International financial reporting standards IFRS
you can also watch the video of this lecture: https://youtu.be/wXq6inZZANM
Sunday, September 16, 2018
Accounting standards of India
Accounting standards of India
1. AS 1 Disclosure of Accounting Policies
2. AS 2 (Revised) Valuation of Inventories
3. AS 3 (Revised) Cash Flow Statements
4. AS 4 (Revised) Contingencies and Events Occurring after the Balance Sheet Date
5. AS 5 (Revised) Net Profi t or Loss for the Period, Prior Period Items and Changes in
Accounting Policies
4. AS 6 (withdrawn pursuant
to issuance of AS 10
on Property, Plant and
Equipment 2016)
Depreciation Accounting
7. AS 7 (Revised) Accounting for Construction Contracts
8. AS 8 (withdrawn Accounting for Research and Development
pursuant to AS 26
becoming mandatory)
9. AS 9 Revenue Recognition
10. AS 10 Property, Plant and Equipment
11. AS 11 (Revised) The Eff ects of Changes in Foreign Exchange Rates
12. AS 12 Accounting for Government Grants
13. AS 13 Accounting for Investments
14. AS 14 Accounting for Amalgamations
15. AS 15 (Revised) Employee Benefi ts
14. AS 16 Borrowing Costs
17. AS 17 Segment Reporting
18. AS 18 Related Party Disclosures
19. AS 19 Leases
20. AS 20 Earnings Per Share
21. AS 21 Consolidated Financial Statements
22. AS 22 Accounting for Taxes on Income
23. AS 23 Accounting for Investments in Associates in Consolidated Financial
Statements
24. AS 24 Discontinuing Operations
25. AS 25 Interim Financial Reporting
24. AS 26 Intangible Assets
27. AS 27 Financial Reporting of Interests in Joint Ventures
28. AS 28 Impairment of Assets
29. AS 29 Provisions, Contingent Liabilities & Contingent Assets
Friday, September 7, 2018
Accounting concept principles and convention
INTRODUCTION
Let us imagine a situation where you are a proprietor and you take copies of your books of account to ve
dierent accountants. You ask them to prepare the nancial statements on the basis of the above records
and to calculate the prots of the business for the year. After few days, they are ready with the nancial
statements and all the ve accountants have calculated ve dierent amounts of prots and that too with
very wide variations among them. Guess in such a situation what impact would it leave on you about
accounting profession. To avoid this, a generally accepted set of rules have been developed. This generally
accepted set of rules provides unity of understanding and unity of approach in the practice of accounting
and also in better preparation and presentation of the nancial statements.
Accounting is a language of the business. Financial statements prepared by the accountant communicate
nancial information to the various stakeholders for decision-making purpose. Therefore, it is important
that nancial statements prepared by dierent organizations should be prepared on uniform basis. Also
there should be consistency over a period of time in the preparation of these nancial statements. If every
accountant starts following his own norms and notions for accounting of dierent items then there will be
an utter confusion.
Money measurement concept
Entity concept
Cost concept
Periodicity concept
Realisation concept
Accrual concept
Dual aspect concept
Matching concept
Conservatism
Going Concern concept
Consistency
Materiality
Concepts, Principles, Conventions
To avoid confusion and to achieve uniformity, accounting process is applied within the conceptual
framework of ‘Generally Accepted Accounting Principles’ (GAAPs). The term GAAPs is used to describe rules
developed for the preparation of the nancial statements and are called concepts, conventions, postulates,
principles etc. These GAAPs are the backbone of the accounting information system, without which the
whole system cannot even stand erectly. These principles are the ground rules, which de ne the parameters
and constraints within which accounting reports are generated. Accounting principles are basic norms and
assumptions on which the whole accounting system has been developed and established. Accountant
also adheres to various accounting standards issued by the regulatory authority for the standardization of
accounting policies to be followed under speci c circumstances. These conceptual frameworks, GAAPs and
accounting standards are considered as the theory base of accounting.
2.2 ACCOUNTING CONCEPTS
Accounting concepts de ne the assumptions on the basis of which nancial statements of a business
entity are prepared. Certain concepts are perceived, assumed and accepted in accounting to provide a
unifying structure and internal logic to accounting process. The word concept means idea or notion, which
has universal application. Financial transactions are interpreted in the light of the concepts, which govern
accounting methods. Concepts are those basic assumptions and conditions, which form the basis upon
which the accountancy has been laid. Unlike physical science, accounting concepts are only result of broad
consensus. These accounting concepts lay the foundation on the basis of which the accounting principles
are formulated.
