Indian accounting standards November 2017
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Accounting standards are rules and guidance for accounting that ensure uniformity in terminology, approach, and financial statement presentation. They are issued in India by the Institute of Chartered Accountants of India (ICAI) to standardize accounting policies, increase financial statement reliability, reduce variation in treatment, and facilitate comparison. There are currently 31 accounting standards covering topics like revenue recognition, cash flow statements, taxes, investments, and more. The objectives of accounting standards are to standardize diverse accounting policies, add reliability to financial statements, and eradicate confusing variations in treatment to allow for easier inter-firm and intra-firm comparison.
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Accounting standards
The document discusses Indian Accounting Standards (IAS) and their objectives. It notes that IAS are issued by the Institute of Chartered Accountants of India (ICAI) to standardize accounting policies and practices. This helps eliminate non-comparability between financial statements and ensures their reliability. Currently there are 31 IAS issued by ICAI. The document provides a brief overview of some of the key IAS such as those relating to cash flow statements, revenue recognition, fixed assets, taxes on income, and consolidated financial statements. It explains that compliance with IAS issued by ICAI is mandatory for companies in India.
Indian Accounting standards
The document discusses Indian accounting standards, including the meaning and benefits of accounting standards. It provides details on several specific accounting standards such as AS1 on disclosure of accounting policies, AS6 on depreciation accounting, AS9 on revenue recognition, and AS10 on accounting for fixed assets. The standards cover topics such as selection and disclosure of accounting policies, methods of depreciation, timing of revenue recognition, calculation of costs of fixed assets, and revaluation of fixed assets. The overall objective of the accounting standards is to standardize different accounting policies and practices in India.
Accounting Standard 10 (PPE)
This document summarizes Accounting Standard 10 on Property, Plant and Equipment. It describes the objectives, scope, definitions and accounting treatment for PPE. Key points include: the standard establishes principles for recognition, measurement, presentation and disclosure of PPE; assets qualifying as PPE must be held for use in production or supply of goods/services and have a useful life of more than one year; PPE is initially measured at cost and subsequently using either the cost or revaluation model; depreciation is charged over the useful life of an asset using methods like straight line or diminishing balance; and gains or losses on disposal of PPE are included in profit or loss.
As 10
This document provides an overview of Accounting Standard 10 (AS 10) regarding accounting for fixed assets in India. AS 10 applies to companies listed on a recognized stock exchange and large commercial enterprises. It defines fixed assets as assets used for producing goods and services, not held for sale. It discusses the components that make up the cost of a fixed asset, treatment of improvements and repairs, and disclosure requirements regarding fixed assets in financial statements.
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Accounting for fixed assets (as 10)
This document provides an overview of Accounting Standard 10 (AS-10) regarding the accounting treatment of fixed assets. It defines fixed assets and outlines their presentation in financial statements using either historical cost or revalued amounts. The document discusses the calculation of historical cost, accounting for self-constructed and exchanged assets, and the treatment of revaluations. It also covers improvements, additions, disposals, and the required disclosures regarding fixed assets. The presentation was created by students at L.J Institute of Management Studies in Ahmedabad, Gujarat to explain AS-10 on accounting for fixed assets.
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Accounting standards
The document discusses Indian Accounting Standards (IAS) and their objectives. It notes that IAS are issued by the Institute of Chartered Accountants of India (ICAI) to standardize accounting policies and practices. This helps eliminate non-comparability between financial statements and ensures their reliability. Currently there are 31 IAS issued by ICAI. The document provides a brief overview of some of the key IAS such as those relating to cash flow statements, revenue recognition, fixed assets, taxes on income, and consolidated financial statements. It explains that compliance with IAS issued by ICAI is mandatory for companies in India.
Indian Accounting standards
The document discusses Indian accounting standards, including the meaning and benefits of accounting standards. It provides details on several specific accounting standards such as AS1 on disclosure of accounting policies, AS6 on depreciation accounting, AS9 on revenue recognition, and AS10 on accounting for fixed assets. The standards cover topics such as selection and disclosure of accounting policies, methods of depreciation, timing of revenue recognition, calculation of costs of fixed assets, and revaluation of fixed assets. The overall objective of the accounting standards is to standardize different accounting policies and practices in India.
