The document provides guidance on the code of conduct for virtual financial accounting sessions at the Indian Institute of Management Raipur. It outlines expectations such as setting up a quiet study space, logging in on time, using professional language and etiquette, ensuring device functionality, and only using chat features for meaningful discussions. The course will consist of 20 sessions over 1.5 hours each taught by Rajesh Pathak. Students are expected to read materials, participate actively, and not miss classes unless absolutely necessary.
The document discusses four current approaches in agricultural extension:
1. Decentralized decision making and bottom-up planning through Panchayati Raj institutions.
2. Farming system approach which takes a holistic view of the farm as an interconnected system.
3. Farming situation based extension which develops recommendations specific to different crop situations through farmer participation.
4. Category management systems for retail merchandising which use data-driven planning and forecasting to optimize product assortments.
Topics:
-Question about whether Cooperatives target the poorest and how to identify this segment of population.
-Production aspects of the value chain development
ICT tools development and application
-Capacity building based on Nico’s summary
-----In addition to mobilization, also members need training on bookkeeping, by laws, management, governance, leadership, organization design for cooperative health.
-Highlight the importance of DETAILS
SRI- LMB Newsletter Vol 3, Issue 1 Year 2015Sri Lmb
Farmers using System of Rice Intensification (SRI) management practices reported nearly double the profits compared to traditional practices, according to results from 60 research sites across Cambodia and Thailand. Higher yields from SRI, combined with lower costs and higher grain quality, increased profits. Over 120 experiments compared integrated SRI practices to full SRI demonstrations. Results presented at provincial and regional workshops found SRI increased yields by 60-100% compared to baseline. The newsletter discusses a regional workshop in Cambodia that reviewed results and planned future activities to strengthen the project across the Lower Mekong River Basin countries of Cambodia, Laos, Thailand, and Vietnam.
This document discusses reforms in the agricultural extension system in India. It covers several key reforms including replacing old commodity-focused approaches with multi-agency extension services, policy and institutional restructuring, management reforms, strengthening research-extension linkages, capacity building, empowering farmers, mainstreaming women, using information technology, and making extension services financially sustainable. It also describes various extension models used in India at the state, university, and national levels including Krishi Vigyan Kendras, Agricultural Technology Information Centers, and the roles of different organizations.
This document discusses strategies for reorganizing agricultural extension in Bihar, India. It provides:
1) A review of past extension models in India from the late 1800s to present, noting both successes and failures.
2) An assessment of the current challenges facing Bihar's extension system, including lack of coordination, vacant positions, and insufficient funding.
3) Recommendations to reorganize the extension system with a focus on the village, block, district, and state levels by strengthening coordination, accountability, and partnerships with farmers and the private sector.
The document outlines the objectives and activities of the Northern Plains Irrigation Project's Agricultural Research and Extension Unit diversification component. The overall objective is to improve water supply, rationalize sugar production, and promote agricultural diversification to meet a target of 700 hectares permanently under non-sugar crops. Key activities include implementing an extension program directed at smallholders, introducing profitable mixed farming systems, developing a market intelligence system, and training agricultural service staff to raise professional abilities. The component aims to efficiently support diversification implementation in the project area through strengthened coordination, market information, and participating institutions' capacities.
The document discusses the history and evolution of agricultural extension approaches in Nepal. It outlines several conventional approaches used from the 1970s to present, including the training and visit system, integrated agriculture/rural development approach, tuki system, farming system research and extension approach, block production program approach, commodity group approach, pocket package approach, projectization approach, farmers field school approach, and contract and partnership approach. It notes that extension services in Nepal have not been strong and effective, reaching only 55% of cultivated land, and that no single approach could be adopted nationwide given Nepal's diverse geography, climate, and other factors. It stresses the need for more pragmatic, bottom-up policies and increased national self-reliance rather than
This document discusses innovative platforms (IPs) and their role in supporting value chain development in Ghana and Burkina Faso. It provides an overview of IPs, comparing them to other multi-stakeholder platforms and outlining some of the challenges to implementing IPs. The document then discusses how action research can help position IPs within multi-stakeholder processes and ensure they facilitate dialogue, learning, and benefit for community stakeholders. Key questions are also posed around measuring IP performance and understanding how context influences their impact and outcomes.
The document discusses four current approaches in agricultural extension:
1. Decentralized decision making and bottom-up planning through Panchayati Raj institutions.
2. Farming system approach which takes a holistic view of the farm as an interconnected system.
3. Farming situation based extension which develops recommendations specific to different crop situations through farmer participation.
4. Category management systems for retail merchandising which use data-driven planning and forecasting to optimize product assortments.
Topics:
-Question about whether Cooperatives target the poorest and how to identify this segment of population.
-Production aspects of the value chain development
ICT tools development and application
-Capacity building based on Nico’s summary
-----In addition to mobilization, also members need training on bookkeeping, by laws, management, governance, leadership, organization design for cooperative health.
-Highlight the importance of DETAILS
SRI- LMB Newsletter Vol 3, Issue 1 Year 2015Sri Lmb
Farmers using System of Rice Intensification (SRI) management practices reported nearly double the profits compared to traditional practices, according to results from 60 research sites across Cambodia and Thailand. Higher yields from SRI, combined with lower costs and higher grain quality, increased profits. Over 120 experiments compared integrated SRI practices to full SRI demonstrations. Results presented at provincial and regional workshops found SRI increased yields by 60-100% compared to baseline. The newsletter discusses a regional workshop in Cambodia that reviewed results and planned future activities to strengthen the project across the Lower Mekong River Basin countries of Cambodia, Laos, Thailand, and Vietnam.
