Impairment of assets means weakening in value of assets. An asset is said to be impaired when the carrying amount of asset is more than its recoverable amount. Carrying Amount

Deferred income taxes are recognised for all temporary differences between accounting and tax base of assets and liabilities except to the extent which arise from a) initial recognition of goodwill

If an entity declares dividends to holders of equity instruments (as defined in Ind AS 32, Financial Instruments Presentation) after the reporting period, the entity shall not recognize those dividends

Errors can arise in respect of the recognition, measurement, presentation or disclosure of elements of financial statements. Financial statements do not comply with Ind ASs if they contain either material

It requires retrospective application of changes in accounting policies by adjusting the opening balance of each affected component of equity for the earliest prior period presented and the other comparative

Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must

Cash flows arising from taxes on income shall be separately disclosed and shall be classified as cash flows from operating activities unless they can be specifically identified with financing and

Cost of inventories comprises• all costs of purchase,• costs of conversion and• other costs incurred in bringing the inventories to their present location and condition. Other costs are included in

This Standard applies to all inventories, except: (a) financial instruments; and(b) biological assets (i.e living animals or plants) related to agricultural activity and agricultural produce at the point of harvest.

Inventories are assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or