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.

AS-4 contigencies & events occurring after1. Nature of contingency and events.
 balance sheet date2. 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, prior1. narture and amount and their impact on
period items and changes in accounting policiescurrent profit or loss can be clearly perceived
2. material impact in later periods
AS-11 Effect of changes in foreign exchange1. exchange rate.
rates2. Nature and reason for change.
3. Profit or loss in process of exchange.
AS-12 governament grants1.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 costs1.policy adopted for borrowing cost
2.amount of borowing cost capitalised during the year
AS-19 lease accountingFinance lease:
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
1.contingentrent recognized as income in P&L a/c
operating lease
1.Lease payments recognized in P&L Account for the period separately
1.contingent rent recognized as income and P&L Account
AS-20 earning per share1.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 Assets1.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 liabilitiesprovision:
and assets1.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
2.financial effet
3.uncertainity ragarding outflow
4.any reimbursement
5.required info and state of fact