IAS-1: Presentation of Financial StatementsAmit Sarkar
IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
This is 2nd part of IND AS 101 PPT.
I already shared Part 1 few days ago.
In Part 1 full map of IND 101 was there while in Part 2 the portion of Exemptions & Prohibitions on retrospective applications of some aspects of IND Ass has been summarised.
This is most useful for the quick view of practical applicability of IND AS 101.
Thanks!!
Chitranshu Rahul Srivastava
CA, IFRS
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
This is about General-Purpose Financial Statements which includes the financial statement's:
- Definition,
- Objective,
- Qualitative Characteristics, and
- Components (Types and Elements)
There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS.
There are lots of confusion about Indian new accounting system (INDAS) even after 3 r
to 4 the implementation by various organization..
So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap
#accountingsystem
#INDAS
#INDAS ROAD MAP
IAS-1: Presentation of Financial StatementsAmit Sarkar
IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
This is 2nd part of IND AS 101 PPT.
I already shared Part 1 few days ago.
In Part 1 full map of IND 101 was there while in Part 2 the portion of Exemptions & Prohibitions on retrospective applications of some aspects of IND Ass has been summarised.
This is most useful for the quick view of practical applicability of IND AS 101.
Thanks!!
Chitranshu Rahul Srivastava
CA, IFRS
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
This is about General-Purpose Financial Statements which includes the financial statement's:
- Definition,
- Objective,
- Qualitative Characteristics, and
- Components (Types and Elements)
There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS.
There are lots of confusion about Indian new accounting system (INDAS) even after 3 r
to 4 the implementation by various organization..
So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap
#accountingsystem
#INDAS
#INDAS ROAD MAP
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Knowledge level icab class lectures
Knowledge level icab class lectures
Knowledge level icab class lectures
Knowledge level icab class lectures
Knowledge level icab class lectures
Similar to ECA Alert - IND AS 1 Presentation of Financial Statements (20)
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
ECA Alert - IND AS 1 Presentation of Financial Statements
1. IND AS
ALERT
Alert 32/2017
ECA Corporate Partners
A-81,Ground Floor,
Sector 4, Noida-201301.
team@ecapartners.in
IND AS 1 Presentation of Financial Statements
OVERALL CONSIDERATIONS
True and fair
presentation and
compliance with
IND ASs, Financial
statements are
required to be
presented fairly as set
out in the framework
and in accordance
with IND AS and are
required to comply
with all requirements
of IND ASs
Going concern
Financial
statements are
required to be
prepared on a
going concern
basis (unless
entity is in
liquidation or has
ceased trading or
there is an
indication that the
entity is not a
going concern).
Accrual basis
of
accounting
Entities are
required to use
accrual basis of
accounting
except for cash
flow
Information.
Presentation
consistency
An entity is
required to
retain
presentation
and
classification
from one
period
to the next.
Materiality and
aggregation
An entity shall
present separately:
• each material
class of similar
items
• items of a
dissimilar nature
or function
unless they are
immaterial except
when required by
law separately
Offsetting
Offsetting of
assets and
liabilities or
income and
expenses is
not permitted
unless
required by
other IND
ASs
Comparative
information
At least 1 year
of comparative
information .
COMPONENTS OF FINANCIAL STATEMENTS
A complete set of financial statements comprises:
• A balance sheet at the end of the period
• Statement of profit and loss for the period
• Statement of changes in equity for the period
• Statement of cash flows for the period
• Notes comprising a summary of significant accounting policies and other explanatory information
• Comparative information in respect of the preceding period as specified in paragraphs 38 and 38A
• A balance sheet as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a
retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance
with paragraphs 40A–40D
All statements are required to be presented with equal prominence.