Accounting Standard 10 (PPE)
This document summarizes Accounting Standard 10 on Property, Plant and Equipment. It describes the objectives, scope, definitions and accounting treatment for PPE. Key points include: the standard establishes principles for recognition, measurement, presentation and disclosure of PPE; assets qualifying as PPE must be held for use in production or supply of goods/services and have a useful life of more than one year; PPE is initially measured at cost and subsequently using either the cost or revaluation model; depreciation is charged over the useful life of an asset using methods like straight line or diminishing balance; and gains or losses on disposal of PPE are included in profit or loss.
As 10
This document provides an overview of Accounting Standard 10 (AS 10) regarding accounting for fixed assets in India. AS 10 applies to companies listed on a recognized stock exchange and large commercial enterprises. It defines fixed assets as assets used for producing goods and services, not held for sale. It discusses the components that make up the cost of a fixed asset, treatment of improvements and repairs, and disclosure requirements regarding fixed assets in financial statements.
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Hi friends,
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This document provides an overview of Accounting Standard 10 (AS-10) regarding the accounting treatment of fixed assets. It defines fixed assets and outlines their presentation in financial statements using either historical cost or revalued amounts. The document discusses the calculation of historical cost, accounting for self-constructed and exchanged assets, and the treatment of revaluations. It also covers improvements, additions, disposals, and the required disclosures regarding fixed assets. The presentation was created by students at L.J Institute of Management Studies in Ahmedabad, Gujarat to explain AS-10 on accounting for fixed assets.
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- Some key accounting standards include AS-6 on depreciation accounting, AS-13 on accounting for investments, and AS-19 on accounting for leases. AS-20 covers earnings per share as a measure of a firm's earning capacity.
- While accounting standards provide guidelines, adopting new standards can be challenging as it may require changes inconsistent with old standards and getting everyone to agree on new standards. However, considering the standards is important for preparing accurate company accounts.
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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.
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The document discusses cost accounting and its evolution from a technique for ascertaining product costs to a technique for cost control and reduction. It defines cost accounting as recording, classifying, and summarizing costs to determine product costs, plan and control costs, and provide information for management decision making. Cost accounting is distinguished from financial accounting in that it focuses on internal cost analysis for management purposes, uses estimated data, and classifies costs as fixed and variable.
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- Disclosures in annual financial statements if a separate interim report is not issued for the final interim period
As 2
This document outlines accounting standards for valuing inventories. It defines inventories as assets held for sale, in production, or as materials used in production. Inventories should be valued at the lower of cost or net realizable value. Cost includes purchase price, conversion costs, and other costs to bring inventories to their present state. Net realizable value is estimated selling price less costs to complete and sell. Accepted cost flow methods for valuing inventories include FIFO, LIFO, and weighted average cost. Financial statements must disclose the accounting policy, cost formula used, and inventory classifications.
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Fixed Assets Accounting is very essential for matching costs with revenues. A fixed asset is an asset held with the intention of being used for producing goods. Check the above presentation for in-depth details.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/SlideshareFaccounting
Join us on Facebook: http://www.facebook.com/welearnindia
Follow us on Twitter: https://twitter.com/WeLearnIndia
Read our latest blog at: http://welearnindia.wordpress.com
Subscribe to our Slideshare Channel: http://www.slideshare.net/welingkarDLPAccounting standards
Indian Accounting Standards are rules and guidance issued by the Institute of Chartered Accountants of India to standardize accounting policies and ensure reliability and comparability of financial statements. There are currently 31 Accounting Standards covering topics like disclosure of policies, cash flow statements, revenue recognition, accounting for fixed assets, foreign exchange rates, and reporting of interests in joint ventures and financial instruments. The standards aim to eliminate variations in treatment of accounting issues and facilitate inter-firm and intra-firm comparison.
Applicability of Ind AS
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
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This document discusses the reconciliation of cost and financial accounts. It defines reconciliation as tallying or equating the results shown in cost accounts and financial accounts. There can be disagreements between the profits in the two accounts due to items only being included in one set of accounts or differences in stock valuation or depreciation methods. Reconciling the accounts ensures accuracy and reliability. The two main methods of reconciliation are preparing a reconciliation statement, which adds or subtracts reconciling items to the base profit of one account to match the other account's profit, and preparing a memorandum reconciliation account in ledger format.