2.3 ACCOUNTING PRINCIPLES
“Accounting principles are a body of doctrines commonly associated with the theory and procedures of
accounting serving as an explanation of current practices and as a guide for selection of conventions or
procedures where alternatives exist.”
Accounting principles must satisfy the following conditions:
1. They should be based on real assumptions;
2. They must be simple, understandable and explanatory;
3. They must be followed consistently;
4. They should be able to re ect future predictions;
5. They should be informational for the users.
2.4 ACCOUNTING CONVENTIONS
Accounting conventions emerge out of accounting practices, commonly known as accounting principles,
adopted by various organizations over a period of time. These conventions are derived by usage and
practice. The accountancy bodies of the world may change any of the convention to improve the quality of
accounting information. Accounting conventions need not have universal application.
In the study material, the terms ‘accounting concepts’, ‘accounting principles’ and ‘accounting conventions’
have been used interchangeably to mean those basic points of agreement on which nancial accounting
theory and practice are founded.
Monday, September 3, 2018
Latest (2018-19) Edition – NCERT Economics Books for class 9th, 10th, 11th, 12th for CBSE ICSE ALL STATE BOARDS
Download Latest (2018-19) Edition – NCERT Economics Books for class 9, 10, 11, 12 PDF (English)
| Class | Book Name | Download Link |
| 9 | Economics | PDF Download |
| 10 | Understanding Economic Development | PDF Download |
| 11 | Indian Economic Development | PDF Download |
| 12 | Introductory Microeconomics | PDF Download |
| 12 | Introductory Macroeconomics | PDF Download |
Download Latest (2018-19) Edition – NCERT Economics Books for class 9, 10, 11, 12 PDF (Hindi)
| Class | Book Name | Download Link |
| 9 | Arthashastra | PDF Download |
| 10 | Arthik Vikas ki Samajh | PDF Download |
| 11 | Bhartiya Airthyavstha Ka Vikas | PDF Download |
| 12 | Vyashthi Arthshasrta | PDF Download |
| 12 | Samashty Arthshastra Ek Parichay | PDF Download |
Latest (2018-19) Edition – NCERT Business Studies Book Class 11th,12th CBSE ICSE STATE BOARDS
Latest (2018-19) Edition – NCERT Business Studies Book Class 11,12 (English) Quick PDF Download
| NCERT Business-Studies Books for Class 11 | PDF Download |
| NCERT Business-Studies Books for Class 12 (Part I) | PDF Download |
| NCERT Business-Studies Books for Class 12 (Part II) | PDF Download |
Latest (2018-19) Edition – NCERT Business Studies Book Class 11 (Hindi) Quick PDF Download
| NCERT Business-Studies Books for Class 11 | PDF Download |
| NCERT Business-Studies Books for Class 12 (Part I) | PDF Download |
| NCERT Business-Studies Books for Class 12 (Part II) | PDF Download |
Sunday, September 2, 2018
Class 10 Maths Formulas Chapterwise for CBSE ICSE ALL STATE BOARDS
CBSE Class 10 Maths Formulas Chapterwise for CBSE ICSE ALL STATE BOARDS – Free PDF Download
| Chapter No | Chapter Name | Download Link |
| 1 | Real Numbers | PDF Download |
| 2 | Polynomials | PDF Download |
| 3 | Pair of Linear Equations in Two Variables | PDF Download |
| 4 | Quadratic Equations | PDF Download |
| 5 | Arithmetic Progressions | PDF Download |
| 6 | Triangles | PDF Download |
| 7 | Coordinate Geometry | PDF Download |
| 8 | Introduction to Trigonometry | PDF Download |
| 10 | Circles | PDF Download |
| 13 | Surface Areas and Volumes | PDF Download |
| 14 | Statistics | PDF Download |
| 15 | Probability | PDF Download |
Math Formulas and Equations for Class 12th CBSE ICSE ALL STATE BOARDS
Math Formulas and Equations for CBSE Class 12 – Free PDF Download Chapter-wise
| Chapter No | Chapter Name | Download Link |
| 1 | Relations and Functions Formula | PDF Download |
| 2 | Inverse Trigonometric Functions Formula | PDF Download |
| 3 | Matrices Formula | PDF Download |
| 4 | Determinants Formula | PDF Download |
| 5 | Continuity and Differentiability Formula | PDF Download |
| 6 | Application of Derivatives Formula | PDF Download |
| 7 | Integrals Formula | PDF Download |
| 8 | Application of Integrals Formula | PDF Download |
| 9 | Differential Equations Formula | PDF Download |
| 10 | Vector Algebra Formula | PDF Download |
| 11 | Three Dimensional Geometry Formula | PDF Download |
| 12 | Linear Programming Formula | PDF Download |
| 13 | Probability Formula | PDF Download |
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