Chartered Accountants
Chartered Accountants
Consolidated Financial Statements Objective The objective of this Standard is to lay down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (also known as holding enterprise) to provide financial information about the economic activities of its group. These statements are intended to present financial information about a parent and …
Earnings Per Share Objective The objective of this Standard is to prescribe principles for the determination and presentation of earnings per share which will improve comparison of performance among different enterprises for the same period and among different accounting periods for the same enterprise. The focus of this Standard is on the denominator of the …
Leases Objective The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases. Scope 1 This Standard should be applied in accounting for all leases other than: (a) lease agreements to explore for or use natural resources, such as oil, …
Related Party Disclosures Objective The objective of this Standard is to establish requirements for disclosure of: (a) related party relationships; and (b) transactions between a reporting enterprise and its related parties. Scope 1 This Standard should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements …
Segment Reporting This Accounting Standard is not mandatory for Small and Medium Sized Companies, and Micro, Small and Medium sized enterprises (Level IV, Level III and Level II non-company entities), as defined in Appendix 1 to this Compendium ‘Applicability of Accounting Standards to Various Entities’. Such Companies are however encouraged to comply with the Standard. …
Borrowing Costs Objective The objective of this Standard is to prescribe the accounting treatment for borrowing costs. Scope 1 This Standard should be applied in accounting for borrowing costs. 2 This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability. Definitions 3 …
Employee Benefits Objective The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an enterprise to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the enterprise consumes the economic benefit …
Accounting for Amalgamations Introduction 1 This standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises. 2 This standard does not deal with cases of acquisitions which arise when there is a purchase …
Accounting for Investments Introduction 1 This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements. 2 2 This Standard does not deal with: (a) the bases for recognition of interest, dividends and rentals earned on investments which are covered by Accounting Standard 9 on Revenue Recognition; (b) operating or finance leases; …
Accounting for Government Grants Introduction 1 This Standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc. 2 This Standard does not deal with: (i) the special problems arising in accounting for government grants in financial statements reflecting the effects of changing prices or …