What are applicable accounting standards?
Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.
What is the title of Accounting Standard 13?
Accounting Standard 13 – Accounting for investments (AS 13). This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.
What is relevance in accounting terms?
Relevance is the concept that the information generated by an accounting system should impact the decision-making of someone perusing the information. The concept can involve the content of the information and/or its timeliness, both of which can impact decision making.
Is accounting standards still applicable?
Accounting Standards not applicable to Level II and Level III enterprises since the relevant Regulators require compliance with them only by certain Level I enterprises: AS 21, Consolidated Financial Statements. AS 23, Accounting for Investments in Associates in Consolidated Financial Statements.
Is as 13 applicable to mutual funds?
retirement benefit plans and life insurance enterprises. mutual funds. venture capital funds and/or related asset management companies. banks and financial institutions formed under central or state government or under Companies Act, 1956.
Which of the following accounting standards is recommendatory and not mandatory?
Inventory and depreciation accounting.
Why is financial accounting regulated?
Regulation Background The purpose of the Financial Accounting Standards Board (FASB) is to establish and improve US GAAP. There are also auditing standards, enforced by the Public Company Accounting Oversight Board (PCAOB), and required by the SEC.
What is neutrality in accounting?
The next accounting concept is neutrality, which means that financial statements must be free from errors or from other missions. Financial statements cannot be prepared with the purpose to influence certain decisions, i.e. they might be neutral.
What is as 13 in accounting?
AS 13 – Accounting of Investments Applicability. Accounting for Investments is issued in 1993 and is a mandatory accounting standard applicable to all level of enterprises as it is a measurement as well as a disclosure standard.
What is accounting standard as 3?
Accounting Standard (AS) 3, ‘Cash Flow Statements’ (revised 1997), issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-1997. This Standard supersedes Accounting Standard (AS) 3, ‘Changes in Financial Position’, issued in June 1981.
How applicable is the new accounting standard on financial instruments?
Applicability of the proposed Accounting Standard on financial instruments, paragraphs which deal with contingencies would remain operational to the extent they cover impairment of assets not covered by other Accounting Standards. For example, provision for bad and doubtful debts.
Are accounting standards applicable to small and medium sized enterprises?
The Council, at its 236th meeting, held on September 16-18, 2003, considered the matter relating to applicability of Accounting Standards to Small and Medium Sized Enterprises (SMEs). The Council decided the following scheme for applicability of accounting standards to SMEs.