This document discusses reforms in the agricultural extension system in India. It covers several key reforms including replacing old commodity-focused approaches with multi-agency extension services, policy and institutional restructuring, management reforms, strengthening research-extension linkages, capacity building, empowering farmers, mainstreaming women, using information technology, and making extension services financially sustainable. It also describes various extension models used in India at the state, university, and national levels including Krishi Vigyan Kendras, Agricultural Technology Information Centers, and the roles of different organizations.
This document discusses strategies for reorganizing agricultural extension in Bihar, India. It provides:
1) A review of past extension models in India from the late 1800s to present, noting both successes and failures.
2) An assessment of the current challenges facing Bihar's extension system, including lack of coordination, vacant positions, and insufficient funding.
3) Recommendations to reorganize the extension system with a focus on the village, block, district, and state levels by strengthening coordination, accountability, and partnerships with farmers and the private sector.
The document outlines the objectives and activities of the Northern Plains Irrigation Project's Agricultural Research and Extension Unit diversification component. The overall objective is to improve water supply, rationalize sugar production, and promote agricultural diversification to meet a target of 700 hectares permanently under non-sugar crops. Key activities include implementing an extension program directed at smallholders, introducing profitable mixed farming systems, developing a market intelligence system, and training agricultural service staff to raise professional abilities. The component aims to efficiently support diversification implementation in the project area through strengthened coordination, market information, and participating institutions' capacities.
The document discusses the history and evolution of agricultural extension approaches in Nepal. It outlines several conventional approaches used from the 1970s to present, including the training and visit system, integrated agriculture/rural development approach, tuki system, farming system research and extension approach, block production program approach, commodity group approach, pocket package approach, projectization approach, farmers field school approach, and contract and partnership approach. It notes that extension services in Nepal have not been strong and effective, reaching only 55% of cultivated land, and that no single approach could be adopted nationwide given Nepal's diverse geography, climate, and other factors. It stresses the need for more pragmatic, bottom-up policies and increased national self-reliance rather than
This document discusses innovative platforms (IPs) and their role in supporting value chain development in Ghana and Burkina Faso. It provides an overview of IPs, comparing them to other multi-stakeholder platforms and outlining some of the challenges to implementing IPs. The document then discusses how action research can help position IPs within multi-stakeholder processes and ensure they facilitate dialogue, learning, and benefit for community stakeholders. Key questions are also posed around measuring IP performance and understanding how context influences their impact and outcomes.
PIM - Presentation for Discussion with Donors and Partners - June 2013cgxchange
The document discusses plans for future work on several topics including gender, productivity, access, and value chains by the PIM CGIAR Research Program and its partners. It outlines proposed strategic research on gender, measuring agricultural incentives more accurately, evaluating the relationship between agricultural research and productivity, and improving access to food through social protection programs. The document also discusses expanding work on innovations in agricultural value chains, including tools to reduce transaction costs and manage risk.
The document proposes establishing an Agricultural Sector Coordination Unit (ASCU) to boost agricultural productivity and incomes in India. The ASCU would coordinate policies, programs and projects across the agricultural sector. It would support research institutions, empower stakeholders through training and information, and help develop agribusinesses. The model aims to transform subsistence farming into commercial agriculture and benefit farmers and agricultural workers. It could cost billions initially but be self-sustaining through increased yields and incomes. Challenges include transforming small farms and balancing large and small agricultural interests, which the ASCU coordination could help address.
IWMI experiences on potential irrigated value chains development for the LIVE...ILRI
1) The document discusses potential interventions for developing irrigated value chains in Ethiopia through the LIVES project. It provides rationale for investing in smallholder irrigation and criteria for selecting value chains.
2) Potential interventions are identified for production, post-harvest handling, marketing, operation and maintenance of irrigation systems. Cross-cutting issues of social, environmental and gender equity are also addressed.
3) Opportunities for expanding irrigation discussed include promoting motorized pumps, manual well drilling, agro-ecology technologies, and contract or outgrower schemes with lessons from other countries. The conclusion emphasizes improving smallholder access to inputs, markets, and support services.
Improving the performance of pro-poor value chains of sheep and goats for enh...ILRI
This document summarizes a new project funded by IFAD to improve sheep and goat value chains in Ethiopia. The project aims to increase incomes and productivity of smallholder farmers, especially women. It will test interventions across 16 communities in various regions of Ethiopia. The project will conduct analyses of the value chains, test production and marketing technologies, develop partnerships, and evaluate impacts with the goal of disseminating lessons learned and facilitating scaling up of successful approaches. It is implemented by ICARDA, ILRI, and Ethiopian research partners over 3 years with a budget of $1.2 million.
Day 2, Session 3: Building Capacity for Agricultural Policy ImplementationIFPRI-NSSP
This document presents findings from a mid-term impact evaluation of Nigeria's National Fadama development (Fadama3) Project. The evaluation assessed the project's capacity building efforts and their effects on community driven development. Key findings include:
- Capacity building methods such as training, demonstrations and group activities improved participants' skills in areas like agriculture, marketing and management.
- strengthened community organizations and improved collaboration between communities and local governments on development plans and projects.
- While capacity building made progress, fully community-driven development remains a challenge. Additional efforts are needed to ensure communities independently lead and sustain their own development.
The evaluation provides lessons for using capacity building to empower communities and enable community-
"Monitoring and Evaluation (M&E) System for the Comprehensive Africa Agriculture Development Programme (CAADP)," presentation by Babatunde Omilola at the 6th CAADP Partnership Platform. Birchwood Hotel, Johannesburg, South Africa. April 21-23, 2010.
MLE as a market ward orientation of agriculture through extension includes agriculture and economics and is the perfect blend for reaching at the door steps of farming community with the help of appropriate technology.
