Accounting Standards 1-29 - Seth & Associates

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101 90 Assets and additions to tangible and intangible fixed assets by geographical area: The following table shows the carrying amount of segment assets and additions to tangible and intangible fixed assets by geographical area in which the assets are located: Carrying Amount of Segment Assets Additions toFixed Assets and Intangible Assets Current YearPrevious YearCurrent YearPrevious Year India 72 78 8 5 European Union 47 37 5 4 Canada and the United States 34 20 4 3 Indonesia 22 20 7 6 175 155 24 18 Segment revenue and expense: In India, paper and office products are manufactured in combined facilities and are sold by a combined sales force. Joint revenues and expenses are allocated to the two business segments on a reasonable basis. All other segment revenue and expense are directly attributable to the segments. Segment assets and liabilities: Segment assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and fixed assets, net of allowances and provisions which are reported as direct offsets in the balance sheet. While most such assets can be directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated to the segments on a reasonable basis. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities. Segment assets and liabilities do not include deferred income taxes. Inter-segment transfers: Segment revenue, segment expenses and segment result include transfers between business segments and between geographical segments. Such transfers are accounted for at competitive market prices charged to unaffiliated customers for similar goods. Those transfers are eliminated in consolidation. Unusual item: Sales of office products to external customers in the current year were adversely affected by a lengthy strike of transportation workers in India, which interrupted product shipments for approximately four months. The Company estimates that sales of office products during the four-month period were approximately half of what they would otherwise have been. Extraordinary loss: As more fully discussed in Note x, the Company incurred an uninsured loss of Rs.300,000 caused by earthquake damage to a paper mill in India during the previous year. Appendix IV Summary of Required Disclosure The appendix is illustrative only and does not form part of the <strong>Accounting</strong> Standard. Its purpose is to summarise the disclosures required by paragraphs 38-59 for each of the three possible primary segment reporting formats. Figures in parentheses refer to paragraph numbers of the relevant paragraphs in the text.
PRIMARY FORMAT IS BUSINESSSEGMENTS Required Primary Disclosures Revenue from external customers by business segment [40(a)] Revenue from transactions with other segments by business segment [40(a)] Segment result by business segment [40(b)] Carrying amount of segment assets by business segment [40(c)] Segment liabilities by business segment [40(d)] Cost to acquire tangible and intangible fixed assets by business segment [40(e)] Depreciation and amortisation expense by business segment [40(f)] Non-cash expenses other than Depreciation and amortisation by business segment [40(g)] Reconciliation of revenue, result, assets, and liabilities by business segment [46] PRIMARY FORMAT IS BUSINESS SEGMENTS PRIMARY FORMAT IS GEOGRAPHICAL SEGMENTS BY LOCATION OF ASSETS Required Primary Disclosures Revenue from external customers by location of assets [40(a)] Revenue from transactions with other segments by location of assets [40(a)] Segment result by location of assets [40(b)] Carrying amount of segment assets by location of assets [40(c)] Segment liabilities by location of assets [40(d)] Cost to acquire tangible and intangible fixed assets by location of assets [40(e)] PRIMARY FORMAT IS GEOGRAPHICAL SEGMENTS BY LOCATION OF CUSTOMERS Required Primary Disclosures Revenue from external customers by location of customers [40(a)] Revenue from transactions with other segments by location of customers [40(a)] Segment result by location of customers [40(b)] Carrying amount of segment assets by location of customers [40(c)] Depreciation and amortisation expense by location of assets[40(f)] Segment liabilities by location of customers [40(d)] Cost to acquire tangible and intangible fixed assets by location of customers [40(e)] Depreciation and amortisation expense by location of customers [40(f)] Non-cash expenses other Non-cash expenses other than Depreciation and than Depreciation and amortisation by location of amortisation by location of assets [40(g)] customers [40(g)] Reconciliation of revenue, Reconciliation of revenue, result, assets, and liabilities result, assets, and liabilities [46] [46] PRIMARY FORMAT IS GEOGRAPHICAL SEGMENTS BY LOCATION PRIMARY FORMAT IS GEOGRAPHICAL SEGMENTS BY LOCATION OF CUSTOMERS Required Secondary Disclosures OF ASSETS Required Secondary Disclosures Required Secondary Disclosures Revenue from external Revenue from external customers Revenue from external customers customers by location of by business segment [49] by business segment [49] customers [48] Carrying amount of segment assets by location of assets [48] Carrying amount of segment assets by business segment [49] Carrying amount of segment assets by business segment [49] Cost to acquire tangible Cost to acquire tangible and Cost to acquire tangible and
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TABLE OF CONTENTS DISCLOSURE OF ACC
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Explanation Fundamental Accounting
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21. Examples of matters in respect
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Definitions 3. The following terms
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(b) storage costs, unless those cos
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27. Information about the carrying
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performance by different enterprise
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15. The separate disclosure of cash
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22. Cash flows arising from the fol
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34. Cash flows arising from taxes o
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The appendix is illustrative only a
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Interest expense (400) Interest inc
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Interest expense 400 Operating prof
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31,850 Less : Sundry debtors at the
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Short-term funds (650) Deposits hel
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not contingencies as defined in par
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8.6 Events occurring after the bala
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Accounting Standard (AS) 5 Net Prof
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financial statements in understandi
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gratuity scheme by an employer in p
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(ii) expected useful life of the de
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19. A change in the method of depre
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Accounting Standard 7 (REVISED) Con
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8. A group of contracts, whether wi
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a. costs that relate directly to th
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estimated reliably when all the fol
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of which recovery is probable; and
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defects have been rectified. Progre
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incurred for work performed upto th
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calculated as follows: (amount in R
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4.3 Proportionate completion method
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the time of raising of any claim it
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should be based on the sales value
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Accounting Standard (AS) 10 Account
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9.3 Administration and other genera
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14.4 On disposal of a previously re
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either to the asset given up or to
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Accounting Standard (AS) 11 (Revise
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Reporting currency is the currency
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Classification of Foreign Operation
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. income and expense items of the n
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historical cost for those items in
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Appendix Note: This Appendix is not
