Finance and Accounts

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

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