Identifying Geospatial zones to guide agricultural development planning in M...IFPRIMaSSP
This document proposes a zonation scheme to guide agricultural development planning in Malawi based on its agro-ecological diversity. It involves categorizing districts into six agricultural development domains based on agro-ecology, market access, and population density. More detailed crop suitability maps would then identify suitable areas for specific crops. The scheme aims to spatially target programs and investments to promote commercial agriculture. It could help identify expansion areas, constraints, and guide private sector investment. Further evaluation and refinement of the approach is needed before integrating it into agricultural planning.
Roles of Commodities in Poverty Alleviation and Strengthening Landscape Manag...CIFOR-ICRAF
Prof. Dr. Bustanul Arifin
Professor of Agricultural Economics and UNILA
Board of Founders and Senior Economist with INDEF
Chairman, Indonesian Society of Agricultural Economics
PIM - Presentation for Discussion with Donors and Partners - June 2013CGIAR
The document discusses topics for an international food policy research consultation, including impact pathways, proposed evolution of the Partnership for Inclusive Agricultural Transformation (PIM) program, and capacity building. Key areas of focus proposed for the next PIM phase include strengthening the agricultural innovation continuum, increasing access to food for the poor, and natural resource management for resilient landscapes. Major activities on gender in value chains and examples of value chain interventions in countries are provided. Key partnerships, capacity building approaches, and links between rapid agricultural growth and supportive policies are also summarized.
The document discusses a proposed model to boost agricultural productivity in India through cooperative farming. It involves farmers pooling their land into cooperative production societies for mechanized farming. A public-private partnership is formed between these cooperatives, research and technical assistance groups from government institutions, and rural entrepreneurs who provide services and implement recommendations. This model aims to address issues from small land holdings and improve productivity through cooperative farming, access to machinery, and knowledge sharing.
Potential Synergies between CAADP National Investment Planning and Farming Sy...FMNR Hub
1) The document discusses potential synergies between the Comprehensive Africa Agriculture Development Programme (CAADP) National Investment Plans and a Farming Systems approach.
2) It identifies opportunities for Farming Systems information to strengthen CAADP by mainstreaming land management in investment plans and identifies gaps in current implementation.
3) A Farming Systems framework could complement commodity-based value chain targeting in CAADP plans by providing a more nuanced understanding of agricultural production systems and the relationships between farming and non-farm activities.
This document introduces the "AgPER Lite" approach for conducting regular, lighter and quicker annual public expenditure analyses in agriculture to support better budgeting and policy decisions. Key points:
- AgPER Lite analyses would focus on major expenditure changes and currently debated issues, using up-to-date data from a reliable source.
- The analyses would have separate sections for data/trends (updated annually) and a re-written key analysis section each year.
- 2-3 agricultural expenditure "issues" would be selected each year related to policy effectiveness and linked to performance reviews or budget preparation.
- The analyses could be conducted with around 3 months effort by 3 people per year, establishing reusable data
This document provides an overview of fundamentals of accounting. It defines accounting as recording, classifying, summarizing, analyzing, interpreting and communicating financial transactions and events in monetary terms. It discusses the key accounting concepts like systems of accounting, basis of accounting, classification of accounts, accounting equation, books of accounts, financial statements and their uses. The document also provides examples of common business transactions and explains the accounting process and principles involved in recording them.
Accounting is a system for measuring and recording business transactions and reporting financial information. It involves processing transactions, preparing financial statements, and providing information to decision-makers. The key points are:
- Accounting records business transactions, prepares financial reports like the income statement and balance sheet, and provides information to managers, investors, and others.
- Accounting principles and conventions provide guidelines for financial reporting and include concepts like business entity, cost, matching, and consistency to ensure uniformity and comparability.
- Management accounting provides internal reports for decision-making while financial accounting prepares external financial statements for stakeholders.
This curriculum vitae summarizes the qualifications and experience of Sajith Menaka Hettiarachchi. He holds a BSc in Accountancy and professional qualifications of FCA and ACMA. His experience includes roles as Deputy Manager of Finance at Citi Bank N.A., Group Accountant at Trelleborg Group, and Accountant at IBM World Trade Corporation. He is proficient in accounting software and taxation compliance. His objective is to hold a challenging finance position and contribute to organizational growth.
- Accounting is the recording, classifying, summarizing and reporting of financial transactions. It has both historical and managerial functions.
- The accrual basis of accounting recognizes revenue and expenses when earned or incurred, regardless of cash receipt or payment. The double entry system records each transaction with both a debit and credit entry.
- Modern accounting uses double entry, computers, and electronic media. It allows for accurate, fast accounting but errors can be difficult to identify if the accounting system fails.
This document outlines an accounting course covering fundamental accounting concepts and financial statements. The course objectives are to understand accounting information sources and concepts, how financial data is used for decision making, and controlling operations. Topics include the balance sheet, income statement, cash flows, accounting principles, corporations, and ratio analysis. The course utilizes lectures, assignments, cases, and exams. Managerial accounting is also covered, focusing on cost analysis, budgeting, and decision making.
This document provides an overview of key accounting fundamentals including the purpose of financial statements, accounting concepts and principles, and the accounting equation. It discusses the cash flow statement, income statement, and balance sheet and how they are used to identify assets, liabilities, revenues and expenses. It also outlines the accounting process of identification, recording, and communication of financial information.
This document provides an overview of basic accounting and financial management concepts. It defines accounting as identifying, classifying, recording, and summarizing business transactions, and interpreting and communicating the results. It distinguishes accounting from bookkeeping, and explains the differences between management accounting for internal users and financial accounting for external users. Key financial statements like the income statement, balance sheet, and cash flow statement are also summarized.
