losses should be accounted for if a future loss is probable and can be reasonably estimated. Contingent gains are not recognized. Contingent losses that do not meet these criteria must be disclosed along with their nature and estimated financial effect. Significant events after the balance sheet date must also be disclosed if they provide evidence of pre-existing conditions or new conditions after the balance sheet date.
As 20
This document discusses Accounting Standard 20 on Earnings Per Share. It outlines how to calculate basic and diluted EPS, including determining the weighted average number of shares, adjusting for rights issues, and the treatment of convertible instruments. Basic EPS is calculated by dividing earnings by the weighted average number of equity shares outstanding. Diluted EPS considers all dilutive potential equity shares. Disclosures required include reconciliations of EPS numerators and denominators.
As 16
Accounting Standard 16 outlines the accounting treatment for borrowing costs related to qualifying assets. It requires that borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset be capitalized as part of the cost of that asset. Other borrowing costs should be recognized as an expense. Capitalization of borrowing costs should commence when funds are borrowed and activities to prepare the asset are underway, and cease when the asset is ready for its intended use or sale. Certain disclosures regarding capitalized borrowing costs are also required.
As 27
This document outlines accounting standards for reporting interests in joint ventures. It defines a joint venture and joint control. It describes the forms of joint ventures as jointly controlled operations, assets, or entities. It provides guidance on accounting treatments for these different forms in separate or consolidated financial statements, including proportionate consolidation for jointly controlled entities. It also specifies disclosure requirements.
As 22
This document outlines an accounting standard for taxes on income. It defines key terms like accounting income, taxable income, permanent differences, and timing differences. It provides an example to illustrate the treatment of deferred taxation when depreciation is treated differently for accounting and tax purposes. It also covers recognition, measurement, disclosure requirements, and transitional provisions for the standard.
As 13
This document outlines accounting standards for investments. It defines investments as assets held for earning income or capital appreciation. Investments are classified as either long-term or current. Cost of investments includes the basic cost and acquisition charges. Carrying amounts of current investments are at lower of cost or fair value, while long-term investments are at cost, with provisions for permanent declines. Disclosure requirements include classification of investments, accounting policies, income/losses from investments, and restrictions.
As 22
This document discusses accounting for taxes on income under Accounting Standard 22. It defines permanent differences and timing differences that cause differences between accounting income and taxable income. Timing differences arise in one period but reverse in subsequent periods, distorting period results. AS 22 requires adoption of deferred tax accounting to account for the tax effects of timing differences. It provides guidelines on recognition, measurement, and disclosure of current and deferred tax assets and liabilities.
As 17
Accounting Standard 17 outlines requirements for segment reporting in financial statements. It requires companies to report financial information for different business segments and geographical segments. Applicable to listed companies and unlisted companies with annual turnover over Rs. 50 crores from April 2001. A business segment is a distinguishable component engaged in providing an individual product or service subject to different risks and returns. A geographical segment provides products/services in a particular economic environment subject to different risks and returns. Reportable segments meet certain thresholds for revenue, profit/loss, or assets. At least 75% of total revenue should be included in reportable segments. Comparative segment data is required. Primary reporting format is by business segment or geographical segment depending on how risks and returns are
As 12
This document outlines accounting standards for government grants. It defines government grants and outlines how they should be accounted for, either through a capital or income approach. Grants should only be recognized when there is reasonable assurance of compliance with conditions and collection is certain. Extraordinary grants may be recognized immediately. Non-monetary grants are recorded at cost or nominal value. Grants related to assets may be deducted from assets, treated as deferred income, or credited to capital reserves. Grants related to revenue are recognized over related costs. Refunds of grants are also addressed.
As 09
Accounting Standard-9 provides guidance on revenue recognition. It covers revenue from sale of goods, rendering of services, and use of enterprise resources. Revenue is recognized when risks and rewards are transferred for sale of goods or when services are completed or proportionately. Disclosure is required when revenue recognition is postponed due to uncertainties.
As 08
- Accounting Standard-8 provides guidance on the treatment of costs associated with research and development in financial statements.
- It allows for R&D costs to either be expensed in the period incurred or deferred to future periods if certain criteria are met, such as the project being clearly defined with separately identifiable costs.
- Deferred R&D costs must be reviewed periodically and written off if the deferral criteria are no longer met, though previously expensed costs cannot be reinstated even if uncertainties are later resolved.
As 05
This document outlines accounting standard requirements for disclosing net profit or loss, prior period items, and changes in accounting policies. Key requirements include separately disclosing the nature and amount of extraordinary items, ordinary items of significant size or nature, prior period items and their impact on current profit or loss, changes in accounting estimates with material effects, and the impact of changes in accounting policies.
