Académique Documents
Professionnel Documents
Culture Documents
ON
ACCOUNTING STANDARD
SUBMITTED BY:STELLA BALASUBRAMANIAM
ROLL NO: - 11
MASTER OF COMMERCE (PART-I)
ADVANCED FINANCIAL ACCOUNTING
(SEM-II)
2014-2015
PROJECT GUIDE:PROF.NEELAM SHAIKH
K.G JOSHI COLLEGE OF ARTS & N.G.BEDEKAR COLLEGE
OF COMMERCE.
PROJECT GUIDE
EXTERNAL EXAMINER
DATE:-
Student signature
STELLA BALASUBRAMANIAM
PLACE: - THANE
INDEX:SR.NO
TOPIC
PAGE
1.
2.
3.
4.
5.
6.
7.
INTRODUCTION.
INDIAN ACCOUNTING STANDARD.
DIFFERENT ACCOUNTING STANDARD.
ACCOUNTING STANDARD 16:-BORROWING COST.
ACCOUNTING STANDARD 17:-SEGMENT REPORTING
ACCOUNTING STANDARD 20:-EARNING PER SHARE.
ACCOUNTING STANDARD 22:-ACCOUNTING FOR
NO.
6-8
9
10-11
12-22
23-24
25-26
27-29
8.
9.
10.
11.
12.
TAXES ON INCOME.
COMPANY OVERVIEW OF INFOSYS LMT.
BALANCE SHEET ACCOUNT.
PROFIT & LOSS ACCOUNT.
CONCLUSION.
BIBLOGRAPHY.
30-32
33-34
35-36
37
38
INTRODUCTION:-
What are Accounting Standards:Accounting Standards are the statements of code of practice of the regulatory
accounting bodies that are to be observed in the preparation of financial statements. In
layman terms accounting standards are the written documents issued by the experts institutes
or other regulatory bodies covering various aspects of measurement treatment, presentation
and disclosure of accounting transactions.
About ICAI:The Institute of Chartered Accountants of India (ICAI) is a statutory body established
under the Chartered Accountants act 1949. (Act No.XXXXVIII of 1949) for the regulation of
the profession of Chartered Accountants in India. During its 61 years of existence, ICAI has
achieved recognition as a premier accounting body not only in the country but also globally,
for its contribution in the fields of education, professional development maintenance of high
accounting, auditing and ethical standards. ICAI now is the second largest accounting body in
the whole world.
Procedure of formulating Accounting Standards in India:The institute of Chartered Accountant of India (ICAI) recognizing the need to
harmonize the diverse accounting policies and practices, constituted an accounting standards
boards (ASB) on April 21, 1977. The main faction of ASB so that such standards may be
mandated by the council of ICAI. While formulating the standards in India, ASB will take
into consideration the applicable laws custom usages and business environment. ICAI is one
of the members of International Accounting Standards Committee (IASC) and has agreed to
support the objectives of IASC. ASB will give due consideration to IAS and try to integrate
them to the extent possible in light of the considerations and practices pre-vailing in India.
The accounting standards issued will apply to General Purpose Financial Statement
this would include balance-sheet, Profit & Loss A/c and other statement and explanatory
notes which form part thereof issued for the use of shareholders or members, Creditors,
Employees and public at large. The Accounting Standards are intended to apply only to items
which are material. The standards are generally expected to apply prospectively unless
otherwise stated.
ASB shall determine the board areas in which accounting standards need to be
formulated and the priority in regards to the selection thereof.
In the preparation of the accounting standards ASB will be assisted by study groups
constituted to consider specific subjects. In the formation of the study groups
provision will be made for wide participation by the members of ICAI and others.
ASB will also hold a dialogue with the representative of the Government, Public
sector, Industry and other organizations for ascertaining their views.
Based on the above an exposure draft of the proposed standard will be prepared and
issued for comments by members of ICAI and the public at large.
After taking into consideration the comments received the exposure draft will be
finalized by the ASB and submitted to the council of ICAI.
The council of ICAI will consider the final draft and if found necessary modify the
same in consultation with ASB. The accounting standard on the relevant subject will
then be issued under the authority of the council.