Chapter 13 accounting concepts, professional judgments,aand ethical conductNoman Khilji
This document discusses accounting concepts, professional judgments, and ethical conduct in accounting. It covers the need for recognized accounting standards and generally accepted accounting principles (GAAP). GAAP provide ground rules for financial reporting and include concepts like the accounting entity, going concern assumption, time period principle, and stable dollar assumption. It also discusses asset valuation, revenue recognition, matching principle, consistency principle, disclosure principle, materiality, conservatism, audited financial statements, setting new accounting standards, and professional codes of ethics. Accountants have unique ethical responsibilities to serve the public interest.
PIM - Presentation for Discussion with Donors and Partners - June 2013cgxchange
The document discusses plans for future work on several topics including gender, productivity, access, and value chains by the PIM CGIAR Research Program and its partners. It outlines proposed strategic research on gender, measuring agricultural incentives more accurately, evaluating the relationship between agricultural research and productivity, and improving access to food through social protection programs. The document also discusses expanding work on innovations in agricultural value chains, including tools to reduce transaction costs and manage risk.
The document proposes establishing an Agricultural Sector Coordination Unit (ASCU) to boost agricultural productivity and incomes in India. The ASCU would coordinate policies, programs and projects across the agricultural sector. It would support research institutions, empower stakeholders through training and information, and help develop agribusinesses. The model aims to transform subsistence farming into commercial agriculture and benefit farmers and agricultural workers. It could cost billions initially but be self-sustaining through increased yields and incomes. Challenges include transforming small farms and balancing large and small agricultural interests, which the ASCU coordination could help address.
IWMI experiences on potential irrigated value chains development for the LIVE...ILRI
1) The document discusses potential interventions for developing irrigated value chains in Ethiopia through the LIVES project. It provides rationale for investing in smallholder irrigation and criteria for selecting value chains.
2) Potential interventions are identified for production, post-harvest handling, marketing, operation and maintenance of irrigation systems. Cross-cutting issues of social, environmental and gender equity are also addressed.
3) Opportunities for expanding irrigation discussed include promoting motorized pumps, manual well drilling, agro-ecology technologies, and contract or outgrower schemes with lessons from other countries. The conclusion emphasizes improving smallholder access to inputs, markets, and support services.
Improving the performance of pro-poor value chains of sheep and goats for enh...ILRI
This document summarizes a new project funded by IFAD to improve sheep and goat value chains in Ethiopia. The project aims to increase incomes and productivity of smallholder farmers, especially women. It will test interventions across 16 communities in various regions of Ethiopia. The project will conduct analyses of the value chains, test production and marketing technologies, develop partnerships, and evaluate impacts with the goal of disseminating lessons learned and facilitating scaling up of successful approaches. It is implemented by ICARDA, ILRI, and Ethiopian research partners over 3 years with a budget of $1.2 million.
Day 2, Session 3: Building Capacity for Agricultural Policy ImplementationIFPRI-NSSP
This document presents findings from a mid-term impact evaluation of Nigeria's National Fadama development (Fadama3) Project. The evaluation assessed the project's capacity building efforts and their effects on community driven development. Key findings include:
- Capacity building methods such as training, demonstrations and group activities improved participants' skills in areas like agriculture, marketing and management.
- strengthened community organizations and improved collaboration between communities and local governments on development plans and projects.
- While capacity building made progress, fully community-driven development remains a challenge. Additional efforts are needed to ensure communities independently lead and sustain their own development.
The evaluation provides lessons for using capacity building to empower communities and enable community-
"Monitoring and Evaluation (M&E) System for the Comprehensive Africa Agriculture Development Programme (CAADP)," presentation by Babatunde Omilola at the 6th CAADP Partnership Platform. Birchwood Hotel, Johannesburg, South Africa. April 21-23, 2010.
MLE as a market ward orientation of agriculture through extension includes agriculture and economics and is the perfect blend for reaching at the door steps of farming community with the help of appropriate technology.
Identifying Geospatial zones to guide agricultural development planning in M...IFPRIMaSSP
This document proposes a zonation scheme to guide agricultural development planning in Malawi based on its agro-ecological diversity. It involves categorizing districts into six agricultural development domains based on agro-ecology, market access, and population density. More detailed crop suitability maps would then identify suitable areas for specific crops. The scheme aims to spatially target programs and investments to promote commercial agriculture. It could help identify expansion areas, constraints, and guide private sector investment. Further evaluation and refinement of the approach is needed before integrating it into agricultural planning.
Roles of Commodities in Poverty Alleviation and Strengthening Landscape Manag...CIFOR-ICRAF
Prof. Dr. Bustanul Arifin
Professor of Agricultural Economics and UNILA
Board of Founders and Senior Economist with INDEF
Chairman, Indonesian Society of Agricultural Economics
PIM - Presentation for Discussion with Donors and Partners - June 2013CGIAR
The document discusses topics for an international food policy research consultation, including impact pathways, proposed evolution of the Partnership for Inclusive Agricultural Transformation (PIM) program, and capacity building. Key areas of focus proposed for the next PIM phase include strengthening the agricultural innovation continuum, increasing access to food for the poor, and natural resource management for resilient landscapes. Major activities on gender in value chains and examples of value chain interventions in countries are provided. Key partnerships, capacity building approaches, and links between rapid agricultural growth and supportive policies are also summarized.
The document discusses a proposed model to boost agricultural productivity in India through cooperative farming. It involves farmers pooling their land into cooperative production societies for mechanized farming. A public-private partnership is formed between these cooperatives, research and technical assistance groups from government institutions, and rural entrepreneurs who provide services and implement recommendations. This model aims to address issues from small land holdings and improve productivity through cooperative farming, access to machinery, and knowledge sharing.
Potential Synergies between CAADP National Investment Planning and Farming Sy...FMNR Hub
1) The document discusses potential synergies between the Comprehensive Africa Agriculture Development Programme (CAADP) National Investment Plans and a Farming Systems approach.
