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Ind As 34

Ind As 34- Interim Financial Statement Presentation of item in financial statement is described in three different Ind AS standards, Known as: Ind As 1 (As-1): Presentation of general purpose Financial statement Ind As 34 (AS 25): Interim Financial statement Ind As 7 (AS 3): Cash Flow statement Here we will discuss about the Ind As 34 which is mostly similar to AS 25 which describes about Interim Financial Statement. Meaning of Interim Report: Interim report is the reporting of the financial Information for less than 12 months. Important Note: First account may be of less than 12 months but can’t be classified as interim report. According to Ind As- 34 Interim Financial statements includes: 1.       Balance sheet 2.       Profit and loss account . Comprehensive Income .Other comprehensive Income 3.       Cash flow statement 4.       Statement of changes in equity 5.       Notes to account Interim financial reporting can be reported in tw
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IND AS 41 : AGRICULTURE

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Accounting treatment for Biological assets are given in the Ind As -41. Previously There are no standards are given for the agricultural sectors in India therefore Ind As 41 is derived for proper treatment of the biological Assets and transactions related to the sectors. First lets understand, what is biological Assets? ·       Living Plant & living Animals are called as biological Assets. Types of biological Assets: Bearer Plants: Bearer produces for more than one year. For eg. All fruits Bearing Plants. It is derived in Ind As 16- PPE as self-constructed Assets Consumable Plants: Directly usable in ply or lumber (Furniture and Fittings). Consumable Plant and consumable Animals are derived in this standard which Ind As 41. Agriculture: Management of biological transformation of biological assets. Transformation in the form of Quality and Quantity. Quality: Change in Nutrients level Quantity: Change in Weight and Structure. Agricultur
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FINANCIAL PLANNING & ANALYSIS Part - 1

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Financial Planning and Analysis is carried out to ascertain the financial strength and weakness of an enterprise. The main tools are Ratio Analysis and Cash flow and Funds Flow analysis. Ratio Analysis: Ratio Analysis is the comparison of different numbers from the balance sheet, Income Statement and Cash Flow statement against the figures of previous years, other companies, the industry or even the economy in general for the purpose of financial analysis. Ratio Analysis can be classified into four broad categories Liquidity Ratio: It derives the liquidity or short term solvency means ability of the business to pay its short term liabilities. Leverage Ratio: This is also known as Capital Structure. This may be defined as the ratio which measures the long term stability and structure of the firm. This can be further derived in two parts known as: (I)             Capital Structure Ratios (II)           Coverage Ratios Activity Ratios : It evaluates
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Indian Accounting Standards

Ind AS is made and derived in view with IFRS standards. So here I am providing the complete list of the Ind AS and respective IFRS. IFRS and Ind AS IFRS IND AS Description IAS 1 Ind AS 1 Presentation Of Financial Statement IAS 2 Ind AS 2 Inventory IAS 7 Ind As 7 Statement of cash flows IAS 8 Ind AS 8 Accounting Policies, Changes in Accounting estimates and errors IAS 10 Ind AS 10 Events after the reporting period IAS 12 Ind AS 12 Income Tax IAS 16 Ind AS 16 Property, Plant, and Equipment IAS 19 Ind AS 19 Employee Benefit IAS 20 Ind AS 20 Accounting for Government Grants and Disclosure of Govt. Assistance IAS 21 Ind AS 21 The effect of changes in foreign exchange rates IAS 23 Ind AS 23 Borrowing costs IAS 24 Ind AS 24 Related Party Disclosure
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