This document discusses Ind AS 105, which specifies the accounting and disclosure requirements for non-current assets held for sale and discontinued operations. It outlines the criteria for classifying existing assets as held for sale, including being available for immediate sale and having a highly probable sale. It also discusses measuring non-current assets classified as held for sale at the lower of carrying amount or fair value less costs to sell. The disclosure requirements for assets held for sale and discontinued operations are also covered.
CA Varun Sethi Ind AS 20 - Accounting for Government GrantsVarun Sethi
Presentation by CA Varun Sethi: Indian Financial Reporting:
IndAS 20*: Accounting for Government Grants (GG) and disclosure for government assistance
Presentation includes comparison of Ind AS 20 issued by ICAI, (converged with IAS 20 issued by IASB), with AS 12, with IAS 20, and with ICDS (Income computation and accounting standards) on Government Grants
Sectors Impacted:
1. Corporates who enjoy Export related interest rate subvention on bank loans (Eg. Sugar/ Rice industries)
2. Non profit sector,
3. Companies enjoying government investment subsidies (Central investment subsidy scheme etc)
CA Varun Sethi IndAS 113 - Fair Value MeasurementsVarun Sethi
Presentation by CA Varun Sethi:
Explains through flowboxes - IndAS 113 - Fair Value Measurements:
1. Scope & Key Concepts
2. Fair Value definition
3. Fair Value framework
4. Fair Value Hierarchy
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CA Varun Sethi Ind AS 20 - Accounting for Government GrantsVarun Sethi
Presentation by CA Varun Sethi: Indian Financial Reporting:
IndAS 20*: Accounting for Government Grants (GG) and disclosure for government assistance
Presentation includes comparison of Ind AS 20 issued by ICAI, (converged with IAS 20 issued by IASB), with AS 12, with IAS 20, and with ICDS (Income computation and accounting standards) on Government Grants
Sectors Impacted:
1. Corporates who enjoy Export related interest rate subvention on bank loans (Eg. Sugar/ Rice industries)
2. Non profit sector,
3. Companies enjoying government investment subsidies (Central investment subsidy scheme etc)
CA Varun Sethi IndAS 113 - Fair Value MeasurementsVarun Sethi
Presentation by CA Varun Sethi:
Explains through flowboxes - IndAS 113 - Fair Value Measurements:
1. Scope & Key Concepts
2. Fair Value definition
3. Fair Value framework
4. Fair Value Hierarchy
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JMFL Home Loans is engaged in the business of providing home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. We cater even to those home buyers who lack income proofs and also to those who need small home loans. We leverage our superior technological capabilities and our wealth of experience and rich expertise to provide a diverse range of highly customised products and services to home-buyers. We promise to provide our customers a transparent and quick home loan disbursement process, hassle-free and easy documentation process and top class customer service. Keeping in line with the culture of innovation within the JM Financial Group, we endeavour to constantly innovate and diversify our product and service offerings. We will be your Trusted Advisor for any and every query you might have about your Property, Loan and Documentation to ensure a seamless experience designed for your utmost convenience. https://www.jmfl.com/what-we-do/fund-based-activities/home-loans
JM Financial provides best home loan in India. We provide hassle free, quick housing loans services to our customers. Provide home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. Call us today! Read more - https://jmfl.com/what-we-do/mortgage-lending/retail-mortgage
MFRD Assignment Brief_Sep16.pdf
1
London School of Business & Management
BTEC Levels 4 & 5 HND Business
Centre No 79829
Unit No & Unit Title
Unit No 2; Managing Financial Resources
and Decisions
Course Title BTEC Level 4- HND (Business)
Assessor’s Name Asif Sadiq
Assignment Title MFRD Individual Assignment
Date Set 14th January 2016
Due Date 9th January 2017
Semester / Academic Year September 2016 Semester
Unit Outcomes Covered:
On successful completion of this unit a learner will:
1 Understand the sources of finance available to a business.
2 Understand the implications of finance as a resource within a business.
3 Be able to make financial decisions based on financial information.
4 Be able to evaluate the financial performance of a business.
GRADING OPPORTUNITIES AVAILABLE
Outcomes/
Grade
Descriptors
AC1.1 AC1.2 AC1.3 AC2.1 AC2.2 AC2.3 AC2.4 AC3.1 AC3.2 AC3.3
√ √ √ √ √ √ √ √ √ √
Outcomes/
Grade
Descriptors
AC4.1 AC4.2 AC4.3 M1 M2 M3 D1 D2 D3
√ √ √ √ √ √ √ √ √
Assessor: Signature: ______________ Date: ___/___/___
Tutor Notes
2
Key Points:
Your work should be submitted by the deadline.
