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The document discusses the phases of adoption of Indian Accounting Standards (Ind AS) in India. It explains that Ind AS are converged standards based on International Financial Reporting Standards (IFRS) applicable from April 1, 2016. It outlines the phases of mandatory applicability for different types of companies based on net worth and listing status. Phase I made Ind AS mandatory for listed/unlisted companies with net worth over Rs. 500 crore from 2016-17. Phase II applies to listed companies and those in the listing process with net worth between Rs. 250-500 crore from 2017-18. Phase III covers banks, NBFCs and insurance companies with over Rs. 500 crore net worth from 2018-19. Phase IV
Accountig Standard (AS),IFRS , (Ind AS) Aatur Porwal
1. The document discusses accounting standards in India including Accounting Standards (AS), International Financial Reporting Standards (IFRS), and Indian Accounting Standards (Ind AS).
2. AS are written policies issued by accounting bodies to standardize accounting methods. IFRS are international standards adopted by the IASB. Ind AS have been notified by the MCA to converge Indian standards with IFRS.
3. The document lists the objectives of AS, the levels of AS, recognition of AS under the Companies Act, and provides examples of some key AS, IFRS, and Ind AS.
CONVERGENCE OF INDIAN ACCOUNTING STANDARDS WITH INTERNATIONAL FINANCIAL REPOR...Arpan Gupta
The document discusses the convergence of Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS). It provides an overview of the need for IFRS, lists the various Ind AS and IFRS standards, and compares key differences between Indian Accounting Standards (AS) and Ind AS. The convergence roadmap for mandatory adoption of Ind AS by Indian companies of different sizes and industries at different time periods is also outlined. Some of the major differences highlighted between AS and Ind AS include the components of financial statements, treatment of extraordinary items and prior period errors, and accounting for proposed dividends and financial liability classification.
Comparative Analysis : IGAAP and IND ASSusmita Patra
The document compares Indian accounting standards (IGAAP) and International Financial Reporting Standards (IND AS) adopted by India. Some key differences include:
- IND AS 2 provides more guidance than IGAAP on subsequent measurement of inventories, treatment of service provider inventories, and reversal of write-downs.
- IGAAP does not define fair value or distinguish it from net realizable value, while IND AS does.
- IGAAP is silent on subsequent assessment and reversal of net realizable value write-downs, while IND AS provides guidance.
- IND AS scope excludes some inventory types from measurement requirements, while IGAAP excludes them entirely.
Ind AS (Indian Accounting Standards) will replace Indian GAAP and be applicable to certain companies beginning in 2016. Major changes include requirements for companies to present financial statements including a balance sheet, income statement, statement of changes in equity, and cash flow statement. Accounting standards on property, plant, and equipment, financial instruments, and revenue recognition were also updated. Ind AS requires the classification and measurement of financial instruments based on contractual cash flows and business models. It also introduces expected credit losses for impairment of financial assets to account for estimated future losses in a forward-looking manner.
There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS.
There are lots of confusion about Indian new accounting system (INDAS) even after 3 r
to 4 the implementation by various organization..
So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap
#accountingsystem
#INDAS
#INDAS ROAD MAP
The document introduces International Financial Reporting Standards (IFRS). It discusses the objectives of IFRS which are to develop a single set of high-quality global accounting standards to help participants in capital markets make economic decisions. It also covers the scope of IFRS, listing some IFRS standards and outlining what types of entities and financial reports IFRS applies to.
This document provides a summary of accounting standards AS 1-4 in India. It discusses the key points of each standard:
- AS 1 relates to disclosure of accounting policies and ensuring financial statements provide full financial information.
- AS 2 provides guidelines for calculating inventory values using methods like FIFO, LIFO, and weighted average. Inventory cost includes material, labor and expenses.
- AS 3 revised in 1997 requires a cash flow statement for large companies. It explains direct and indirect methods for preparing the statement.
- AS 4 covers accounting treatment for contingencies, losses and events after the balance sheet date but before approval. It includes impairment losses of assets.
The document discusses the phases of adoption of Indian Accounting Standards (Ind AS) in India. It explains that Ind AS are converged standards based on International Financial Reporting Standards (IFRS) applicable from April 1, 2016. It outlines the phases of mandatory applicability for different types of companies based on net worth and listing status. Phase I made Ind AS mandatory for listed/unlisted companies with net worth over Rs. 500 crore from 2016-17. Phase II applies to listed companies and those in the listing process with net worth between Rs. 250-500 crore from 2017-18. Phase III covers banks, NBFCs and insurance companies with over Rs. 500 crore net worth from 2018-19. Phase IV
Accountig Standard (AS),IFRS , (Ind AS) Aatur Porwal
1. The document discusses accounting standards in India including Accounting Standards (AS), International Financial Reporting Standards (IFRS), and Indian Accounting Standards (Ind AS).
2. AS are written policies issued by accounting bodies to standardize accounting methods. IFRS are international standards adopted by the IASB. Ind AS have been notified by the MCA to converge Indian standards with IFRS.
3. The document lists the objectives of AS, the levels of AS, recognition of AS under the Companies Act, and provides examples of some key AS, IFRS, and Ind AS.
CONVERGENCE OF INDIAN ACCOUNTING STANDARDS WITH INTERNATIONAL FINANCIAL REPOR...Arpan Gupta
The document discusses the convergence of Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS). It provides an overview of the need for IFRS, lists the various Ind AS and IFRS standards, and compares key differences between Indian Accounting Standards (AS) and Ind AS. The convergence roadmap for mandatory adoption of Ind AS by Indian companies of different sizes and industries at different time periods is also outlined. Some of the major differences highlighted between AS and Ind AS include the components of financial statements, treatment of extraordinary items and prior period errors, and accounting for proposed dividends and financial liability classification.
Comparative Analysis : IGAAP and IND ASSusmita Patra
The document compares Indian accounting standards (IGAAP) and International Financial Reporting Standards (IND AS) adopted by India. Some key differences include:
- IND AS 2 provides more guidance than IGAAP on subsequent measurement of inventories, treatment of service provider inventories, and reversal of write-downs.
- IGAAP does not define fair value or distinguish it from net realizable value, while IND AS does.
- IGAAP is silent on subsequent assessment and reversal of net realizable value write-downs, while IND AS provides guidance.
- IND AS scope excludes some inventory types from measurement requirements, while IGAAP excludes them entirely.
Ind AS (Indian Accounting Standards) will replace Indian GAAP and be applicable to certain companies beginning in 2016. Major changes include requirements for companies to present financial statements including a balance sheet, income statement, statement of changes in equity, and cash flow statement. Accounting standards on property, plant, and equipment, financial instruments, and revenue recognition were also updated. Ind AS requires the classification and measurement of financial instruments based on contractual cash flows and business models. It also introduces expected credit losses for impairment of financial assets to account for estimated future losses in a forward-looking manner.
There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS.
There are lots of confusion about Indian new accounting system (INDAS) even after 3 r
to 4 the implementation by various organization..
So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap
#accountingsystem
#INDAS
#INDAS ROAD MAP
The document introduces International Financial Reporting Standards (IFRS). It discusses the objectives of IFRS which are to develop a single set of high-quality global accounting standards to help participants in capital markets make economic decisions. It also covers the scope of IFRS, listing some IFRS standards and outlining what types of entities and financial reports IFRS applies to.
This document provides a summary of accounting standards AS 1-4 in India. It discusses the key points of each standard:
- AS 1 relates to disclosure of accounting policies and ensuring financial statements provide full financial information.
- AS 2 provides guidelines for calculating inventory values using methods like FIFO, LIFO, and weighted average. Inventory cost includes material, labor and expenses.
- AS 3 revised in 1997 requires a cash flow statement for large companies. It explains direct and indirect methods for preparing the statement.
- AS 4 covers accounting treatment for contingencies, losses and events after the balance sheet date but before approval. It includes impairment losses of assets.
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
Accounting standards are written policies that provide guidance on recognizing, measuring, presenting, and disclosing accounting transactions and events. They aim to standardize accounting policies and financial statement disclosures to improve reliability and comparability. India has 32 accounting standards issued by ICAI that are largely based on International Financial Reporting Standards and cover topics like revenue recognition, investments, employee benefits, and intangible assets.
