This document provides an overview of Indian Accounting Standards (Ind AS), including their applicability, issuing body, and some of the key standards covered. It notes that Ind AS are converged standards based on International Financial Reporting Standards (IFRS). There are currently 41 notified Ind AS standards issued by the Accounting Standards Board of the Institute of Chartered Accountants of India. Applicability of Ind AS in India is determined by the Ministry of Corporate Affairs and they must be followed when preparing financial statements. Several important Ind AS are mentioned relating to inventories, cash flows, revenue recognition, leases, taxes, and intangible assets.
Bentleys is proud to present our annual Financial Reporting Update for all financial statement preparers, designed specifically to address the current hot issues & new developments facing our profession.
The update will provide you with practical solutions, tools and skills that will help you identify issues with the preparation of your financial statements.
You will be updated on the key changes to the financial reporting requirements in Australia, ASIC hot topic areas, and enjoy the opportunity to network with your peers and colleagues.
This update is for people in financial reporting, governance or similar roles. It will provide insight into the changing financial reporting landscape and the implications it will have on your financial statements and banking covenant requirements.
If you are a Finance Director, Chief Financial Officer or a Financial Controller this slide pack will benefit you.
Bentleys is proud to present our annual Financial Reporting Update for all financial statement preparers, designed specifically to address the current hot issues & new developments facing our profession.
The update will provide you with practical solutions, tools and skills that will help you identify issues with the preparation of your financial statements.
You will be updated on the key changes to the financial reporting requirements in Australia, ASIC hot topic areas, and enjoy the opportunity to network with your peers and colleagues.
This update is for people in financial reporting, governance or similar roles. It will provide insight into the changing financial reporting landscape and the implications it will have on your financial statements and banking covenant requirements.
If you are a Finance Director, Chief Financial Officer or a Financial Controller this slide pack will benefit you.
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Conversion Ind AS (the converged IFRS standards) in India Dr Biswadev Dash
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.
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
The transactions are recorded in the books of original entry
The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
The Objective of Financial Statements is to provide information about the reporting entity’s financial position and financial performance that is useful to a wide range of users in making economic decisions.
An accounting as an information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
AIS is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and tax agencies.
The guidelines of Islamic Banking issued by Bangladesh Bank through BRPD Circular # 15 dated 09.11. 2009
The Company Act 1994
The Bank Company Act 1991 (Amendment up to 2018)
The Securities and Exchange Rules ,1987
Bangladesh Financial Reporting Standards (BFRS)
International Accounting Standard (IAS) as adopted by the ICAB
The Financial Reporting Act 2015
Listing Regulation of Dhaka Stock Exchange & Chittagong Stock Exchange, and
Other applicable laws and regulations.
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
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• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Conversion Ind AS (the converged IFRS standards) in India Dr Biswadev Dash
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.
Accounting is a systematic process of recording, analyzing and summarizing transactions of an entity.
The transactions are recorded in the books of original entry
The transactions are then analyzed and posted in the Ledgers
Finally, the transactions are summarized in the Financial Statements
The Objective of Financial Statements is to provide information about the reporting entity’s financial position and financial performance that is useful to a wide range of users in making economic decisions.
An accounting as an information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
AIS is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and tax agencies.
The guidelines of Islamic Banking issued by Bangladesh Bank through BRPD Circular # 15 dated 09.11. 2009
The Company Act 1994
The Bank Company Act 1991 (Amendment up to 2018)
The Securities and Exchange Rules ,1987
Bangladesh Financial Reporting Standards (BFRS)
International Accounting Standard (IAS) as adopted by the ICAB
The Financial Reporting Act 2015
Listing Regulation of Dhaka Stock Exchange & Chittagong Stock Exchange, and
Other applicable laws and regulations.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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AS & IFRS.pptx
1.
2. Definition of accounting
standard
• Common set of principles, standards and procedures
that define the basis of financial accounting policies
and practices.
• Improve the transparency of financial reporting in all
countries.
• In US, the Generally Accepted Accounting Principles
form the set of accounting standards widely accepted
for preparing financial statements.
3. Understanding accounting
standard
• It relates to all aspects of an entity’s finances,
including assets, liabilities, revenue, expenses
and shareholders’ equity.
• Specific examples of an accounting standard
include revenue recognition, asset
classification, allowable methods for
depreciation, what is considered depreciable,
lease classifications and outstanding share
measurement.
