Accounting Standards 1-29 - Seth & Associates

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III. Financial Statements for 20X3 The financial statements for 20X3, would disclose information related to discontinued operations in a manner similar to that for 20X2 including the fact of completion of discontinuance. Appendix 2 Classification of Prior Period Operations This appendix is illustrative only and does not form part of the Accounting Standard. The purpose of the appendix is to illustrate the application of the Accounting Standard to assist in clarifying its meaning. Facts 1. Paragraph 34 requires that comparative information for prior periods that is presented in financial statements prepared after the initial disclosure event be restated to segregate assets, liabilities, revenue, expenses, and cash flows of continuing and discontinuing operations in a manner similar to that required by paragraphs 20, 23, 26, 28, 29, 31 and 32. 2. Consider following facts: a. Operations A, B, C, and D were all continuing in years 1 and 2; b. Operation D is approved and announced for disposal in year 3 but actually disposed of in year 4; c. Operation B is discontinued in year 4 (approved and announced for disposal and actually disposed of) and operation E is acquired; and d. Operation F is acquired in year 5. 3. The following table illustrates the classification of continuing and discontinuing operations in years 3 to 5: FINANCIAL STATEMENTS FOR YEAR 3 (Approved and Published early in Year 4) Year 2 Comparatives Year 3 Continuing Discontinuing Continuing Discontinuing A A B B C C D D FINANCIAL STATEMENTS FOR YEAR 4 (Approved and Published early in Year 5) Year 3 Comparatives Year 4 Continuing Discontinuing Continuing Discontinuing A A
B B C C D D FINANCIAL STATEMENTS FOR YEAR 5 (Approved and Published early in Year 6) Year 4 Comparatives Year 5 Continuing Discontinuing Continuing Discontinuing A A B C C D E E 4. If, for whatever reason, five-year comparative financial statements were prepared in year 5, the classification of continuing and discontinuing operations would be as follows: Year 1 Comparatives FINANCIAL STATEMENTS FOR YEAR 5 Year 2 Comparatives Year 3 Comparatives E F Year 4 Comparatives Year 5 Cont. Disc. Cont. Disc. Cont. Disc. Cont. Disc. Cont. Disc. A A A A A B B B B C C C C C Footnotes: D D D D E E 1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which accounting standards are intended to apply only to material items. F
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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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calculation done in applying a part
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Secondary Segment Information 47. P
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segment, both primary and secondary
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REVENUE External sales Intersegment
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101 90 Assets and additions to tang
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and intangible fixed assets by loca
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4. In the context of this Statement
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(c) the director is nominated by th
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(iii) a description of the nature o
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1. upon the occurrence of some remo
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5. The classification of leases ado
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Rs.2,27,805. As this amount is lowe
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f. a general description of the les
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commencement of the lease term is t
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Page 200 and 201: AS 20 Earnings Per Share (In this A
Page 202 and 203: c. options including employee stock
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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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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 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
Page 270 and 271: a. intangible assets that are cover
Page 272 and 273: ecoverable amount.4 Carrying amount
Page 274 and 275: supportable assumptions that repres
Page 276 and 277: Therefore, in addition to complying
Page 278 and 279: titles, customer lists and items si
Page 280 and 281: Past Expenses not to be Recognised
Page 282 and 283: The enterprise amortises the right
Page 284 and 285: assets, how it determines the recov
Page 286 and 287: e. copyrights, and patents and othe
Page 288 and 289: Appendix A This Appendix, which is
Page 290 and 291: aforesaid and expensed in an earlie
Page 292 and 293: without physical substance held for
Page 294 and 295: Application and Infrastructure Deve
Page 296 and 297: 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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