2) It identifies opportunities for Farming Systems information to strengthen CAADP by mainstreaming land management in investment plans and identifies gaps in current implementation.
3) A Farming Systems framework could complement commodity-based value chain targeting in CAADP plans by providing a more nuanced understanding of agricultural production systems and the relationships between farming and non-farm activities.
This document introduces the "AgPER Lite" approach for conducting regular, lighter and quicker annual public expenditure analyses in agriculture to support better budgeting and policy decisions. Key points:
- AgPER Lite analyses would focus on major expenditure changes and currently debated issues, using up-to-date data from a reliable source.
- The analyses would have separate sections for data/trends (updated annually) and a re-written key analysis section each year.
- 2-3 agricultural expenditure "issues" would be selected each year related to policy effectiveness and linked to performance reviews or budget preparation.
- The analyses could be conducted with around 3 months effort by 3 people per year, establishing reusable data
This document provides an overview of fundamentals of accounting. It defines accounting as recording, classifying, summarizing, analyzing, interpreting and communicating financial transactions and events in monetary terms. It discusses the key accounting concepts like systems of accounting, basis of accounting, classification of accounts, accounting equation, books of accounts, financial statements and their uses. The document also provides examples of common business transactions and explains the accounting process and principles involved in recording them.
Accounting is a system for measuring and recording business transactions and reporting financial information. It involves processing transactions, preparing financial statements, and providing information to decision-makers. The key points are:
- Accounting records business transactions, prepares financial reports like the income statement and balance sheet, and provides information to managers, investors, and others.
- Accounting principles and conventions provide guidelines for financial reporting and include concepts like business entity, cost, matching, and consistency to ensure uniformity and comparability.
- Management accounting provides internal reports for decision-making while financial accounting prepares external financial statements for stakeholders.
This curriculum vitae summarizes the qualifications and experience of Sajith Menaka Hettiarachchi. He holds a BSc in Accountancy and professional qualifications of FCA and ACMA. His experience includes roles as Deputy Manager of Finance at Citi Bank N.A., Group Accountant at Trelleborg Group, and Accountant at IBM World Trade Corporation. He is proficient in accounting software and taxation compliance. His objective is to hold a challenging finance position and contribute to organizational growth.
- Accounting is the recording, classifying, summarizing and reporting of financial transactions. It has both historical and managerial functions.
- The accrual basis of accounting recognizes revenue and expenses when earned or incurred, regardless of cash receipt or payment. The double entry system records each transaction with both a debit and credit entry.
- Modern accounting uses double entry, computers, and electronic media. It allows for accurate, fast accounting but errors can be difficult to identify if the accounting system fails.
This document outlines an accounting course covering fundamental accounting concepts and financial statements. The course objectives are to understand accounting information sources and concepts, how financial data is used for decision making, and controlling operations. Topics include the balance sheet, income statement, cash flows, accounting principles, corporations, and ratio analysis. The course utilizes lectures, assignments, cases, and exams. Managerial accounting is also covered, focusing on cost analysis, budgeting, and decision making.
This document provides an overview of key accounting fundamentals including the purpose of financial statements, accounting concepts and principles, and the accounting equation. It discusses the cash flow statement, income statement, and balance sheet and how they are used to identify assets, liabilities, revenues and expenses. It also outlines the accounting process of identification, recording, and communication of financial information.
This document provides an overview of basic accounting and financial management concepts. It defines accounting as identifying, classifying, recording, and summarizing business transactions, and interpreting and communicating the results. It distinguishes accounting from bookkeeping, and explains the differences between management accounting for internal users and financial accounting for external users. Key financial statements like the income statement, balance sheet, and cash flow statement are also summarized.
Chapter 13 accounting concepts, professional judgments,aand ethical conductNoman Khilji
This document discusses accounting concepts, professional judgments, and ethical conduct in accounting. It covers the need for recognized accounting standards and generally accepted accounting principles (GAAP). GAAP provide ground rules for financial reporting and include concepts like the accounting entity, going concern assumption, time period principle, and stable dollar assumption. It also discusses asset valuation, revenue recognition, matching principle, consistency principle, disclosure principle, materiality, conservatism, audited financial statements, setting new accounting standards, and professional codes of ethics. Accountants have unique ethical responsibilities to serve the public interest.
This document provides an overview of key finance concepts for non-finance professionals. It discusses statutory financial reporting requirements to report on an organization's financial performance and position. This includes producing an income and expenditure statement and balance sheet. It also covers basic accounting terminology like fixed and current assets, liabilities, funds, and the importance of concepts like liquidity, solvency, and being a going concern. The document discusses costs and costings, including variable, fixed, and overhead costs. It explains cost recovery and budgeting approaches. Finally, it covers cash flow forecasts and their purpose in identifying cash critical points and planning for surpluses or deficits. The overall aim is to help non-finance staff understand relevant finance concepts and reporting
Chapter 1 Introduction to Accounting and Accounting Systems Part - ISuku Thomas Samuel
The document provides an introduction to accounting and accounting systems, defining key terms like transactions, assets, liabilities, revenues, and expenses. It explains the accounting process of recording, classifying, and summarizing transactions and the basic accounting equation that total assets equal total liabilities plus owner's equity. It also outlines the different types of accounts in accounting - personal, real, and nominal accounts - and the golden rules for debit and credit entries.
LBS Introduction to Financial Accounting.pptxNamishGupta10
The document provides an overview of basic concepts in financial accounting. It discusses key concepts like identifying transactions, measuring transactions in monetary terms, recording transactions, classifying and summarizing transactions, analyzing relationships, interpreting results, and communicating information to users. It also outlines the branches of accounting and their purposes, as well as accounting principles, standards, and the process of converging with International Financial Reporting Standards.
