IAS 16 Property Plant And Equipment
•Download as PPTX, PDF•
2 likes•316 views
Report
Share
Report
Share
Recommended
IAS 2
IAS 2 provides guidance on accounting for inventories. Inventories include raw materials, work-in-progress, and finished goods held for sale in the ordinary course of business. Inventory is measured at the lower of cost or net realizable value, with cost determined using methods such as FIFO or weighted average. Abnormal amounts of wasted materials are excluded from inventory. Service providers classify certain labor and overhead costs as inventory until the related revenue is recognized.
Chapter24 cashflowstatements2008
This document provides an overview of statement of cash flows under IFRS. It defines key terms like cash, cash equivalents and cash flows. It discusses the advantages and disadvantages of statement of cash flows. It explains the two methods for presenting cash flows - direct method and indirect method. It also discusses calculating cash flows by converting profits, accounting for non-cash items and changes in working capital. The document provides examples of calculating and disclosing cash flows under both direct and indirect methods.
Treasury and Fund Management_Parakramesh Jaroli_MBA_FM
Treasury management is the process of administering a business's financial assets and holdings to optimize liquidity, make sound financial investments for the future, and reduce financial risks. The treasury management department manages cash flow, investments, hedging, and banking relationships to maintain the company's liquidity and profitability while minimizing currency and other financial risks. Recent developments in treasury systems include greater automation, streamlining of functions, centralized management models, outsourcing of certain activities, and electronic processing to improve efficiency, cost savings, and strategic decision making.
LLP Filing 2015
All Limited Liability Partnerships (LLPs) registered under the LLP Act 2008 are required to file annual returns by certain deadlines each year, whether or not they conducted business. They must file an Annual Return (Form 11) with the Registrar of LLPs by May 30th summarizing partner details. They must also file income tax returns and statements of accounts, including profit/loss and balance sheets (Form 8), by various deadlines depending on if an audit is required. Filing returns is mandatory for LLPs registered before March 31, 2015.
How to do E-filing of returns
E-filing is the process of electronically filing income tax returns through the internet. It is mandatory for companies and firms requiring statutory audits to e-file for Assessment Year 2007-08. There are three options for e-filing - using a digital signature so no paper return is needed, filing without a digital signature and submitting an ITR-V verification form, or filing through an e-return intermediary who assists with the process and ITR-V form. For non-digitally signed returns, taxpayers must generate and print an ITR-V form to verify and submit within 15 days to complete the return filing process.
Financial accounting standards
The document discusses accounting standards and their evolution over time. It explains that accounting standards are designed to harmonize accounting policies and practices to provide consistent and comparable financial reporting. The document traces the history of international accounting standards from their origins in 1966 to the current International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). It also discusses the convergence of Indian accounting standards with IFRS to adopt a common global standards framework.
Inventory(ias 2)
This document summarizes International Accounting Standard 2 (IAS 2) which provides guidance on accounting for inventories. The key points are:
1) IAS 2 defines inventory as assets held for sale, in production, or in the form of materials used in production. It establishes cost as the default basis for valuing inventories.
2) Cost is determined using purchase costs, conversion costs, and other costs to bring inventory to its present condition and location. Net realizable value provides the floor for the valuation of inventory.
3) IAS 2 allows different cost flow assumptions - FIFO, LIFO, weighted average - and requires specific disclosures about inventory amounts, costs, and accounting policies.
Standard costing setting standards and analysis of variance
This document discusses standard costing and variance analysis. It defines standard costs as predetermined costs for manufacturing a unit based on expected materials, labor hours, and plant capacity usage. Standard costs are used for budgeting, controlling costs, promoting cost reduction, and inventory valuation. The document then describes how to set physical, materials, labor, and overhead standards. It explains different types of variances for materials, labor, and overhead costs to analyze deviations from standards and measure performance. Methods like two variance, three variance, and four variance are presented for overhead variance analysis.
Recommended
IAS 2
IAS 2 provides guidance on accounting for inventories. Inventories include raw materials, work-in-progress, and finished goods held for sale in the ordinary course of business. Inventory is measured at the lower of cost or net realizable value, with cost determined using methods such as FIFO or weighted average. Abnormal amounts of wasted materials are excluded from inventory. Service providers classify certain labor and overhead costs as inventory until the related revenue is recognized.