2. IND AS
ALERT
Alert 32/2017
ECA Corporate Partners
A-81,Ground Floor,
Sector 4, Noida-201301.
team@ecapartners.in
STRUCTURE AND CONTENT
IDENTIFICATI
ON OF THE
FINANCIAL
STATEMENTS
Financial
statements must be
clearly identified
and distinguished
from other
information in the
same published
document, and
must identify:
• Name of the
reporting entity
• Whether the
financial
statements cover
the individual
entity or a group
of entities
• The date of
financial
statements (or the
period covered)
• The presentation
currency
• The level of
rounding used
BALANCE SHEET
Present current and non-current items
separately; or
Present items in order of liquidity- if reliable
and more relevant
Current assets
Expected to be realised in, or is intended for
sale or consumption in the entity’s normal
operating cycle
Held primarily for trading
Expected to be realised within 12 months
Cash or cash equivalents.
All other assets are required to be classified
as non-current
Current liabilities
Expected to be settled in the entity’s normal
operating cycle
Held primarily for trading
Due to be settled within 12 months
The entity does not have an unconditional
right to defer settlement of the liability for at
least 12 months.
All other liabilities are required to be
classified as non-current.
Information required to be presented on the
face of the balance sheet is detailed in IND
AS 1.54
Further information required to be presented
on the face or in the notes is detailed in IND
AS 1.79 – 80.
STATEMENT OF PROFIT & LOSS
An entity shall present a single statement
of profit and loss, with profit or loss and
other comprehensive income presented in
two sections. The sections shall be
presented together, with the profit or loss
section presented first followed directly by
the other comprehensive income section
Entities shall present an analysis of expense
recognised in profit or loss using a
classification based on the nature of
expense method
Information required to be presented in the:
- Statement of profit and loss is defined in
IND AS 1.82A - 87
- Profit or loss as defined in IND AS 1.88
and 89
- Other comprehensive income in INDAS
1.82A and 90-96.
- Further information required to be
presented on the face or in the notes to the
Statement of Profit and loss is detailed in
IND AS 1.97
Line items within other comprehensive
income are required to be categorised into
two categories:
- Those that could subsequently be
reclassified to profit or loss
- Those that cannot be re-classified to profit
or loss.
STATEMENT OF
CASH FLOWS
Provides users of
financial statements
with cash flow
information – refer
IND AS 7 Statement
of Cash Flows.
3. IND AS
ALERT
Alert 32/2017
ECA Corporate Partners
A-81,Ground Floor,
Sector 4, Noida-201301.
team@ecapartners.in
STRUCTURE AND CONTENT
STATEMENT OF CHANGES IN
EQUITY
Information required to be presented:
• Total comprehensive income for
the period, showing separately
attributable to owners or the
parent and non-controlling
interest
• For each component of equity,
the effects of retrospective
application / restatement
recognised in accordance with
IND AS 8 Accounting Policies,
Changes in Accounting
Estimates and Errors
• For each component in equity a
reconciliation between the
carrying amount at the beginning
and end of the period, separately
disclosing each change.
• Amount of dividends recognised
as distributions to owners during
the period (can alternatively be
disclosed in the notes.
• Analysis of each item of OCI
(alternatively to be disclosed in
the notes).
NOTES TO THE FINANCIAL
STATEMENTS
• Statement of compliance with IND
ASs.
• Significant accounting policies,
estimates, assumptions, and
judgements must be disclosed
• Additional information useful to
users understanding / decision
making to be presented
• Information that enables users to
evaluate the entity’s objectives,
policies and processes for
managing capital
THIRD BALANCE SHEET
An entity shall present a third
balance sheet as at the
beginning of the preceding
period in addition to the
minimum comparative
financial statements required in
paragraph 38A if:
• it applies an accounting
policy retrospectively,
makes a retrospective
restatement of items in its
financial statements or
reclassifies items in its
financial statements; and
• the retrospective
application, retrospective
restatement or the
reclassification has a
material effect on the
information in the balance
sheet at the beginning of
the preceding period.
REPORTING
PERIOD
• Accounts
presented at
least annually
• If longer or
shorter, entity
must disclose
that fact.