Accounting Standards 1-29 - Seth & Associates

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and intangible fixed assets by location of assets [48] Other Required Disclosures Basis of pricing intersegment transfers and any change therein [53] Changes in segment accounting policies [54] Types of products and services in each business segment [58] Composition of each geographical segment [58] intangible fixed assets by business segment [49] Revenue from external customers by geographical customers if different from location of assets [50] intangible fixed assets by business segment [49] Carrying amount of segment assets by location of assets if different from location of customers [51] Cost to acquire tangible and intangible fixed assets by location of assets if different from location of customers [51] Other Required Disclosures Other Required Disclosures Basis of pricing inter-segment transfers and any change therein [53] Changes in segment accounting policies [54] Types of products and services in each business segment [58] Composition of each geographical segment [58] Basis of pricing inter-segment transfers and any change therein [53] Changes in segment accounting policies [54] Types of products and services in each business segment [58] Composition of each geographical segment [58]
AS 18 Related Party Disclosures (In this Accounting Standard, the standard portions have been set in bold italic type. These should be read in the context of the background material which has been set in normal type, and in the context of the 'Preface to the Statements of Accounting Standards'.) The following is the text of Accounting Standard (AS) 18, 'Related Party Disclosures', issued by the Council of the Institute of Chartered Accountants of India. This Standard comes into effect in respect of accounting periods commencing on or after 1-4-2001 and is mandatory in nature. Objective The objective of this Statement is to establish requirements for disclosure of: (a) related party relationships; and (b) transactions between a reporting enterprise and its related parties. Scope 1. This Statement should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements of this Statement apply to the financial statements of each reporting enterprise as also to consolidated financial statements presented by a holding company. 2. This Statement applies only to related party relationships described in paragraph 3. font face="arial" size="2">3. This Statement deals only with related party relationships described in (a) to (e) below: (a) enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the reporting enterprise (this includes holding companies, subsidiaries and fellow subsidiaries); (b) associates and joint ventures of the reporting enterprise and the investing party or venturer in respect of which the reporting enterprise is an associate or a joint venture; (c) individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual; (d) key management personnel and relatives of such personnel; and (e) enterprises over which any person described in (c) or (d) is able to exercise significant influence. This includes enterprises owned by directors or major shareholders of the reporting enterprise and enterprises that have a member of key management in common with the reporting enterprise.
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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
Page 176 and 177: REVENUE External sales Intersegment
Page 178 and 179: 101 90 Assets and additions to tang
Page 182 and 183: 4. In the context of this Statement
Page 184 and 185: (c) the director is nominated by th
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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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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