INTRODUCTION:The council of the institute of chartered accountant of India as so far issue 32 (thirty
two) accounting standard. Whoever accounting standards 8th on Accounting for research
and development has been withdraw on consequent to the issuance of accounting
standard 26th Intangible Assets thus effectively there are 31 st accounting standard at
present the accounting standard issued by the ABC establish which have to be complied
so that the financial statement are prepared in accordance with generally accepted
accounting principles.
AS 1
AS 2
Valuation of Inventories
AS 3
AS 4
AS 5
Net Profit or Loss for the Period, Prior Period Items and Changes in
AS 6
Accounting Policies
Depreciation Accounting
AS
Construction Contracts
(Revised)
AS 8
AS 9
Revenue Recognition
AS 10
AS
11
(Revised 2003)
AS 12
AS 13
AS 14
AS
(Revised 2005)
AS 16
Borrowing Costs
AS 17
Segment Reporting
AS 18
AS 19
Leases
AS 20
AS 21
AS 22
AS 23
AS 24
Statements
Discontinuing Operations
AS 25
AS 26
Intangible Assets
AS 27
AS 28
Impairment of Assets
AS 29
AS 30
AS 31
AS 32
11
Statement does not deal with the actual or imputed cost of owners equity/preference
capital.
Interest and commitment charges on Bank Borrowings, Other short-term and other
long-term borrowings.
Finance charges in respect of assets acquired under finance leases or under other
similar arrangements; and
Exchange differences arising from foreign currency borrowings to the extent that they
are regarded as an adjustment to interest costs.
12
In case of funds obtained generally and used for obtaining a qualifying asset, the
borrowing cost to be capitalized is determined by applying weighted average of
borrowing cost on outstanding borrowings, other than borrowings for obtaining
qualifying asset.
Financial statements to disclose accounting policy adopted for borrowing cost and
also the amount of borrowing costs capitalized during the period.
13
Borrowing cost:(This Accounting Standard includes paragraphs set in bold italic type and plain type,
which have equal authority. Paragraphs in bold italic type indicate the main principles. This
Accounting Standard should be read in the context of its objective and the General
Instructions contained in part A of the Annexure to the Notification.)
Objective
The objective of this Standard is to prescribe the accounting treatment for borrowing costs.
Scope
1. This Standard should be applied in accounting for borrowing costs.
2. This Standard does not deal with the actual or imputed cost of owners equity, including
preference share capital not classified as a liability.
Definitions
3. The following terms are used in this Standard with the meanings specified:
14
3.1 Borrowing costs are interest and other costs incurred by an enterprise in connection with
the borrowing of funds.
3.2 A qualifying asset is an asset that necessarily takes a substantial period of time to get ready
for its intended use or sale.
Explanation:What constitutes a substantial period of time primarily depends on the facts and
circumstances of each case. However, ordinarily, a period of twelve months is
considered as substantial period of time unless a shorter or longer period can be
justified on the basis of facts and circumstances of the case. In estimating the period,
time which an asset takes, technologically and commercially, to get it ready for its
intended use or sale is considered.
4. Borrowing costs may include:
(a) interest and commitment charges on bank borrowings and other short-term and longterm borrowings;
(b) Amortization of discounts or premiums relating to borrowings;
(c) amortization of ancillary costs incurred in connection with the arrangement of
borrowings;
(d) finance charges in respect of assets acquired under finance leases or under other
similar arrangements; and
(e) Exchange differences arising from foreign currency borrowings to the extent that
they are regarded as an adjustment to interest costs.
Explanation:Exchange differences arising from foreign currency borrowings and considered as
15
borrowing costs are those exchange differences which arise on the amount of principal
of the foreign currency borrowings to the extent of the difference between interest on
local currency borrowings and interest on foreign currency borrowings. Thus, the
amount of exchange difference not exceeding the difference between interest on local
currency borrowings and interest on foreign currency borrowings is considered as
borrowings costs to be accounted for under this Standard and the remaining exchange
difference, if any, is accounted for under AS 11, The Effects of Changes in Foreign
Exchange Rates. For this purpose, the interest rate for the local currency borrowings is
considered as that rate at which the enterprise would have raised the borrowings locally
had the enterprise not decided to raise the foreign currency borrowings.
The application of this explanation is illustrated in the Illustration attached to the Standard.