IFRS - An Introduction (Including Ind-AS)Shubham Verma
An introduction about International Financial Reporting Standards (IFRS), its structure, its working, its way of implementation in any country. How it was introduced in India and the list of Ind-AS.
This document provides an overview of accounting standards and guidance notes. It defines accounting standards as written policy documents covering aspects of financial reporting like recognition, measurement, presentation and disclosure of accounting transactions. The objectives of accounting standards are to ensure transparency, comparability and reliability of financial reporting. They standardize accounting policies and principles. In India, the Accounting Standards Board of ICAI issues accounting standards. Certain exemptions and relaxations apply to small and medium sized entities in complying with accounting standards.
Accounting standards provide guidelines for financial accounting and reporting. They aim to standardize diverse accounting policies, increase reliability of financial statements, and facilitate comparison. In India, the Accounting Standards Board issues accounting standards, called Accounting Standards (AS), which are now being converged with International Financial Reporting Standards (IFRS) called Indian Accounting Standards (Ind AS). A phased roadmap is being implemented from 2015-2017 for listed and large unlisted companies to adopt Ind AS. Adoption of standards aims to improve transparency and comparability of financial reporting.
The document discusses accounting standards and Indian accounting standards (Ind AS). It provides background on the development of accounting standards and the standard setting process in India. The key points are:
1. The Accounting Standards Board (ASB) was established in 1977 to formulate accounting standards in India. It follows a process of drafting, public exposure, and approval to issue standards.
2. There are mandatory ICAI accounting standards and non-mandatory standards. Ind AS have been issued to converge with IFRS.
3. Applicability of accounting standards depends on the level of the entity - level I, II, or III. Level I companies must comply with all 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.
The document provides summaries of several International Accounting Standards (IAS). It begins by explaining that IAS were formerly issued by the International Accounting Standards Committee to provide guidance on reflecting transactions and events in financial statements, and are now known as International Financial Reporting Standards issued by the IASB. It then summarizes the objectives and key requirements of several individual IAS standards, including IAS 1 on financial statement presentation, IAS 2 on inventories, IAS 7 on statements of cash flows, IAS 8 on accounting policies and errors, IAS 11 on construction contracts, and several others dealing with topics like income taxes, property and equipment, leases, revenue, and employee benefits.
The document provides an introduction to International Financial Reporting Standards (IFRS). IFRS aims to develop a single set of high-quality global accounting standards to help participants in capital markets make economic decisions. IFRS standards, which include International Accounting Standards, apply to general purpose financial statements of profit-oriented entities. IFRS seeks to increase transparency and comparability of financial information across companies.
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
This document provides an overview of accounting standards in India. It discusses the need for and objectives of accounting standards, which are to bring uniformity in accounting methods, improve reliability of financial statements, and simplify accounting information. It summarizes some key Indian Accounting Standards (Ind AS), including Ind AS 1 on disclosure of accounting policies, Ind AS 2 on valuation of inventories, and Ind AS 101 on first-time adoption of accounting standards. Ind AS 2 specifies that inventories should be measured at the lower of cost and net realizable value. The document also outlines the phases for adoption of Ind AS for companies in India based on their net worth.
Accounting standards (India) and convergence to IFRS. By: Pankaj VasaniIMTNagpur
The document provides an overview of a presentation by CA Pankaj Vasani on accounting standards and convergence to IFRS. Some key points:
- CA Pankaj Vasani is introduced as the guest speaker, who has experience in taxes and as a faculty member at business schools.
- The presentation covers the history of accounting standards in India, the role of the Accounting Standards Board in issuing standards, and provides details on 32 accounting standards issued so far covering various topics.
- There is also a discussion on the applicability of accounting standards to companies and other entities in India, as well as the process for issuing new standards. The convergence of Indian standards to IFRS is also mentioned.
This document provides an overview of accounting standards. It discusses the meaning and introduction of accounting standards, their objectives, and how they are implemented in different countries. The key points are:
- Accounting standards provide norms and guidelines for preparing financial statements to ensure consistency and comparability.
- Their main objectives are to standardize accounting policies and add reliability to financial reporting.
- Many countries have adopted International Financial Reporting Standards issued by the IASB, while India has its own National Advisory Committee on Accounting Standards.
- There are currently 41 International Accounting Standards covering various aspects of financial reporting.
financial accounting and accounting standardsYuya Shina
The document discusses accounting standards and financial reporting. It identifies the major financial statements as the balance sheet, income statement, statement of cash flows, and statement of owners' equity. It explains that accounting assists with efficient allocation of resources by providing financial information to help users make capital allocation decisions. The challenges facing accounting are discussed, such as issues with non-financial measurements and timeliness. The objectives of financial reporting are to provide useful information to investors and creditors. There is a need for accounting standards due to the various users needing consistent financial information. The major bodies that set accounting standards are the SEC, FASB, AICPA, and GASB.
IFRS IND-AS (2014-2019) Application in IndiaGajveer Mahur
IFRS, Ind-AS 2014-2019 Application in Indian company, financial organisation
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
The document discusses accounting standards issued by the Institute of Chartered Accountants of India (ICAI). It provides information on the Accounting Standards Board established by ICAI and its role in preparing accounting standards for proper recognition, measurement, treatment, presentation and disclosure of accounting transactions in financial statements of organizations. The document also covers the scope and objectives of various individual accounting standards.
The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs. The key elements of financial statements under IFRS include statements of financial position, comprehensive income, changes in equity, cash flows, and accompanying notes. IFRS aims to make company accounts more understandable and comparable internationally to benefit investors and businesses operating globally.
The IASB framework provides concepts and principles for preparing financial statements. It outlines the objective of financial statements which is to provide useful information to investors and creditors. The framework also describes underlying assumptions like going concern, accrual basis accounting, qualitative characteristics like understandability and comparability, and elements of financial statements such as assets, liabilities, and equity. For an item to be recognized in the financial statements, it must meet the definition of an element, its flow to or from the entity must be probable, and its cost or value must be reliably measurable.
The document discusses key aspects of Generally Accepted Accounting Principles (GAAP) including definitions, similarities and differences between Indian GAAP, International Financial Reporting Standards (IFRS) and US GAAP. It covers topics such as financial statements, revenue recognition, foreign currency translation and more. GAAP provides common standards for preparing financial statements to ensure consistency and comparability. While there are some differences between jurisdictions, the overall goals and many principles are largely similar across frameworks.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs. IFRS provide guidelines for financial statements to be comparable, understandable, reliable and relevant across international boundaries. Over 110 countries either require or allow the use of IFRS. While IFRS and Indian accounting standards have many similarities, there are some differences in areas such as classification of expenses, treatment of government grants, and requirements for interim financial reporting. Adoption of IFRS aims to improve transparency and access to global capital.
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
Accounting standards are written policies that provide guidance on recognizing, measuring, presenting, and disclosing accounting transactions and events. They aim to standardize accounting policies and financial statement disclosures to improve reliability and comparability. India has 32 accounting standards issued by ICAI that are largely based on International Financial Reporting Standards and cover topics like revenue recognition, investments, employee benefits, and intangible assets.
IFRS - An Introduction (Including Ind-AS)Shubham Verma
An introduction about International Financial Reporting Standards (IFRS), its structure, its working, its way of implementation in any country. How it was introduced in India and the list of Ind-AS.
This document provides an overview of accounting standards and guidance notes. It defines accounting standards as written policy documents covering aspects of financial reporting like recognition, measurement, presentation and disclosure of accounting transactions. The objectives of accounting standards are to ensure transparency, comparability and reliability of financial reporting. They standardize accounting policies and principles. In India, the Accounting Standards Board of ICAI issues accounting standards. Certain exemptions and relaxations apply to small and medium sized entities in complying with accounting standards.
Accounting standards provide guidelines for financial accounting and reporting. They aim to standardize diverse accounting policies, increase reliability of financial statements, and facilitate comparison. In India, the Accounting Standards Board issues accounting standards, called Accounting Standards (AS), which are now being converged with International Financial Reporting Standards (IFRS) called Indian Accounting Standards (Ind AS). A phased roadmap is being implemented from 2015-2017 for listed and large unlisted companies to adopt Ind AS. Adoption of standards aims to improve transparency and comparability of financial reporting.
