Accounting

Accounting Standard (AS) 27

Financial Reporting of Interests in Joint Ventures Objective The objective of this Standard is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors. Scope 1. This Standard should be applied in accounting for …

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Accounting Standard (AS) 28

Impairment of Assets Objective The objective of this Standard is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or …

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Accounting Standard (AS) 29

Provisions, Contingent Liabilities and Contingent Assets Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of …

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Accounting Standard (AS) 26

Intangible Assets Objective The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard. This Standard requires an enterprise to recognise an intangible asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount …

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Accounting Standard (AS) 25

Interim Financial Reporting Objective The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in a complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to …

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Accounting Standard (AS) 24

Discontinuing Operations Objective The objective of this Standard is to establish principles for reporting information about discontinuing operations, thereby enhancing the ability of users of financial statements to make projections of an enterprise’s cash flows, earnings-generating capacity, and financial position by segregating information about discontinuing operations from information about continuing operations. Scope 1. This Standard …

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Accounting Standard (AS) 23

Accounting for Investments in Associates in Consolidated Financial Statements Objective The objective of this Standard is to set out principles and procedures for recognising, in the consolidated financial statements, the effects of the investments in associates on the financial position and operating results of a group. Scope 1. This Standard should be applied in accounting …

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Accounting Standard (AS) 22

Accounting for Taxes on Income Objective The objective of this Standard is to prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprise. In accordance with the matching concept, taxes on income are accrued in the same period as …

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Accounting Standard (AS) 21

Consolidated Financial Statements Objective The objective of this Standard is to lay down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (also known as holding enterprise) to provide financial information about the economic activities of its group. These statements are intended to present financial …

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Accounting Standard (AS) 20

Earnings Per Share Objective 1. The objective of this Standard is to prescribe principles for the determination and presentation of earnings per share which will improve comparison of performance among different enterprises for the same period and among different accounting periods for the same enterprise. The focus of this Standard is on the denominator of …

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Accounting Standard (AS) 19

Leases Objective The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases. Scope 1. This Standard should be applied in accounting for all leases other than: (a) lease agreements to explore for or use natural resources, such as oil, …

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Accounting Standard (AS) 18

Related Party Disclosures Objective The objective of this Standard is to establish requirements for disclosure of: (a) related party relationships; and (b) transactions between a reporting enterprise and its related parties. Scope 1. This Standard should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements …

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