LBS Introduction to Financial Accounting (1).pptxparthwalia8
The document provides an overview of basic concepts in financial accounting. It discusses key concepts like identifying transactions, measuring transactions in monetary terms, recording transactions, classifying and summarizing transactions, analyzing relationships, interpreting results, and communicating information to users. It also outlines the branches of accounting and their purposes, as well as accounting principles, standards, and the process of converging with International Financial Reporting Standards.
accountings and financial anulysis.pptxKrishan Saini
The document provides an overview of accounting concepts, principles, and equations. It defines accounting as the process of recording financial transactions and communicating financial information. Some key points covered include:
- The basic accounting equation is Assets = Liabilities + Owner's Equity, indicating that assets are equal to liabilities plus the owner's investment.
- Accounting principles include accrual basis, matching, full disclosure, consistency, and conservatism.
- Accounting concepts include business entity, money measurement, cost, going concern, and dual aspect.
- Accounting has expanded in scope to include businesses, non-profits, governments, and individuals.
Lec 1 INTRODUCTION TO FINANCIAL ACCOUNTING.pptxpal83111
This document provides an introduction to financial accounting. It outlines the course, covering topics such as the meaning of accounting, differences between bookkeeping and accounting, accounting concepts and conventions, branches of accounting, and the nature of accounts. Key terms are also defined, such as assets, liabilities, revenue, and expenses. The document is intended to provide understanding of how financial statements are prepared and the fundamentals of financial accounting theory.
Book keeping basic concept: - raju mba 4semsridharvraju
The document discusses the basic concepts of book keeping and accounting. It explains that book keeping involves systematically recording business transactions, while accounting builds on book keeping by analyzing records to prepare financial statements and interpret financial results. The key principles of accounting include the money measurement concept, business entity concept, going concern concept, and matching concept. Financial statements like the manufacturing account, trading account, profit and loss account, and balance sheet are prepared according to accounting principles and concepts.
Taimoor Irtza is a chartered certified accountant with 9 years of experience working in accounts, finance, reporting, and auditing. He has expertise in ERP systems like SAP and Oracle. He holds qualifications from the ACCA and UAECA and has experience working as a senior accountant and assistant manager of accounts and finance for various companies in the UAE. His skills include financial reporting, budgeting, internal auditing, and implementing internal controls.
Falguni Kapadia is an experienced accountant with over 18 years of experience working in diverse industries such as manufacturing, services, and higher education. She is currently studying for her CPA Australia qualification. Her skills include accounts payable/receivable, financial reporting, budgeting, auditing, and system experience in ACCPAC, QuickBooks, Tally, and SAP. She is seeking new opportunities as an accountant.
This document defines accounting and outlines its primary functions and users. It discusses how accounting involves recording business transactions, summarizing results into reports, and providing assurance. Accounting aids decision making by showing how money is spent and the implications of different plans. Financial statements like the income statement and balance sheet are key outputs. The accounting cycle and double-entry bookkeeping are also summarized.
This profile is for Samadhan Tayade, an experienced finance and accounting professional with over 14 years of experience. He has held positions like Deputy Manager and Assistant Manager where he managed accounting, budgeting, auditing, payables, receivables and inventory. He is proficient in ERP systems like SAP and has expertise in financial reporting, statutory compliance, and ensuring accurate bookkeeping. Currently he is looking for a role utilizing his leadership and analytical skills to manage the financial operations of an organization.
This document provides information about the course "Financial Accounting for Managers". The course code is MBA203C11 and it is worth 3 credits. The objectives of the course are to familiarize students with accounting concepts and principles and their implications for managers. It also aims to develop students' skills in reading and interpreting financial statements. The learning outcomes are to analyze business transactions, construct financial statements, appraise and interpret financial statements, and create accounting information using accounting systems. The course syllabus covers 4 units - introduction to accounting, preparation of financial statements, analyzing and interpreting financial statements, and accounting information systems.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
2. Code of conduct for virtual sessions
• Set up your own study space well in advance of a scheduled lecture. Make sure you are able to
work quietly, in an environment where you can focus without being disturbed.
• Log in at least 2 minute before the start time of the class. Attendance would be recorded in the first
5 minutes of the session.
• Be aware that you are on camera, use professional language when speaking during the sessions,
and conduct yourself in a respectable manner. Use raised hand emoji ‘✋’ to get heard for your
doubts/concerns during the session.
• Ensure the uninterrupted functioning of your devices in use for the session. Turn off your
microphone unless you are speaking. The instructor may use the 'Mute All' button to enforce this.
• The presenter/active participant must have the video on. However, you can turn off incoming
videos to save bandwidth.
• Chat-box can be used for very necessary conversations that add value to the discussion or should
be used when instructed during the session for Q&A etc. Only meaningful use of chat feature is
encouraged.
• Unmute yourself and talk in case of a cold call by faculty or if you have a doubt to be clarified in
case your hands-up went unnoticed.
3. General Information
• Course Duration: 20 Sessions of 1.5 Hrs. each
• Instructor’s E-mail: rpathak@iimraipur.ac.in
• ‘Basic Rules’ for the course:
• All class participation is welcome. You must read through the course study material as
recommended and engage yourselves into discussions.
• Don’t miss a class unless it is absolutely necessary.
• This is not a course that you can self teach.
• If you have to miss a class, you may use the recorded lecture as a fall back. However, recorded
sessions can never be a replacement of the live class.
• Don’t skip the quizzes/tests and actively attend all the sessions. The course may involve surprise
quizzes.
5. Course Objectives
• To give you the capacity to understand the language of business and interpret and
apply the knowledge in order to assess the financial consequences of a business
transaction/decision.
