Conversion Ind AS (the converged IFRS standards) in India Dr Biswadev Dash
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.
According to International Accounting Standard Board (IASB), the objective of financial reporting is “to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.”
A presentation about the Cash Flow Statement ,whole chapter is covered in the slides .one can easily understand the concept of cash flow statement
and a video is also there but link went missing so please search it on youtube by the name of "cash flow statement in 3-min" a beautiful video to understand the basic concept of cash flow statement.In the end a numerical has solved for the better understanding ,which let u fetch marks in your examinations.
Conversion Ind AS (the converged IFRS standards) in India Dr Biswadev Dash
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.
According to International Accounting Standard Board (IASB), the objective of financial reporting is “to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.”
A presentation about the Cash Flow Statement ,whole chapter is covered in the slides .one can easily understand the concept of cash flow statement
and a video is also there but link went missing so please search it on youtube by the name of "cash flow statement in 3-min" a beautiful video to understand the basic concept of cash flow statement.In the end a numerical has solved for the better understanding ,which let u fetch marks in your examinations.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
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This comprehensive guide aims to shed light on the essential aspects of child custody and parenting rights for residents of Freehold, highlighting key considerations and how engaging a Freehold child custody lawyer can be a game-changer in safeguarding your interests and those of your children. https://www.lyonspc.com/monmouth-county/child-custody-lawyers/
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
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All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
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Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
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Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
4. Regulators/Statutory Authorities
Various regulators in Indian financial
markets are:
◦ Securities & Exchange Board of India
(SEBI)
◦ Forward Markets Commission (FMC)
◦ Ministry of Corporate Affairs (MCA)
◦ Reserve Bank of India (RBI)
◦ Ministry of Finance (MOF)
◦ Insurance Regulatory & Development
Authority (IRDA)
6. 6
Warm up questions…..???
1. What is education? And What is Financial Education..?
2. What is Source of the finance..?
3. What are the different types of Capitals…?
8. Financial Education
Deterioration of personal finances
Proliferation of new and complex financial products
Helps build a secure financial future
Prepared for financial emergencies
Protection from marketing gimmicks
Feeling a sense of accomplishment
Disciplined approach to money
Awareness of questionable practices
Setting a good example for your family
Helping other families improving economy
Building National economy
13. S.177(1) – [ Companies Act: Rule -6 ]
Every listed company
• the following companies shall also have an Audit
Committee:
– (i) all public companies with a paid up capital of ten
crore rupees or more;
– (ii) all public companies having turnover of one
hundred crore rupees or more;
– (iii) all public companies, having in aggregate,
outstanding loans or borrowings or debentures or
deposits exceeding fifty crore rupees or more.
14. Audit Committee & Independent
Director
• Sec 177(2)‐ The audit Committee shall
consist of a minimum of three directors with
independent directors forming the majority:
14
15. Audit Committee under Regulation
18 of LODR,2015
• Every listed entity shall constitute a qualified and
independent audit committee in accordance with
the terms of reference, subject to the following:
– (a) The audit committee shall have minimum three
directors as members.
– (b) Two‐thirds of the members of audit committee
shall be independent directors.
– (c) All members of audit committee shall be financially
literate and at least one member shall have accounting
or related financial management expertise.
Chairman and Members: Ability to read and
understand the financial statement.
15
17. Financial Statement
• Section 2(40) defines ‘Financial statement’ to include:
– Balance sheet
– Profit and loss Account
– Cash Flow Statement
– Statement of Changes in Equity , if applicable
– Explanatory Notes
17
18. Section 129‐ Financial Statements
• Sec 129(2)‐ At every AGM of a company, the
BOD of the company shall lay before such
meeting financial statements for the
financial year.
18
19. Sec 129‐ Financial Statement
• The financial statement shall :
– be in the form in Schedule III
– comply with the accounting standards notified
under section 133 and
– give true and fair view of the state of affairs of the
company.
19
20. Financing Activities
• Those activities that result in changes in size and composition of owners
capital and borrowing of the organization.
• It includes receipts from issuing shares, debentures, bonds, borrowing and
payment of borrowed amount, loan etc.
