Accounting Standards 1-29 - Seth & Associates

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8.6 Events occurring after the balance sheet date may indicate that the enterprise ceases to be a going concern. A deterioration in operating results and financial position, or unusual changes affecting the existence or substratum of the enterprise after the balance sheet date (e.g., destruction of a major production plant by a fire after the balance sheet date) may indicate a need to consider whether it is proper to use the fundamental accounting assumption of going concern in the preparation of the financial statements. 9. Disclosure 9.1 The disclosure requirements herein referred to apply only in respect of those contingencies or events which affect the financial position to a material extent. 9.2 If a contingent loss is not provided for, its nature and an estimate of its financial effect are generally disclosed by way of note unless the possibility of a loss is remote (other than the circumstances mentioned in paragraph 5.5). If a reliable estimate of the financial effect cannot be made, this fact is disclosed. 9.3 When the events occurring after the balance sheet date are disclosed in the report of the approving authority, the information given comprises the nature of the events and an estimate of their financial effects or a statement that such an estimate cannot be made. Accounting Standard (The Accounting Standard comprises paragraphs 10–17 of this Statement. The Standard should be read in the context of paragraphs 1–9 of this Statement and of the 'Preface to the Statements of Accounting Standards'.) Contingencies 10. The amount of a contingent loss should be provided for by a charge in the statement of profit and loss if: (a) it is probable that future events will confirm that, after taking into account any related probable recovery, an asset has been impaired or a liability has been incurred as at the balance sheet date, and (b) a reasonable estimate of the amount of the resulting loss can be made. 11. The existence of a contingent loss should be disclosed in the financial statements if either of the conditions in paragraph 10 is not met, unless the possibility of a loss is remote. 12. Contingent gains should not be recognised in the financial statements. Events Occurring after the Balance Sheet Date 13. Assets and liabilities should be adjusted for events occurring after the balance sheet date that provide additional evidence to assist the estimation of amounts relating to conditions existing at the balance sheet date or that indicate that the fundamental accounting assumption of going concern (i.e., the continuance of existence or substratum of the enterprise) is not appropriate. 14. Dividends stated to be in respect of the period covered by the financial statements, which are proposed or declared by the enterprise after the balance sheet date but before approval of the financial statements, should be adjusted. 15. Disclosure should be made in the report of the approving authority of those events occurring after the balance sheet date that represent material changes and commitments affecting the financial position of the enterprise. Disclosure 16. If disclosure of contingencies is required by paragraph 11 of this Statement, the following information should be provided:
(a) the nature of the contingency; (b) the uncertainties which may affect the future outcome; (c) an estimate of the financial effect, or a statement that such an estimate cannot be made. 17. If disclosure of events occurring after the balance sheet date in the report of the approving authority is required by paragraph 15 of this Statement, the following information should be provided: (a) the nature of the event; (b) an estimate of the financial effect, or a statement that such an estimate cannot be made.