The document discusses accounting standards and Indian accounting standards (Ind AS). It provides background on the development of accounting standards and the standard setting process in India. The key points are:
1. The Accounting Standards Board (ASB) was established in 1977 to formulate accounting standards in India. It follows a process of drafting, public exposure, and approval to issue standards.
2. There are mandatory ICAI accounting standards and non-mandatory standards. Ind AS have been issued to converge with IFRS.
3. Applicability of accounting standards depends on the level of the entity - level I, II, or III. Level I companies must comply with all 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.
The document provides summaries of several International Accounting Standards (IAS). It begins by explaining that IAS were formerly issued by the International Accounting Standards Committee to provide guidance on reflecting transactions and events in financial statements, and are now known as International Financial Reporting Standards issued by the IASB. It then summarizes the objectives and key requirements of several individual IAS standards, including IAS 1 on financial statement presentation, IAS 2 on inventories, IAS 7 on statements of cash flows, IAS 8 on accounting policies and errors, IAS 11 on construction contracts, and several others dealing with topics like income taxes, property and equipment, leases, revenue, and employee benefits.
The document provides an introduction to International Financial Reporting Standards (IFRS). IFRS aims to develop a single set of high-quality global accounting standards to help participants in capital markets make economic decisions. IFRS standards, which include International Accounting Standards, apply to general purpose financial statements of profit-oriented entities. IFRS seeks to increase transparency and comparability of financial information across companies.
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
This document provides an overview of accounting standards in India. It discusses the need for and objectives of accounting standards, which are to bring uniformity in accounting methods, improve reliability of financial statements, and simplify accounting information. It summarizes some key Indian Accounting Standards (Ind AS), including Ind AS 1 on disclosure of accounting policies, Ind AS 2 on valuation of inventories, and Ind AS 101 on first-time adoption of accounting standards. Ind AS 2 specifies that inventories should be measured at the lower of cost and net realizable value. The document also outlines the phases for adoption of Ind AS for companies in India based on their net worth.
Accounting standards (India) and convergence to IFRS. By: Pankaj VasaniIMTNagpur
The document provides an overview of a presentation by CA Pankaj Vasani on accounting standards and convergence to IFRS. Some key points:
- CA Pankaj Vasani is introduced as the guest speaker, who has experience in taxes and as a faculty member at business schools.
- The presentation covers the history of accounting standards in India, the role of the Accounting Standards Board in issuing standards, and provides details on 32 accounting standards issued so far covering various topics.
- There is also a discussion on the applicability of accounting standards to companies and other entities in India, as well as the process for issuing new standards. The convergence of Indian standards to IFRS is also mentioned.
This document provides an overview of accounting standards. It discusses the meaning and introduction of accounting standards, their objectives, and how they are implemented in different countries. The key points are:
- Accounting standards provide norms and guidelines for preparing financial statements to ensure consistency and comparability.
- Their main objectives are to standardize accounting policies and add reliability to financial reporting.
- Many countries have adopted International Financial Reporting Standards issued by the IASB, while India has its own National Advisory Committee on Accounting Standards.
- There are currently 41 International Accounting Standards covering various aspects of financial reporting.
financial accounting and accounting standardsYuya Shina
The document discusses accounting standards and financial reporting. It identifies the major financial statements as the balance sheet, income statement, statement of cash flows, and statement of owners' equity. It explains that accounting assists with efficient allocation of resources by providing financial information to help users make capital allocation decisions. The challenges facing accounting are discussed, such as issues with non-financial measurements and timeliness. The objectives of financial reporting are to provide useful information to investors and creditors. There is a need for accounting standards due to the various users needing consistent financial information. The major bodies that set accounting standards are the SEC, FASB, AICPA, and GASB.
IFRS IND-AS (2014-2019) Application in IndiaGajveer Mahur
IFRS, Ind-AS 2014-2019 Application in Indian company, financial organisation
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
The document discusses accounting standards issued by the Institute of Chartered Accountants of India (ICAI). It provides information on the Accounting Standards Board established by ICAI and its role in preparing accounting standards for proper recognition, measurement, treatment, presentation and disclosure of accounting transactions in financial statements of organizations. The document also covers the scope and objectives of various individual accounting standards.
The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs. The key elements of financial statements under IFRS include statements of financial position, comprehensive income, changes in equity, cash flows, and accompanying notes. IFRS aims to make company accounts more understandable and comparable internationally to benefit investors and businesses operating globally.
The IASB framework provides concepts and principles for preparing financial statements. It outlines the objective of financial statements which is to provide useful information to investors and creditors. The framework also describes underlying assumptions like going concern, accrual basis accounting, qualitative characteristics like understandability and comparability, and elements of financial statements such as assets, liabilities, and equity. For an item to be recognized in the financial statements, it must meet the definition of an element, its flow to or from the entity must be probable, and its cost or value must be reliably measurable.
The document discusses key aspects of Generally Accepted Accounting Principles (GAAP) including definitions, similarities and differences between Indian GAAP, International Financial Reporting Standards (IFRS) and US GAAP. It covers topics such as financial statements, revenue recognition, foreign currency translation and more. GAAP provides common standards for preparing financial statements to ensure consistency and comparability. While there are some differences between jurisdictions, the overall goals and many principles are largely similar across frameworks.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for business affairs. IFRS provide guidelines for financial statements to be comparable, understandable, reliable and relevant across international boundaries. Over 110 countries either require or allow the use of IFRS. While IFRS and Indian accounting standards have many similarities, there are some differences in areas such as classification of expenses, treatment of government grants, and requirements for interim financial reporting. Adoption of IFRS aims to improve transparency and access to global capital.
Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
Bookkeeping records and organizes financial data of a business on a regular basis, such as monthly or quarterly, while accounting provides oversight of accounts and produces financial statements and tax returns in compliance with law. Accountants will review and adjust bookkeeper entries and help make informed business decisions. Accounting is the recording, classifying, summarizing and interpretation of financial transactions and events to provide information to assess results and financial position of a business.
Accounting system intro and accounting system of reliance industriesShashank Kapoor
Accounting provides essential financial information to a company in 3 key ways:
1. It allows a company to systematically record, report, and analyze its financial transactions through the accounting process.
2. An accountant oversees the accounting process and ensures compliance with accounting principles and regulations.
3. By analyzing accounting data, a company can evaluate its financial performance through metrics like net profit and make informed business decisions.
Role of Financial Statements
Auditors Report
Management Discussion and Analysis
Balance Sheet
Statement of Profit and Loss
Cash Flow statement
Accounting Polices
How to define Assets , Liabilities , Investments , Revenues , Expenses , Taxes, Cash Flow statements
This document provides an overview of the Financial Accounting and Analysis course for the first semester of a BBA program. It covers key topics like the meaning and scope of accounting, objectives of accounting, accounting principles and conventions, branches of accounting, limitations of accounting, and accounting standards in India and internationally (IFRS). The course is taught by Ms. Shivani Arora and covers 19 slides on these fundamental accounting concepts.
Introduction To Financial Statements And Auditimranbg1
The document provides an introduction to financial statements and the audit process. It defines financial statements as a structured representation of a company's financial position and performance that provides useful information to decision makers. The key components of financial statements are identified as the balance sheet, income statement, statement of cash flows, and notes. Regulatory requirements for preparing and auditing financial statements in Pakistan are outlined for different types of companies. The objectives and need for auditing financial statements are discussed. Important areas of the balance sheet like property, investments, loans, stock, and liabilities are also briefly covered.
This document provides an introduction to financial accounting. It defines accounting as the process of measuring, processing, and communicating financial and non-financial records of a business. It distinguishes between financial accounting, cost and management accounting, and management accounting. The document also discusses the differences between financial and management accounting, types of businesses and their accounting needs, and key accounting principles such as GAAP, the accounting equation, and the accounting cycle.