4. Accounting standard in India
• Recognizing the need to synchronise the various
accounting principles and practices, the Institute of
Chartered Accountants of India (ICAI) constituted the
Accounting Standards Board(ASB) in April, 1977.
• Accounting standards in India are issued by the ICAI and
notified by the Union Ministry of Corporate Affairs.
• The standards are evolved with the assistance of the
National Advisory Committee on Accounting Standards
(NACAs).
5.
6.
7. Accounting standards covered in this
presentation
• AS-2 “ Valuation of Inventories”
• AS-3 “Cash Flow Statement”
• AS-9 “Revenue Recognition”
• AS-10 “Property ,Plant and Equipment”
• AS-19 “Leases”
• AS-22 “Accounting for Taxes on Income”
• AS-26 ”Accounting for Intangible Asset”
8. AS-2 “Valuation of Inventories”
• Used for computation of cost of inventories and to show in financial
statement till it is sold.
• Consists of:
1. Raw materials
2. Work in progress
3. Finished goods
4. Spares,etc.
• Measurement of inventories:
1. Determination of Cost of inventories, Cost of purchase , Cost of
conversion
2. Determination of Net Realizable Value
3. Comparison of cost and net realizable
9. AS-3 “Cash Flow Statement”
• Cash flow statements are additional information foe the user of the
financial statement.
• It exhibits the flow of incoming and outgoing cash.
• This AS is not mandatory for small and medium sized companies.
• Acts as a barometer to judge surplus and deficit.
• Cash flows are explained and shown under following 3 heads:
1. Cash flows from operating activities
2. Cash flows from financing activities
3. Cash flows from investing activities.
10. AS-9 “Revenue recognition”
• As per this AS , revenue is the gross inflow of cash , receivables or other
consideration arising in the course of ordinary activities of an enterprise
from the sale of goods , rendering of services & from various other sources
like interest, royalties and dividend.
• It requires revenue to be recorded only when it is earned.
• 5 steps to revenue recognition
1. Identify the contract with a customer .
2. Identify the performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the prices to the performance obligations.
5. Recognize revenue.
11. AS-10 “Property, Plant and Equipment”
• It enables the users to understand the accounting treatment for investments
made by an entity.
• Issues discussed in this AS are recognition of assets, depreciation charges,
and impairment of assets.
• AS -10 does not apply in the following cases:
1. Biological assets related to agricultural activities excluding produce
on bearer plants.
2. Wasting assets , including mineral rights, expenditure on exploration
and extraction of mineral oil, natural gas and similar non-
regenerative resources.
12. AS-19 “ Leases”
• Lease is a transaction whereby an agreement is entered into by the lessor
with the lessee for the right to use an asset by the lessee for the right to use
an asset by the lessee in return for a payment or series of payments for an
agreed period of time.
• This AS is not applicable to:
a) Lease agreements for exploring or using natural resource. Ex- oil, gas,
timber, metals , etc.
b) Licensing agreements . Ex-Motion picture films, video recordings, etc.
• 2 types of lease:
1. Financial lease
2. Operating lease
13. Financial lease: Lease in which all risks and rewards are transferred to the owner of the assets. Title may
or may not eventually be transferred.
Examples:
• Lease in which asset is transferred to lessee at the end of lease term.
• Lease term in which the lessee has the option to purchase the assets form lessor at the price which is
lowerthan fair price on the date when option becomes exercisable.
• Lease term covers complete economic life of the asset even if title is not transferred.
• Lease term in which Present Value of the minimum lease payments is equal to or substantially covers the
fair value of the leased asset.
• Leased asset is of specialized nature.
Operating lease: Any other lease other than finance lease.
14. AS -22 “Accounting for taxes on income”
• AS -22 seeks to redress the distortions caused by traditional method of accounting for income-taxes (taxes
payable method) by requiring the adoption of deferred tax accounting in respect of timing differences.
• Accounting income and taxable income for a period are seldom the same.
• Differences between the two are on account of:
I. Permanent differences
II. Timing differences
• Permanent differences are those that arise in one period and do not reverse subsequently, e.g. an income
exempt from tax.
• Timing differences are those which arise in one period and are capable of reversal in one or more
subsequent periods.
Ex-expenditure deferred in accounts but allowed fully for tax purposes only when liabilities actually
crystallise in a
subsequent year.