Page 2 and 3: TABLE OF CONTENTS DISCLOSURE OF ACC
Page 4 and 5: Explanation Fundamental Accounting
Page 6 and 7: 21. Examples of matters in respect
Page 8 and 9: Definitions 3. The following terms
Page 10 and 11: (b) storage costs, unless those cos
Page 12 and 13: 27. Information about the carrying
Page 14 and 15: performance by different enterprise
Page 16 and 17: 15. The separate disclosure of cash
Page 18 and 19: 22. Cash flows arising from the fol
Page 20 and 21: 34. Cash flows arising from taxes o
Page 22 and 23: The appendix is illustrative only a
Page 24 and 25: Interest expense (400) Interest inc
Page 26 and 27: Interest expense 400 Operating prof
Page 28 and 29: 31,850 Less : Sundry debtors at the
Page 30 and 31: Short-term funds (650) Deposits hel
Page 32 and 33: not contingencies as defined in par
Page 36 and 37: Accounting Standard (AS) 5 Net Prof
Page 38 and 39: financial statements in understandi
Page 40 and 41: gratuity scheme by an employer in p
Page 42 and 43: (ii) expected useful life of the de
Page 44 and 45: 19. A change in the method of depre
Page 46 and 47: Accounting Standard 7 (REVISED) Con
Page 48 and 49: 8. A group of contracts, whether wi
Page 50 and 51: a. costs that relate directly to th
Page 52 and 53: estimated reliably when all the fol
Page 54 and 55: of which recovery is probable; and
Page 56 and 57: defects have been rectified. Progre
Page 58 and 59: incurred for work performed upto th
Page 60 and 61: calculated as follows: (amount in R
Page 62 and 63: 4.3 Proportionate completion method
Page 64 and 65: the time of raising of any claim it
Page 66 and 67: should be based on the sales value
Page 68 and 69: Accounting Standard (AS) 10 Account
Page 70 and 71: 9.3 Administration and other genera
Page 72 and 73: 14.4 On disposal of a previously re
Page 74 and 75: either to the asset given up or to
Page 76 and 77: Accounting Standard (AS) 11 (Revise
Page 78 and 79: Reporting currency is the currency
Page 80 and 81: Classification of Foreign Operation
Page 82 and 83: . income and expense items of the n
Page 84 and 85:
historical cost for those items in
Page 86 and 87:
Appendix Note: This Appendix is not
Page 88 and 89:
Accounting Treatment of Government
Page 90 and 91:
8.1 Grants related to specific fixe
Page 92 and 93:
(The Accounting Standard comprises
Page 94 and 95:
Accounting Standard (AS) 13 Account
Page 96 and 97:
fair value provides a prudent metho
Page 98 and 99:
31. Investments classified as curre
Page 100 and 101:
(v) No adjustment is intended to be
Page 102 and 103:
Treatment of Reserves on Amalgamati
Page 104 and 105:
(a) consideration for the amalgamat
Page 106 and 107:
41. Where the scheme of amalgamatio
Page 158 and 159:
Accounting Standard (AS) 16 Borrowi
Page 160 and 161:
orrowings made specifically for the
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
Page 170 and 171:
calculation done in applying a part
Page 172 and 173:
Secondary Segment Information 47. P
Page 174 and 175:
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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48. If a sale and leaseback transac
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AS 20 Earnings Per Share (In this A
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c. options including employee stock
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merger is the aggregate of the weig
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29. For the purpose of calculating
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41. Potential equity shares are ant
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Note: These appendices are illustra
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EPS for the year 20X0 as originally
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Convertible Preference Shares Incre
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(a) the ownership, directly or indi
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the consolidated financial statemen
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subsidiary and does not become an a
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Accounting Standard (AS) 22 ACCOUNT
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accounting purposes, straight line
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(a) has a legally enforceable right
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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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Accounting Standard (AS) 23 Account
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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
Page 268 and 269:
Accounting for the Effects of Chang
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a. intangible assets that are cover
Page 272 and 273:
ecoverable amount.4 Carrying amount
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supportable assumptions that repres
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Therefore, in addition to complying
Page 278 and 279:
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
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
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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
Page 302 and 303:
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
Page 308 and 309:
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
Page 340 and 341:
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
Page 358 and 359:
Accounting Standard (AS) 29 Provisi
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The objective of this Statement is
Page 362 and 363:
settle the obligation; or ii. a rel
Page 364 and 365:
17. Financial statements deal with
Page 366 and 367:
may result in the recognition of in
Page 368 and 369:
warranties). The other party may ei
Page 370 and 371:
expenditures are recognised on the
Page 372 and 373:
It does not form part of the Accoun
Page 374 and 375:
paragraphs 14 and 21). Example 3: O
Page 376 and 377:
2005, the enterprise's lawyers advi
Page 378:
an onerous contract as a contract i
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Accounting Standards 1-29 - Seth & Associates

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