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SL.NO TITLE
IFRS 1 First time adoption IFRS
IFRS 2 Share based payment
IFRS 3 Business contribution
IFRS 4 Insurance contrast
IFRS 5
IFRS 6
IFRS 7Financial instrument disclosures
IFRS 8 Operating segments
IFRS 9 Financial instruments
Non current assets held for sale & discontinued opearation
Exploration for evaluation mineral resources
IMPORTANCE
Its objective is to ensure financial statementEntitles often grants shares or share option to employees as other parties
Insurance can track
Applies to the separate individual financial statements of an entity
Deals with different financial instrument
Specifying the financial reporting by an entity when it undertakes a business combination
Specify the accounting for assets held for sale & presentation & disclosure of discontinuity operation
Specifying the financial reporting for the exploration for and evaluation of mineral resources
Deals with disclosure requirements in relation to all risks arising from financial instruments
ACCOUNTING STANDARDSSL.NO TITLE IMPORTANCE
AS-1 Disclosure of accounting policies Accounting policies followed in the presentation of financial statements
AS-2 Valuation of inventries Valuation of stocks, R/M closing WIP,finished stock etc
AS-3 Cash flow statement Preparation & submission of cash flow statement
AS-4 Contigencies & events occuring after B/S
AS-5 Preparation of P&L A/c to inter-period & inter firm comparisons
AS-6 Depreciation accounting Terms & conditions about the depriciation of fixed assets
AS-7 Construction contracts Principles of revenue recognition by the contractions
AS-8 R&D Withdrawn either in full or in part due to issuance of AS 26
AS-9 Revenue recognition Recognition to revenue in the statement of P&L of the enterprise
AS-10 Accounting for fixed assets Disclosure of information regarding fined assets
AS-11 The effect of changes in foreign rates
AS-12 Accounting for government grants Accounting for government subsidiaries grants,inventries etc.
AS-13 Accounting for investments Investments in the financial statement of enterprise and related dosclosures
AS-14 Accounting for amalgamations Amalgamations accounting for merger in the nature of purchase
AS-15 Employee benefits It discloses with all employee benefits,except employee share based payments
AS-16 Burrowing cost
AS-17 Segment reporting
AS-18 Related party disclosures
AS-19 Leases To prescribe for lessor & lessees the appropriate accounting policies & disclosure
The events which are occuring b/w the b/s date & which the financial staements are prepared.
Net P/L after the period prior items & changes in accounting policies
Applied for transaction& balance in foreign circumstances in transacting the financial statements
It deals with interest & other cost incurred by an enterprise in connection with burrowing of fund
To establish principles for reporting financial info about the different types of products & services
Its established in reporting related parts relationship & transaction b/w enterprise & its related parties
AS-20 Earning per share It gives computational methodology for determinations & presentation of EPS
AS-21 Consolidated financial statement To prepare & presentation of consoidated financial statements
AS-22 Accounting of taxes & income It prescribes the accounting treatement for taxes an income
AS-23 It prescribes the investments in associates in consolidated financial statements
AS-24 Discontinuing operations It deals with discontinuing operations of an enterprise
AS-25 Interim financial reporting Deals with financial statements for an interim period
AS-26 Intangible assets It deals with the valuation of accounting treatment of intangible assets
AS-27 Financial reporting of interests in joint ventures Deals with joint ventures & joint contracts
AS-28 Impairment of assets
AS-29 Provisions,contigent liabilities & contigent assets It deals with meaning & treatment of these aspects
AS-30 Financial instruments, recognition & measurements Its dealing with different financial instrument & their presentation & disclosure
AS-31 Presentation Presentation & disclosures
AS-32 Disclosure
Accounting for investments in association & consolidated statement
To prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount
SL.NO TITLE IMPORTANCEIAS-1 Presentation of financial statemnet It prescribes the minimum structure of financial statement
IAS-2 Inventories It states the method of valuation of inventories
IAS-7 Cash flow statement It states the preparation & submission of cash flow statement
IAS-8 Accounting policies,cheaper in accounting estimates & errors It prescribes about the accounting policies & change in accounting estimates
IAS-10 Events after balance sheet date It states the adjustments made between financial statement date & balance sheet date
IAS-11 Construction contracts It helps to calculate revenues cost, profit / loss of construction contract
IAS-12 Income tax It prescribes the calculation of payment of tax
IAS-14 Segment reposting Basis for segment reposting
IAS-16 Property,plant & equipment The cost of property plant & equipment are recognized
IAS-17 Lease Accounting absent lease financing
IAS-18 Revenue Inflow of cash
IAS-19 Employee benefit Pension,contribution plan,benefit plans
IAS-20 Recognition of income & grants of government
IAS-23 Borrowing costs Benchments treatment is to treat borrowing cost as expense
IAS-24 Related party disclosures It disclosure of related party transaction & balance sheet balances in the separate financial statement
IAS-26 Accounting & reputing by retirement benefit plans It appropriates accounting, reporting by retirement benefit plans
IAS-27 Consolidated and separate financial retirement Consolidated financial statement of all subsdiaries of the parent
IAS-28 Investment in associates It deals with the investments accounting in asociates
IAS-29 Financial reputing in hyperinflationary economics It deals with the reputing relating to hyperinflationary economics
IAS-31 Investment in joint ventures Deals with the economic activities that subject to joint venture
IAS-33 Earning per share It applies to the shares of public company
IAS-34 Interim financial reporting Deals with interim financial reporting
IAS-36 Impaiment of assets Deals with accounting of government will in tangible assets & property, plant & equipment
IAS-37 Provisions contigent liabilities & contigent assets The standard deals with record & valuation of intangible assets
IAS-38 Intangible assets It deals with record & valuation of intangible assets
IAS-39 Financial instrument & recognition & measurement Recognition of financial assets liability on the balance sheet
IAS-40 Investment property Recognised as assets of investment
IAS-41 Agriculture Accounting treatments,financial statement presentation & disclosure related to agriculture activity
Accounting for government grants & also disclosure of government assistance