Chapter24 cashflowstatements2008
This document provides an overview of statement of cash flows under IFRS. It defines key terms like cash, cash equivalents and cash flows. It discusses the advantages and disadvantages of statement of cash flows. It explains the two methods for presenting cash flows - direct method and indirect method. It also discusses calculating cash flows by converting profits, accounting for non-cash items and changes in working capital. The document provides examples of calculating and disclosing cash flows under both direct and indirect methods.
Treasury and Fund Management_Parakramesh Jaroli_MBA_FM
Treasury management is the process of administering a business's financial assets and holdings to optimize liquidity, make sound financial investments for the future, and reduce financial risks. The treasury management department manages cash flow, investments, hedging, and banking relationships to maintain the company's liquidity and profitability while minimizing currency and other financial risks. Recent developments in treasury systems include greater automation, streamlining of functions, centralized management models, outsourcing of certain activities, and electronic processing to improve efficiency, cost savings, and strategic decision making.
LLP Filing 2015
All Limited Liability Partnerships (LLPs) registered under the LLP Act 2008 are required to file annual returns by certain deadlines each year, whether or not they conducted business. They must file an Annual Return (Form 11) with the Registrar of LLPs by May 30th summarizing partner details. They must also file income tax returns and statements of accounts, including profit/loss and balance sheets (Form 8), by various deadlines depending on if an audit is required. Filing returns is mandatory for LLPs registered before March 31, 2015.
How to do E-filing of returns
E-filing is the process of electronically filing income tax returns through the internet. It is mandatory for companies and firms requiring statutory audits to e-file for Assessment Year 2007-08. There are three options for e-filing - using a digital signature so no paper return is needed, filing without a digital signature and submitting an ITR-V verification form, or filing through an e-return intermediary who assists with the process and ITR-V form. For non-digitally signed returns, taxpayers must generate and print an ITR-V form to verify and submit within 15 days to complete the return filing process.
Financial accounting standards
The document discusses accounting standards and their evolution over time. It explains that accounting standards are designed to harmonize accounting policies and practices to provide consistent and comparable financial reporting. The document traces the history of international accounting standards from their origins in 1966 to the current International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). It also discusses the convergence of Indian accounting standards with IFRS to adopt a common global standards framework.
Inventory(ias 2)
This document summarizes International Accounting Standard 2 (IAS 2) which provides guidance on accounting for inventories. The key points are:
1) IAS 2 defines inventory as assets held for sale, in production, or in the form of materials used in production. It establishes cost as the default basis for valuing inventories.
2) Cost is determined using purchase costs, conversion costs, and other costs to bring inventory to its present condition and location. Net realizable value provides the floor for the valuation of inventory.
3) IAS 2 allows different cost flow assumptions - FIFO, LIFO, weighted average - and requires specific disclosures about inventory amounts, costs, and accounting policies.
Standard costing setting standards and analysis of variance
This document discusses standard costing and variance analysis. It defines standard costs as predetermined costs for manufacturing a unit based on expected materials, labor hours, and plant capacity usage. Standard costs are used for budgeting, controlling costs, promoting cost reduction, and inventory valuation. The document then describes how to set physical, materials, labor, and overhead standards. It explains different types of variances for materials, labor, and overhead costs to analyze deviations from standards and measure performance. Methods like two variance, three variance, and four variance are presented for overhead variance analysis.
IAS 11
IAS 11 provides guidance on accounting for construction contracts. It defines construction contracts and outlines how to determine contract revenue and costs. Contract revenue and costs are recognized as the work progresses based on the stage of completion, provided the outcome can be reliably estimated. The standard also provides guidance on how to determine the stage of completion using different methods like cost-to-cost or surveys of work performed. Expected losses on contracts should be recognized immediately.
IAS 7
IAS 7 requires entities to prepare a statement of cash flows that classifies cash flows during the period into operating, investing, and financing activities. It aims to provide information about historical changes in cash and cash equivalents of an entity. Cash comprises cash on hand and demand deposits, while cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. The statement of cash flows excludes cash flows between items that constitute cash and cash equivalents. It can be prepared using either the direct or indirect method.
Financial Instruments & services
This document discusses various financial instruments and services. It defines different types of equity shares, preference shares, bonds, debentures, commercial paper and treasury bills. It also describes various fund-based financial services including working capital loans, term loans, venture capital, and non-fund based services such as merchant banking and credit ratings. Retail financing services for individuals include deposits, loans, insurance and mutual funds. Financial services for corporations include underwriting, portfolio management, mergers and acquisitions. The informal financial system consists of money lenders, community groups and local partnership firms.