– Sale of share
– Buy back of shares
– Redemption of preference shares
– Issue / redemption of debentures
– Long term loan / payment thereof
– Dividend / interest paid
20
22. Cash flow statement not applicable to :
1)OPC
2) Small company and
3) Dormant company.
23. Cash Flow Statement
• No format prescribed in Schedule III to the Companies
Act, 2013.
• AS 3 provides that the cash flow statement should report
cash flows during the period classified by
– Operating,
– Investing and
– Financing activities.
• Direct and Indirect Method for presentation of operating
activities.
• Sum of these three types of cash flow reflect net increase
or decrease of cash and cash equivalents.
23
24. Format for Cash Flow Statement
Particulars Current year Previous year
Cash Flow from operating activities
Cash flow from investing activities
Cash Flow from financing activities
Net increase in cash and cash equivalents
Cash and Cash equivalents at beginning of
period
Cash and cash equivalents at end of period
24
25. Operating Activities
• These are principal revenue producing activities of
the enterprise.
• Examples:
– Cash receipts from sale of goods / rendering services;
– Cash receipts from royalties, fees, commissions and other
revenue;
– Cash payments to suppliers of goods and service;
– Cash payments to and on behalf of employees.
25
26. Cash Flow from Operating
Activities ( Direct
Method)
Cash Flow from operating activities Amount
Cash receipts from customers 30,150
Less: Cash paid to suppliers and employees (27600)
Cash generated from operations 2550
Less: Income tax paid (860)
Cash flow before extraordinary item 1690
Add: Proceeds from earthquake disaster settlement 180
Net Cash flow from operating activities 1,870
26
27. Cash Flow from Operating
Activities ( Indirect
Method)
Cash Flow from operating activities Amount
Net profit before taxation and extraordinary item 3350
Adjustment for: Depreciation 490
Interest income (500)
Interest expense 400
Operating profit before working capital changes 3,740
Increase in sundry debtors (500)
Decrease in inventory 1,050
Decrease in sundry creditors (1740)
Cash generated from operations 2,550
Less: Income tax paid (860)
Cash flow before extraordinary item 1,690
27
28. What is a financial year?
Is it standard for all the companies?
Is there any power to exempt and if
there is then to whom?
29. Financial Year
•Section 2(41)– means the period ending on the
31st March every year
–Exception could be made by a Tribunal if a company
being holding or subsidiary of a company incorporated
abroad and is required to maintain accounts for a
different financial year outside India
•In the first year of incorporation:
–If incorporated before 1st Jan, then period ending 31st
March of the same financial year
–otherwise, period ending 31st March of the next
financial year.
•Existing companies to align within two years.
29
30. ’
Section 134‐ Board s Report
• Sec 134(3)‐ There shall be attached to
statements laid before a company in general
meeting, a report of its Board of Directors
which shall include the matters given in this
subsection and such other matters as may
be prescribed (refer Rule 8).
• (3)(c) Directors’ Responsibility Statement as
referred in subsection (5).
30
31. What is director’s responsibility?
To whom are they accountable?
How and when do they need to
present?
32. Sec 134(5)‐ Directors’ Responsibility
Statement
• (a) in the preparation of the annual accounts,
the applicable accounting standards had been
followed along with proper explanation relating
to material departures;
• (b) the directors had selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable
and prudent so as to give a true and fair view of
the state of affairs of the company at the end of
the financial year and of the profit and loss of
the company for that period;
• (d) the directors had prepared the annual
accounts on a going concern basis;
32
33. • What is consolidated financial
statement?
33
34. Consolidated Financial Statements (CFS)
• Sub‐section (3) of section 129 ‐ preparation of
CFS by a company having one or more
subsidiaries .
• ‘Subsidiary’ for the purpose of this clause
includes ‘ associates’ and ‘joint venture’.
• CFS shall be in addition to stand alone
financial statement.
• The company shall also attach along with its
financial statement, a separate statement
containing the salient features of the financial
statements of its subsidiary or subsidiaries.
34
35. Consolidated Financial Statements (CFS)
•Sec 129 (4) ‐The provision of this Act
applicable for preparation, audit and
adoption of the financial statements of the
holding company shall, mutatis mutandis,
apply to the CFS also.
•Rule 6 – The consolidation of financial
statements of the company shall be made
in accordance with the provisions of the
Schedule III of the Act and the applicable
accounting standards.