Who cares if it can’t be applied
• To enable you sketch, read and analyze financial statements of businesses in order
to assess and forecast business performances.
It has become a pre-requisite for financial analysts to understand FSs and how they interact.
• Course Outline
6. Accounting: A Perspective
• What is it?
• A language or a system that provides information of an entity about its
performance, financial position & cash-flow.
• Through set of general purpose financial statements and reports
• How does it function?
• What set of Information does it disseminate?
• To whom?
• Investors, lenders, suppliers, employees, customers, governments
7. Accounting: A Perspective
• Development:
• Evolved over a period of many centuries and certain rules & terminologies are now accepted as useful.
• Key Characteristics
• Generally Accepted Accounting Principle (GAAP)
• Relevance: Information is relevant if it can influence the economic decisions of users by helping them evaluate past, present or future
events.
• Materiality: Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial
statements. Materiality depends on the size of the item or error judged in the particular circumstances of its omission or misstatement.
• Objectivity or Reliability: Measurement is free from material error and bias.
• Prudence: Prudence is the inclusion of a degree of caution in the exercise of the judgements needed in making the estimates required under conditions
of uncertainty.
• Current State of Accounting Domain
• ICAI, MCA, ASB
• IndAS (Standards prescribed under Section 133 of the Indian Companies Act, 2013)
• AS (applicable to Indian companies including Small and Medium sized Companies to whom Indian Accounting Standards
(Ind AS) are not applicable )
• IFRS (Global Reporting Standard)
8. Accounting: End Products
• Set of Financial Statements (IndAS01)
• The Balance Sheet or Statement of Financial Position
• Purpose: To present the financial health of a business at a point in time
• The Income Statement or Statement of Profit and Loss
• Purpose: To reveal the profitability of the firm over a period of time
• The Cash-flow Statement
• Purpose: To summarize the activities resulting in cash changing hands for the business during a period of time.
• Statement of Changes in Equity
• Purpose: To highlight the factors that cause a change in the owners' equity over the accounting periods.
• Notes to Accounts:
• To present significant accounting policies and other explanatory information in supplementary schedules.
• Status Vs. Flow Report
• The preparation and the true and fair presentation of these statements are the
responsibility of the management of the company.
9. The Balance Sheet- A Status Report
Sources of funds
Owner’s money/equity
Loans
Supplier’s credit
Total Liability
TA= TL
TA= OE+OL (Elements in fundamental equation)
Resources
Machinery
F & F
Computer
Van
Inventory
Cash
Total Assets
10. Balance Sheet Elements
Assets Classifications
• Non-Current Assets
• PPE (long lived Assets)
• Machinery, F&F, L&B,
Computer etc.
• Intangible Assets
• Goodwill, Copyright, Patent
• Investments
• Equity in subsidiary, long term
projects
• Current Assets
• Cash & equivalents, Inventory,
Accounts receivables, notes
receivables etc.
Liabilities Classifications
• Owner’s Equity
• Original Capital contribution,
Retained earnings, reserves and
surplus, securities premium etc.
• Non-Current liabilities
• Bonds, loans, etc.
• Current Liabilities
• Accounts payables, bank overdraft,
notes payables
14. Transaction Analysis
• Accounting Equation
• TA= OE+OL
• TA= Capital+ RE(Incomes-Expenses)+OL
• TA+ Exp= Capital + Incomes + OL
Practice- Case- ‘Docs in a Box, Inc.’
Reading: Chapter-1 (‘Accounting: Text & Cases’ by Anthony, Hawkins and Merchant)
‘Framework for the Preparation and Presentation of Financial Statements’issued by the Accounting Standards
Board of the ICAI.
(http://www.mca.gov.in/XBRL/pdf/framework_fin_statements.pdf)
17. Accounting Concepts-: Balance Sheet
• Duality Concept
• Every transaction has a dual impact on the fundamental equation of accounting.
• The balance sheet matching emanates from the dual concept also called double-
entry system.
• Separate Entity Concept:
• Business and businessman are two distinct entity.
• Owner’s equity is a liability to the firm owing to separate entity concept.
• Money measurement Concept
• Only monetary information are recorded
• Heterogeneous facts are presented under a common denomination
• Going Concern Concept
• The entity will continue to operate for an indefinitely long period.
• Cost Concept
• Initial recording of assets at acquired cost and subsequently non-monetary assets
(NMA) are recorded at unexpired cost. Values of NMA are unaffected by fair value.
18. Accounting Concepts:- Income Statement
• Accounting Period Concept
• Accounting measures performance over a specified period of time.
• Matching Concept
• If an event affects both revenue and expenses, record them into the same AP.
• Direct matching and period cost.
• Conservatism Concept
• Incomes/gains are recorded when reasonably certain whereas expenses/losses are
recorded when reasonably possible. For eg: Provision for bad debts is an example
• Realization Concept
• How much to record in revenue. For eg: Bad debts, discounts, sales returns etc.
• Consistency Concept
• Same accounting method for all subsequent recording of events of homogeneous nature.
• Materiality Concept
• Insignificant events may be disregarded. Can be mis-stated.
Case for practice: Ribbons and Bows
20. Accounting Mechanics
• Most organizations use computer based system of accounting, yet familiarity with manual
procedure is useful.
• Luca Pacioli gave the double entry system of bookkeeping as a major breakthrough in 15th
Century.
• For each transaction, the debit(Dr.) must equal the credit (Cr.)
• Arbitrarily decided Assets to be having debit balance. Hence, Liabilities and Owner’s equity
would be credit for fundamental equation to hold.
• Incomes and expenses are credits and debits respectively owing to their contribution to
retained earnings.
• Permanent (Real) accounts Vs. Temporary Accounts
• Debits and credits are left-hand/right-hand side of a T accounts and have no other meaning in
accounting.
