IAS 10 EVENTS AFTER THE BALANCE SHEET DATE | | |HISTORY OF IAS 10 | |July 1977 |Exposure Draft E10 Contingencies and Events Occurring After the Balance Sheet Date | |October 1978 |IAS 10 Contingencies and Events Occurring After the Balance Sheet Date effective 1 January 1980 | |1994 |IAS 19 (1978) was reformatted
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which include Manufacturing and Trading‚ Profit and Loss Account and Balance Sheet. The determination of profit or loss is done by preparing a Trading‚ Profit and Loss Account. The purpose of preparing the Balance Sheet is to know the financial soundness of a concern as a whole during the particular period. The following procedure and important points to be considered for preparation of Trading‚ Profit and Loss Account and Balance Sheet. (1) Manufacturing Account Manufacturing Account is the important
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Statements of Earnings the income statement tell you about the company? Why is this statement important? What business decisions could be made using the income statement? What does the balance sheet tell you about the company? Why is the balance sheet important? What business decisions could be made using the balance sheet? What does the statement of cash flows tell you about the company? What business decisions could be made using the statement of cash flows? What information is provided in the
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. Ques.1(b)- What is a Balance Sheet ? How does a Funds Flow Statement differ from a Balance Sheet ? Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement Ans- In financial accounting‚ a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship‚ a business partnership‚ a corporation or other business organization‚ such as an LLC or an LLP. Assets‚ liabilities and ownership equity are listed as of a specific
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food. FMCG Industry Fast Moving Consumer Goods segment is characterized by quick turnover and relatively low cost inventory. Nestlé is third largest FMCG Company in India after HUL and ITC. The main Competitors of Nestlé in India are Cadbury‚ Amul and Britannia. FMCG sector has huge growth potential in India. Market Scenario In 2008‚ the whole industry was hit by tremendous uncertainties‚ characterized by high commodity prices and inflation. The market took a further hit with the unprecedented
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loss – An adjustment to balance sheet Adjustment to Profit and Loss • Any amount of expenses outstanding at the end of the year should be added to the total amount paid. – Eg. If total rent paid for the year is $10000 and $2000 is still outstanding at the end of the year then in order to reflect the total amount used up (incurred) for the period then the $2000 must be added to the $10000 in the profit and loss account. (The Accrual Concept) Adjustment to Balance Sheet • An expense outstanding
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prepared using the indirect method (the method used by most companies) the differences in a company’s balance sheet accounts will provide much of the needed information. For example‚ if the statement of cash flows is for the year 2012‚ the balance sheet accounts at December 31‚ 2012 will be compared to the balance sheet accounts at December 31‚ 2011. The changes—or differences—in these account balances will likely be entered in one of the sections of the statement of cash flows. Shown below is
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statement The management of company can control the financial of company through financial statements because it gives detail in all kind of financial record to management. There are three financial statements (i.e. Profit and loss statement‚ balance sheet‚ and cash flow statement). Financial statements should be understandable‚ relevant‚ reliable and comparable. Profit and loss statement (income statement): it reports all incomes‚ expenses in order to calculate the profit of company in the period
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TASK THREE BALANCE SHEET The accounting balance sheet is one of the major financial statements used by accountants and business owners. (The other major financial statements are the income statement‚ statement of cash flows‚ and statement of stockholders’ equity) The balance sheet is also referred to as the statement of financial position. The balance sheet presents a company’s financial position at the end of a specified date. Some describe the balance sheet as a "snapshot" of the company’s
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parcel cost the company $20‚000 in 1956 and in 2006 a two-acre parcel adjacent to the original parcel is purchased for a cost of $800‚000‚ the accountant will add the $800‚000 to the land account and will report the land account’s balance of $820‚000 on the company’s balance sheet. To say that the purchasing power of the dollar has not changed significantly from 1956 to 2006 is quite a stretch. However‚ the assumption is that the purchasing power of the dollar has not changed. Part of the monetary unit
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