This document provides an overview of accounting and financial reporting best practices and strategies. It discusses key concepts such as the objectives of financial reporting, the types of financial statements (income statement, balance sheet, cash flow statement), and accounting standards boards like the International Accounting Standards Board and Financial Accounting Standards Board. It also summarizes the phases of the IASB and FASB financial reporting project and provides an overview of International Financial Reporting Standards.
Prepare Balance Sheets and Profit & Loss A/c in IFRS formatBUSYforSMEs
An introductory ebook on IFRS covering the following topics:
What if IFRS?
Why do we need it?
What's in it for us?
Comparison between IFRS and GAAP
How can you prepare IFRS compliant Balance Sheets
Ppt on accounting standards prepared by Prof.Satish R.TajaneDr. Satish Tajane
The document provides an overview of accounting standards in India. It discusses the key bodies that regulate accounting standards and the process for developing and prescribing standards. It then lists and briefly describes 30 Indian Accounting Standards (AS), covering their objectives and key requirements. The standards relate to areas like disclosure of accounting policies, valuation of inventories, treatment of contingencies, revenue recognition, depreciation, foreign exchange rates, investments and more.
International financial reporting standards (ifrs)pptIDBI Capital
International Financial Reporting Standards (IFRS) are a global set of accounting standards meant to provide consistency and transparency in financial reporting around the world. IFRS provide rules that accountants must follow to prepare financial statements that are comparable, understandable, reliable and relevant to both internal and external users. IFRS financial statements include a statement of financial position, statement of comprehensive income, statement of changes in equity, and cash flow statement. Many countries around the world either require or allow the use of IFRS to standardized financial reporting practices globally.
Ind AS 1 provides the requirements for presenting general purpose financial statements to ensure comparability. It requires entities to present a statement of financial position, statement of profit and loss, statement of changes in equity, and statement of cash flows. The standard outlines the minimum line items to be presented in each statement and specifies that financial statements must be prepared under the accrual basis and going concern assumption, unless management intends to liquidate or cease operations. Offsetting of assets and liabilities is prohibited unless specifically permitted.
This document provides an introduction to International Financial Reporting Standards (IFRS) presented by CS Reena Kumari. It defines IFRS as a set of accounting standards developed by the International Accounting Standards Board to standardize financial reporting globally. The document outlines the framework, need, benefits and requirements of IFRS. It also discusses how to become IFRS compliant, differences between IFRS and GAAP, the latest IFRS updates, and provides a list of individual IFRS standards. The overall purpose is to introduce the key concepts and components of IFRS for financial reporting.
The document discusses financial statements for internal and external purposes. It explains that internal financial statements are prepared for management and employees who are familiar with the business. They show expenses by natural category and provide limited additional notes. External financial statements are prepared under regulations like the Companies Act and have more disclosure requirements to be useful to outsiders like shareholders and creditors. The document then outlines the requirements for accounting records, components of financial statements, recognition and measurement principles, and disclosure standards in external financial statements under IFRS.
This document provides a summary of the recognition, measurement, presentation and disclosure requirements under Indian Accounting Standards (Ind AS) in a simple and concise manner. It aims to present the fundamental concepts and principles of Ind AS at a high level rather than detailed interpretations. The guide has been updated for notifications up to June 2015 and includes information on the applicability of Ind AS, accounting principles, standards related to financial reporting and disclosures, standards providing guidance on financial statement line items, business combinations and consolidation, financial instruments, and industry specific standards.
First time adoption of IND-AS in the financial statements of the companyJaya Kapoor
- India committed to converging its accounting standards with IFRS at the 2009 G20 summit and issued a roadmap for implementing converged Indian Accounting Standards (Ind AS) starting in 2011, though implementation was suspended due to unresolved issues.
- In 2014, the Finance Minister proposed adopting Ind AS for the Union Budget to fulfill the convergence commitment.
- In 2015, the MCA notified 39 Ind AS standards and laid out a transition roadmap requiring listed and large unlisted companies to adopt Ind AS starting in 2016.
- The roadmap specifies the phase-in of Ind AS adoption and financial statement requirements for Indian companies.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
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Here are the key steps involved in payroll calculations:
1. Calculate basic salary as per employment terms
2. Calculate allowances like HRA, travel allowance, LTA as per company policy and income tax rules
3. Calculate statutory deductions like PF, ESI as prescribed percentages of basic pay
4. Calculate non-statutory deductions like income tax as per applicable tax slabs and rules
5. Calculate other benefits like leave encashment, bonuses, incentives if any
6. Generate payslip showing calculations of gross pay, deductions and net pay
7. Process payment to employees and file statutory returns
The payroll software automates these calculations to ensure accuracy as per rules. It is important to
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
This document provides information about cleaning agents, equipment, and pest control as part of a housekeeping training module. It discusses various types of cleaning agents like solvents, detergents, abrasives, acids, alkalis, and disinfectants. It also describes different manual cleaning equipment such as brushes, mops, brooms, and cloths as well as mechanical equipment including vacuum cleaners, scrubbing machines, and hot water extraction machines. Rules for proper storage and maintenance of cleaning equipment are also outlined. The overall goal is to teach students about appropriate cleaning methods and tools for housekeeping tasks.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Specifically, older adults who exercised regularly performed better on memory and thinking tests compared to those who did not exercise regularly.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
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The document discusses the retail sector in India, including the global retail scenario compared to India, key drivers and bottlenecks of the Indian retail sector, emerging trends such as e-commerce, and concepts in retail such as merchandising and visual merchandising. It also covers retail operations, marketing, equipment and procedures used at the point of sale.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
The document discusses the benefits of meditation for reducing stress and anxiety. Regular meditation practice can help calm the mind and body by lowering heart rate and blood pressure. Studies have shown that meditating for just 10-20 minutes per day can have significant positive impacts on both mental and physical health.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise stimulates the production of endorphins in the brain which elevate mood and reduce stress levels.
Monitoring Health for the SDGs - Global Health Statistics 2024 - WHOChristina Parmionova
The 2024 World Health Statistics edition reviews more than 50 health-related indicators from the Sustainable Development Goals and WHO’s Thirteenth General Programme of Work. It also highlights the findings from the Global health estimates 2021, notably the impact of the COVID-19 pandemic on life expectancy and healthy life expectancy.
Combined Illegal, Unregulated and Unreported (IUU) Vessel List.Christina Parmionova
The best available, up-to-date information on all fishing and related vessels that appear on the illegal, unregulated, and unreported (IUU) fishing vessel lists published by Regional Fisheries Management Organisations (RFMOs) and related organisations. The aim of the site is to improve the effectiveness of the original IUU lists as a tool for a wide variety of stakeholders to better understand and combat illegal fishing and broader fisheries crime.
To date, the following regional organisations maintain or share lists of vessels that have been found to carry out or support IUU fishing within their own or adjacent convention areas and/or species of competence:
Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)
Commission for the Conservation of Southern Bluefin Tuna (CCSBT)
General Fisheries Commission for the Mediterranean (GFCM)
Inter-American Tropical Tuna Commission (IATTC)
International Commission for the Conservation of Atlantic Tunas (ICCAT)
Indian Ocean Tuna Commission (IOTC)
Northwest Atlantic Fisheries Organisation (NAFO)
North East Atlantic Fisheries Commission (NEAFC)
North Pacific Fisheries Commission (NPFC)
South East Atlantic Fisheries Organisation (SEAFO)
South Pacific Regional Fisheries Management Organisation (SPRFMO)
Southern Indian Ocean Fisheries Agreement (SIOFA)
Western and Central Pacific Fisheries Commission (WCPFC)
The Combined IUU Fishing Vessel List merges all these sources into one list that provides a single reference point to identify whether a vessel is currently IUU listed. Vessels that have been IUU listed in the past and subsequently delisted (for example because of a change in ownership, or because the vessel is no longer in service) are also retained on the site, so that the site contains a full historic record of IUU listed fishing vessels.
Unlike the IUU lists published on individual RFMO websites, which may update vessel details infrequently or not at all, the Combined IUU Fishing Vessel List is kept up to date with the best available information regarding changes to vessel identity, flag state, ownership, location, and operations.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Food safety, prepare for the unexpected - So what can be done in order to be ready to address food safety, food Consumers, food producers and manufacturers, food transporters, food businesses, food retailers can ...