The assignment must be your own work and original in all answers to the tasks.
All sources used should be correctly referenced in Harvard format.
You will be expected to check spelling mistakes and grammar before submitting your
work.
The London School of Business and Management Cover sheet should be used in
every submitted work.
An appropriate report structure should be used, which may include headings such as:
Table of Contents, Introduction, Discussion/Evaluation, Conclusions, References and
Appendices (if necessary).
There should be clarity of expression in your work.
Your work should demonstrate, for example, relevant factual content and
understanding of the subject, critical analysis, evaluation, justifications, key
arguments, correct use of appropriate models/framework etc.
Submission Regulations
1. “Assignment Front Cover Sheet” must accompany every submitted work [Cover sheet is
available from our Virtual Learning Environment - Moodle].
2. Assignments must be submitted on or before the due date, via Turnitin. Please refer to
the LSBM Moodle for detailed assignment submission instructions.
3
Assignment Brief
Purpose of this assignment:
This unit is designed to give learners a broad understanding of the sources and availability of
finance for a business organisation. Learners will learn how to evaluate these different
sources and compare how they are used.
They will learn how financial information is recorded and how to use this information to make
decisio ...
Holding Company, Consolidated Balance sheet proforma, Cost of control format, minority interest format, calculation of Capital & Revenue Profit with time ratio, share ratio - Exercises
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2. Objective and scope of Ind AS 105
a. Criteria for classifying existing assets as held for sale
b. Measurement of non-current assets (or disposal group) classified as held for
sale
c. Disclosure requirement for non-current assets (or disposal group) classified as
held for sale and discontinued operations.
3. Objective
The objective of this Indian Accounting Standard (Ind AS) is to specify the
accounting for assets held for sale, and the presentation and disclosure of
discontinued operations. In particular, this Ind AS requires:
(a) assets that meet the criteria to be classified as held for sale to be measured
at the lower of carrying amount and fair value less costs to sell, and
depreciation on such assets to cease; and
(b) assets that meet the criteria to be classified as held for sale to be presented
separately in the balance sheet and the results of discontinued operations
to be presented separately in the statement of profit and loss.
4. Criteria for classifying existing assets as held for sale
Key requirements for Non
Current Assets asset held
for sale
Available for Immediate Sale in
present condition
Sale must be highly probable
5. Measurement of non-current assets (or disposal group) classified as held for
sale
An entity should measure a non-current asset (or disposal group) classified as held
for sale at the lower of its carrying amount and fair value less costs to sell.
6. Teaser!
M1 (classified as NCA held for sale) carrying amount as on March 31, 2018
is Rs. 100 Mn.
Fair value less cost to sell is Rs. 110 Mn. as on March 31, 2018.
7. Teaser!
M1 carrying amount as on March 31, 2018 is Rs. 10 lakhs with remaining
economic life 5 years). Method of depreciation SLM.
On Oct. 1, 2018 ABC Ltd. (owner of M1) classified M1 as NCA held for sale.
Determine carrying amount of M1 as on March 31, 2019 at cost.
8. Teaser!
Cadila Healthcare Ltd. purchased a generator set on 01.01.2019 for Rs. 1,00,000
(economical life 5 years) with an intention to sell. How it will be classified as on
March 31, 2019 –
a. Current asset?
b. NCA held for sale?
c. NCA – PPE?
d. NCA – Investment property?
9. Criteria for classifying existing assets as held for sale
Key requirements for Non
Current Assets asset held
for sale
Available for Immediate Sale in
present condition
Sale must be highly probable
10. Teaser - Available for Immediate Sale?
i. A property being used as a headquarters by the entity needs to be sold. Property can be
vacated only after a replacement is available
ii. A manufacturing facility, prior to selling the needs to clear a backlog of uncompleted order.
iii. In above example (ii), if entity intends to sell the manufacturing facility along with the
uncompleted orders.