Kinds of company meetings
Department of Management- Kinds of company meetings
Meeting of Members
Meeting of Directors
Meeting of Contributors
Annual General Meeting
Importance of AGM
Provisions Regarding AGM
Power of Tribunal to call an AGM
BOARD OF DIRECTORS
Requisitionists themselves
The Tribunal section
Types of Companies, Meetings and important documents for company registration
There are several types of companies in Pakistan including private companies, public companies, government companies, foreign companies, unlimited companies, producer's companies, and limited liability partnerships. Important company meetings include statutory meetings, annual general meetings, extraordinary general meetings, and class meetings. Key documents required for company registration include the memorandum of association, prospectus, and articles of association. The memorandum confirms the formation of the company. The prospectus provides details about the company and invites the public to subscribe to shares. The articles of association set out how the company will be governed and managed.
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
This document discusses accounting standards and concepts related to construction contracts. It defines key terms like contractee, contractor, tender price, contract price, work completed, work certified, and work uncertified. It explains how to calculate profit or loss on completed and uncompleted contracts. It discusses recognizing contract revenue and expenses over time based on the percentage of completion method. Disclosure requirements are also outlined. The objective is to match revenue with related costs in the proper periods for construction projects that may span multiple accounting periods.
Extraordinary general meeting
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
The memorandum of association slideshare
The memorandum of association establishes Hanson Microchip Limited, with the objectives to aid in acquiring and developing new microchip technologies, guarantee contract performance, borrow and raise money through various financial instruments, sell, improve, develop, lease, mortgage or dispose of company property, and engage in other activities conducive to achieving these objectives. The company will be located in Kingston, Jamaica, with shareholder liability limited and initial capital of US$5,000,000.
Business and Corporate Law
This document provides examples and definitions for different kinds of contracts according to enforceability, formation, performance, and parties. It discusses valid contracts as those that are enforceable by law when all essential elements are present. Voidable contracts may appear valid but have flaws allowing parties to void them. Void contracts are missing essential elements and cannot be enforced. Express contracts involve expressed terms while implied contracts do not but are inferred from conduct. Quasi contracts are imposed by law for equity rather than agreement. Executed contracts have been fully performed while executory contracts have ongoing obligations. Unilateral contracts bind one party with the other performing an action, while bilateral contracts bind both parties.
Management accounting
Management accounting involves collecting and presenting relevant economic information to help with planning, controlling, and decision making for an enterprise. It has characteristics like being useful for decision making, focusing on internal use and the future, and allowing flexibility in presenting financial and cost information. The scope of management accounting includes tasks like budgeting, cost control, analysis, and reporting to management to aid in functions like planning, controlling, decision making, and communication.
E filing of Income tax
This document provides information about e-filing of income tax returns in India. It defines e-filing as the electronic filing of income tax returns through the internet. The key benefits of e-filing are listed as convenience, security, accuracy, direct deposit refunds, and proof of filing. The document outlines the different types of e-filing (with or without digital signature) and the various income tax return forms for individuals, firms, companies and trusts. It then describes the step-by-step process for e-filing, including registering on the e-filing website, downloading the appropriate return form, generating an XML file, uploading the return, and receiving an acknowledgment.
Ias 23 Borrowing Costs
This document discusses IAS 23 Borrowing Costs. It defines borrowing costs and qualifying assets that allow capitalization of borrowing costs. Borrowing costs can be capitalized as part of the cost of a qualifying asset during the period of time required to complete and prepare the asset for its intended use. Capitalization commences when expenditures are incurred on the asset and ceases when the asset is substantially complete. The document also covers suspension of capitalization, disclosure requirements, and transitional provisions related to IAS 23 Borrowing Costs.
Property plant and equipment IAS 16 (Assignment)
The document is an assignment submission on property, plant, and equipment (PPE) accounting according to IAS 16. It includes an overview of IAS 16, definitions, objectives, scope, recognition criteria, initial and subsequent measurement, depreciation, impairment testing, and disclosure requirements for PPE. The assignment was submitted to a lecturer at Green University of Bangladesh by two students for their Advanced Accounting course.