5. Examples of qualifying assets are manufacturing plants, power generation facilities,
inventories that require a substantial period of time to bring them to a saleable condition, and
investment properties. Other investments, and those inventories that are routinely
manufactured or otherwise produced in large quantities on a repetitive basis over a short
period of time, are not qualifying assets. Assets that are ready for their intended use or sale
when acquired also are not qualifying assets.
Recognition
6. Borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset should be capitalized as part of the cost of that asset. The
amount of borrowing costs eligible for capitalization should be determined in accordance
with this Standard. Other borrowing costs should be recognized as an expense in the
period in which they are incurred
7. Borrowing costs are capitalized as part of the cost of a qualifying asset when it is probable
that they will result in future economic benefits to the enterprise and the costs can be
measured reliably. Other borrowing costs are recognized as an expense in the period in which
they are incurred.
Conditions of AS 16
16
As per AS 16, there are three situations or conditions which are specified in relation to
capitalization of borrowing cost.
1. Commencement of Capitalization
2. Suspension of Capitalization
3. Cessation of Capitalization
17
11. The financing arrangements for a qualifying asset may result in an enterprise obtaining
borrowed funds and incurring associated borrowing costs before some or all of the funds are
used for expenditure on the qualifying asset. In such circumstances, the funds are often
temporarily invested pending their expenditure on the qualifying asset. In determining the
amount of borrowing costs eligible for capitalization during a period, any income earned on
the temporary investment of those borrowings is deducted from the borrowing costs incurred.
12. To the extent that funds are borrowed general ly and used for the purpose of obtaining
a qualifying asset, the amount of borrowing costs eligible for capitalization should be
determined by applying a capitalization rate to the expenditure on that asset. The
capitalization rate should be the weighted average of the borrowing costs applicable to the
borrowings of the enterprise that are outstanding during the period, other than borrowings
made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing
costs capitalized during a period should not exceed the amount of borrowing costs
incurred during that period.
Excess of the Carrying Amount of the Qualifying Asset over Recoverable Amount
13. When the carrying amount or the expected ultimate cost of the qualifying asset exceeds
its recoverable amount or net realizable value, the carrying amount is written down or written
off in accordance with the requirements of other Accounting Standards. In certain
circumstances, the amount of the write-down or write-off is written back in accordance with
those other Accounting Standards.
Commencement of Capitalizations
14. The capitalization of borrowing costs as part of the cost of a qualifying asset should
commence when all the following conditions are satisfied:
a. Expenditure for the acquisition, construction or production of a qualifying asset is
18
being incurred;
B.borrowing costs are being incurred; and
C .Activities that is necessary to prepare the asset for its intended use or sale is in progress.
15. Expenditure on a qualifying asset includes only such expenditure that has resulted in
payments of cash, transfers of other assets or the assumption of interest-bearing liabilities.
Expenditure is reduced by any progress payments received and grants received in connection
with the asset (see Accounting Standard 12, Accounting for Government Grants). The
average carrying amount of the asset during a period, including borrowing costs previously
capitalized, is normally a reasonable approximation of the expenditure to which the
capitalization rate is applied in that period.
16. The activities necessary to prepare the asset for its intended use or sale encompass more
than the physical construction of the asset. They include technical and administrative work
prior to the commencement of physical construction, such as the activities associated with
obtaining permits prior to the commencement of the physical construction. However, such
activities exclude the holding of an asset when no production or development that changes
the assets condition is taking place. For example, borrowing costs incurred while land is
under development are capitalized during the period in which activities related to the
development are being undertaken. However, borrowing costs incurred while land acquired
for building purposes is held without any associated development activity do not qualify for
capitalization.
Suspension of Capitalizations
17. Capitalizations of borrowing costs should be suspended during extended periods in which
active development is interrupted.
18. Borrowing costs may be incurred during an extended period in which the activities
necessary to prepare an asset for its intended use or sale are interrupted. Such costs are costs
of holding partially completed assets and do not qualify for capitalization. However,
capitalization of borrowing costs is not normally suspended during a period when substantial
19
technical and administrative work is being carried out. Capitalizations of borrowing costs are
also not suspended when a temporary delay is a necessary part of the process of getting an
asset ready for its intended use or sale. For example, capitalization continues during the
extended period needed for inventories to mature or the extended period during which high
water levels delay construction of a bridge, if such high water levels are common during the
construction period in the geographic region involved.
