Checklist for Accounting Standards



Checklist for Accounting StandardsName of the Entity:___________________________________ Financial Year:________ LEVEL-III (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’) exceeds Rs. 10 crore but does not exceed Rs. 50 crore in the immediately preceding accounting yearAll entities engaged in commercial, industrial or business activities, having borrowings including public deposits, in?excess of Rs. 2 crore but not in excess of Rs. 10 crore at any time during the immediately preceding accounting year.Holding and subsidiary entities of any one of the above (if not covered under Level I or Level II)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 Investments14Accounting for Amalgamations15Employee Benefits (Refer Note (c) below)16Borrowing Costs17Segment ReportingNoLevel of Entity18Related Party DisclosuresNoLevel of Entity19Leases (Refer Note (d) below)20Earnings Per ShareNoNon-company entity21Consolidated Financial StatementsNoLevel of Entity22Accounting for Taxes on Income23Accounting for Investments in Associates in Consolidated Financial StatementsNoLevel of Entity24Discontinuing OperationsNoLevel of Entity25Interim Financial ReportingNoLevel of Entity26Intangible Assets27Financial reporting of Interests in Joint VenturesNoLevel of Entity28Impairment of Assets (Refer Note (e) below)29Provisions, Contingent liabilities and Contingent Assets (Refer Note (f) 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 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 II/III Entities having less than 50 to be their average number of employees, it 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 II/III Entities having less than 50 to be their average number of employees, it 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); and 46(b), (d) and (e) relating to disclosures are not applicableAS 28 Impairment of AssetsValue in use can be based on reasonable estimate instead of computing it by present value technique. Further, information required by paragraph 121(g) relating to discount rate used, need not be rmation required by paragraphs 121(c)(ii); 121(d)(i); 121(d)(ii) and 123 relating to disclosures regarding reportable segment, depreciation of cash generating unit, amount of impairment loss recognised or reversed, key assumptions used to determine the recoverable amount of assets are not applicable to Level III Non-company entities. 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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