IAS 1
IAS 1 establishes the requirements for presenting general purpose financial statements. It requires financial statements to include a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, notes comprising significant accounting policies and other explanatory information. IAS 1 aims to ensure comparability between financial statements of different periods for a reporting entity and financial statements of different entities. It prescribes eight overall considerations for preparing financial statements including fair presentation, going concern, accrual basis of accounting, consistency of presentation, materiality and aggregation, offsetting, frequency of reporting, and comparative information.
Business law ppt
The document discusses various types of company meetings like statutory meetings, annual general meetings, and meetings of directors. It provides details on the timing, notice requirements, agenda, and other procedures for statutory and annual general meetings. Some key points include:
- Statutory meetings must be held within 1-6 months of a company being entitled to commence business.
- Annual general meetings must be held every year within 6 months of the close of the financial year.
- Proper notice, agenda, quorum, and other procedures must be followed for meetings.
- Consequences for non-compliance with statutory meeting requirements include fines for directors.
Memorandum of association
The memorandum of association is the constitution of a company that defines its scope and powers. It includes the company name, registered office address, whether it has share capital, its objectives and activities, liability of members, and amount of authorized capital. The memorandum is a public document that binds the company and all parties dealing with it. It can only be altered through special procedures to protect shareholders and creditors. The doctrine of ultra vires holds that any acts beyond the objectives stated in the memorandum are invalid.
Memorandum of association
The memorandum of association and articles of association are the two most important documents for a company. The memorandum of association acts as the company's charter and defines its scope and powers, including its name, registered office location, objectives, capital structure, and liability of its members. The articles of association contain the internal regulations that govern the administration and management of the company, such as rules on meetings, contracts, share transfers, accounts and audits, and winding up procedures. Both documents must be filed for a company to become incorporated.
Meetings of a company
This document discusses the general principles and procedures related to company meetings. It covers topics such as the different types of company meetings, requirements for a valid meeting, authorities who can convene meetings, notice procedures, agenda, quorum, the chairman's role and duties, methods for ascertaining the sense of the meeting, proxies, minutes, motions, and resolutions. Key points include that a meeting requires a proper notice, quorum, agenda listing items of ordinary and special business, and resolutions are formal decisions passed by the meeting.
Ias 38 Intangible Assets (1)
The document discusses IAS 38 and the accounting for intangible assets. It provides definitions and outlines the scope and recognition criteria for intangible assets according to IAS 38. Specifically, it states that an intangible asset must be identifiable, provide control over a resource, and have future economic benefits to be recognized. It also notes that intangible assets acquired in a business combination form part of goodwill.
IAS 18 Revenue
IAS 18 provides guidance on accounting for revenue. It defines revenue as the gross inflow of economic benefits during an accounting period from ordinary activities. Revenue is recognized when it is probable future economic benefits will flow to the entity and these benefits can be measured reliably. Revenue is measured at the fair value of consideration received, taking into account the stage of completion for services and the transfer of risks and rewards of ownership for goods. The standard also provides disclosure requirements around revenue recognition policies and accounting estimates.
IAS 17 Leases
IAS 17 provides guidance on accounting for leases. Key aspects include classifying leases as either finance or operating based on transfer of risks and rewards of ownership. Lessees account for finance and operating leases differently, with finance leases requiring recognition of leased assets and liabilities on the balance sheet. Lessors also account for finance and operating leases differently, with finance leases requiring recognition of a net investment receivable that is amortized over the lease term to achieve a constant rate of return. Sale and leaseback transactions are also addressed.
IAS 17 Leases
IAS 17 provides guidance on accounting for leases. It distinguishes between finance and operating leases based on whether substantially all risks and rewards of ownership are transferred. Lessees account for finance leases by recognizing the asset and liability at fair value, while operating leases are expensed. Lessors recognize finance leases as a receivable and operating leases as ongoing income. Both are subject to extensive disclosure requirements regarding lease terms, commitments, and accounting policies.
More Related Content
Viewers also liked
IAS 11
IAS 11 provides guidance on accounting for construction contracts. It defines construction contracts and outlines how to determine contract revenue and costs. Contract revenue and costs are recognized as the work progresses based on the stage of completion, provided the outcome can be reliably estimated. The standard also provides guidance on how to determine the stage of completion using different methods like cost-to-cost or surveys of work performed. Expected losses on contracts should be recognized immediately.
