Pantaloons Retail India Limited The Accounting Standards as per their 2011-12 Annual Report are- 1. AS 1: Disclosure of Accounting Policies- * It deals with disclosure of Accounting Principles and policies used for preparation of financial statements of the companies. 2. AS 2: Valuation of Inventories- * It deals with determination of amount of inventory to be shown in financial statements. It is not applicable to shares‚ debentures‚ stock etc. The cost formulae prescribed
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Applicability of Accounting Standard (AS) 26‚ Intangible Assets‚ to intangible items 1. Accounting Standard (AS) 26‚ ‘Intangible Assets’‚ came into effect in respect of expenditure incurred on intangible items during accounting periods commencing on or after 1-4-2003 and is mandatory in nature from that date for the following: (i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India‚ and enterprises that are in the process of issuing equity or debt
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2011‚ the Accounting Standards Review Board (ASRB) ceases to exist in New Zealand. 1. What is the ASRB to be replaced with‚ and what will be the statutory authority of this new organisation? The current authoritative accounting board is Accounting Standard Reporting Board (ASRB). This board reviews and approves financial reporting standards and their amendments‚ give directions as to authoritative support of accounting policies and encourage development of financial reporting standards. This
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Domestic vs. International Adoption I. Introduction A. (Opening Device) I am sure that you’ve all seen the infomercials on television asking us to donate or adopt a less fortunate children in third world countries like Sudan‚ Somalia‚ China‚ and parts of Africa. Have you every stop to think what about the children in our own country that are also suffering. They may not be in such harsh conditions like those of other countries but they are also in need of a safe‚ loving‚ stable‚ and nurturing
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302 Accounting Standard (AS) 16 (issued 2000) Borrowing Costs Contents OBJECTIVE SCOPE DEFINITIONS RECOGNITION Borrowing Costs Eligible for Capitalisation Excess of the Carrying Amount of the Qualifying Asset over Recoverable Amount Commencement of Capitalisation Suspension of Capitalisation Cessation of Capitalisation DISCLOSURE Paragraphs 1-2 3-5 6-22 8-12 13 14-16 17-18 19-22 23 The following Accounting Standards Interpretations (ASIs) relate to AS 16: ASI 1- Substantial Period
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One Introduction to International Accounting Learning Objective 1. Understand the nature and scope of international accounting. 2. Describe accounting issues created by international trade. 3. Explain reasons for‚ and accounting issues associated with‚ foreign direct investment (FDI). 4. Describe the practice of cross-listing on foreign stock exchanges. 5. Explain the notion of global accounting standards. 6. Examine the importance of international trade‚ FDI‚ and multinational
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Case 1-3 Politicalization of Accounting Standards A. These groups are put in place to help regulate the economy and to help form accounting principles that should be followed to promote and ensure accuracy and efficiency in companies across America. There was much policitalization which led to the abolishment of the APB and the formation of FASB. This was due to reasons such as the investment of tax credit in 1961 which made the APB responsible for deciding how it was to be reported. Due to the
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International adoption is popular in this day and age. People adopt children from a vast number of places such as Russia‚ South Korea‚ Ukraine‚ Ethiopia etc. Well known celebrities like Madonna‚ Brad and Angelina Pitt have adopted children from other countries. Many people think that international adoption means saving the children however‚ people are unaware of what goes on behind closed doors of these adoptions. International Adoption should be reformed due to child abduction‚ laundering funds
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INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books
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of adoption of international financial reporting standards (IFRSS) in Australia has been controversial issue since the first time Australian Financial Reporting council (FRC) announced the policy in 2002. Many believe that IFRSS adoption will lead to great advantages such as enhance financial report comparability‚ improve quality of financial reporting‚ attract more foreign investor‚ and other significant advantages. However‚ some also believe that the adoption merely result in disadvantages and
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