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IFRS

Excellent commerce point > IFRS
Framework for Preparation and Presentation of Financial Statements
14
Oct

Framework for Preparation and Presentation of Financial Statements  Question 1.Briefly define the Fundamental Accounting Assumptions? (Nov 2017, 4 marks) [IPCC Gr. II]Answer:Fundamental Accounting AssumptionsAs per the Framework on Preparation and Presentation of Financial Statements, there are three fundamental accounting assumptions: Going Concern, Accrual Basis and Consistency. ECPGURGAON.COM  1. Going Concern Financial statements are normally prepared […]

Posted in: CA UPDATES ,
Tags: Accounting Framework , Accounting Framework Guide. , Accounting Principles , Financial Disclosure , Financial Reporting , Financial Standards , Financial Statement Preparation , Financial Statements , GAAP , IFRS ,
Accounting Standards​
30
Sep

Accounting Standards Question 1.Write short note:Recognition of Govt. grants related to specific fixed assets (PPE). (June 2017, 4 marks)Answer:Recognition of Govt. grants related to specific fixed assets (PPE):Grants received specifically for fixed asset(PPE) is disclosed in the financial statement either(i) by way of deduction from the gross block of the asset concerned, thus granted recognized […]

Posted in: CMA updates ,
Tags: Accounting Principles , accounting rules , Accounting Standards , business transparency , compliance guidelines , Financial Reporting , Financial Statements , GAAP , IFRS , regulatory framework ,