What are the Objectives of accounting standard 5
Accounting Standard 5 (AS 5) deals with the classification and disclosure of specific items in the Statement of Profit and Loss. The purpose of AS 5 is to suggest such a classification and disclosure in order to bring uniformity in the preparation and presentation of statement of net profit or loss across enterprises.
What is the objective of accounting standards
Objectives of accounting standards
To adopt a uniform set of accounting principles for financial reporting. To create a single recognised framework of the accounting system. To make international companies understand Indian accounting practices. To ensure transparency in the financial statements of companies.
What is the objective and scope of IFRS 5
Objective of IFRS 5
IFRS 5 focuses on 2 main areas: It specifies the accounting treatment for assets (or disposal groups) held for sale, and. It sets the presentation and disclosure requirements for discontinued operations.
What is the objective of IFRS standards
The International Financial Reporting Standards (IFRS) are a set of accounting rules for public companies with the goal of making company financial statements consistent, transparent, and easily comparable around the world. This helps for auditing, tax purposes, and investing.
What is the objective of Accounting Standard 2
The objective of as 2 inventories valuation
This Standard deals with cost determination and its subsequent identification, including any write-down to net realizable value, as an expense. It also offers instructions on the cost formulas used for inventory distribution of costs.
What is accounting standard 6
AS-6 deals with depreciation of the tangible asset. Hence, only the historical cost, accumulated depreciation on the asset and total depreciation for the period for each class of asset will be recorded.
What is the objective of IFRS Standards
The International Financial Reporting Standards (IFRS) are a set of accounting rules for public companies with the goal of making company financial statements consistent, transparent, and easily comparable around the world. This helps for auditing, tax purposes, and investing.
What is the objective of IFRS 6
The objective of IFRS 6 is to specify the financial reporting for the exploration for and evaluation of mineral resources. IFRS 6 is the first phase of a project on accounting for extractive activities and has the objective to provide interim guidance until the IASB has completed its comprehensive review.
What is the objective of IFRS 9
The objective of IFRS 9 Financial Instruments is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity's future cash …
What is the objective of accounting standard 3
The Standard deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a cash flow statement which classifies cash flows during the period from operating, investing and financing activities.
What is the objective of accounting standards 10
The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment.
What is accounting standard number 5
Solution : AS-5 (refer point 6.5) states that a change in an accounting policy should be made only if the adoption of a different accounting policy is required by statute or for compliance with an accounting standard or if it is considered that the change would result in a more appropriate preparation or presentation …
What is accounting standards 7
AS 7 Construction Contract describes and lays out the accounting treatment in respect of the revenue and costs in relation to a construction contract. AS 7 Construction Contract is to be used in for the accounting of construction contracts in the financial statements of the contractors.
What is the objective of IFRS 7
The objective of IFRS 7 is to provide disclosures in their financial statements that enables users to evaluate the significance of financial instruments for the entity's financial position and performance as well as the nature and extent of risks arising from financial instruments to which the entity is exposed during …
What is the objective of IFRS 4
Objective: The objective of this IFRS is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this IFRS as an insurer) until the Board completes the second phase of its project on insurance contracts.
What is the objective of Accounting Standard 10
1. The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment.
What is accounting standards 6
AS-6 deals with depreciation of the tangible asset. Hence, only the historical cost, accumulated depreciation on the asset and total depreciation for the period for each class of asset will be recorded.
What is accounting standard 4
Ans: As per AS 4, adjustments to assets and liabilities are required for events occurring after the balance sheet date that provide additional information materially affecting the determination of the amounts relating to conditions existing at the balance sheet date.
What is accounting standard 8 for
8 Ind ASs set out accounting policies that result in financial statements containing relevant and reliable information about the transactions, other events and conditions to which they apply. Those policies need not be applied when the effect of applying them is immaterial.
What is the summary of IFRS 5
A Summary of IFRS 5: Non-current assets held for sale and discontinued operations. When a company decides to sell an asset or halt a part of its business, this decision impacts future cash flows, profitability, and overall financial situations.
What does accounting standard 7 mean
Accounting Standard 7 (AS 7) relates with accounting of construction contracts. The very purpose of this accounting standard is to specify the accounting treatment of revenue and costs associated with construction contracts.
What is accounting standards 9
Accounting standard 9 is concerned with the recognition of revenue arising in the course of the. ordinary activities of the enterprise from: · From sale of goods, · From rendering of services, and. · From the use by others of enterprise resources yielding interest, royalties and dividends.
What is the simple objective of IFRS
The objectives of the IFRS Foundation are: to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.
What are the objectives of AS 9
AS 9 for Revenue recognition is mainly concerned with timing of recognition of revenue in the profit and loss account, amount of revenue arising on a transaction and influence of uncertainties existing regarding the determination of the amount, or its cost on timing of revenue recognition.
What are the objectives of IFRS in corporate accounting
Objectives of IFRS
One of its key objectives is to ensure that common law is introduced and adopted by as many jurisdictions and countries as possible to bring everyone on the same page. It ensures that everyone follows the same guidelines and adopts a universal way of reporting business activities.