Preliminary findings _OECD field visits to ten regions in the TSI EU mining r...OECDregions
Preliminary findings from OECD field visits for the project: Enhancing EU Mining Regional Ecosystems to Support the Green Transition and Secure Mineral Raw Materials Supply.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
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Donate to charity during this holiday seasonSERUDS INDIA
For people who have money and are philanthropic, there are infinite opportunities to gift a needy person or child a Merry Christmas. Even if you are living on a shoestring budget, you will be surprised at how much you can do.
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https://serudsindia.org/how-to-donate-to-charity-during-this-holiday-season/
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AHMR is an interdisciplinary peer-reviewed online journal created to encourage and facilitate the study of all aspects (socio-economic, political, legislative and developmental) of Human Mobility in Africa. Through the publication of original research, policy discussions and evidence research papers AHMR provides a comprehensive forum devoted exclusively to the analysis of contemporaneous trends, migration patterns and some of the most important migration-related issues.
About Potato, The scientific name of the plant is Solanum tuberosum (L).Christina Parmionova
The potato is a starchy root vegetable native to the Americas that is consumed as a staple food in many parts of the world. Potatoes are tubers of the plant Solanum tuberosum, a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United States to southern Chile
Synopsis (short abstract) In December 2023, the UN General Assembly proclaimed 30 May as the International Day of Potato.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
2. INTERNATIONAL FINANCIAL REPORTING
STANDARDS- BASIC FINANCIAL REPORTING
OBJECTIVES AND USES OF FINANCIAL STATEMENTS
Financial Statements are the collective name given to
Income Statement and Positional Statement of an enterprise
which show the financial position of business concern in an
organized manner.
Trial balance is a statement prepared as
a first step before preparing financial
statements of an enterprise which
record all debit balances in the debit
column and all credit balances in credit
column.
3. REQUIREMENTS OF INTERNATIONAL
ACCOUNTING STANDARDS
What are 'International Financial Reporting Standards -
IFRS': International Financial Reporting Standards (IFRS) are a
set of international accounting standards stating how
particular types of transactions and other events should be
reported in financial statements.
The point of IFRS is to maintain stability
and transparency throughout the
financial world.
IFRS are standard in many parts of the
world, including the European Union
(EU) and countries in Asia and South
America, but not in the United States.
4. ROLE OF IASB IN DEVELOPING IFRS
International Accounting Standard Board (IASB) is an
independent, private sector body based in London. IASB is
committed to develop and approve a single set of global
accounting standards
Functions of IASB
• The IASB provides support and co-
operation to the European Union
and the International Organisation of
Security Commission.
• Assist the board of IASB in
developments of future International
Financial Reporting Standard (IFRS)
and the review of its existing IFRSs;
5. THE PRIMARY FUNCTIONS OF THE IASB
The primary purpose of the IASB is to develop a single set of
high quality, understandable and enforcement accounting
standard that require high quality, transparent and
comparable information in financial statements.
Systematic and in-depth research on
enterprise.
Active convergence of Accounting
Standards
6. IFRS ADOPTION OR CONVERGENCE IN INDIA
Accounting standards are written policy documents issued by
expert accounting body or by government or other regulatory
body covering the aspects of recognition, measurement,
treatment, presentation and disclosure of accounting
transactions in the financial statements.
In India, Local standards are known as
Accounting Standards (AS) issued by
Accounting Standard Board (ASB) in
consultation with Institute of Chartered
Accountants of India (ICAI).
7. IMPLEMENTATION PLAN IN INDIA
Ministry of Corporate Affairs (MCA) has come up with the
phase wise adoption of Ind AS, India’s Accounting Standards
converged with IFRS.
Applicability: The application of Ind AS is
based on the listing status and net worth
of a Company. Also these standards will
be applied to various threshold
companies in phased out manner.
8. IND AS
The Indian Accounting Standards also known as Ind-AS are
modelled on the International Financial Reporting Standards
(IFRS). The nomenclature for the naming and numbering of
Ind-AS is same as that of IFRS.
Applicability of Ind-AS: The provisions
of the Ind-AS are made applicable as
per the notifications issued by the MCA.
As per the notification of the Ministry of
Corporate Affairs, the applicability of
IND-AS shall be in phased manner –
Phase I & Phase II.
9. DEFINITION OF FINANCIAL ELEMENT
Financial statements are the importance reports of entity
that provide the entity’s financial information at the specific
period of time for managements, investors, shareholders,
and others related stakeholders.
The elements of financial statements are
the general groupings of line items
contained within the statements. These
elements are as follows:
1. Assets
2. Liabilities
3. Equity
4. Revenue
5. Expenses
10. ACCOUNTING FOR TANGIBLE NON CURRENT
ASSETS
The most important component of non-current assets is
"Property, Plant & Equipment" which refers to the
business' fixed assets such as buildings, land, vehicles, IT
equipment and machinery.
The accounting value ("net book
value") of fixed assets comprises two
parts:
The original cost of the fixed assets (i.e.
what they were bought for), and
An allowance for the fact that fixed
assets do not last forever .
11. ACCOUNTING FOR INTANGIBLE ASSETS
What Are Intangible Assets?
Intangible assets are non monetary assets which lack physical
substance, this is in contrast to tangible assets such as
equipment, which do have a physical presence.
Accounting for Intangible Assets:
Intangible assets are normally purchased
by the business, The accounting
treatment for intangible assets differs
depending on whether the asset has a
limited (finite) useful life or an indefinite
life.
12. ACCOUNTING FOR IMPAIRMENT OF ASSETS
Impairment of a fixed asset is an abrupt decrease of its fair
value due to damage, absolecense etc. When impairment of a
fixed asset occurs, the business has to decrease its value in
the balance sheet and recognize a loss in the income
statement.
Recoverable Amount
Recoverable Amount is the value of the
benefits we can obtain from a fixed
asset. Economic benefits are obtained
either by selling the asset or by using
the asset.
13. ACCOUNTING FOR BORROWING COSTS
An entrepreneur conceives of a concept and raises money
from the public share capital, debentures, deposits, bank
loans, etc., are some of the forms of borrowing. There are
several provisions in the I-T Act dealing with cost of borrowing.
The Institute of Chartered Accountants
of India (ICAI) has issued Accounting
Standard 16 that elaborates on the
accounting treatment to be given for
such borrowing costs.
14. REVENUE FROM CONTRACTS WITH CUSTOMERS
What Does the New Revenue
Recognition Guidance Do?
Recognize revenue to depict the transfer
of promised goods or services to
customers in an amount that reflects the
consideration to which the entity
expects to be entitled in exchange for
those goods or services.
Revenue is one of the most important measures used by
investors in assessing a company's performance and prospects.
Presently, GAAP has complex, detailed, and disparate revenue
recognition requirements for specific transactions and
industries including.
15. INCOME TAX
Section 145 of the Income tax Act, 1961 ("the Act"), as
amended by the Finance Act, 1995, empowered the Central
Government to notify the Accounting Standards to be followed
for computing income under the head "Profits and Gains of
Business or Profession" and "Income from Other Sources".
The revised ICDS are applicable to all
taxpayers following mercantile system
of accounting, except individual and
Hindu Undivided Family not required
to get his accounts of the previous
year audited in accordance with the
provisions of section 44AB of the Act.
16. EMPLOYEE BENEFITS
Employee Benefits include and cover all forms of consideration
given by an entity in exchange for service rendered by
employees. Pictorially, it is mapped out below.
17. PROVISIONS, CONTINGENT LIABILITIES AND
CONTINGENT ASSETS AND IND AS
The existing accounting standard AS29 and the new Ind AS 37
deal with Provisions, Contingent Liabilities and Contingent
Assets. However, there are certain new issues and rules laid
down in Ind AS 37, which were not earlier specifically
mentioned in AS29.
Accounting frameworks of different
countries provide different accounting
treatment, IFRSs (International Financial
Reporting Standards) are the globally
accepted accounting standards and
principles.
18. SHARE BASED PAYMENTS AND IND AS
The objective of this Standard (102) is to specify the financial
reporting by an entity when it undertakes a share-based
payment transaction.