11. 1 a. Exception to the period of One year
An entity can still classify an asset (or disposal group) as held for sale, even if the timeframe of
one year to conclude the sale transaction has lapsed. For this:
i. the delay must have been caused by the events or circumstances which are beyond the
control of the entity; and
ii. there must be sufficient evidences that the entity is still committed to it selling plan.
12. Teaser - Available for Immediate Sale?
An entity is committed to its selling plan of a manufacturing facility in its present condition
and so classifies it as held for sale. After a firm purchase commitment, the buyer’s inspection
identifies environmental damages not previously known to exist. The entity is required by the
buyer to make good the damage, which will extend the timeframe of one year to complete
the sale within one year. However the entity has initiated actions to make good the damage
and satisfactory rectification is highly probable.
In this situation exception to one year requirement will met?
13. 1 b. Asset acquired exclusively with a view to subsequent disposal
When an entity acquires a non-current asset (or disposal group) exclusively with a view to its
subsequent disposal, the non-current asset (or disposal group) is classified as held for sale at
the acquisition date.
This standard provides a short period (usually three months) to meet the classification criteria
that don’t met at the acquisition except requirement of one year.
14. Teaser - Available for Immediate Sale?
An entity has acquired a building exclusively with a view of its subsequent disposal. The
management is highly confident that the property can be sold in one year. The property
requires refurbishing it to enhance its value which is highly probable to be completed in less
than a period of three months.
15. 1 d. Criteria met after reporting period
If the criteria of held for sale are met after the reporting period but before the date of
authorization the financial statements, a non-current asset should not classify as held for sale.
However, when those criteria are met after the reporting period but before the approval of
the financial statements for issue, the entity shall disclose the information.
16. Question 1:
On March 1, 20X1, entity R decides to sell one of its factories.
An agent is appointed and the factory is actively marketed.
As on March 31, 20X1, it is expected that the factory will be sold by February 28, 20X2.
However, in May 20X1, the market price of the factory deteriorated.
Entity R believed that the market will recover and thus did not reduce the price of the factory.
The company’s accounts are authorised for issue on June 26, 20X1.
Should the factory be shown as held for sale as on March 31, 20X1?
17. Question 2:
On March 31, 2016 ABC Ltd. classified M1 as NCA held for sale and reported it at cost for
Rs. 5,00,000.
As on March 31, 2016 remaining economic life of M1 was 5 years. ABC was following SLM
method of depreciation on M1 with depreciation amount of Rs. 1 lakh pa.
On March 31, 2018 ABC Ltd. decides to use M1 and not to sell. Determine its carrying
amount as on March 31, 2018 at cost.
Extension:
What if recoverable amount of M1 as on March 31, 2018 is –
a. Rs. 4,00,000
b. Rs. 2,50,000
19. Company Name Amount (Rs. In Mns.)
Reliance Infrastructure Ltd. 6677.70
Dilip Buildcon Ltd. 2961.10
Steel Authority Of India Ltd. 589.10
Wipro Ltd. 451.00
Strides Pharma Science Ltd. 343.70
Procter & Gamble Hygiene & Health Care Ltd. 215.20
H C L Infosystems Ltd. 59.90
Advanced Enzyme Technologies Ltd. 48.20
Solar Industries India Ltd. 16.00
K I O C L Ltd. 0.90
NCA held for sale
20. Post-tax profit / (loss) from discontinued operations
Company Name Amount (Rs. In Mns.)
Reliance Communications Ltd. -29780
Jaiprakash Associates Ltd. -1880.3
Tata Power Co. Ltd. -717.4
C G Power & Indl. Solutions Ltd. -520.3
N M D C Ltd. -4.4
Hindustan Copper Ltd. -2.3
Escorts Ltd. 0
Sudarshan Chemical Inds. Ltd. 22
Minda Industries Ltd. 29.1
Chambal Fertilisers & Chemicals Ltd. 36.8
E I D-Parry (India) Ltd. 195.3
Reliance Infrastructure Ltd. 337.6
Akzo Nobel India Ltd. 1949
Strides Pharma Science Ltd. 7351.4
Tata Chemicals Ltd. 11424.9
Unichem Laboratories Ltd. 26780.1