Cessation of Capitalizations
19. Capitalizations of borrowing costs should cease when substantially all the activities
necessary to prepare the qualifying asset for its intended use or sale are complete.
20. An asset is normally ready for its intended use or sale when its physical construction or
production is complete even though routine administrative work might still continue. If minor
modifications, such as the decoration of a property to the users specification, are all that are
outstanding, this indicates that substantially all the activities are complete.
21.When the construction of a qualifying asset is completed in parts and a completed part
is capable of being used while construction continues for the other parts, capitalization of
borrowing costs in relation to a part should cease when substantially all the activities
necessary to prepare that part for its intended use or sale are complete.
22. A business par k comprising several buildings, each of which can be used individually, is
an example of a qualifying asset for which each part is capable of being used while
construction continues for the other parts. An example of a qualifying asset that needs to be
complete before any part can be used is an industrial plant involving several processes which
are carried out in sequence at different parts of the plant within the same site, such as a steel
mill.
Disclosure
20
Illustration
Note: This illustration does not form part of the Accounting Standard. Its purpose is to assist
in clarifying the meaning of paragraph 4(e) of the Standard.
XYZ Ltd. has taken a loan of USD 10,000 on April 1, 20X3, for a specific project at an
interest rate of 5% p.a., payable annually. On April 1, 20X3, the exchange rate between the
currencies was Rs. 45 per USD. The exchange rate, as at March 31, 20X4, is Rs. 48 per USD.
The corresponding amount could have been borrowed by XYZ Ltd. in local currency at an
interest rate of 11 per cent per annum as on April 1, 20X3.
The following computation would be made to determine the amount of borrowing costs for
the purposes of paragraph 4(e) of AS 16:
(i) Interest for the period = USD 10,000 5%x Rs. 48/USD = Rs. 24,000/(ii) Increase in the liability towards the principal amount = USD 10,000 (48-45)
= Rs. 30,000/(iii)
Interest that would have resulted if the loan was taken in Indian currency =
USD 10000 x 45 x 11% = Rs. 49,500
21
22
The dominant source and nature of risk and returns of an enterprise should govern
whether its primary reporting format will be business segments or geographical
segments.
segment assets are 10% or more of all the assets of all the segments. If there is
reportable segment in the preceding period (as per criteria), same shall be considered
as reportable segment in the current year.
If total external revenue attributable to reportable segment constitutes less than 75%
of total revenues then additional segments should be identified, for reporting.
Under primary reporting format for each reportable segment the enterprise should
disclose external and internal segment revenue, segment result, amount of segment
assets and liabilities, cost of fixed assets acquired, depreciation, amortization of assets
and other non cash expenses.
24
Requirement is to present basic and diluted EPS on the face of Profit and Loss
statement for each class of equity shares with equal prominence to all periods
presented.
Basic EPS is calculated by dividing net profit or loss for the period attributable to
equity shareholders by weighted average of equity shares outstanding during the
period. Basic & Diluted EPS to be computed on the basis of earnings excluding
extraordinary items (net of tax expense). (Limited Revision w.e.f. 1-4-2004)
Earnings attributable to equity shareholders are after the preference dividend for the
period and the attributable tax.
The weighted average number of shares for all the periods presented is adjusted for
bonus issue, share split and consolidation of shares. In case of rights issue at price
lower than fair value, there is an embedded bonus element for which adjustment is
made.
For calculating diluted EPS, net profit or loss attributable to equity shareholders and
the weighted average number of shares are adjusted for the effects of dilutive potential
equity shares (i.e., assuming conversion into equity of all dilutive potential equity).
Potential equity shares are treated as dilutive when their conversion into equity would
result in a reduction in profit per share from continuing operations.
In calculating diluted EPS each issue of potential equity share is considered separately
and in sequence from the most dilutive to the least dilutive.
Amounts of earnings used as numerator for computing basic and diluted EPS and
their reconciliation with Profit and Loss statement are disclosed. Also, the weighted
average number of equity shares used in calculating the basic EPS and diluted EPS
and the reconciliation between the two EPS is to be disclosed.
26
It has been clarified that if an enterprise discloses EPS for complying with
requirements of any source or otherwise, should calculate and disclose EPS as per AS
20. Disclosure under Part IV of Schedule VI to the Companies Act, 1956 should be in
accordance with AS 20.