An entity shall apply this Standard in
accounting for all share-based payment
transactions:
(a) Equity-settled share-based payment
transactions.
(b) Cash-settled share-based payment
transactions, and
(c) Transactions in which the entity
receives or acquires goods or services
19. PRESENTATION OF FINANCIAL STATEMENT
Financial statements present the results of operations and the
financial position of the company. Four main statements are:
balance sheet, income statement, cash flow statement and
statement of changes in equity.
Balance Sheet: it is a view of the
company’s financial positions as of the
date it is prepared.
Balance sheet data can be used to
compute key indicators that reveal the
company's financial structure and its
ability to meet its obligations.
20. INCOME STATEMENT
The income statement (also known as the profit and loss
statement or P&L) tells you both the earnings and profitability
of a business. The P&L is always for a specific period of time,
such as a month, a quarter or a year.
Several parts of income statement are :
• Income from continuing operations
• Results from discontinued operations
• Extraordinary items (if any)
• Cumulative effect of a change in
accounting principle (if any)
• Net income
• Other comprehensive income
21. STRUCTURE AND CONTENT OF FINANCIAL
STATEMENT
Reporting Period : There is a presumption that financial
statements will be prepared at least annually. If the annual
reporting period changes and financial statements are
prepared for a different period, the enterprise must disclose
the reason for the change.
• The financial statements
• The reporting enterprise
• Whether the statements are for the
enterprise or for a group
• The date or period covered
• The presentation currency
• The level of precision
22. WORKING WITH UNREGISTERED
SUPPLIER/VENDORS
Reverse charge will be applicable in case CCIC is purchasing
goods or taking services (greater than Rs 5000 in a single day)
from unregistered person. In such a case, the registered dealer
has to pay GST on the supply under reverse charge.
If returns are not filed properly or in
time, rating will be poor and will be
difficult to do business.
Change in formats to be issued to the
client.
23. ACCOUNTING POLICIES, ACCOUNTING
ESTIMATES
Accounting policies are the specific principles, rules and
procedures implemented by a company's management team
and are used to prepare its financial statements.
'Accounting Change'
A change in accounting principles,
accounting estimates, or the reporting
entity. A change in an accounting
principle is a change in a method used,
such as using a different depreciation
method or switching from LIFO to FIFO.
24. IAS 8 CHANGES IN ACCOUNTING POLICIES
Accounting Policy:
Accounting policies are the specific principles, bases,
conventions, rules and practices applied by an entity in
preparing and presenting financial statements. (IAS 8)
Title of IFRS
• Nature of change in accounting policy
• Reasons for change in accounting
policy
• Amount of adjustments in current and
prior period presented
• Where retrospective application is
impracticable, the conditions that
caused the impracticality
25. EVENTS AFTER REPORTING DATE
Events may occur between the end of the reporting period
and the date when financial statements are authorized for
issue which may present information that should be
considered in the preparation of financial statements.
Events after the end of reporting period
may be classified into two types:
1. Adjusting Events - Those events that
provide further evidence about
conditions that existed at the end of
reporting period.
2. Non-Adjusting Events - Those events
that reflect conditions that arose after
the end of reporting period.
26. STATEMENT OF FINANCIAL POSITION
The statement of financial position, often called the balance
sheet, is a financial statement that reports the assets,
liabilities, and equity of a company on a given date.
The statement of financial position
only records the company account
information on the last day of an
accounting period.
Investors and creditors can go back in
time to see what the financial position
of a company was on a given date by
looking at the balance sheet.
27. STATEMENT OF PROFIT AND LOSS
A profit and loss statement (P&L) is a financial statement that
summarizes the revenues, costs and expenses incurred during
a specific period of time, usually a fiscal quarter or year.
BREAKING DOWN 'Profit and Loss
Statement (P&L)‘:
The profit and loss statement, commonly
referred to as the income statement, is
one of three financial statements every
public company issues quarterly and
annually, along with the balance sheet
and the cash flow statement.
28. STATEMENT OF CHANGES IN EQUITY
Statement of Changes in Equity, often referred to as statement
of Retained Earnings in U.S. GAAP, details the change in
owners' equity over an accounting period by presenting the
movement in reserves comprising the shareholders' equity.
Components of a statement:
• Opening Balance
• Effect of Changes in Accounting
Policies
• Effect of Correction of Prior Period
Error
• Restated Balance
• Changes in Share Capital Dividends
• Closing Balance
29. CASH FLOW STATEMENTS
The cash flow statement is distinct from the income statement
and balance sheet because it does not include the amount of
future incoming and outgoing cash that has been recorded on
credit.
Operations: Measuring the cash inflows
and outflows caused by core business
operations, the operations component
of cash flow reflects how much cash is
generated from a company's products or
services. A company can use a cash flow
statement to predict future cash flow,
which helps with matters in budgeting.
30. WHAT IS GST RETURN?
A return is a document containing details of income which a
taxpayer is required to file with the tax administrative
authorities.
Under GST, a registered dealer has to file
GST returns that include:
• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on
purchases)
To file GST returns, GST compliant sales
and purchase invoices are required.
31. WHO SHOULD FILE GST RETURNS?
In the GST regime, any regular business has to file three
monthly returns and one annual return. This amounts to 37
returns in a year.
The beauty of the system is that one
has to manually enter details of one
monthly return – GSTR-1. The other
two returns – GSTR 2 & 3 will get auto-
populated by deriving information
from GSTR-1 filed by you and your
vendors.
32. WHAT ARE THE TYPES OF GST RETURNS?
Here is a list of all the returns to be filed under the GST Law
along with the due dates.
GSTR-1- 10th of the next month, GSTR-2- 15th of the next
month, GSTR-3 20th of the next month 31st December of next
financial year , GSTR-3B 20th of the next month
Late Fees for not Filing Return on Time
If GST Returns are not filed within time,
you will be liable to pay interest and a
late fee.
Interest is 18% per annum. It has to be
calculated by the taxpayer on the amount
of outstanding tax to be paid.
33. GSTR 1: RETURN FILING, FORMAT,
ELIGIBILITY & RULES
What is GSTR-1?
GSTR-1 is a monthly or quarterly return that should be filed by
every registered dealer. It contains details of all outward
supplies i.e sales.
Who should file GSTR-1?
Every registered person is required to
file GSTR-1 irrespective of whether
there are any transactions during the
month or not.
34. GENERAL QUERIES ON GSTR-1
Should I file GSTR-1 even if there are no sales in a month?
Yes, filing GSTR 1 is mandatory. If your total sales for a year is
less than Rs 1.5 crore you need to file the return on a
quarterly basis.
Should I file GSTR-1 even after filing
GSTR-3B?
GSTR-3B is a simple return to be filed by
traders on a monthly basis only till
March 2018. You still need to file the
return on a monthly or a quarterly
basis.
35. GSTR 2: RETURN FILING, FORMAT,
ELIGIBILITY & RULES
What is GSTR-2?
Every registered taxable person is required to give details of
Inward Supply, i.e., purchases for a tax period in GSTR-2.
What happens if GSTR-2 is not filed?
If GSTR-2 return is not filed then the
next return GSTR-3 cannot be
filed. Hence, late filing of GST return will
have a cascading effect leading to heavy
fines and penalty.
36. GSTR 3: RETURN FILING, FORMAT,
ELIGIBILITY & RULES
Who Should File GSTR-3B?
Every person who has registered for GST
must file the return GSTR-3B. This
return form must be filed and submitted
by you even if you do not have any
transactions during these months.
GSTR-3B contains details of outward and inward supplies. Do
note that you do not have to provide invoice level information
in this form. Only total values for each field have to be
provided.
37. GSTR-3B: RETURN FILING, FORMAT,
ELIGIBILITY & RULES
only 1 return which is GSTR-4.
e for filing GSTR 4 is 18th of the month
after the end of the quarter.
38. GSTR-4: RETURN FILING, FORMAT,
ELIGIBILITY & RULES
GSTR-4 is a GST Return that has to be filed by a Composition
Dealer. Unlike a normal taxpayer who needs to furnish 3
monthly returns, a dealer opting for the composition scheme
is required to furnish only 1 return which is GSTR-4.
When is GSTR-4 due?