As 21
The document outlines the Accounting Standard 21 for consolidated financial statements in India. It discusses the objective to formulate principles for consolidated financial statements. It applies to group enterprises controlled by a parent company. The standard defines control and outlines the composition, scope, and procedures for consolidation. It discusses eliminating investments, minority interests, uniform policies, and disclosure requirements for consolidated financial statements.
As 03
The document outlines Accounting Standard 3 which provides guidance on preparing and presenting a cash flow statement. It defines key terms like cash, cash equivalents, and cash flows. It classifies cash flows into three categories - operating, investing and financing activities - and provides examples of cash flows that would fall under each category. The cash flow statement should report the cash flows of an enterprise during a period, classified by these three activities.
As 19
The document outlines Accounting Standard 19 on leases. It discusses the scope, objectives and classification of leases as either finance leases or operating leases. Finance leases transfer substantially all risks and rewards of ownership to the lessee. It provides examples of finance leases and indicators. It also discusses accounting treatment, disclosures and illustrations for lessors and lessees for both finance and operating leases.
As 18 Jpku
The accounting standard establishes requirements for disclosure of related party relationships and transactions between a reporting enterprise and its related parties. It defines related parties as those able to exercise control or significant influence over the enterprise. Disclosures include the nature of relationships, types and amounts of transactions, and outstanding balances. The standard aims to highlight the possibility that related party relationships may not reflect arm's length transactions.
As 18
The document discusses the disclosure requirements for related party transactions under the Indian accounting standard AS-18. It defines related parties as individuals or entities that have the ability to control or exercise significant influence over the reporting entity. It requires disclosure of the nature and volume of transactions between the reporting entity and its related parties, as well as outstanding balances and any provisions for doubtful debts involving such parties. The disclosures are necessary because related party transactions may not be conducted under normal commercial terms.
As 14
This document discusses accounting standard 14 regarding accounting for amalgamations in India. It describes the purpose as treatment of goodwill or reserves from amalgamations. It defines two types of amalgamations - merger and purchase. For a merger, assets and liabilities are transferred at book value and shareholders hold over 90% equity. For a purchase, assets and liabilities are recorded at fair value on the date of amalgamation. The pooling of interests method records assets at book value, while the purchase method may use book or fair values. Goodwill or capital reserve is recognized depending on if consideration is more or less than net assets. Disclosure requirements are also outlined.
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みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
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Epistemic Interaction - tuning interfaces to provide information for AI support
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
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zkStudyClub - Reef: Fast Succinct Non-Interactive Zero-Knowledge Regex Proofs
This paper presents Reef, a system for generating publicly verifiable succinct non-interactive zero-knowledge proofs that a committed document matches or does not match a regular expression. We describe applications such as proving the strength of passwords, the provenance of email despite redactions, the validity of oblivious DNS queries, and the existence of mutations in DNA. Reef supports the Perl Compatible Regular Expression syntax, including wildcards, alternation, ranges, capture groups, Kleene star, negations, and lookarounds. Reef introduces a new type of automata, Skipping Alternating Finite Automata (SAFA), that skips irrelevant parts of a document when producing proofs without undermining soundness, and instantiates SAFA with a lookup argument. Our experimental evaluation confirms that Reef can generate proofs for documents with 32M characters; the proofs are small and cheap to verify (under a second).
Paper: https://eprint.iacr.org/2023/1886
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Presented by Vladimir Iglovikov:
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- https://x.com/viglovikov
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This case study covers various aspects, including:
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Marketing: Both online and offline marketing tactics, focusing on real, impactful interactions and collaborations.
Mental Health: Maintaining balance and not feeling pressured by user demands.
Key insights include the importance of automation, making the adoption process seamless, and leveraging offline interactions for marketing. The presentation also emphasizes the need for continuous small improvements and building a friendly, inclusive community that contributes to the project's growth.
Vladimir Iglovikov brings his extensive experience as a Kaggle Grandmaster, ex-Staff ML Engineer at Lyft, sharing valuable lessons and practical advice for anyone looking to enhance the adoption of their open-source projects.
Explore more about Albumentations and join the community at:
GitHub: https://github.com/albumentations-team/albumentations
Website: https://albumentations.ai/
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Twitter: https://x.com/albumentations“I’m still / I’m still / Chaining from the Block”
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みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
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As 02
- 1. ACCOUNTING STANDARD -2 VALUATION OF INVENTORIES