As on financial instruments?
It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related interest, dividends, losses and gains; and the circ*mstances in which financial assets and financial liabilities should be ...
What is the AS 32 accounting standard?
It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related interest, dividends, losses and gains; and the circ*mstances in which financial assets and financial liabilities should be ...
What is the AS 109 standard of accounting?
IND AS 109 provides guidance on how to recognize and measure financial instruments, including the recognition of the financial asset or liability, the measurement of its fair value, and the recognition of gains and losses from financial instruments.
What are the 3 main categories of financial instruments?
There are typically three types of financial instruments: cash instruments, derivative instruments, and foreign exchange instruments.
What is the amortised cost of financial instruments?
Amortised cost of financial asset or financial liability is the amount at which the asset or liability was measured upon initial recognition, minus principal repayments, plus or minus the cumulative amortisation of any premium or discount, and minus any write-down for impairment or uncollectibility.
What is the as in accounting standard?
Meaning of Accounting Standard (AS)
It is an authoritative statement issued by ICAI (The Institute of Chartered Accountants of India) a premier body of Accounting in our country. It deals with the accounting issues related to a particular area which that standard wants to address.
What is the as 13 accounting standard?
AS13 refers to Accounting for Investments, which is a standard set by the Institute of Chartered Accountants of India (ICAI). The standard provides guidance on the accounting treatment for various types of investments, including shares, debentures, bonds, and mutual funds, among others.
What is as 103 in accounting standard?
Ind AS 103 provides guidance on accounting for business combinations under the acquisition method. A business combination is a transaction or other event in which a reporting entity (the acquirer) obtains control of one or more businesses (the acquiree).
What is as 105 accounting standard?
Accounting treatment under Ind As 105:-
When an asset or disposal group meets the criteria for classification as held for sale, it should be recognized as such in the financial statements. This recognition signifies that the entity has committed to selling the asset or group and that it is actively pursuing a sale.
What is the accounting standard as 22?
AS 22 Accounting for Taxes on Income: The objective of this Standard is to prescribe accounting treatment of taxes on income. Taxable income may be significantly different from the accounting income posing problems in matching of taxes against revenue for a period.
What is the most basic financial instrument?
Sec. 4. Cash and other Financial Assets.
Cash is the most basic financial instrument because it is the medium of exchange and is the basis on which all transactions are measured and recognized in the financial statements.
What is a Level 3 financial instrument?
Level 3 assets are financial assets and liabilities that are considered to be the most illiquid and hardest to value. Their values can only be estimated using a combination of complex market prices, mathematical models, and subjective assumptions.
What is the most common type of financial instrument?
Common examples of financial instruments include stocks, exchange-traded funds (ETFs), mutual funds, real estate investment trusts (REITs), bonds, derivatives contracts (such as options, futures, and swaps), checks, certificates of deposit (CDs), bank deposits, and loans.
What is the difference between amortised cost and fair value?
Unlike amortized cost, the fair value of an asset or liability does not consider factors such as depreciation and amortization. Similarly, companies may recalculate the fair value of their assets or liabilities after a reasonable time. They do not rely on the historical cost or value of their items.
What costs can be amortized?
Only intangible assets can be amortized. Intangible assets are items that do not have a physical presence but add value to your business. For example, you can amortize trademarks. Amortizing lets you write off the cost of an item over the duration of the asset's estimated useful life.
Are financial instruments amortized?
A financial instrument will be a financial liability, as opposed to being an equity instrument, where it contains an obligation to repay. Financial liabilities are then classified and accounted for as either fair value through profit or loss (FVTPL) or at amortised cost.
Is an as in accounting worth it?
An associate degree in accounting is a strong first step into the accounting field. Getting your associate degree in accounting can help open doors to entry-level positions that help you determine if a career in accounting is right for you.
What is the AS 14 accounting standard?
This standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
What is the as 7 accounting standard?
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 as 9 accounting standard?
– As per AS-9, Revenue is the gross inflow of cash, receivables or other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, from the rendering of services, and from the use by others of enterprise resources yielding interest, royalties and dividends.
What is the as 28 accounting standard?
AS 28 defines, inter alia, the following terms: An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an asset's net selling price and its value in use.
What is the as 10 accounting standard?
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 the as 11 accounting standard?
The objective of AS 11, The Effects of Changes in Foreign Exchange Rates, is to decide which exchange rate to use in accounting for foreign currency transactions and foreign operations and how to recognise in the financial statements the financial effect of changes in exchange rates.
What is the as 18 accounting standard?
The objective of AS 18, Related Party Disclosures, is to prescribe the requirements for disclosure of related party relationships and transactions between the reporting enterprise and its related parties.
What is as 20 accounting standard?
The objective of this Standard is to prescribe principles for the determination and presentation of earnings per share which will improve comparison of performance among different enterprises for the same period and among different accounting periods for the same enterprise.
