Indian ifrs pdf

Answer Detailed Solution Below Option 2 : a-iv, b-iii, c-ii, d-i. Ind AS An intangible asset is an identifiable non-monetary asset without physical substance that's the definition from Ind-AS Ind AS Overview.

Ind AS Ind AS 12 requires recognition of tax consequences of the difference between the carrying amounts of assets and liabilities and their tax base. Current tax is the amount of income taxes payable recoverable in respect of the taxable profit tax loss for a period.

Get Started for Free Download App. Answer Detailed Solution Below Option 2 : 2. Convergence means alignment of the standards of different standard setters with a certain rate of compromise, by adopting the requirements of the standards either fully or partially.

For the purpose of accounting, AS 12 revised classifies the foreign branches into two types: a Integral Foreign Operation, b Memorandum Foreign Operation. For the purpose of accounting, AS 16 revised classifies the foreign branches into two types: a Integral Foreign Operation, b Memorandum Foreign Operation. To include foreign operations and foreign currency transactions in their financial statements, the transactions should be expressed and reported in financial statements in the reporting currency of the enterprise.

AS 11 The Effects of Changes in Foreign Exchange Rates deals with the reporting of foreign exchange transactions in the financial statements. Additional Information Accounting Standard 12 deals with the accounting for government grants. Such grants are offered by the government, government agencies, and similar bodies including local, national or international. These government grants are sometimes referred to as subsidies, cash incentives, duty drawbacks, etc. Accounting Standard 16 prescribes the accounting treatment for borrowing costs.

This accounting standard must be applied in accounting for the borrowing cost. AS 13 deals with accounting for investments made by an enterprise in another enterprise and the disclosure of such investments in the financial statements. The Standard explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives. The Standard also explains the scope, authority, and structure of the SAs, and includes requirements establishing the general responsibilities of the independent auditor applicable in all audits, including the obligation to comply with the SAs.

The Standard has to be adapted as necessary in the circumstances when applied to audits of other historical financial information. Section Section 1 Section 2 Section Section 1 : This section provides that the auditor of the company shall have the right to have access at all times to the books of accounts and vouchers of the company , whether kept at the registered place or at some other places of the company.

Section 2 : The auditor should make a report to the company on the accounts examined by him and in respect of the financial statement that is required to be laid before the company in a general meeting.

The report shall be given after taking into consideration the provisions of this act, accounting standards, auditing standards etc. Section As per this section, the auditor shall provide only such services to the company that is approved by the board of director of the company or the audit committee.

Answer Detailed Solution Below Option 1 : a - ii , b - iv , c - i , d - iii. Explanation: Accounting Standards Accounting Standards provide uniform practices and common techniques of accounting. It is applicable to all corporate enterprises. They are operational since the date of its enactment and specified in the standards. The Accounting Standards Board is entrusted with the responsibility of formulating standards on accounting matters in congruence to the International developments and legal requirements in India.

The Accounting Standards are mandatory for all companies. AS-1 : Disclosure of accounting policies January It deals with the disclosure of significant accounting policies in the financial statements.

AS Cash flow Statements , it deals with the financial statement which summarises for a given period the sources and applications of an enterprise. AS : Property, Plant, and Equipment. The standard deals with the recognition of fixed assets grouped into various categories such as land, goodwill, patents, and designs. AS Leases January The accounting convergence. The main secondary sources include the articles from objective is arriving uniform set of various journals, books, reports of national accounting standards.

The term convergence refers to bringing BPO together two or more things. It develops As per the IFRSs assets and liabilities are better understanding and confidence to be recognized at fair values. This fair among them. This is one new area that can be explored by CAs.

The professionals: The professional, both in practice and in employment will get Appointment in Companies as IFRS benefits as they will be able to provide specialist: Companies would be working their services in various part of the world, along the teams of experts and consultants. The banking industry in India world reputation and relationship with which is most affected by the international finance community will implementation of IFRSs will also require elevate because of achievement of higher these professionals as this industry will level of consistency between reporting have to prepare its financial statements as structure and requirements, better access to per the new standards.

The convergence Continuing Professional Education: increases the confidence of all people. ICAI has taken steps in this challenging task to education over regard.

There should be proper professionals. But due to dead line, it is infrastructure facilities also. For changes required in rules and the conversion projects for Indian regulations of various regulatory corporate.

The ICAI issued 30 interpretations examples. Different people opines differently for the adoption 3. Guidance notes have been issued of IFRS. To facilitate discussions at seminar, make them more effective and efficient. Good planning will be crucial to cope with the obvious increase 5. For the purpose of assisting its in workload and to maintain the quality of members, the ICAI council has services offered. Accounting team work, formed an expert advisory proper strategy and effective leadership is committee to answer queries from required.

Securities and Exchange I. Joseph, M. XXX, No. Armstrong, C. Jagolinzer, A. Kannan, K. A and Ahlstrom. Journal of Management Research Poria, Saxena, Vandana, , July Gurpreet Kaur.

Monthly Economic Digest. Research Directions, Volume 1 , V. S,P, Issue 7 ISSN V, No. March, Mintz, S. All Rights Reserved. Related Papers International Financial Reporting Standards From Wikipedia, the free encyclopedia Accounting Historical cost accounting Constant purchasing power accounting By satyanarayan garudasu. Sankar C.