IPCC Group II – Accounting Standards and their disclosures
IPCC Group II focus on Accounting Standards and their disclosures..AS-4 contigencies & events occurring after balance sheet. This is very important part to remember for every student.
| ACCOUNTING STANDARS AND THEIR | DISCLOSURES (IPCC GROUP -II ) |
|---|---|
| AS-4 contigencies & events occurring after | 1. Nature of contingency and events. |
| balance sheet date | 2. Affect of uncertainty in the sense of future outcome. |
| 3. Estimate of financial effect or the fact that estimate can’t be made. | |
| AS-5 net profit or loss for the period, prior | 1. narture and amount and their impact on |
| period items and changes in accounting policies | current profit or loss can be clearly perceived |
| 2. material impact in later periods | |
| AS-11 Effect of changes in foreign exchange | 1. exchange rate. |
| rates | 2. Nature and reason for change. |
| 3. Profit or loss in process of exchange. | |
| AS-12 governament grants | 1.method of presentation |
| 2.nature ans extent of government grants (mandatary and non mandatary assets given at concessional rate or free of cost) | |
| AS-16 borrowing costs | 1.policy adopted for borrowing cost |
| 2.amount of borowing cost capitalised during the year | |
| AS-19 lease accounting | Finance lease: |
| lessee: | |
| 1.lease assets must disclose separately | |
| 2.details of lease period | |
| 3..if any contingent rent it should recognized as expense in P&L a/c | |
| lessor: | |
| 1.contingentrent recognized as income in P&L a/c | |
| operating lease | |
| lessee: | |
| 1.Lease payments recognized in P&L Account for the period separately | |
| lessor: | |
| 1.contingent rent recognized as income and P&L Account | |
| AS-20 earning per share | 1.The amount used as numerators and a reconciliation of that amount to the net profit/loss for the period. |
| 2.The number used as denominators and a reconciliation of those to each other. | |
| 3.The nominal value along with EPS figures. | |
| 4.If a component of net profit is used which is not reported as a line item in the P&L Account, a reconciliation should be provided. | |
| AS-26 Intangible Assets | 1.amortisation rate and method using |
| 2.gross qualifyingamount,impirement losses accumulated amortisation | |
| additions,disposals,losses.,etc during period | |
| 3.if amortised over a period of 10 years then reasons | |
| 4.what assets pledged for liabilities as security | |
| 5.commiment amount | |
| 6.R&D recognised as expense during period | |
| AS-29 provisions,contingent liabilities | provision: |
| and assets | 1.carrying amount |
| 2.additions made during period | |
| 3.used and unused amounts during perios and amount of resevre | |
| 4.nature of obligation in brief | |
| 5.any reimbursement | |
| liabilities: | |
| 1.nature | |
| 2.financial effet | |
| 3.uncertainity ragarding outflow | |
| 4.any reimbursement | |
| 5.required info and state of fact |