Chapter:- 5 Introduction and Relevance of Accounting Standards

Slides:

Advertisements

Similar presentations

Lecture 10 Environmental Performance Reporting. The financial reporting decision u Involves disclosures about the impact of companies on the surrounding.

Advertisements

Office of the Auditor General of Canada CANADA’S ADOPTION OF INTERNATIONAL STANDARDS ON AUDITING 20 FACTS PREPARERS of FINANCIAL STATEMENTS SHOULD KNOW.

Discussion on SA-500 – AUDIT EVIDENCE

2 Title This will give you a good idea of what the standard deals with. These days the title of the standard is fairly self explanatory. e.g. Inventories.

S1: Introduction Financial Audit A course for Audit Staff (Sr.AOs, AAOs & SOs)

PwC T RANSFORM  Changing business by changing behaviour Related Party Transactions Sujeewa Mudalige.

International Auditing and Assurance Standards Board Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ISA Implementation.

RTI, Jaipur P rocedure relating to Audit of Annual Accounts Supplementary Audit under section 619(3) of the Companies Act 1956 should be conducted according.

Mª ANGELA JIMENEZ 1 UNIT 4. EXTERNAL AUDIT BASIS CONCEPTS.

Lecture 8 Understanding entity and its environment

Communications from the committee to the independent auditor: Communications from the independent auditor to the audit committee:

Chapter 7: Introduction to accounts. * Define accounting terms * Reasons why companies are required to produce annual reports and financial statements.

Audit Programme. Audit Assertions  As part of the planning stage, auditors need to prepare audit tests to test the account areas.  To assist the auditors.

IT Outsourcing Andy Darnell Jennifer Lawrence Jessica Pruitt.

Lecture 2 Regulation of Financial Reporting in Australia

Internal Auditing and Outsourcing

International Standards and Practices for Accounting, Audit and Non-financial Disclosures T N Manoharan President, ICAI.

Reports on Audited Financial Statements

RECAPE LECTURE 8. A REVIEW OF FINANCIAL ACCOUNTING A FIELDS OF ACCOUNTING?

Customer Service and Organisational Procedures

Chapter 21 Internal, Operational, and Compliance Auditing McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.

1 Internal Audit. 2 Definition Is an independent activity established by management to examine and evaluate the organization’s risk management processes.

The New SEC Auditor Independence Rules: Implications for Audit Committees and Management

ACCOUNTING STANDARD-1 DISCLOSURE OF ACCOUNTING POLICIES.

Chapter 24: Full Disclosure in Financial Reporting Intermediate Accounting, 11th ed. Kieso, Weygandt, and Warfield Prepared by Jep Robertson and Renae.

S1: Introduction Financial Audit A course for IA&AS Officers.

1Dr. Varadraj Bapat Module 4. Accounting Standards, GAAP,IFRS.

Internal Control Chapter 7. McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition.

Slide 1 Risk Management and Internal Control in the EU Responses to Discussion Paper Robert Hodgkinson 25 October 2005.

Page 1 | Confidential and Proprietary Information Responding to Suspected Illegal Acts Robert Franchini New York, September 2013.

Disclosure of Accounting Policies Accounting Standard 1 AS1 - Disclosure of Accounting Policies.

Recent Change in Accounting

Accounting Standards 28 December 2011 Nishita Singhal.

New UK GAAP – Decision tree April 2013.

Concepts Statement No. 3 Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements Issued: April 2005.

Internal Control. McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition A process...designed.

Accounting Principles. GAAP (Generally Accepted Accounting Principles): The rules that govern accounting are called GAAP (Generally Accepted Accounting.

Net surplus or deficit for the period Net surplus/deficit comprises the following components: Surplus or deficit from ordinary activities; and Extraordinary.

Internal Control Chapter 7. McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition.

Financial Management Chapter 1- Introduction to Accounting & Finance Session Number N1.

Overview of Standards on Cost Auditing By: CMA Pradip H.Desai.

Audit Planning, Understanding the Client, Assessing Risks and Responding Chapter 6.

Alia Al-Nujaidi

Corporate Laws Amendment Bill Submission to Portfolio Committee on Trade and Industry 23/05/ May 2006 PwC.

Nuclear and Treaty Law Section Office of Legal Affairs

Reports on Audited Financial Statements

Learn Your Information Security Management System

Revision of the unctad model law on competition CHAPTERS II AND vii

Auditing & Investigations II

AUDIT LECTURE 6 AUDIT EVIDENCE HOLY KPORTORGBI

Support for Harmonization of the ICT Policies in Sub-Sahara Africa,

COMPLETING THE AUDIT AND REPORTING RESPONSIBILITIES

Financial Management Accounting Concepts.

Conceptual Framework of Accounting

T N Manoharan President, ICAI

Professional Standards

WELCOME TO OUR PRESENTATION

Accounting courses in Chandigarh

Accounting Standards & Auditing & Assurance Standards

Reporting by Auditors under the Companies Act, 2013

CHAPTER 1: BASIC ACCOUNTING: CONCEPTS, AND CONVENTIONS

Organizational Structure for Business

IFRS- 3 BUSINESS COMBINATION.

Chapter8 The role of accounting

Rayat Shikshan Sanstha’s S. M. Joshi College, Hadapsar, Pune-28

ACCOUNTING STANDARD-1 DISCLOSURE OF ACCOUNTING POLICIES.

International accounting

UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT Topic 5.

Accounting Standards The laws/framework behind Financial Accounting

SA – 700 (Revised) Forming an Opinion and Reporting on Financial Statements SA-701 Communicating Key Audit Matters in the Independent Auditor’s Report.

Presentation transcript:

Chapter:- 5 Introduction and Relevance of Accounting Standards F.Y.B.Com Sub- Financial Accountancy Prof.P.A.Navale

Introduction:- Accounting standards are written documents, policy documents issued by expert accounting body or by Govt. or other regulatory body covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transactions in the financial statement.

Advantages of accounting standards:- Standards reduce to a reasonable extent variation in the accounting treatment used to prepare the financial statements. There are certain areas where important information is not required by law to be disclosed, standards may require such disclosure. It facilitates comparison of financial statements of different companies situated at different places.

Disadvantages:- 1)There are may be a trend towards rigidity in applying accounting standards. 2) Differences in accounting standards are bound to be because of differences in traditions and legal system from one. 3) Accounting standards can not override the law. 4) The choice between better alternative accounting treatment in a particular situation is eliminated.

Scope of accounting standards:- The accounting standards which are in conformity with the provisions of applicable laws, customs, usages and business environment in India. It not override the local regulations which govern the preparation and presentation of financial statement in country. They are determine the extent of disclosure to be made in the financial statement and the auditors report.

THANK YOU