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Category: Corporate Financial Reporting : P-17

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  • Corporate Financial Reporting : P-17

Impairment of Assets as per Ind AS 36

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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Recognition provision of deferred tax assets and liabilities as per Ind AS 12 — Income Taxes

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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How the liabilities should be recognized if dividends are declared after the reporting period but before the financial statements are approved for issue?

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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How the Errors can be recognized in the financial statements

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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Disclosure requirements for Changes in Accounting Policies

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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Cash and cash equivalents

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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The provision regarding Taxes on income in Ind AS – 7

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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How the cost of inventories can be measured? What other costs are excluded from the cost of inventories?

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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Scope of Ind AS 2

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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.

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Inventories as per Ind AS 2

On April 25, 2020 By chawadee6111
  • Corporate Financial Reporting : P-17

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

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