What are the 27 accounting standards?
What are the 27 accounting standards?
STATUS OF ACCOUNTING STANDARDS ISSUED BY ICAI FOR CORPORATES
| Accounting Standard (AS) | Title of the AS | Refer Note No. |
|---|---|---|
| AS 25 | Interim Financial Reporting | |
| AS 26 | Intangible Assets | |
| AS 27 | Financial Reporting of Interests in Joint Ventures | 7 |
| AS 28 | Impairment of Assets | 8 |
What accounting standards are used in Hong Kong?
Since January 2005, Hong Kong has adopted a Financial Reporting Standards (FRS) framework that has been modelled on International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).
How the investor can control the investee?
At the heart of IFRS 10 is the requirement that in order for an investor to have control over an investee, the investor must have all three of the following: 1) Power over the investee; 2) Exposure or rights to variable returns from its involvement with the investee; and 3) The ability to use its power over the …
What factors could be considered to assess the existence of significant influence?
Significant influence
- representation on the board of directors or equivalent governing body of the investee;
- participation in the policy-making process, including participation in decisions about dividends or other distributions;
- material transactions between the entity and the investee;
What are the basic accounting standards?
Applicability of Accounting standards
| Accounting Standard | Level I | Level II |
|---|---|---|
| AS 1 Disclosure of Accounting Principles | Yes | Yes |
| AS 2 Valuation of Inventories | Yes | Yes |
| AS 3 Cash Flow Statements | Yes | No |
| AS 4 Contingencies and Events Occurring After the Balance Sheet Date | Yes | Yes |
What is IND 112?
Ind AS 112, Disclosure of Interests in Other Entities: The objective of Ind AS 112 is to require an entity to disclose information that enables users of its financial statements to evaluate: the effects of those interests on its financial position, financial performance and cash.
What’s the difference between GAAP and IFRS?
The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. Consequently, the theoretical framework and principles of the IFRS leave more room for interpretation and may often require lengthy disclosures on financial statements.
Which are the accounting standards?
In the U.S., Generally Accepted Accounting Practices (GAAP) are the standard. Elsewhere, the International Financial Reporting Standards (IFRS) are preferred. Different types of organizations will require different treatments and strategies from accountants. Accounting standards help outline expectations.
What does investee mean?
investee. noun [ C ] /ˌɪnvesˈtiː/ us. a person or company that has been given money in order to make a profit or get an advantage: Some investors take a close interest in their investee companies, while others provide only financial backing.
What is control of an investee?
Control exists when an investor has all three of the following elements: (a) power over the investee; (b) exposure or rights to variable returns from its involvement with the investee; and (c) the ability to use its power over the investee to affect the amount of the investor’s returns.
When an entity holds between 20% and 50% of the voting power?
Typically, equity accounting–also called the equity method–is applied when an investor or holding entity owns 20–50% of the voting stock of the associate company. The equity method of accounting is used only when an investor or investing company can exert a significant influence over the investee or owned company.
What is the difference between significant influence and control?
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control of those policies. The concept of control is covered in IFRS 10 and joint control in IFRS 11.
What are the accounting standards in Hong Kong?
It defines the meanings of terms, and ensures the level of information you disclose in your general financial statements. The Accounting Standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS). These standards are issued by the Hong Kong Institute of Certified Public Accountants, also referred to as HKICPA.
What is inin1 HKAS 27 separate financial statements?
IN1 HKAS 27 Separate Financial Statements contains accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.
What is HKICPA and hkipa?
These standards are issued by the Hong Kong Institute of Certified Public Accountants, also referred to as HKICPA. They establish how companies have to recognize and present contracts, transactions and other financial events in their general purpose financial statements and other financial reporting.
What is hkfrs financial statement?
Financial statements are a record of past transactions on the accrual accounting basis. They also give insight into the obligations of cash payment in the future and the resources where cash could accrue. HKFRS applies only to general purpose financial statements. This also applies to the financial reporting of profit-oriented entities.