27
Deferred tax should be recognized for all the timing differences, subject to the
consideration
of
prudence
in
respect
of
deferred
tax
assets
(DTA).
When enterprise has unabsorbed depreciation or carry forward tax losses, DTA to be
recognized only if there is virtual certainty supported by convincing evidence of
future taxable income. Unrecognized DTA to be reassessed at each balance sheet date.
Virtual certainty refers to the fact that there is practically no doubt regarding the
determination of availability of the future taxable income. Also, convincing evidence
is required to support the judgment of virtual certainty (ASI-9 incorporated in (AS) 22
"Accounting for Taxes on Income" as an explanation below Para 17).
In respect of loss under the head Capital Gains, DTA shall be recognized only to the
extent that there is a reasonable certainty of sufficient future taxable capital gain (ASI
- 4). DTA to be recognized on the amount, which is allowed as per the provisions of
the Act; i.e., loss after considering the cost indexation as per the Income-tax Act.
The transferee company can recognize a DTA in respect of carry forward losses of the
transferor enterprise, if conditions relating to prudence as per AS 22 are satisfied,
though transferor enterprise would not have recognized such deferred tax assets on
28
Tax expenses for the period, comprises of current tax and deferred tax.
Current
tax
[includes
payment
u/s.
115JB
of
the
Act
Deferred tax assets and liabilities should be measured using the tax rates and tax laws
that have been enacted or substantively enacted by the balance sheet date and should
not be discounted to their present value. Deferred Tax to be measured using the
regular tax rates for companies that pay tax u/s. 115JB of the Act (ASI-6 incorporated
in (AS) 22 "Accounting for Taxes on Income" as an explanation below para 21).
DTA should be disclosed separately after the head 'Investments' and deferred tax
liability (DTL) should be disclosed separately after the head 'Unsecured Loans' (ASI7 incorporated in (AS) 22 "Accounting for Taxes on Income" as an explanation below
29
Para 30) in the balance sheet of the enterprise. Assets and liabilities to be netted off
only when the enterprise has a legally enforceable right to set off and intends to settle
on net basis.
The break-up of deferred tax assets and deferred tax liabilities into major components
of the respective balances should be disclosed in the notes to accounts.
The nature of the evidence supporting the recognition of deferred tax assets should be
disclosed, if an enterprise has unabsorbed depreciation or carry forward of losses
under tax laws.
The deferred tax assets and liabilities in respect of timing differences which originate
during the tax holiday period and reverse during the tax holiday period, should not be
recognized to the extent deduction from the total income of an enterprise is allowed
during the tax holiday period. However, if timing differences reverse after the tax
holiday period, DTA and DTL should be recognized in the year in which the timing
differences originate. Timing differences, which originate first, should be considered
for reversal first (ASI-3) and (ASI-5 incorporated in (AS) 22 "Accounting for Taxes
on Income" as an explanation below Para 13).
On the first occasion of applicability of this AS the enterprise should recognize the
deferred tax balance that has accumulated prior to the adoption of this Statement as
deferred tax asset/liability with a corresponding credit / charge to the revenue
reserves.
30
COMPANY OVERVIEW:Infosys Limited ('Infosys' or 'the Company') along with its controlled trust, Infosys Science
Foundation, majority-owned and controlled subsidiary, Infosys BPO Limited and its
controlled subsidiaries ('Infosys BPO') and wholly-owned and controlled subsidiaries,
Infosys Technologies (Australia) Pty. Limited ('Infosys Australia'), Infosys Technologies
(China) Co. Limited ('Infosys China'), Infosys Technologies S. de R. L. de C. V. ('Infosys
Mexico'), Infosys Technologies (Sweden) AB. ('Infosys Sweden'), Infosys Technologic DO
Brazil LTDA. ('Infosys Brazil'), Infosys Public Services, Inc, USA ('Infosys Public Services'),
Infosys Consulting India Limited, Infosys Americas Inc., (Infosys Americas), Edge verve
Systems Limited (Edge verve), Infosys Technologies (Shanghai) Company Limited ('Infosys
Shanghai') and Lodestone Holding AG and its controlled subsidiaries ('Infosys Lodestone') is
a leading global services corporation. The Company provides business consulting,
technology, engineering and outsourcing services to help clients build tomorrow's enterprise.