IAS 7
IAS 7 requires entities to prepare a statement of cash flows that classifies cash flows during the period into operating, investing, and financing activities. It aims to provide information about historical changes in cash and cash equivalents of an entity. Cash comprises cash on hand and demand deposits, while cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. The statement of cash flows excludes cash flows between items that constitute cash and cash equivalents. It can be prepared using either the direct or indirect method.
Financial Instruments & services
This document discusses various financial instruments and services. It defines different types of equity shares, preference shares, bonds, debentures, commercial paper and treasury bills. It also describes various fund-based financial services including working capital loans, term loans, venture capital, and non-fund based services such as merchant banking and credit ratings. Retail financing services for individuals include deposits, loans, insurance and mutual funds. Financial services for corporations include underwriting, portfolio management, mergers and acquisitions. The informal financial system consists of money lenders, community groups and local partnership firms.
Kinds of company meetings
Department of Management- Kinds of company meetings
Meeting of Members
Meeting of Directors
Meeting of Contributors
Annual General Meeting
Importance of AGM
Provisions Regarding AGM
Power of Tribunal to call an AGM
BOARD OF DIRECTORS
Requisitionists themselves
The Tribunal section
Types of Companies, Meetings and important documents for company registration
There are several types of companies in Pakistan including private companies, public companies, government companies, foreign companies, unlimited companies, producer's companies, and limited liability partnerships. Important company meetings include statutory meetings, annual general meetings, extraordinary general meetings, and class meetings. Key documents required for company registration include the memorandum of association, prospectus, and articles of association. The memorandum confirms the formation of the company. The prospectus provides details about the company and invites the public to subscribe to shares. The articles of association set out how the company will be governed and managed.
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
This document discusses accounting standards and concepts related to construction contracts. It defines key terms like contractee, contractor, tender price, contract price, work completed, work certified, and work uncertified. It explains how to calculate profit or loss on completed and uncompleted contracts. It discusses recognizing contract revenue and expenses over time based on the percentage of completion method. Disclosure requirements are also outlined. The objective is to match revenue with related costs in the proper periods for construction projects that may span multiple accounting periods.
Extraordinary general meeting
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
The memorandum of association slideshare
The memorandum of association establishes Hanson Microchip Limited, with the objectives to aid in acquiring and developing new microchip technologies, guarantee contract performance, borrow and raise money through various financial instruments, sell, improve, develop, lease, mortgage or dispose of company property, and engage in other activities conducive to achieving these objectives. The company will be located in Kingston, Jamaica, with shareholder liability limited and initial capital of US$5,000,000.
Business and Corporate Law
This document provides examples and definitions for different kinds of contracts according to enforceability, formation, performance, and parties. It discusses valid contracts as those that are enforceable by law when all essential elements are present. Voidable contracts may appear valid but have flaws allowing parties to void them. Void contracts are missing essential elements and cannot be enforced. Express contracts involve expressed terms while implied contracts do not but are inferred from conduct. Quasi contracts are imposed by law for equity rather than agreement. Executed contracts have been fully performed while executory contracts have ongoing obligations. Unilateral contracts bind one party with the other performing an action, while bilateral contracts bind both parties.
Management accounting
Management accounting involves collecting and presenting relevant economic information to help with planning, controlling, and decision making for an enterprise. It has characteristics like being useful for decision making, focusing on internal use and the future, and allowing flexibility in presenting financial and cost information. The scope of management accounting includes tasks like budgeting, cost control, analysis, and reporting to management to aid in functions like planning, controlling, decision making, and communication.
E filing of Income tax
This document provides information about e-filing of income tax returns in India. It defines e-filing as the electronic filing of income tax returns through the internet. The key benefits of e-filing are listed as convenience, security, accuracy, direct deposit refunds, and proof of filing. The document outlines the different types of e-filing (with or without digital signature) and the various income tax return forms for individuals, firms, companies and trusts. It then describes the step-by-step process for e-filing, including registering on the e-filing website, downloading the appropriate return form, generating an XML file, uploading the return, and receiving an acknowledgment.
Ias 23 Borrowing Costs
This document discusses IAS 23 Borrowing Costs. It defines borrowing costs and qualifying assets that allow capitalization of borrowing costs. Borrowing costs can be capitalized as part of the cost of a qualifying asset during the period of time required to complete and prepare the asset for its intended use. Capitalization commences when expenditures are incurred on the asset and ceases when the asset is substantially complete. The document also covers suspension of capitalization, disclosure requirements, and transitional provisions related to IAS 23 Borrowing Costs.