IFRS
IFRS is the abbreviation for International Financial Reporting Standards, which is a set of accounting standards developed by the International Accounting Standards Board to provide a global framework for publicly traded companies to prepare and disclose their financial statements. Adopting IFRS has several benefits, such as allowing comparison of financial information across borders, simplifying reporting procedures, and providing transparency to investors. The mission of IFRS is to increase transparency and accountability while improving efficiency and lowering costs through a single set of high-quality global accounting standards.
Accounting standards
- Accounting standards are common principles, standards and procedures that define the basis of financial accounting policies and practices. They aim to provide transparency, reliability, consistency and comparability in financial statements.
- Some key accounting standards include AS-6 on depreciation accounting, AS-13 on accounting for investments, and AS-19 on accounting for leases. AS-20 covers earnings per share as a measure of a firm's earning capacity.
- While accounting standards provide guidelines, adopting new standards can be challenging as it may require changes inconsistent with old standards and getting everyone to agree on new standards. However, considering the standards is important for preparing accurate company accounts.
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This document discusses Accounting Standard 20 on Earnings Per Share. It outlines how to calculate basic and diluted EPS, including determining the weighted average number of shares, adjusting for rights issues, and the treatment of convertible instruments. Basic EPS is calculated by dividing earnings by the weighted average number of equity shares outstanding. Diluted EPS considers all dilutive potential equity shares. Disclosures required include reconciliations of EPS numerators and denominators.
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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.
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This document provides an overview of accounting standards and International Financial Reporting Standards (IFRS). It defines accounting standards as uniform guidelines for presenting financial statements consistently to depict an organization's financial performance. The document lists 32 Indian accounting standards and summarizes key points of AS 6 and AS 7 on inventory valuation and depreciation. It also explains that IFRS were developed to provide a global framework for financial reporting.
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International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board to be the global standard for public company financial statements. More than 100 countries either require or allow the use of IFRS. Several countries including Canada, India, and the EU are transitioning to require IFRS by 2011. While IFRS adoption has benefits, there are also costs and challenges to the transition for companies and differences remain between IFRS and US GAAP standards.
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Accounting Standard 25 outlines the requirements for interim financial reporting, including:
- Minimum content of interim reports which includes condensed financial statements and selected explanatory notes
- Principles for recognizing and measuring items in interim reports, which should be consistent with annual financial statements
- Periods for which interim reports must be presented, which is normally on a year-to-date basis
- Disclosures in annual financial statements if a separate interim report is not issued for the final interim period
As 2
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The document discusses accounting standards and the disclosure of accounting policies. It states that accounting standards aim to harmonize diverse accounting policies to make financial reporting more useful and effective. It also notes that disclosure of accounting policies is important to ensure a proper understanding of financial statements and facilitate meaningful comparison. The disclosure should form part of the financial statements and explain all significant policies, including any changes, at one place.
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This document provides an overview of International Financial Reporting Standards (IFRS). It defines IFRS and discusses their meaning and relevance in India. It outlines the objectives and benefits of IFRS, as well as some of the challenges in implementing them, such as differences from Indian GAAP and the costs of transitioning accounting systems. The document also lists the individual IFRS standards issued by the IASB and discusses the process for setting IFRS.
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Fixed Assets Accounting is very essential for matching costs with revenues. A fixed asset is an asset held with the intention of being used for producing goods. Check the above presentation for in-depth details.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/SlideshareFaccounting
Join us on Facebook: http://www.facebook.com/welearnindia
Follow us on Twitter: https://twitter.com/WeLearnIndia
Read our latest blog at: http://welearnindia.wordpress.com
Subscribe to our Slideshare Channel: http://www.slideshare.net/welingkarDLPWhat's hot (20)
Indian Accounting Standards Introduction and Relevance
Indian Accounting Standards Introduction and Relevance
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Indian Accounting Standards are rules and guidance issued by the Institute of Chartered Accountants of India to standardize accounting policies and ensure reliability and comparability of financial statements. There are currently 31 Accounting Standards covering topics like disclosure of policies, cash flow statements, revenue recognition, accounting for fixed assets, foreign exchange rates, and reporting of interests in joint ventures and financial instruments. The standards aim to eliminate variations in treatment of accounting issues and facilitate inter-firm and intra-firm comparison.
