Accounting Standards 1-29 - Seth & Associates

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subsidiary and does not become an associate. 24. The carrying amount of the investment at the date that it ceases to be a subsidiary is regarded as cost thereafter. 25. Minority interests should be presented in the consolidated balance sheet separately from liabilities and the equity of the parent's shareholders. Minority interests in the income of the group should also be separately presented. 26. The losses applicable to the minority in a consolidated subsidiary may exceed the minority interest in the equity of the subsidiary. The excess, and any further losses applicable to the minority, are adjusted against the majority interest except to the extent that the minority has a binding obligation to, and is able to, make good the losses. If the subsidiary subsequently reports profits, all such profits are allocated to the majority interest until the minority's share of losses previously absorbed by the majority has been recovered. 27. If a subsidiary has outstanding cumulative preference shares which are held outside the group, the parent computes its share of profits or losses after adjusting for the subsidiary’s preference dividends, whether or not dividends have been declared. Accounting for Investments in Subsidiaries in a Parent's Separate Financial Statements 28. In a parent's separate financial statements, investments in subsidiaries should be accounted for in accordance with Accounting Standard (AS) 13, Accounting for Investments. Disclosure 29. In addition to disclosures required by paragraph 11 and 20, following disclosures should be made: (a) in consolidated financial statements a list of all subsidiaries including the name, country of incorporation or residence, proportion of ownership interest and, if different, proportion of voting power held; (b) in consolidated financial statements, where applicable: i. the nature of the relationship between the parent and a subsidiary, if the parent does not own, directly or indirectly through subsidiaries, more than one-half of the voting power of the subsidiary; ii. the effect of the acquisition and disposal of subsidiaries on the financial position at the reporting date, the results for the reporting period and on the corresponding amounts for the preceding period; and iii. the names of the subsidiary(ies) of which reporting date(s) is/are different from that of the parent and the difference in reporting dates. A separate accounting standard on 'Accounting for Investments in Associates ', which is being formulated, will define the term ‘associate’ and specify the requirements relating to accounting for investments in associates. Until the aforesaid accounting standard comes into effect, AS 13 would continue to apply. Transitional Provisions
30. On the first occasion that consolidated financial statements are presented, comparative figures for the previous period need not be presented. In all subsequent years full comparative figures for the previous period should be presented in the consolidated financial statements.
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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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Accounting Standard (AS) 13 Account
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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
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Accounting Standard (AS) 16 Borrowi
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orrowings made specifically for the
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Accounting Standard (AS) 17 Segment
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statement of profit and loss. Segme
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segments for internal financial rep
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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 180 and 181: and intangible fixed assets by loca
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
Page 212 and 213: EPS for the year 20X0 as originally
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
Page 222 and 223: Accounting Standard (AS) 22 ACCOUNT
Page 224 and 225: accounting purposes, straight line
Page 226 and 227: (a) has a legally enforceable right
Page 228 and 229: 6. If for any reason the recognitio
Page 230 and 231: Deferred tax A/c Dr. 20,000 To Prof
Page 232 and 233: Accounting Standard (AS) 23 Account
Page 234 and 235: (b) the associate operates under se
Page 236 and 237: Disclosure 22. In addition to the d
Page 238 and 239: . that represents a separate major
Page 240 and 241: infrequently. All infrequently occu
Page 242 and 243: g. the amount of pre-tax profit or
Page 244 and 245: 35. Appendix 2 illustrates applicat
Page 246 and 247: The following is Note 5 to Delta Co
Page 248 and 249: III. Financial Statements for 20X3
Page 250 and 251: 2 A separate Accounting Standard on
Page 252 and 253: 6. A complete set of financial stat
Page 254 and 255: g. segment revenue, segment capital
Page 256 and 257: 29. To illustrate: a. the principle
Page 258 and 259: Accounting Standard to assist in cl
Page 260 and 261: 1. Basic Earnings Per Share 2.Dilut
Page 262 and 263: provisions for employees (b) Other
Page 264 and 265: (condensed or complete) for the fol
Page 266 and 267: 1st Quarter 2nd Quarter 3rd Quarter
Page 268 and 269: 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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