21. Accounting Mechanics
• Accounting as a process of
• Identifying- Judgement of what to record and how
• Chronological Recording- Journalizing
• Classifying/Posting- Ledger book- ‘T Accounts”
• Summarizing- Trial Balance (a quick check for accuracy)
• Errors in Trial Balance
• Reporting- financial Statements (preparation & presentation)
• Income statement, Balance sheet & Cash-flow statement
• Analyzing- inferences, forecasting etc.
• Ratio analysis etc.
22. Financial Statement Preparation using Trial Balance & Adjustments Info
Trial Balance as on 31st December, 2006
Assets/expenses Liabilities/incomes
23. Revenue Recognition (Ind AS 18)
• Revenue is the gross inflow of economic benefits during the
accounting period arising in the course of the ordinary activities of
an entity:
• The sale of goods
• Includes goods produced by the entity for the purpose of sale and goods purchased for resale,
such as merchandise purchased by a retailer or land and other property held for resale.
• The rendering of services
• Involves the performance by the entity of a contractually agreed task over an agreed period of
time. The services may be rendered within a single period or over more than one period.
• The use by others of entity’s assets yielding interest, royalties and dividends.
• Interest—charges for the use of cash or cash equivalents or amounts due to the entity;
• Royalties—charges for the use of long-term assets of the entity, for example, patents,
trademarks, copyrights and computer software; and
• Dividends—Receipts of profits as holders of equity investments in proportion to the holdings.
24. What is not Revenue
• Dividends arising from investments in Associates
• Associate is a company in which that other company has a significant
influence, but which is not a subsidiary company of the company.
• Significant influence means control of at least 20% of total share capital, or of
business decisions under an agreement
• Changes in the fair value of financial assets and financial liabilities.
• Amounts collected on behalf of third parties such as sales taxes, goods
and services taxes and value added taxes
25. Recognition and Related Accounting Concepts
• Most accounting frauds deal with revenue manipulation
• Enron (2001); Worldcom (2002); Freddie Mac Scandal (2003); Satyam (2009)
• Basic Principal
• The entity has substantially performed what is required in order to earn the income
• The amount of income is reliably measured.
• Concepts
• Conservatism Concept
• Realization Concept
26. Recognition of Revenues
• Sale of Good
• The entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
• The entity retains neither continuing ownership nor effective control over the goods sold;
• The amount of revenue can be measured reliably;
• It is probable that the economic benefits associated with the transaction will flow to the entity;
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
27. Recognition of Revenues
• Rendering of Services:
• Following ‘Percentage of completion method’ revenue is recognised in the accounting periods in which
the services are rendered.
• The amount of revenue can be measured reliably;
• It is probable that the economic benefits associated with the transaction will flow to the entity;
• The stage of completion of the transaction at the end of the reporting period can be measured reliably;
• The costs incurred for the transaction and the costs to complete the transaction can be measured reliably
28. Recognition of Revenues
• Others:
• Royalties shall be recognised on an accrual basis in accordance with the substance of the relevant
agreement;
• Dividends shall be recognised when the shareholder’s right to receive payment is established.
• Interest shall be recognised using the effective interest method as set out in Ind AS 39;
29. Example
A Bank sells a customer $500 American express traveller’s cheque for which bank
collects from customer $505 (the bank charges 1% fee for the services). How does the
bank record the transaction? How it affects American’s express financial statement?
At Collection by Banks
At Remittance by Bank
The answer is not the journal entry here (as it might seem from the way it is presented here)
Cash incoming 505
Payable to American Express (liability) 500
Commission Revenue (income) 5
Cash (going out) 500
Travelers Checks Outstanding (liability
written off)
500
30. Quick Question: Revenue from Services
Daniels Construction incurred $10 million in construction costs on a
new contract this year. They expect to incur another $100 million to
complete the project. The balance in the construction in progress (CIP)
account, which tells the revenue recognized till year end using
percentage of completion method, is $12 million. What is the total
revenue they expect to earn on the contract?
31. More Situations
• ‘Bill and hold’sales, in which delivery is delayed at the buyer’s request but the buyer
takes title and accepts billing.
• Consignment sales under which the recipient (buyer) undertakes to sell the goods on
behalf of the shipper (seller).
• Sale to intermediaries, distributors etc.
• Cash on Delivery sale
• Orders when payment (or partial payment) is received in advance of delivery for goods
not presently held in inventory, for example, the goods are still to be manufactured or
will be delivered directly to the customer from a third party.
• Goods shipped subject to conditions
• Installation & Inspection
• Repurchase Agreement
• Terms of agreement evaluated.
• Transfer of risk and rewards ensured.
32. More Revenue types
• Installment Sale
• Revenue attributable to the sales price is recognized on the day of sale (exclusive of interest)
• Advertising Commission
• When commercial/print appears in public
• Tuition Fees
• Over the period of instruction
• Licensing Fees/Royalties
• Subscription Fees/ Membership fees etc.
• Straight line basis
33. What about these?
• Shilpkala Vedika (SKV), an auditorium and convention centre located in
Hyderabad announces a musical concert of Arijit Singh and Shankar Mahadevan
to be organized in December, 2020. All tickets are sold by SKV and money was
collected worth Rs. 10,00,000 within a week post announcement on 1st July, 2020.
SKV spent worth Rs. 50,000 in selling and other costs. How much, if any, should
SKV recognize as revenue if financial statements are prepared every October end?
• A law firm received a retainer fees of $10000 on July 01, 2018 from a client. In
turn, the firm agreed to furnish legal advices upon request for one year. In
addition, client would be billed separately for legal services such as presentation in
litigation. How much revenue should be recognized out of $10000 if books are
prepared in December every year. What about revenues from presentations, if it
occurs.