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Page 1 Contents • Objective • Scope • Form and Content of an interim financial statement • Period for which interim financial statements are required to be presented • Disclosure in Annual Financial Statements • Recognition and Measurement • Examples of applying the recognition and measurement principles • Comparison • Issues Page 2 Contents • Objective • Scope • Form and Content of an interim financial statement • Period for which interim financial statements are required to be presented • Disclosure in Annual Financial Statements • Recognition and Measurement • Examples of applying the recognition and measurement principles • Comparison • Issues Objective • To prescribe : - Minimum content of an interim financial report; - Principles for recognition and measurement in a complete or condensed financial statements for an interim period Page 3 Contents • Objective • Scope • Form and Content of an interim financial statement • Period for which interim financial statements are required to be presented • Disclosure in Annual Financial Statements • Recognition and Measurement • Examples of applying the recognition and measurement principles • Comparison • Issues Objective • To prescribe : - Minimum content of an interim financial report; - Principles for recognition and measurement in a complete or condensed financial statements for an interim period Scope • Does not mandate which enterprises should be required to present interim financial reports • If an enterprise is required or elects to prepare and present interim financial report -the standard should be complied with • The recognition and measurement principles as laid down in this standard should be applied in respect of information required to be given unless the statute requires otherwise. Page 4 Contents • Objective • Scope • Form and Content of an interim financial statement • Period for which interim financial statements are required to be presented • Disclosure in Annual Financial Statements • Recognition and Measurement • Examples of applying the recognition and measurement principles • Comparison • Issues Objective • To prescribe : - Minimum content of an interim financial report; - Principles for recognition and measurement in a complete or condensed financial statements for an interim period Scope • Does not mandate which enterprises should be required to present interim financial reports • If an enterprise is required or elects to prepare and present interim financial report -the standard should be complied with • The recognition and measurement principles as laid down in this standard should be applied in respect of information required to be given unless the statute requires otherwise. Scope... • Cash flow statement, complete or condensed to be prepared if the enterprise presents cash flow statement for the purpose of its annual financial report Page 5 Contents • Objective • Scope • Form and Content of an interim financial statement • Period for which interim financial statements are required to be presented • Disclosure in Annual Financial Statements • Recognition and Measurement • Examples of applying the recognition and measurement principles • Comparison • Issues Objective • To prescribe : - Minimum content of an interim financial report; - Principles for recognition and measurement in a complete or condensed financial statements for an interim period Scope • Does not mandate which enterprises should be required to present interim financial reports • If an enterprise is required or elects to prepare and present interim financial report -the standard should be complied with • The recognition and measurement principles as laid down in this standard should be applied in respect of information required to be given unless the statute requires otherwise. Scope... • Cash flow statement, complete or condensed to be prepared if the enterprise presents cash flow statement for the purpose of its annual financial report Minimum Components of an Interim Financial Report • An interim financial report should include -condensed balance sheet -condensed statement of profit and loss -condensed cash flow statement and - selected explanatory notesRead More
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FAQs on PPT: Accounting Standards (25) - Advanced Accounting for CA Intermediate
| 1. What are the key differences between Indian Accounting Standards (Ind AS) and the previous Indian GAAP? |  |
Ans. Ind AS is more principle-based compared to the rule-based nature of Indian GAAP. Ind AS also requires more disclosures and fair value measurements, while Indian GAAP focused more on historical cost.
| 2. How do the Accounting Standards issued by ICAI impact the preparation and presentation of financial statements by companies? | |
Ans. The Accounting Standards issued by ICAI help in ensuring consistency, comparability, and reliability of financial statements. They provide guidance on recognition, measurement, presentation, and disclosure of various items in the financial statements.
| 3. Can a company choose not to comply with certain Accounting Standards issued by ICAI? | |
Ans. No, companies are required to comply with all Accounting Standards issued by ICAI. Non-compliance can lead to regulatory actions and penalties.
| 4. How often are the Accounting Standards updated by ICAI to reflect changes in the business environment and accounting practices? | |
Ans. The Accounting Standards issued by ICAI are periodically reviewed and updated to align with changes in the business environment, accounting practices, and global accounting standards.
| 5. What are some common challenges faced by companies in implementing and complying with Accounting Standards? | |
Ans. Some common challenges include interpreting complex accounting standards, ensuring accurate financial reporting, training employees on new standards, and managing the cost of compliance.
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Dec 23, 2024 Last updated |
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