GSTR 4 has to be filed on a quarterly
basis.
The due date for filing GSTR 4 is 18th of
the month after the end of the quarter.
39. What is GSTR-5?
Every registered non-resident taxable person is required to
furnish a return in GSTR-5 in GST Portal
Why is GSTR-5 important?
It will contain all business details for
non-resident (NR) including the details
of sales & purchases.
Information from GSTR-5 will flow
into GSTR-2 of buyers.
GSTR-5: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
40. GSTR 6: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
What is GSTR 6?
GSTR 6 is a monthly return that has to be filed by an Input
Service Distributor.
There are a total of 11 sections in this return.
What is GSTR 6A?
GSTR 6A is an automatically generated
form based on the details provided by
the suppliers of an Input Service
Distributor in their GSTR 1.
GSTR-6A is a read-only form. Any
changes to be made in GSTR-6A have to
be done while filing GSTR-6
41. GSTR 7: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
What is GSTR-7?
GSTR 7 is a return to be filed by the persons who is required to
deduct TDS under GST. GSTR 7 contains the details of TDS
deducted, TDS liability payable and paid, TDS refund claim etc.
What is the penalty for not filing GSTR
7 on time?
If the GST return is not filed on time,
then penalty of Rs 100 under CGST & Rs
100 under SGST shall be levied. The
total will be Rs. 200/day. The maximum
is Rs. 5,000 There is no late fee on IGST
in case of delayed filing.
42. GSTR 8: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
What is GSTR-8?
GSTR-8 is a return to be filed by the e-commerce operators
who are required to deduct TCS (Tax collected at source)
under GST.
Who should file GSTR-8?
Every e-commerce operator registered
under GST is required to file GSTR-8. E-
commerce operator has been defined
under GST Act as any person who owns
or manages a digital or electronic facility
or platform for electronic commerce
such as Amazon etc.
43. GSTR 9: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
What is GSTR-9?
GSTR 9 is an annual return to be filed once in a year by the
registered taxpayers under GST including those registered
under composition levy scheme.
What are different types of return
under GSTR-9 ?
There are 4 types of return under GSTR
9 :
1. GSTR 9
2. GSTR 9A
3. GSTR 9B
4. GSTR 9C
44. GSTR 10: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
What is GSTR-10?
A taxable person whose GST registration is cancelled or
surrendered has to file a return in the form of GSTR-10. This
return is called as final return.
What is the difference between Final
Return and Annual Return?
Annual return has to be filed by every
registered person paying tax as normal
taxpayer under GST. Whereas Final
return is required to be filed by the
persons whose registration has been
cancelled or surrendered in Form 10.
45. GSTR 11: FOR NON RESIDENTS- RETURN
FILING, FORMAT, ELIGIBILITY & RULES
What is GSTR-11?
GSTR-11 is the return to be filed by the persons who has been
issued a Unique Identity Number(UIN) in order to get refund
under GST for the goods and services purchased by them.
Details to be provided in GSTR 11?
GSTR-11 has total of 4 sections.
1. UIN
2. Name of the person having UIN
3. Details of inward supplies received
4. Refund amount
46. GST RATES & HSN
As soon as the GST rates were announced a huge wave of
curiosity hit across industry and trade bodies. Everyone is
evaluating their position as a result of this change. So in this
article, we bring you our analysis of these GST rates.
We already know that the GST slabs are
pegged at 5%, 12%, 18% & 28%.
According to the latest news from the
GST council.
47. What is a GST Invoice?
An invoice or a bill is a list of goods sent or services provided,
along with the amount due for payment.
Who should issue GST Invoice?
If you are a GST registered business, you
need to provide GST-complaint invoices
to your clients for sale of good and/or
services.
By when should you issue invoices?
The GST Act has defined time limit to
issue GST tax invoices, revised bills, debit
notes and credit note.
INVOICING UNDER GST
48. WORKING WITH GST PORTAL-REGISTRATION
Apply for Registration – Normal Taxpayer
For registering yourself as a normal taxpayer, perform the
following steps: 1. Access the https://www.gst.gov.in/URL.
The GST Home page is displayed.
2. Click the REGISTER NOW link.
Note:
PAN is mandatory for registration with
GST.
In case you don’t have PAN, you can
apply for PAN. To do so, click the here
link.
49. MY SAVED APPLICATIONS
How can I view my saved applications?
To view the saved applications, perform the following steps:
1. Access the https://www.gst.gov.in/
URL. The GST Home page is displayed.
2. Click the REGISTER NOW link.
3. Select the Temporary Reference
Number (TRN) option.
4. In the Temporary Reference Number
(TRN) field, enter the TRN received.
5. Click the PROCEED button.
50. TRACK APPLICATION STATUS (PRE-LOGIN)
On submission of the registration application, you will be given
an Application Reference Number (ARN). You can track status of
your application by tracking this ARN.
1. Access the https://www.gst.gov.in/
URL. The GST Home page is displayed.
2. Click the Services > Registration >
Track Application Status command.
3. In the ARN field, enter the ARN
received on your e-mail address.
4. In the Type the characters enter the
captcha text.
5. Click the SEARCH button.
51. TRACK APPLICATION STATUS (POST-LOGIN)
You can track status of your application by tracking this ARN. To
view status of your ARN after logging to the GST Portal,
perform the following steps:
1. Access the https://www.gst.gov.in/
URL. The GST Home page is displayed.
2. Login to the GST Portal with valid
credentials.
3. Click the Services > Registration >
Track Application Status command
52. TRACK APPLICATION STATUS (LOGIN USING
TRN)
To track status of registration application after logging to the
GST Portal using Temporary Reference Number (TRN), perform
the following steps.
1. Access the https://www.gst.gov.in/
URL. The GST Home page is displayed.
2. Click the REGISTER NOW link.
3. Select the Temporary Reference
Number (TRN) option.
4. In the Temporary Reference Number
(TRN) field, enter the TRN received.
5. Click the PROCEED button.
53. Before you register your DSC at the GST Portal, you need to
install the emSigner utility. DSC registration is PAN based and
only Class 2 and Class 3 DSC are accepted at the GST Portal.
To register your DSC with the GST Portal,
perform the following steps:
1. Access the https://www.gst.gov.in/
URL. The GST Home page is
displayed.
2. Click the Register/ Update DSC link.
3. The Register Digital Signature
Certificate page is displayed.
4. Select checkbox.
5. Click the PROCEED button.
REGISTER / UPDATE DSC
54. To respond to the notice seeking clarifications on the GST
Portal, perform the following steps:
APPLICATION FOR FILING CLARIFICATION
1. Access the https://www.gst.gov.in/
URL. The GST Home page is
displayed.
2. Click Services > Registration>
Application for Filing Clarifications
command.
55. FILING ON GST PORTAL
Every registered dealer is required to file GSTR-1 every month.
The return contains details of all outward supplies made
during the month.
The due date for GSTR-1 is usually 10th
of next month. The GSTR-1 due dates for
the months July and August are 5th
September and 20th September
respectively.
56. SAFE WORKING ENVIRONMENT-
INTRODUCTION
The increase in flexible and portable equipment has also
expanded the office environment into areas outside the
traditional office such as off-site locations, vehicles and the
home.
Occupational health and safety practices
need to keep pace with the rapid changes in
office-based work.
57. THE RISK MANAGEMENT APPROACH
The aim of occupational health and safety risk management is
to eliminate or reduce the risk of injuries and illness associated
with work.
Managing health and safety in the office
requires a process of hazard identification,
risk assessment, risk control and evaluation
of control measures. Effective management
of health and safety hazards also involves
training, consultation, documentation of
health and safety activities and regular
review of the management system.
58. JOB DESIGN IN OFFICE WORK
Physical Factors:
Good job and work environment design relies on matching the
work and environment to people’s needs, capacities and
limitations.
Manual handling in the office:
Manual handling refers to any activity
requiring the use of force exerted by a
person to lift, push, pull, carry or
otherwise move or restrain something.
59. DESIGNING A HEALTHY AND SAFE
WORKING ENVIRONMENT
Lighting in the Office:
Good lighting in workplaces is essential to enable people to see
clearly and perform their work safely.