35
36. Methods of Consolidation
AS21 AS23 AS27
Title Consolidated
Financial
Statements
Accounting for
Investments in
Associates in the
Consolidated Financial
Statements
Financial
Reporting of
Investments in
Joint Ventures
Applicability in case
of
Subsidiary Associates Joint Ventures
Method of
Consolidation
Line by Line Equity Method of
Accounting
Proportionate
Method
36
37. STRUCTURE OF SCHEDULE ‐III
1. General Instructions
2. Part I
1. Form of Balance Sheet
2. General Instructions for preparation of Balance
Sheet
3. Part II
1. Form of Statement of Profit and loss
2. General Instructions for preparation of
Statement of Profit and Loss
4. Part III
1. General Instructions for the preparation of CFS
37
38. General Instructions in Schedule III
• Each item on the face of the Balance Sheet and
Statement of Profit and Loss is to be cross
referenced to related information in the notes to the
accounts.
• Notes to accounts to contain information in addition
to that presented in the financial statement
including narrative descriptions
• Corresponding amounts for the immediately
preceding reporting period.
• Rounding off based on turnover.
38
39. Form of Balance Sheet (Part 1)
Particulars Note
No.
Figures as at the end
of the current
reporting period
Figures as at the end of
the previous reporting
period
I. EQUITY AND LIABILITIES
(1) Shareholders’ Funds
(a) share capital
(b) Reserve and Surplus
(c) Money received against
share warrants
1
2
(2) Share application money pending allotment 3
(3) Non-current liabilities
(a) Long term borrowings
(b) Deferred tax liabilities (net)
4
5
(c) Other long term liabilities
(d) Long term provisions
6
7
(4) Current Liabilities
(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short term provisions
8
9
10
TOTAL
39
41. 1
2
3
4
5
6
7
8
9
Name of the Asset
Land
Good will
Building
Plant & Machinery
Brand
Furniture
Computer Software
Trade Mark
Civil drawings and
Constructions
designs
Patents
Nature of the Asset
S.No
EXERCISE SHEET
42. Form of Balance Sheet (Part 2)
Particulars Note
No.
Figures as at the end
of the current
reporting period
Figures as at the end of
the previous reporting
period
II. ASSETS
(1) Non-current assets
(a) fixed assets
(i) T
angible assets 11
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non- current investments
12
(c) Deferred tax assets (Net)
(d) Long term loans and advances
(e) Other non-current assets
(2) Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short term loans and advances
13
14
15
16
17
18
19
(f) Other current assets
20
TOTAL
42
43. Fixed Assets‐Tangible Assets
• Classification shall be given as:
– Land
– Building
– Plant and equipment
– Furniture and fixtures
– Vehicles
– Office equipment
– Others
• Assets under lease to be separately specified under each head.
• A reconciliation of gross and net carrying amount of each class of assets
from beginning to the close of the accounting period.
• Written off or add on account of revaluation of assets shall show
reduced figure and shall give by way of note ( for 5 yrs) the details of
such revaluation.
43
44. Case Study on fixed Assets
Particulars As on During Total Dep upto For the Total Net value
1.4.2013 the yr. 31.3.2013 yr as on
31.3.2014
Plant &
Machinery
12.34 1.18 13.52 4.48 0.88 5.36 12.16
Capital WIP 0 3.37 3.47 0 0 0 3.47
Advances
for capital
goods
0 1.76 1.76 0 0 0 1.76
44
45. As Per AS-26
An intangible asset is an identifiable non-monetary asset, without
physical substance, held for use in the production or supply of goods
or services, for rental to others, or for administrative purposes.
46. Intangible asset is:
☺ Identifiable non monetary asset
☺ Without physical substance
☺ Held for use in production or supply of goods or services
46
Intangible Assets and types of Intangible
Example:
☺ Licenses
☺ Intellectual property rights
☺ Brand names, publishing titles
☺ Computer software
☺ Patents, copy rights
☺ Motion picture licenses
☺ Customers lists
☺ Franchises
☺ Mortgage services rights
☺ Import quotas
☺ Customer supplier relationships
☺ Customer loyalty
☺ Market share and marketing right
☺ Goodwill
47. 47
Accounting Standard (AS) 26
AS 26 gives
accounting
treatment for
intangible
assets
AS 26 helps in
recognition,
measurement
and disclosure
of Intangible
Asset varying
business
situations.