In addition, the Company offers software products and platforms.
Basis of preparation of financial statements
These financial statements are prepared in accordance with Indian Generally Accepted
Accounting Principles (GAAP) under the historical cost convention on the accrual basis
except for certain financial instruments which are measured at fair values. GAAP comprises
mandatory accounting standards as prescribed by the Companies (Accounting Standards)
Rules, 2006, the provisions of the Companies Act, 2013 (to the extent notified) and the
Companies Act, 1956 (to the extent applicable) and guidelines issued by the Securities and
31
Exchange Board of India (SEBI). Accounting policies have been consistently applied except
where a newly issued accounting standard is initially adopted or a revision to an existing
accounting standard requires a change in the accounting policy hitherto in use.
Use of estimates
The preparation of the financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported balances of assets and liabilities
and disclosures relating to contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the period. Examples of such estimates
include computation of percentage of completion which requires the Company to estimate the
efforts or costs expended to date as a proportion of the total efforts or costs to be expended,
provisions for doubtful debts, future obligations under employee retirement benefit plans,
income taxes, post-sales customer support and the useful lives of fixed tangible assets and
intangible assets.
Accounting estimates could change from period to period. Actual results could differ from
those estimates. Appropriate changes in estimates are made as the Management becomes
aware of changes in circumstances surrounding the estimates. Changes in estimates are
reflected in the financial statements in the period in which changes are made and, if material,
their effects are disclosed in the notes to the financial statements.
32
LEGISLATION AND REGULATION OF COMPANIES:The accounts of a company are designed to show both the performance and its current
financial position. All company accounts in this country need to be produced in accordance
with:1. The Companies Act, 1985
2. Accounting Standards.
SSAPs with FRSs, which are issued when the Board identifies a need. These two sets of
standards encourage greater clarity so that the reader can fully understand the information
represented.
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Net worth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
287.00
287.00
0.00
0.00
35,772.00
0.00
36,059.00
0.00
0.00
0.00
36,059.00
Mar '13
12 mths
34
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deferred Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
10,374.00
4,642.00
5,732.00
954.00
6,717.00
0.00
7,336.00
24,100.00
31,436.00
7,873.00
0.00
39,309.00
0.00
4,503.00
6,117.00
10,620.00
28,689.00
0.00
42,092.00
1,020.00
736.64
8,029.00
3,576.00
4,453.00
1,135.00
4,344.00
0.00
6,365.00
20,401.00
26,766.00
6,330.00
0.00
33,096.00
0.00
3,181.00
3,788.00
6,969.00
26,127.00
0.00
36,059.00
1,693.00
627.95
35
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalized
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Mar '13
12 mths
44,341.00
0.00
44,341.00
2,576.00
0.00
46,917.00
36,765.00
0.00
36,765.00
2,298.00
0.00
39,063.00
0.00
0.00
24,350.00
3,990.00
0.00
3,474.00
0.00
31,814.00
Mar '14
12 mths
12,527.00
15,103.00
0.00
15,103.00
1,101.00
0.00
14,002.00
0.00
14,002.00
3,808.00
0.00
0.00
19,932.00
2,969.00
0.00
2,849.00
0.00
25,750.00
Mar '13
12 mths
11,015.00
13,313.00
0.00
13,313.00
956.00
0.00
12,357.00
0.00
12,357.00
3,241.00
36
10,194.00
31,814.00
0.00
3,618.00
615.00
9,116.00
25,750.00
0.00
2,412.00
403.00
5,714.03
178.40
1,260.00
736.64
5,742.36
158.75
840.00
627.95
CONCLUSION: We understood the way accounting standards are created importance of adhering to
them. We then went through the key accounting standards.
One can see of the each accounting standards can be read and applied on a case to
case basis.
This indeed the need for a right attitude primary stakeholders a proactive regulator
and other institutional mechanisms intermediary and related systems.
37
BIBLOGRAPHY:LOTS OF BOOKS AND WEBSITES ARE AVAILABLE FOR THIS PROJECT BUT
THE ABOVE MATERIAL OR INFORMATION ABOUT ACCOUNTING STANDARD
IS COLLECTED FROM THE FOLLOWING SOURCES:1. INTERNET
2. FINANCIAL ACCOUNTING TEXTBOOKS.
.
38