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Accounting Treatment of Government
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8.1 Grants related to specific fixe
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(The Accounting Standard comprises
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fair value provides a prudent metho
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31. Investments classified as curre
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(v) No adjustment is intended to be
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Treatment of Reserves on Amalgamati
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(a) consideration for the amalgamat
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41. Where the scheme of amalgamatio
Page 158 and 159: Accounting Standard (AS) 16 Borrowi
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Page 162 and 163: Accounting Standard (AS) 17 Segment
Page 164 and 165: statement of profit and loss. Segme
Page 166 and 167: segments for internal financial rep
Page 168 and 169: 24. Business and geographical segme
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Page 172 and 173: Secondary Segment Information 47. P
Page 174 and 175: segment, both primary and secondary
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Page 180 and 181: and intangible fixed assets by loca
Page 182 and 183: 4. In the context of this Statement
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Page 186 and 187: (iii) a description of the nature o
Page 188 and 189: 1. upon the occurrence of some remo
Page 190 and 191: 5. The classification of leases ado
Page 192 and 193: Rs.2,27,805. As this amount is lowe
Page 194 and 195: f. a general description of the les
Page 196 and 197: commencement of the lease term is t
Page 198 and 199: 48. If a sale and leaseback transac
Page 200 and 201: AS 20 Earnings Per Share (In this A
Page 202 and 203: c. options including employee stock
Page 204 and 205: merger is the aggregate of the weig
Page 206 and 207: 29. For the purpose of calculating
Page 208 and 209: 41. Potential equity shares are ant
Page 210 and 211: Note: These appendices are illustra
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Page 214 and 215: Convertible Preference Shares Incre
Page 216 and 217: (a) the ownership, directly or indi
Page 218 and 219: the consolidated financial statemen
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Page 222 and 223: Accounting Standard (AS) 22 ACCOUNT
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6. If for any reason the recognitio
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Deferred tax A/c Dr. 20,000 To Prof
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(b) the associate operates under se
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Disclosure 22. In addition to the d
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. that represents a separate major
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infrequently. All infrequently occu
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g. the amount of pre-tax profit or
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35. Appendix 2 illustrates applicat
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The following is Note 5 to Delta Co
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III. Financial Statements for 20X3
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2 A separate Accounting Standard on
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6. A complete set of financial stat
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g. segment revenue, segment capital
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29. To illustrate: a. the principle
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Accounting Standard to assist in cl
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1. Basic Earnings Per Share 2.Dilut
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provisions for employees (b) Other
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(condensed or complete) for the fol
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1st Quarter 2nd Quarter 3rd Quarter
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Accounting for the Effects of Chang
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a. intangible assets that are cover
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ecoverable amount.4 Carrying amount
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supportable assumptions that repres
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Therefore, in addition to complying
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titles, customer lists and items si
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Past Expenses not to be Recognised
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The enterprise amortises the right
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assets, how it determines the recov
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e. copyrights, and patents and othe
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Appendix A This Appendix, which is
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aforesaid and expensed in an earlie
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without physical substance held for
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Application and Infrastructure Deve
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On 1-4-2003, the remaining period o
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Accounting Standard 27 Financial Re
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The arrangement identifies those de
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the assets; c. its share of any lia
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separately as part of the inventory
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44 In case of transactions between
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Accounting Standard (AS) 28 Impairm
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4. The following terms are used in
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e. evidence is available of obsoles
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15. It is not always necessary to d
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ate can be justified. This growth r
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38. A restructuring is a programme
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. the enterprise’s incremental bo
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generate cash inflows from continui
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determined excluding cash flows tha
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esult from synergy between the iden
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88. In allocating an impairment los
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paragraphs 106 to 107 and for goodw
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102. Any increase in the carrying a
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a. if the enterprise sells the disc
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ased on the enterprise’s primary
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EXAMPLE 3- EXAMPLE 4- EXAMPLE 5- EX
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determining value in use of both X
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Total 10,000 7,000 3,000 A24. T use
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of the asset for tax purposes is Rs
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Gross carrying amount 1,000 2,000 3
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in forecasting cash flows. This res
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Schedule 1. Calculation of the plan
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Schedule 5. Summary of the carrying
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End of 20X4 A B C Goodwill Z Carryi
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in Rs. lakhs) Year Future cash flow
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Accounting Standard (AS) 29 Provisi
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The objective of this Statement is
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settle the obligation; or ii. a rel
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17. Financial statements deal with
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may result in the recognition of in
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warranties). The other party may ei
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expenditures are recognised on the
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It does not form part of the Accoun
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paragraphs 14 and 21). Example 3: O
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2005, the enterprise's lawyers advi
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an onerous contract as a contract i
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Accounting Standards 1-29 - Seth & Associates

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