50. S.No. Name of the Asset Nature of the Asset
1
2
3
4
5
6
7
8
9
10
Fixed Deposits in Bank with 2years
Cash in current Account
Fixed deposits with 45days period
Cash in Hand
Sundry Debtors with a period of
6months
Money market investments
Inter-corporate deposits
Government with money realizable
order for payment after 3 years
Lease hold rights with yearly
income
Software package license Income
51. Current and non‐current
• Criteria to be met to classify as current liability:
– Expected to be settled in the co’s normal operating cycle,
– Due to be settled within twelve months after the reporting date,
– primarily for the purpose of being traded
• Criteria to be met to classify as current asset:
– Expected to be realized or intended for sale or consumption in
normal operating cycle of the company,
– Held primarily for the purpose of trading,
– Expected to be realized within 12 months from the closing date or
– It is cash or cash equivalent.
• Operating cycle – time between the acquisition of assets for
processing and their realization in cash or cash equivalents. If can not
be identified‐ duration of twelve months.
51
52. S.No. Name of the Asset Nature of the Asset
1
2
3
4
5
6
7
Fixed Deposits in Bank with 2years
Cash in current Account
Fixed deposits with 45days period
Cash in Hand
Sundry Debtors with a period of
6months
Money market investments
Inter-corporate deposits
Government with money realizable
order for payment after 3 years
Lease hold rights with yearly
income
Software package license Income
Non-Current Asset
Current Asset
Current Asset
Current Asset
Current Asset
Non-Current Asset
Non-Current Asset
Non Current Asset
Non-Current Asset
Current Asset
53. What are the different types of Share
Capital?
53
54. Share Capital
– A reconciliation from the beginning of the year till end of the
year.
– Ownership‐
• of holding and ultimate holding company
• 5% or more
– Shares issued for consideration other than cash, Bonus
shares, shares bought back
– Shares reserved for issues under options, disinvestments their
terms and conditions.
– Terms and earliest date of conversion of securities convertible
in equity or preference shares.
54
55. Case Study on Share Capital
Particulars Share
Capital
As at 31.3.2013 As at 31.3.2012
Authorised
100,000 Equity shares of Rs.
10 Each
10,00,000 10,00,000
Issued, Subscribed & Paid up
90,000 Equity shares of Rs.
9,00,000 9,00,000
10/ each fully paid up in cash
10,000 Equity shares pending
allotment
100,000 0
55
57. Reserves and Surplus
– Capital Reserve and Revenue Reserve to be
shown separately.
– Nature and purpose of reserves to be stated.
– Surplus‐ disclose allocations and appropriations
such as dividend and transfers.
– Debit balance in Surplus Account to be shown
under the head ‘Surplus’ even if negative balance.
57
58. Case Study of Reserve and Surplus
Reserve & Surplus YE 31.3.2014 YE 31.3.2013
Share Premium
Account
‐ Balance as per
accounts
1325.24 Crores 62.31
Crores
58
59. Additional Information by way of notes
• In respect of contingent liabilities
– Claims against the co not acknowledged as debts
– Guarantees
– Other moneys for which co is contingently liable
• In respect of commitments
– Estimated amount of contracts remaining to be executed on
capital account and not provided for
– Uncalled liability on shares and other investments partly
paid
– Other commitments
• In respect of proposed dividend to equity and
preference shareholders.