Property plant and equipment IAS 16 (Assignment)
The document is an assignment submission on property, plant, and equipment (PPE) accounting according to IAS 16. It includes an overview of IAS 16, definitions, objectives, scope, recognition criteria, initial and subsequent measurement, depreciation, impairment testing, and disclosure requirements for PPE. The assignment was submitted to a lecturer at Green University of Bangladesh by two students for their Advanced Accounting course.
IAS 1
IAS 1 establishes the requirements for presenting general purpose financial statements. It requires financial statements to include a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, notes comprising significant accounting policies and other explanatory information. IAS 1 aims to ensure comparability between financial statements of different periods for a reporting entity and financial statements of different entities. It prescribes eight overall considerations for preparing financial statements including fair presentation, going concern, accrual basis of accounting, consistency of presentation, materiality and aggregation, offsetting, frequency of reporting, and comparative information.
Business law ppt
The document discusses various types of company meetings like statutory meetings, annual general meetings, and meetings of directors. It provides details on the timing, notice requirements, agenda, and other procedures for statutory and annual general meetings. Some key points include:
- Statutory meetings must be held within 1-6 months of a company being entitled to commence business.
- Annual general meetings must be held every year within 6 months of the close of the financial year.
- Proper notice, agenda, quorum, and other procedures must be followed for meetings.
- Consequences for non-compliance with statutory meeting requirements include fines for directors.
Memorandum of association
The memorandum of association is the constitution of a company that defines its scope and powers. It includes the company name, registered office address, whether it has share capital, its objectives and activities, liability of members, and amount of authorized capital. The memorandum is a public document that binds the company and all parties dealing with it. It can only be altered through special procedures to protect shareholders and creditors. The doctrine of ultra vires holds that any acts beyond the objectives stated in the memorandum are invalid.
Memorandum of association
The memorandum of association and articles of association are the two most important documents for a company. The memorandum of association acts as the company's charter and defines its scope and powers, including its name, registered office location, objectives, capital structure, and liability of its members. The articles of association contain the internal regulations that govern the administration and management of the company, such as rules on meetings, contracts, share transfers, accounts and audits, and winding up procedures. Both documents must be filed for a company to become incorporated.
Meetings of a company
This document discusses the general principles and procedures related to company meetings. It covers topics such as the different types of company meetings, requirements for a valid meeting, authorities who can convene meetings, notice procedures, agenda, quorum, the chairman's role and duties, methods for ascertaining the sense of the meeting, proxies, minutes, motions, and resolutions. Key points include that a meeting requires a proper notice, quorum, agenda listing items of ordinary and special business, and resolutions are formal decisions passed by the meeting.
Viewers also liked (18)
Types of Companies, Meetings and important documents for company registration
Types of Companies, Meetings and important documents for company registration
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
Cfr ias 11 construction contract presentation by MOHSIN MUMTAZ
More from uktaxandaccounts.com
Ias 38 Intangible Assets (1)
The document discusses IAS 38 and the accounting for intangible assets. It provides definitions and outlines the scope and recognition criteria for intangible assets according to IAS 38. Specifically, it states that an intangible asset must be identifiable, provide control over a resource, and have future economic benefits to be recognized. It also notes that intangible assets acquired in a business combination form part of goodwill.
IAS 18 Revenue
IAS 18 provides guidance on accounting for revenue. It defines revenue as the gross inflow of economic benefits during an accounting period from ordinary activities. Revenue is recognized when it is probable future economic benefits will flow to the entity and these benefits can be measured reliably. Revenue is measured at the fair value of consideration received, taking into account the stage of completion for services and the transfer of risks and rewards of ownership for goods. The standard also provides disclosure requirements around revenue recognition policies and accounting estimates.
IAS 17 Leases
IAS 17 provides guidance on accounting for leases. Key aspects include classifying leases as either finance or operating based on transfer of risks and rewards of ownership. Lessees account for finance and operating leases differently, with finance leases requiring recognition of leased assets and liabilities on the balance sheet. Lessors also account for finance and operating leases differently, with finance leases requiring recognition of a net investment receivable that is amortized over the lease term to achieve a constant rate of return. Sale and leaseback transactions are also addressed.
