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AS 2 Valuation of Inventories
AS 5 Net Profit or Loss for the period, Prior Period Items and Changes in
Accounting Policies
AS 6 Depreciation Accounting
AS 9 Revenue Recognition
AS 16 Borrowing Costs
AS 17 Segment Reporting
AS 19 Leases
AS 24 Discontinuing Operations
AS 26 Intangible Assets
AS 28 Impairment of Assets
IAS 2 Inventories
The objective of this Standard is to prescribe the accounting treatment for
inventories. A primary issue in accounting for inventories is the amount of
cost to be recognised as an asset and carried forward until the related
revenues are recognised. This Standard provides guidance on the
determination of cost and its subsequent recognition as an expense,
including any write-down to net realisable value. It also provides guidance
on the cost formulas that are used to assign costs to inventories.
(a) when an entity should adjust its financial statements for events after the
reporting period; and
(b) the disclosures that an entity should give about the date when the
financial statements were authorised for issue and about events after the
reporting period.
The Standard also requires that an entity should not prepare its financial
statements on a going concern basis if events after the reporting period
indicate that the going concern assumption is not appropriate
IAS 17 Leases
The objective of this Standard is to prescribe, for lessees and lessors, the
appropriate accounting policies and disclosure to apply in relation to leases.
The classification of leases adopted in this Standard is based on the extent
to which risks and rewards incidental to ownership of a leased asset lie with
the lessor or the lessee.
IAS 18 Revenue
The primary issue in accounting for revenue is determining when to
recognize revenue. Revenue is recognized when it is probable that future
economic benefits will flow to the entity Tand these benefits can be
measured reliably. This Standard identifies the circumstances in which these
criteria will be met and, therefore, revenue will be recognized. It also
provides practical guidance on the application of these criteria.
Revenue is the gross inflow of economic benefits during the period arising in
the course of the ordinary activities of an entity when those inflows result in
increases in equity, other than increases relating to contributions from
equity participants.
This Standard shall be applied in accounting for, and in the disclosure of,
government grants and in the disclosure of other forms of government
assistance.
This Standard does not apply to hedge accounting for foreign currency
items, including the hedging of a net investment in a foreign operation. IAS
39 applies to hedge accounting.
Some retirement benefit plans have sponsors other than employers; this
Standard also applies to the financial statements of such plans.
(b) mutual funds, unit trusts and similar entities including investment-linked
insurance funds that upon initial recognition are designated as at fair value
through profit or loss or are classified as held for trading and accounted for
in accordance with IAS 39 Financial Instruments: Recognition and
Measurement.
Such investments shall be measured at fair value in accordance with IAS 39,
with changes in fair value recognized in profit or loss in the period of the
change.
Significant influence is the power to participate in the financial and
operating policy decisions of the investee but is not control or joint control
over those policies.
A venturer is a party to a joint venture and has joint control over that joint
venture.
Joint ventures take many different forms and structures. This Standard
identifies three broad types—jointly controlled operations, jointly controlled
assets and jointly controlled entities—that are commonly described as,and
meet the definition of, joint ventures.
IAS 32 Financial Instruments: Presentation
The objective of this Standard is to establish principles for presenting
financial instruments as liabilities or equity and for offsetting financial assets
and financial liabilities. It applies to the classification of financial
instruments, from the perspective of the issuer, into financial assets,
financial liabilities and equity instruments; the classification of related
interest, dividends, losses and gains; and the circumstances in which
financial assets and financial liabilities should be offset.
(a) cash;
(d) a contract that will or may be settled in the entity’s own equity
instruments
(a) those resulting from financial instruments that are carried at fair value;
(b) those resulting from executory contracts, except where the contract is
onerous. Executory contracts are contracts under which neither party has
performed any of its obligations or both parties have partially performed
their obligations to an equal extent;
(c) those arising in insurance entities from contracts with policyholders; or
(d) those covered by another Standard.
IAS 41 Agriculture
The objective of this Standard is to prescribe the accounting treatment and
disclosures related to agricultural activity.