The key factors to consider when
determining the adequacy of lighting are:
• Amount of light in an area
• Number, type and position of the light
sources
• Tasks or activities performed, how often
and for how long these are performed.
60. NOISE IN THE OFFICE
What is noise?
Noise is usually defined as any disturbing sound. In practice
it is referred to as ‘sound’ when pleasant, and ‘noise’ when
annoying.
Why is the control of noise in an office
important?
In offices, ‘annoyance’ noise is likely which
may interfere with communication, annoy
or distract people and affect a person’s
performance of tasks like reading and
writing.
61. THERMAL COMFORT AND AIR QUALITY
Thermal comfort is influenced by clothing, the job being
undertaken, temperature, humidity and air flow. People may
feel uncomfortable if the temperature within an office is
either too low or too high.
Some general suggestions for improving
thermal comfort include:
• regulate air conditioning for
temperature and humidity.
• avoid locating workstations directly in
front of or below air conditioning
outlets
62. OFFICE LAYOUT, WORKSTATIONS & EQUIPMENT
Office Layout and Design
An important feature of modern office design is the need for
flexibility in office layout, furniture, equipment and the
environment to suit the needs of the users.
Function of the space;
The size and layout of a work area
should accommodate the equipment and
the needs of the users. Where
equipment such as photocopiers, faxes,
printers and similar equipment are used,
allow space for additional traffic and
general activity.
63. WORKING WITH COMPUTERS
The desktop holds the hard drive and the hardware (for
example mother board) needed to run the software programs.
When setting up the workstation employees should consider
how often they access their desktop and position it accordingly.
Notebook and laptop computers:
Laptop computers were designed for
short-term or mobile use. The portable
nature of the laptop and notebook
results in them being used in a wide
variety of situations and settings where
there is limited capacity to adjust the
desk.
64. HEALTH EFFECTS
Eye strain
Reading without adequate light or reading small print over long
periods of time can sometimes cause eye strain.
Spectacle use and computers:
Many middle-aged workers suffer
difficulty with close work, known as
presbyopia, and require spectacles for
correction. Bifocals are designed to
correct vision when looking down
through the lower portion of the lens for
close work.
65. HEALTH AND SAFETY ISSUES IN THE OFFICE
Specific Health and Safety Issues:
Specific policies can be developed and implemented for many
workplace health and safety issues, including the following:
• management of blood-borne diseases
• drugs and alcohol
• injuries and first aid at work
• fire and bomb threat emergencies
• personal assault, harassment and
bullying.
66. EXERCISES FOR OFFICE WORKERS
Stop, get up and move:
Getting up and walking around is the best exercise you can get
to provide a break from sitting, concentrating and using the
muscles of the arms and hands. About every 20 to 30 minutes is
a guide to how often it is helpful to move around.
Do a few of these exercises a few times
every day.
Dots show the muscles that you are
exercising
Make sure you relax and perform them
gently
Hold the stretch or repeat.
67. SOFT SKILLS -TEAM WORK
Working on teams can be rewarding, but at times it can be
difficult and downright frustrating. If there are poor
communicators on your team, you may often feel left in the
dark, confused or misunderstood.
To create a successful team, effective
communication methods are necessary
for both team members and leaders.
• Communicate, Communicate!
• Don't Blame Others
• Support Group Member's ideas
• No Bragging
• Listen Actively
• Get Involved
68. COMMUNICATION SKILLS
Communication is a process, which involves sharing of
information between people through a continuous activity of
speaking listening, and understanding.
Importance of communication:
• Leads to personal effectiveness.
• Helps to network with people.
• Influences motivation for enhanced
performance.
• Builds better understanding between
boss and subordinates.
• Creates better interpersonal relations.
• Increases listening ability.
69. COMMUNICATION SKILLS
What is involved in the communication process?
The steps involved in this process are:
• Idea
• Encoding:
• The Channel
• Decoding
• Feedback
• Evaluation
• Understanding
Tips on face-to-face
communication :
• Mannerism
• Thinking
• Courtesy
• . Timing
• Listening
• Structuring
• Styling
70. -
NON VERBAL SKILLS AT WORKPLACE
It is the process of communication through sending and
receiving wordless messages.
Non-verbal communication describes all intentional and
unintentional messages that are not written or spoken.
The popular aphorism “Actions speak
louder than words” holds a great deal of
meaning when it comes to
understanding the essence of non-
verbal communication.
71. NON VERBAL SKILLS AT WORKPLACE
Characteristics of non-verbal communication:
Convey feeling: up to 93% of emotional meaning is
communicated non-verbally
Form relationships: Establish the nature of relationship
Express truth: nonverbal cues may leak
feelings.
Contextual: Conveys relational
information
Culture Bound:
Gender bound.
72. IMPROVING LISTENING SKILLS AT WORKPLACE
One of the most powerful tools for effective, two-way
communication is active listening. We spend more time
listening than we spend at any other method of
communicating.
Active listening is a skill you learn by
practice. It takes more effort than plain
„hearing‟ but the benefits make it well
worthwhile. Listening goes beyond
hearing. Hearing is a physiological
activity that occurs when sound waves
hit our eardrums.
73. IMPROVING LISTENING SKILLS AT WORKPLACE
One of the most powerful tools for effective, two-way
communication is active listening. We spend more time
listening than we spend at any other method of
communicating.
Active listening is a skill you learn by
practice. It takes more effort than plain
„hearing‟ but the benefits make it well
worthwhile. Listening goes beyond
hearing. Hearing is a physiological
activity that occurs when sound waves
hit our eardrums.
74. ORGANIZATIONAL SKILLS
Organizational skills in the workplace can include general
organizing, planning, time management, scheduling,
coordinating resources and meeting deadlines.
An organizational skill is one of the most
important transferable job skills a
worker can possess. Companies need
workers who can stay organized and
focus on the projects at hand.
75. ANALYTICAL THINKING
Analytical thinking skills are methods we can use to analyze,
tackle, and sort new information, ideas, problems, and
solutions.
Some of the most common
analytical skills are:
Organization, Troubleshooting
Communication, Budgeting
Reporting, Research
Data analysis, Diagnostics
Creativity, Metrics,
Analyzing.
76. CRITICAL THINKING
Critical thinking is the intellectually disciplined process of
actively and skill fully conceptualizing, applying, analyzing,
synthesizing, and/or evaluating information gathered from, or
generated by, observation, experience, reflection, reasoning,
or communication, as a guide to belief and action.”
Ways to critically think about
information include:
• Conceptualizing
• Analyzing
• Synthesizing
• Evaluating
77. PROBLEM SOLVING & DECISION MAKING
Definition of a Problem: A problem exists when there is a gap
between what you expect to happen and what actually
happens.
Definition of Decision Making: Decision
making is selecting a course of action
from among available alternatives.
Defining the problem:
Diagnose a situation so that the focus is
on the real problem, not just on its
symptoms. Symptoms become evident
before the problem does.
78. PLAN AND ORGANISE
Planning is helpful in to figure out which tasks are the most
important and which tasks can wait. Knowing about plan and
organise, you’ll be able to break up your work into smaller
pieces and focus on each task, one at a time, starting with the
most important.
Rules for Planning and Organizing:
Rule # 1 Prioritizing
Rule # 2 Time Management
Rule # 3 Coordinating Resources
Rule # 4 Delegating
Rule # 5 Creating Systems
Rule #6 Planning Ahead
79. EFFECTIVE WRITTEN COMMUNICATION
In today’s world of rapid-fast communication via texts and
emails, most of us would rather shoot off a written message
than make a phone call. it provides a nice document trail for
our work records. very few people know when writing is the
right or wrong.
Rules for Planning and Organizing:
Rule # 1 Prioritizing
Rule # 2 Time Management
Rule # 3 Coordinating Resources
Rule # 4 Delegating
Rule # 5 Creating Systems
Rule #6 Planning Ahead
80. READING SKILLS
Many people have trouble with reading. Reading well takes
practice!
• Make sure you understand the type of
text you have.
• Decide on the purpose of your
reading.
• Scan your reading before you begin..
• Read intensively if you want to
practice the fundamentals and learn
vocabulary.