IAS 17 Leases
IAS 17 provides guidance on accounting for leases. It distinguishes between finance and operating leases based on whether substantially all risks and rewards of ownership are transferred. Lessees account for finance leases by recognizing the asset and liability at fair value, while operating leases are expensed. Lessors recognize finance leases as a receivable and operating leases as ongoing income. Both are subject to extensive disclosure requirements regarding lease terms, commitments, and accounting policies.
Ias 7 Cash Flow Statements
The document summarizes the key requirements of IAS 7 regarding cash flow statements. It states that all entities must present a cash flow statement classified into operating, investing and financing activities. It defines cash and cash equivalents and outlines the direct and indirect methods for preparing the cash flow statement.
IAS 7 Cash Flow Statements
IAS 7 provides guidance on cash flow statements. It requires entities to present a statement of cash flows which classifies cash flows during a period into operating, investing and financing activities. Cash flows are presented using either the direct or indirect method. Non-cash transactions are excluded from the cash flow statement. Cash flows must be reconciled to cash and cash equivalents reported on the balance sheet, and any restrictions on cash must be disclosed.
Share Based Payments
The document discusses IFRS 2, which provides guidance on accounting for share-based payment transactions. It summarizes key aspects of IFRS 2 including scope, valuation techniques, vesting conditions, journal entries, tax treatment, transition, and disclosure requirements. Valuation of share options requires estimation and the use of models, with complexity depending on factors like performance conditions. An expense is recognized over the vesting period and adjustments made if fair value estimates change.
IAS 11 Construction Contracts
This document provides an overview of IAS 11, which provides accounting guidance for construction contracts. It discusses the objective and scope of IAS 11, key definitions, how to account for contract revenue and costs, methods for estimating the stage of completion, and how to account for changes in estimates and expected contract losses. The standard provides guidance on recognizing revenue and expenses over the duration of a construction contract based on the percentage of completion method when outcomes can be reliably estimated.
IAS 10 Events After The Balance Sheet Date
IAS 10 prescribes the accounting treatment and disclosures required for events that occur after the balance sheet date but before financial statements are authorized for issue. It distinguishes between adjusting events that provide evidence of conditions that existed at the balance sheet date and non-adjusting events that are indicative of conditions that arose after that date. Financial statements must be adjusted for subsequent adjusting events, but not for non-adjusting events, although the latter may need to be disclosed. The standard also addresses the assessment of going concern and specifies certain additional disclosures required regarding the authorization date of the financial statements and material post-balance sheet date events or conditions.
IAS 8 Accounting Policies, Changes In Accounting Estimates And Errors
This document summarizes the key principles from IAS 8 regarding accounting policies, changes in estimates and errors. It outlines that IAS 8 prescribes criteria for selecting and changing accounting policies, and the accounting treatment for changes in policies, estimates and errors. It defines various terms and concepts. It also discusses the requirements for applying changes retrospectively or prospectively, and disclosure requirements for changes.
IAS 2 Inventories
The standard provides guidance on accounting for inventories. It defines inventories as assets held for sale, in production for sale, or materials used in production. Inventories must be measured at the lower of cost and net realizable value, with cost determined using purchase cost, conversion cost, or formulas like FIFO or weighted average. If net realizable value falls below cost, inventories must be written down with the loss recognized in profit or loss. Entities must disclose information about inventory accounting policies, measurements, and write-downs.
IAS 7 Cash Flow Statements
IAS 7 provides guidance on cash flow statements. It requires entities to present a statement of cash flows which classifies cash flows during a period into operating, investing and financing activities. It aims to provide information about the ability of an entity to generate cash, its needs to utilize cash, and the timing and certainty of cash flows. The standard describes the content of the statement of cash flows, including requirements for presentation and disclosures.
Share Based Payments
The document discusses IFRS 2, which provides guidance on accounting for share-based payment transactions. It summarizes key aspects of IFRS 2 including scope, valuation techniques, vesting conditions, journal entries, tax treatment, transition, and disclosure requirements. Valuation of share options requires estimation and the use of models, with complexity depending on factors like performance conditions. An expense is recognized over the vesting period and adjustments made if fair value estimates change.
More from uktaxandaccounts.com (16)
IAS 8 Accounting Policies, Changes In Accounting Estimates And Errors
IAS 8 Accounting Policies, Changes In Accounting Estimates And Errors