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Accounting standards


MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
CA student 
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what is AS 12 plse explain me in detailed way with case studies...
Sourav

Sourav (Student)     14 January 2021

Sourav
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AS 12 Accounting of Government Grants
It describes how grant received from government accounted from way please study icai accounting standards guide regarding this it is not possible to explain here
MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
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Thank you very much
Sourav

Sourav (Student)     14 January 2021

Sourav
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Your welcome
as AS 12 describes how grant received deferred into Accounting years and how it is to be shown in financial statements as capital reserve or received for assets
MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
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Sir what is mean by material effect and immaterial effect give some examples

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
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Mr Sanjay everything has a material effect in IndAS, but when it comes to AS, there are some transactions which are offbalance sheet items. Now presenting them n the balance sheet will give materiality to the users of statements matters. Eg leases and presenting them on the balance sheet, it’s omission or mis statement has an impact to the user. 

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MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
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What is mean by prudence with examples

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
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I’m not sure about AS conceptual framework, but, prudence is no longer a framework because the IndAS is developed after testing it for presentation, measurement, recognition and disclosures. It means IndAS is error free and materiality is inherent with the standards. Anyone following this will be free from mistakes/bias provides completeness. ...... I went through AS 1 just now and there is an answer which says, the same, you cannot anticipation profits or losses, but should recognise them when they occur only. 


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