15. AS-26 “Accounting for Intangible Asset”
• Intangible assets means assets, without physical substance, which atre under control of entity held
for use , production of goods, rendering of services and having future economic benefits.
• Following are examples of intangible assets:
1. Goodwill
2. Patent
3. Knowhow
4. Trademarks
5. Software,websites
• Following items are not intangible asset , hence should be written off instantly
1. Preliminary expense
2. Other deferred revenue expenditure
• Recognition of intangible assets:
cost price paid+ taxes paid+ expenses to obtain title
16. • Exchanged IA should be recorded at
• Fair value of asset surrendered
• Fair value of asset obtained
Whichever is more clearly evident.
• Self generated IA like goodwill, copyrights should not
be recorded as IA
• Remaining IA e.g. software are recorded as follows:
• Expenditure during research phase to be
transferred to P&L A/C
• And expenditure during development phase will
be capitalised with value of asset.
17. INTRODUCTION TO INDIAN ACCOUNTING STANDARDS
Indian AS stands for Indian Accounting Standard and are converged standards for IFRS
(International Financial Reporting Standards). Indian AS are documents and policies that provide
principles for recognition, measurement, treatment, presentation and disclosures of accounting
transactions in the Indian AS financial statements.
IndianAS are prepared keeping IFRS in mind, in actual these are IFRS in their converged form. There
are 41 IndianAS notified till now. The Accounting Standards Board of the ICAI is the issuing
committee of the Indian Accounting Standards in India. All Indian companies has to follow these
accounting standards when preparing their accounts, no other standards are acceptable. However, we
are taking steps to converge with the IFRS.
APPLICABILITY OF INDIAN ACCOUNTINGSTANDARDS
The Ministry of Corporate Affairs (MCA), in 2015, had notified the Companies (Indian
Accounting Standards (IND AS)) Rules 2015, which stipulated the adoption and applicability of
IND AS in a phased manner beginning from the Accounting period 2016-17. The MCA has since
issued three Amendment Rules, one each in year 2016, 2017, and 2018 to amend the 2015 rules.
The INDAS are basically standards that have been harmonized with the IFRS to make reporting by
Indian companies more globally accessible. Since Indian companies have a far wider globalreach
now as compared to earlier, the need to converge reporting standards with international standards was
felt, which has led to the introduction of INDAS.
18. (IAS NO) NAME OF INDIAN ACCOUNTING STANDARD
Ind AS 101 First-time Adoption of Indian Accounting Standards
Ind AS 102 Share-based Payment
Ind AS 103 Business Combinations
Ind AS 104 Insurance Contracts
Ind AS 105 Non-current Assets Held for Sale and Discontinued
Operations
Ind AS 106 Exploration for and Evaluation of Mineral Resources
Ind AS 107 Financial Instruments: Disclosures
Ind AS 108 Operating Segments
Ind AS 109 Financial Instruments
Ind AS 110 Consolidated Financial Statements
Ind AS 111 Joint Arrangements
Ind AS 112 Disclosure of Interests in Other Entities
Ind AS 113 Fair Value Measurement
Ind AS 114 Regulatory Deferral Accounts
Ind AS 115 Revenue from Contracts with Customers
19. Ind AS 1 Presentation of Financial Statements
Ind AS 2 Inventories
Ind AS 7 Statement of Cash Flows
Ind AS 8 Accounting Policies, Changes in Accounting Estimates andErrors
Ind AS 10 Events after the Reporting Period
Ind AS 12 Income Taxes
Ind AS 16 Property, Plant, and Equipment
Ind AS 17 Leases
Ind AS 19 Employee Benefits
Ind AS 20
Accounting for Government Grants and Disclosure ofGovernment Assistance
Ind AS 21 The Effects of Changes in Foreign Exchange Rates
Ind AS 23 Borrowing Costs
Ind AS 24 Related Party Disclosures
Ind AS 27 Separate Financial Statements
Ind AS 28 Investments in Associates and Joint Ventures
Ind AS 29 Financial Reporting in Hyperinflationary Economies
Ind AS 32 Financial Instruments: Presentation
Ind AS 33 Earnings per Share
Ind AS 34 Interim Financial Reporting
Ind AS 36 Impairment of Assets
Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets
Ind AS 38 Intangible Assets
Ind AS 40 Investment Property
Ind AS 41 Agriculture