Exposure Draft Accounting Standard (AS) 9 (Revised 20XX) (Corresponding to IAS 18) Revenue (Last date for Comments: June 07‚ 2010) Issued by Accounting Standards Board The Institute of Chartered Accountants of India 2 Exposure Draft Accounting Standard 9 (Revised 20XX) (Corresponding to IAS 18) Revenue Contents Objective Scope Definitions Measurement of revenue Identification of the transaction Sale of goods Rendering of services Interest‚ royalties and dividends Disclosure Effective
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A REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS [pic] DEPARTMENT OF FINANCE UNIVERSITY OF DHAKA REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS FINANCIAL ACCOUNTING –I F-103 Submitted To Dr. H. M. Mosarof Hossain Associate Professor Department of Finance Faculty of Business Administration University of Dhaka Submitted By Members of Group-3 Section-B 14th Batch Department of Finance |Names
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INDIAN ACCOUNTING STANDARDS - A PERSPECTIVE The paradigm shift in the economic environment in India during last few years has led to increasing attention being devoted to accounting standards as a means towards ensuring potent and transparent financial reporting by corporate. Further‚ cross-border raising of huge amount of capital has also generated considerable interest in the generally accepted accounting principles in advanced countries such as USA. Initiatives taken by International Organisation
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Accounting Standards and Their Importance AS-1: DISCLOSURE OF ACCOUNTING POLICIES The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards Board‚ the Institute of Chartered Accountants of India on ’Disclosure of Accounting Policies’. The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. AS-2: VALUATION OF INVENTORIES A primary issue in accounting for inventories is the determination
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International Accounting Standards What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards‚ starting with the role of the IASC Foundation‚ the structure of the IASB and the number of accounting standards currently published. Next‚ it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly‚ there will
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| 1. | Cash is another term for Stockholders’ Equity. | | | | True | | x| False | | | | Score: 1 of 1 | | 2. | Explanatory notes and supporting schedules are an optional part of an annual report. | | | | | True | | x | False | | | | Score: 1 of 1 | | 3. | Debt securities sold to investors that must be repaid at a particular date some years in the future are called | | | | | accounts payable. | | | notes receivable. | | | taxes payable. |
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shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies‚ although only about 90 countries have fully conformed to IFRS . While some argue that it is necessary to have a system of accounting that is clear and transparent
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The International Accounting Standard Committee (IASC) came into existence on June 29 1973 when sixteen accounting bodies from nine nations (designated as founder members) signed the agreement and constitution for its formation with headquarters at London. The objective of the committee is "to formulate and publish in the public interest standards to be observed in the presentation of audited financial statements and to promote their worldwide acceptance and observance". This would
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Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies‚ there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy
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302 Accounting Standard (AS) 16 (issued 2000) Borrowing Costs Contents OBJECTIVE SCOPE DEFINITIONS RECOGNITION Borrowing Costs Eligible for Capitalisation Excess of the Carrying Amount of the Qualifying Asset over Recoverable Amount Commencement of Capitalisation Suspension of Capitalisation Cessation of Capitalisation DISCLOSURE Paragraphs 1-2 3-5 6-22 8-12 13 14-16 17-18 19-22 23 The following Accounting Standards Interpretations (ASIs) relate to AS 16: ASI 1- Substantial Period
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