Presentation of Financial Statements Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements Contents Paragraphs OBJECTIVE SCOPE DEFINITIONS FINANCIAL STATEMENTS Purpose of financial statements Complete set of financial statements General features Presentation of True and Fair View and compliance with Ind ASs Going Concern Accrual Basis of Accounting Materiality and Aggregation Offsetting Frequency of reporting Comparative Information Consistency of Presentation STRUCTURE
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Contents QUESTION ONE: Accounting Concepts and Conventions 1 a) Accounting Concepts 1 i) The going concern concept. 1 ii) The accruals concept (or matching concept) 1 iii) The entity concept: 3 iv) The money measurement concept: 3 v) The historical cost concept: 4 vi) The realization concept: 4 vii) Duality concept: 4 b) Accounting conventions 5 QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process 9 1. Clash between
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Accounting Standards Boards University of Phoenix Accounting Theory and Research ACC541 The history of the Financial Accounting Standards Board and the International Accounting Standards Board The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are currently working together on a short-term international convergence project to remove a variety of individual differences between United States Generally Accepted Accounting Principles ( U.S. GAAP)
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Green Accounting: Concepts and Practices Research Paper Responsibility towards environment has become one of the most crucial areas of social responsibility. With the concept of sustainable development catching on rapidly‚ corporate and industrial houses across the world are increasingly incorporating the environmental element in their day-to-day business operations. They are clear in their perception that along with quality‚ safety of the environment too‚ is an important factor in making a business
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FASB Accounting Standards Codification: 410 Asset Retirement and Environmental Obligations Abstract The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing
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regulations. Proper implementation of IFRS will require substantial amendment in existing laws. The basic objective of this research paper is to trace the real problems regarding IFRS implementation in India and to suggest remedial measures. Keywords : IAS‚ Indian GAAP‚ US GAAP‚ IASB‚ Fair Values‚ MCA. 1. INTRODUCTION : CONCEPTUALIZING THE TERM IFRS The full abbreviation of the term “IFRS” is international financial reporting standard (IFRS). IFRS has been developed by International accounting standard
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TOPIC 1: ACCOUNTING BASES‚ POLICIES‚ AND CONCEPTS ACCOUNTING BASES - These are the methods used for applying fundamental accounting concepts to financial transactions and items‚ preparing financial accounts‚ determining the accounting periods in which revenue and costs should be recognized in the profit and loss account‚ and determining the amounts at which material items should be stated in the balance sheet. - Examples of accounting bases include: Methods of calculating depreciation Methods
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According to google.com (web definitions) Accounting Standards can be defined as a set of rules governing how accounts are drawn up. Would there be more positive effects than negative if a country develops its own accounting standards? I totally disagree with this statement‚ instead should be read‚ ‘A country should ‘NOT’ develop its own accounting standards’. To support my statement I will substantiate on five points stating why there is one accounting standards for everyone to follow; these include:
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Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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2011‚ the Accounting Standards Review Board (ASRB) ceases to exist in New Zealand. 1. What is the ASRB to be replaced with‚ and what will be the statutory authority of this new organisation? The current authoritative accounting board is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This
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