Definition of Business A Business Consists of inputs and processes applied to the input to those inputs that have the ability to create output. Three Elements Inputs: Any economic resources…
S.B.P are made to employees Without vesting condition In such case, entity should recognise employee benefit expenses immediately on the grant date at the fair value of shares on grant…
1. Equity Settled- Share Based Payments S.B.P are made to external parties For Goods An entity recognised goods acquired in Share based transaction on the date of goods received. An…
Objective The presentation of E.P.S will help to compare the performance of entity with other entity in the same industry. The presentation of E.P.S will help to compare the performance…
Scope An entity shall apply this Standard in accounting for all share-based payment transactions, whether or not the entity can identify specifically some or all of the goods or services…
Objective The objective of this Standard is to specify the financial reporting by an entity when it undertakes a share-based payment transaction. it requires an entity to reflect in its…
Share-Based Payment Transaction A transaction in which the entity (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement,…
Stock-in-trade refers to goods purchased normally with the intention to resell or trade in. In case, any semi-finished goods/materials are purchased with an intention of doing further processing activities on the…
Employee benefits should be disclosed showing separately salaries and wages, contribution to provident and other funds, share-based payments to employees, staff welfare expenses
Meaning :The excess of the issue price of shares over their face value It is an integral part of other Equity and shows under the head reserve and surplus after…
(i) Cash and cash equivalents shall be classified as: (a) Balances with banks (of the nature of cash and cash equivalents); (b) Cheques, drafts on hand; (c) Cash on hand; …
i) Inventories shall be classified as: (a) Raw materials; (b) Work-in-progress; (c) Finished goods; (d) Stock-in-trade (in respect of goods acquired for trading); (e) Stores and spares; (f) Loose tools;…
Any application money paid towards securities, where security has not been allotted on the date of the Balance Sheet, shall be disclosed as a separate line item under ‘other non-current…
As per Ind AS 41, an entity shall present a reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period.…
Intangible Assets under development should be disclosed under this head provided they can be recognized based on the criteria laid down in Ind AS-38 Intangible Assets.
The company shall disclose the following in the Notes to Accounts: (i) Classification shall be given as: (a) Brands / trademarks; (b) Computer software; (c) Mastheads and publishing titles; (d)…
Ind AS Schedule III requires a company to present Goodwill as a separate line item on the face of the balance sheet apart from ‘Other Intangible Assets’. Further, it requires…
Ind AS 40, Investment Property defines Investment Property as the property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a…
As per Ind AS Schedule III, capital advances should be included under other non- current assets and hence, cannot be included under capital work-in-progress.
i) Classification shall be given as: (a) Land; (b) Buildings; (c) Plant and Equipment; (d) Furniture and Fixtures; (e) Vehicles; (f) Office equipment; (h) Bearer Plants; (g) Others (specify nature).…
The operating cycle of an entity is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. When the entity’s normal operating cycle…
An entity shall classify a liability as current when: (a) it expects to settle the liability in its normal operating cycle; (b) it holds the liability primarily for the purpose…
“An entity shall classify an asset as current when: (a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle; (b) it…
Operating segment An operating segment is a component of an entity: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses…
OUT OF SCOPE Land related to agricultural activity (Ind AS 16) Bearer plants related to agricultural activity (Ind As 16) government grants related to bearer plants(Ind AS 20) intangible assets…
Out of Scope Deferred tax assets(Ind AS 12);Assets arising from employee benefits(Ind AS 19);Financial assets(Ind As 109);Non-current assets that are measured at fair value less costs(Ind AS 41);Contractual rights under…
INVESTMENT PROPERTY –IND AS 40 Definitions Investment Property: It is the property (land or a building, part of a building or both) held by the owner or by the…