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Thread: 01 Indian Accounting Standard (Ind AS) 1 - Presentation of Financial Statements

  1. #31
    IND-AS
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    Thumbs up Puttable financial instruments classified as equity of Indian Accounting Standard (Ind AS) 1 - Presentation of Financial Statements

    Puttable financial instruments classified as equity of Indian Accounting Standard (Ind AS) 1



    Presentation of Financial Statements

    Notes



    Puttable financial instruments classified as equity


    136A. For puttable financial instruments classified as equity instruments, an entity shall disclose (to the extent not disclosed elsewhere):

    (a) summary quantitative data about the amount classified as equity;
    (b) its objectives, policies and processes for managing its obligation to repurchase or redeem the instruments when required to do so by the instrument holders, including any changes from the previous period;
    (c) the expected cash outflow on redemption or repurchase of that class of financial instruments; and
    (d) information about how the expected cash outflow on redemption or repurchase was determined.


  2. #32
    IND-AS
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    Thumbs up Other disclosures of Indian Accounting Standard (Ind AS) 1 - Presentation of Financial Statements

    Other disclosures of Indian Accounting Standard (Ind AS) 1


    Presentation of Financial Statements

    Notes


    Other disclosures

    137. An entity shall disclose in the notes:

    (a) the amount of dividends proposed or declared before the financial statements were approved for issue but not recognised as a distribution to owners during the period, and the related amount per share; and
    (b) the amount of any cumulative preference dividends not recognised.

    138. An entity shall disclose the following, if not disclosed elsewhere in information published with the financial statements:

    (a) the domicile and legal form of the entity, its country of incorporation and the address of its registered office (or principal place of business, if different from the registered office);
    (b) a description of the nature of the entity’s operations and its principal activities;
    (c) the name of the parent and the ultimate parent of the group; and
    (d) if it is a limited life entity, information regarding the length of its life.



  3. #33
    IND-AS
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    Thumbs up Indian Accounting Standard (Ind AS) 1- Appendix - A References to matters contained in other Indian Accounting Standards (Ind ASs)

    Indian Accounting Standard (Ind AS) 1


    Presentation of Financial Statements


    Appendix - A
    References to matters contained in other Indian Accounting Standards


    This Appendix is an integral part of Indian Accounting Standard (Ind AS) 1.


    This appendix lists the different appendices which are the part of other Indian Accounting Standards and make reference to Ind AS 1:

    1. Appendix A Distributions of Non-cash Assets to Owners contained in Ind AS 10 Events after the Reporting Period

    2. Appendix B Service Concession Arrangements: Disclosures contained in Ind AS 11, Construction Contracts

    3. Appendix B Income Taxes—Changes in the Tax Status of an Entity or its Shareholders contained in Ind AS 12 Income Taxes

    4. Appendix A Changes in Existing Decommissioning, Restoration and Similar Liabilities contained in Ind AS 16, Property, Plant and Equipment

    5. Appendix A Operating Leases—Incentives contained in Ind AS 17 Leases

    6. Appendix A IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction contained in Ind AS 19 Employee Benefits

    7. Appendix A Intangible Assets—Web Site Costs contained in Ind AS 38, Intangible Assets

    8. Appendix E Extinguishing Financial Liabilities with Equity Instruments contained in Ind AS 39 Financial Instruments: Recognition and Measurement.



  4. #34
    IND-AS
    Guest

    Thumbs up Indian Accounting Standard (Ind AS) 1 - Appendix -1 Comparison with IAS 1, Presentation of Financial Statements

    Indian Accounting Standard (Ind AS) 1


    Presentation of Financial Statements

    Appendix 1


    Note: This Appendix is not a part of the Indian Accounting Standard. The purpose of this Appendix is only to bring out the differences, if any, between Indian Accounting Standard (Ind AS) 1 and the corresponding International Accounting Standard (IAS) 1, Presentation of Financial Statements.


    Comparison with IAS 1, Presentation of Financial Statements

    1. With regard to preparation of Statement of profit and loss, International Accounting Standard (IAS) 1, Presentation of Financial Statements , provides an option either to follow the single statement approach or to follow the two statement approach. While in the single statement approach, all items of income and expense are recognised in the statement of profit and loss, in the two statements approach, two statements are prepared, one displaying components of profit or loss (separate income statement) and the other beginning with profit or loss and displaying components of other comprehensive income. Ind AS 1 allows only the single statement approach.
    Paragraph 84 of IAS 1 is with reference to the two statement approach. As Ind AS 1 does not allow the aforesaid option, the paragraph 84 is deleted. However, paragraph number 84 has been retained in Ind AS 1 to maintain consistency with paragraph numbers of IAS 1.

    2. IAS 1 requires preparation of a Statement of Changes in Equity as a separate statement. Ind AS 1 requires the statement of changes in equity to be shown as a part of the balance sheet. Paragraph 10(c) of IAS 1 is with reference to the separate statement of changes in equity. . As Ind AS 1 does not require it, the same is deleted. However, paragraph number 10(c) has been retained in Ind AS 1 to maintain consistency with paragraph numbers of IAS 1

    3. Different terminology is used in Ind AS 1 e.g., the term ‘balance sheet’ is used instead of ‘Statement of financial position’ and ‘Statement of Profit and Loss’ is used instead of ‘Statement of comprehensive income’. The words ‘approval of the financial statements for issue’ have been used instead of ‘authorisation of the financial statements for issue’ in the context of financial statements considered for the purpose of events after the reporting period.

    4. Paragraph 8 of IAS 1 gives the option to individual entities to follow different terminology for the titles of financial statements. Ind AS 1 is changed to remove alternatives by giving one terminology to be used by all entities. However, paragraph number 8 has been retained in Ind AS 1 to maintain consistency with paragraph numbers of IAS 1.

    5. Paragraph 37 of IAS 1 permits the periodicity, for example, of 52 weeks for preparation of financial statements. As Ind AS 1 does not permit it,the same is deleted. However, paragraph number 37 has been retained in Ind AS 1 to maintain consistency with paragraph numbers of IAS 1.

    6. Paragraph 99 of IAS 1 requires an entity to present an analysis of expenses recognised in profit or loss using a classification based on either their nature or their function within the equity. Ind AS 1 requires only nature-wise classification of expenses. In IAS 1 the following paragraphs are with reference to functionwise classification of expense. In order to maintain consistency with paragraph numbers of IAS 1, the paragraph numbers are retained in Ind AS 1 :

    (i) Paragraph 103
    (ii) Paragraph 104
    (iii) Paragraph 105

    7. IAS 1 contains Implementation Guidance. Ind AS 1 does not include the same because various enactments have prescribed formats, e.g., Schedule VI to the Companies Act, 1956.



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