Documents

33_as_r_11 (1)

Categories
Published
of 22
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Description
as 11
Transcript
  Accounting Standards  BACKGROUND  Need For Standards  Business activities are varied.  Strenuous task to present the facts intelligibly, in a summarized form.  Methods & Principles adopted by various reporting enterprise are cohernt, not misleading.  Information to the extent possible Uniform & Comparable –  Standards are evolved .  It   Provides  Discipline  Guidelines [i.e Uniform practices & Common techniques].  Yardsticks for evaluation [i.e Comparative   analysis].  Objective  It greatly enhances the users of FS like ã Investor {AS 13},Employees, Lenders, Creditors, Suppliers, Governments.  To eliminate confusing variations in the treatment of several accounting aspects.  To bring Feasibility & Uniformity in presentation.  Other Factors  AS is an authoritative pronouncement of code of practice.  It intend to apply only to material items.        Compilation with Companies Act 1956  As per section 211 of Co’s Act 1956    Sub sec (3A) Every P&L a/c, and Balance Sheet should comply with AS.  Sub sec (3B) if not complied then following should be disclosed:  Deviation from AS  Reason for such deviation {AS1}  Financial effect, if any arising.  Sub sec (3C) AS means as recommended by ICAI  As per section 217 of Co’s Act 1956 sub sec (2AA)    Board’s report shall also include a Directors Responsibility Statement, indicating :  The preparation of Annual Accounts are in compilation of applicable AS’s    As per section 227(3) Powers & Duties Of Auditors  Auditors report shall also state that in his opinion, P&L and Balance Sheet are complied.
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks