Checklist for Accounting Standards



Checklist for Accounting StandardsName of the Entity:___________________________________ Financial Year:________ LEVEL-IV (Non-company entities which fall in any one or more categories, at the end of the relevant accounting period mentioned below)ConditionYes / NoAll entities engaged in commercial, industrial or business activities, whose turnover (excluding ‘other income’) does not exceed Rs. 10 crore in the immediately preceding accounting yearAll entities engaged in commercial, industrial or business activities, having borrowings including public deposits not in excess of Rs. 2 crore at any time during the immediately preceding accounting year.AS NoTitle of Accounting StandardApplicableReason if not applicableLevel of EntityNo such transactionsAny other reason (give details)1Disclosure of Accounting Policies2Valuation of Inventories3Cash Flow StatementsNoLevel of Entity4Contingencies and events occurring after Balance sheet date5Net Profit or loss, Prior period items and changes in Accounting policies7Construction Contract 9Revenue Recognition10Property, Plant and Equipment (Refer Note (a) below)11The effect of changes in foreign exchange rates (Refer Note (b) below)12Accounting for Government Grants13Accounting for Investments (Refer Note (c) below)14Accounting for AmalgamationsNoLevel of Entity15Employee Benefits (Refer Note (d) below)16Borrowing Costs17Segment ReportingNoLevel of Entity18Related Party DisclosuresNoLevel of Entity19Leases (Refer Note (e) below)20Earnings Per ShareNoNon-company entity21Consolidated Financial StatementsNoLevel of Entity22Accounting for Taxes on Income (Refer Note (f) below)23Accounting for Investments in Associates in Consolidated Financial StatementsNoLevel of Entity24Discontinuing OperationsNoLevel of Entity25Interim Financial ReportingNoLevel of Entity26Intangible Assets (Refer Note (g) below)27Financial reporting of Interests in Joint VenturesNoLevel of Entity28Impairment of Assets No1) Level of Entity29Provisions, Contingent liabilities and Contingent Assets (Refer Note (h) below) _______________________Signature of Team LeaderRelaxations:AS 10 Property, Plant and EquipmentParagraph 87 relating to encouraged disclosures i.e., carrying amount of temporarily idle PPE, gross carrying amount of any fully depreciated PPE that is still in use, for revalued PPE carried under cost model, carried amount of PPE retired from active use and not held for disposal are not applicable.AS 11 The effect of changes in foreign exchange ratesParagraph 44 relating to encouraged disclosure, i.e., an enterprise’s foreign currency risk management policy is not applicable. AS 13 Accounting for InvestmentsParagraph 35(f) relating to other disclosures as specifically required by the relevant statute governing the enterprise is not applicable.AS 15 Employee BenefitsParagraphs 11-16 dealing with recognition and measurement of short-term accumulating compensated absences which are non-vesting (i.e., for which no cash payment for unused entitlement on leaving).Paragraphs 46 and 139 dealing with discounting of amounts that fall due more than 12 months after the balance sheet date. Paragraphs 50-116 dealing with recognition and measurement of Defined Benefit Plans – actuarial determination of the accrued liability is required; however, Level IV Entities can use other rational method for the accrued liability. Paragraphs 117-123 dealing with presentation and disclosure requirements of Defined Benefit Plans.Paragraphs 129-131 dealing with recognition and measurement of other long-term benefits – actuarial determination of the accrued liability is required; however, Level IV Entities can use other rational method for the accrued liability. AS 19 LeasesRequirements relating to disclosures as given in paragraphs 22(c), (e) and (f); 25(a), (b) and (e); 37(a), (f) and (g); 38 and 46(b), (d) and (e) relating to disclosures are not applicable.AS 22 Accounting for Taxes on IncomeLevel IV Non-company entities shall apply the requirements of AS 22for Current tax defined in paragraph 4.4, with recognition as per paragraph 9, measurement as per paragraph 20 of AS 22, and presentation and disclosure as per paragraphs 27-28 of AS 22. Other paras are not applicable.On the first occasion when a Non-company entity gets classified as Level IV entity, the accumulated deferred tax asset/liability appearing in the financial statements of immediate previous accounting period, shall be adjusted against the opening revenue reserves.AS 26 Intangible AssetsParagraphs 90(d)(iii); 90(d)(iv) relating to disclosures of impairment losses recognised or reversed in the statement of profit and loss during the period (if any); and paragraphs 98 relating to encouraged disclosure for description of any fully amortised intangible asset that is still in use is not applicable.AS 29 Provisions, Contingent liabilities and Contingent AssetsParagraphs 66 and 67 relating to disclosures for amount and description for each class of provision are not required to be disclosed. ................
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