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Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial Reporting Standards (IFRS), which are global accounting standards issued by the International Accounting Standards Board (IASB).
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02/01/2015 when the Press Information Bureau, Government of India, Ministry of Corporate Affairs (MCA) issued a note outlining the various phases in which Indian Accounting Standards converged with IFRS (Ind AS) is proposed to be implemented in India it was a landmark reforms in accounting & reporting sector. With this the Companies other than Banking Companies, Insurance Companies and NBFCs will be covered. Indian Accounting standard is highly precise. Thus Conversion Ind AS (the converged IFRS standards) in India may significantly affect a company’s day-to-day operations and may even impact the reported profitability of the business itself. Of course Conversion brings a one-time opportunity to comprehensively streamline the financial reporting.
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Final accounting standards
This document provides an overview of accounting standards in India and internationally. It discusses the objectives and need for accounting standards, including standardizing policies and adding reliability to financial statements. The document outlines the major Indian accounting standards (AS) and how they have evolved over time. It also discusses international accounting standards (IFRS), noting differences from Indian standards, and the benefits of IFRS such as enabling global exposure. The conclusion emphasizes the need for harmonization of standards to facilitate comparability of financial statements across countries.
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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.
Accounting standards
This accounting standard provides guidance on the valuation of inventories. It states that inventories should be valued at the lower of cost and net realizable value. Cost includes all costs of purchase, costs of conversion, and other costs incurred to bring the inventories to their present location and condition. Costs must be systematically allocated, including an appropriate share of fixed and variable production overheads. The standard describes the different elements that make up the cost of inventories.
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Indian accounting standards November 2017
- 1. Accounting is considered as the language of business. Each language has certain set of rules.similarly accounting has certain rules to be observed by the accountants so that it is understood by all in the same sense these set of rules become accounting standards. Thus accounting standards are certain set of rules and guidance based on the principles and methods of accounting to be followed to have uninformity in terminology approach and presentation of results.
- 2. ICAI Accounting standards in India are issued by the Institute of Chartered Accountants of India(ICAI).At present there are 31 Accounting Standards issued by ICAI.
- 3. Objectives of accounting standards Standardize the diverse accounting policies. Add the reliability to the financial statement Eradicate baffling variation in treatment of accounting aspects Facilitate inter-firm and intra-firm comparison
- 4. AS 1. Disclosure of accounting policies AS 2. valuation of inventories. AS 3. Cash flow statements AS 4. contingencies and events occurring after the balance sheet date AS 5. Net profit or loss for the period.Prior period items and changes in accounting Policies. AS 6. Depreciation Accounting. AS 7. Construction Contracts.
- 5. AS 8. Revenue Recognition. AS 9. Accounting For Fixed Assets AS 10. The Effect of Changes in FOREX Rates. AS 11. Accounting For Government Grants.. AS 12. Accounting For Investment. AS 13. Accounting For Amalgamation AS 14. Employee Benefits
- 6. AS 15. Borrowing cost. AS 16. Segment Reporting. AS 17. Related Party Disclosures. AS 18. Accounting For Leases. AS 19. Earning Per Share. AS 20. Consolidated Financial Statement. AS 21. Accounting For Taxes on Income. AS 22. Accounting For Investment in Associates in Consolidated Financial Statement.
- 7. AS 23. Discounting Operation. AS 24. Interim Financial Reporting. AS 25. Intangible assets. AS 26. Financial Reporting on Interest in Joint Ventures. AS 27. Impairment of Assets. AS 28.Provisions,Contingent,Liabilities and Contingent assets. AS 29. Financial Instrument. AS 30. Financial Instrument:Presentation. AS 31. Financial Instrument,Disclosures and Limited revision to Accounting Standards.
- 8. Evolution and Types of AS Accounting Standards Initiation 1. AS 1 to 5 1979 to 1995 2. AS 16 to 29 2000 to 2007 3. AS 30 to 31 Later part of 2017
- 9. THANK YOU Short notes by:- AMAN KUMAR SINGH MBA(International Business) AMITY UNIVERSITY,NOIDA (2017-2019)