59
60. Form of Statement of Profit and loss‐ Part 1
Particulars Note No. Figures for the current
reporting period
Figure for the previous
reporting period
I. Revenue from operations 21
II. Other income 22
III Total Revenue
Iv. Expenses:
Cost of Material Consumed
Purchase of Stock –in- trade Changes in Inventories of
Finished goods Work-in-progress Stock in trade
Employee Benefits Expense Finance Costs
Depreciation and amortization Other expenses
23
60
61. Form of Statement of Profit and loss‐ Part 2
Particulars Note No. Figures for the
current reporting
period
Figure for the
previous reporting
period
V. Profit before exceptional and extraordinary items and tax
Vi. Exceptional items 24
VII. Profit before extraordinary items and tax
VIII. Extraordinary items 25
IX. Profit before tax
X. Tax Expenses
(i) Current tax
(ii) Deferred tax
26
Xi. Profit (loss) for the period from continuing operations
XII Profit (Loss) from the discontinuing business 27
XIII Tax expenses of discontinuing operations 28
XIV. Profit/(Loss from discontinuing operations (after tax)
XV. Profit (Loss) for the period
XVi. Earnings per equity share
(i)Basic
(ii)diluted
29
61
62. Additional Information by way of notes
• Any item of income or expense which exceeds one
percent of the revenue from operations or Rs.
1,00,000/‐, which ever is higher.
• Prior period items to be disclosed separately.
• Broad heads to be decided taking into account the
concept of materiality and presentation of true
and fair view of financial statements.
62
65. If a company want to disclose some
other information how to do it?
66. Exceptional Items
• AS‐5 ‐When items of income or expense within
profit or loss from ordinary activities are of size,
nature or incidence that their disclosure is relevant
to explain the performance of the enterprise for the
period, the nature and amount of such item is
disclosed separately.
66
67. Extraordinary Items
• AS‐5 Net Profit or Loss for the Period, Prior Period Items
and Changes in Accounting Policies
– Extraordinary items‐ income or expenses that arise from
events or transactions that are clearly distinct from the
ordinary activities of the enterprises and are not
expected to recur frequently or regularly.
– The nature and amount of each extraordinary item is
separately disclosed in the statement of Profit and Loss in
such manner that its impact on current profit or loss can
be perceived.
67
68. Investing Activities
• The activities of acquisition and disposal of long term assets and other
investments not included in cash equivalent are investing activities.
• It includes making and collecting loans, acquiring and disposal of debt and
equity instruments, property and fixed assets etc.
• Examples of cash flows arising from investing activities are as follows:
– Cash payments to acquire fixed assets
– Cash receipts from disposal of fixed assets
– Cash payments to acquire shares, warrants or debt instruments of
other enterprises and interest in joint ventures
– Cash receipt from disposal of above investments
– Interest and dividend received
68
69. Schedule III‐ General Instructions
•Where compliance with the
requirements of the Act including
accounting standards, as applicable to
the companies, require any change in
treatment or disclosure including
addition, amendment, substitution or
deletion in the head or sub‐head or any
changes, inter se, in the financial
statements the same shall be made and
the requirements of this schedule shall
stand modified accordingly.
69
70. Section 133 of the CA, 2013 & The
Companies (Accounts) Rules, 2014
• Rule 7 – Until accounting standards
are specified under section 133,
accounting standards as per Companies
(Accounting Standards) Rules, 2006
would be applicable.
• Till NFRA is constituted, Central
Govt. may add, amend and accounting
standard as recommended by ICAI after
examining recommendations of NACAS.
70
72. Accounting Treatment‐ case study
A company purchases a house property.
Where it shall be shown in the Balance Sheet
of the company , whether as:
–Fixed asset or
–Investment property or
–Inventory
•Accounting Standard/policy shall determine
that.
72
73. Accounting treatment of house
property
• An asset held with the intention of being used for
the purpose of producing or providing goods or
services shall be shown as “Fixed Asset’’.
• An asset held by an enterprise for earning income by
way of rentals or for capital appreciation shall be
shown as “Investment’’
• An asset held for sale in the normal course of
business shall be shown as “Inventory’’.
73
75. Need for Accounting Standards
• The accounting policies followed vary from
enterprise to enterprise.
• View presented in the financial statements can
be significantly affected by the accounting
policies followed.
• Objective is to harmonize the diverse accounting
policies and practices.
75
76. Fundamental Accounting Assumptions
• Accrual basis of accounting- the effect of
transactions are recognized when they occur ( not when
they are received or paid).
• Going Concern- it will continue to be in operation for
the foreseeable future.
• Consistency- the accounting policies are followed
consistently from one period to another and a change is
made only in exceptional circumstances.
76
77. AS‐5 Change in Accounting Policy
– Only if the adoption is required by statute.
– For compliance with an accounting
standard.
– If change results in a more appropriate
presentation.
77