FINANCIAL STATEMENTS UNDER IND AS
FINANCIAL STATEMENTS UNDERIND AS:OVER ALL CONSIDERATIONSOctober 20161Titre de la présentation
CONSTITUENTS OF ‘FINANCIAL STATEMENTS’ Balance sheet Statement of profit and loss (title not entirely representative of contents) Statement of changes in equity (new) Cash flow statement Notes
FORM AND CONTENT OF FINANCIAL STATEMENTS Prescribed by newly-inserted Division II of Schedule III to the Companies Act2013 in respect of- Balance sheetStatement of profit and lossStatement of changes in equityNo format prescribed for cash flow statement-To be prepared in accordance with Ind AS 7, Cash Flow StatementsNo illustrative format in Ind AS 7 (unlike AS 3)
FORMAT OF BALANCE SHEET Vertical formFirst, ‘Assets’Then, ‘Equity and Liabilities’ Current – Non-current classification of assets and liabilitiesDefinitions of current and non-current assets and liabilities essentially thesame as in pre-revised Schedule III A larger number of items of assets and liabilities required to be presented on theface of balance sheet, e.g. disclosure also required ofGoodwillInvestment PropertyBreak-up of financial assets such as investments, trade receivables, loans,etc. ‘Equity’ to be classified on the face of balance sheet intoEquity share capitalOther equity
EQUITY OR LIABILITY? (IND AS 32) Depends on nature of contractual obligations and rights of issuer rather thanlegal form of instrument : A preference share could warrant classification as a liability Conversely, a debenture could warrant classification as equity A single instrument may contain both a liability and an equity component(‘compound financial instrument’) Broadly speaking, the primary determinant is whether contractually, theissuer is or may be obliged to make payment in cash or other financial asset(towards principal, interest or dividend) to the holder If yes, a liability Else, equity If a convertible debenture (or other convertible instrument) is convertible intoa variable number of equity instruments of issuer, it is a financial liabilityrather than equity
EQUITY OR LIABILITY? (IND AS 32)Company K issues preference shares to an investor. As per the terms of issue, thepreference shares shall be mandatorily redeemed at the expiry of five years fromthe date of their issue. The shares carry a cumulative dividend of 8% per annum andthe terms of issue specifically stipulate that any unpaid dividend shall be paid at thetime of redemption, subject to availability of profits.Company D issues preference shares to a group of investors. As per the terms ofissue, each preference share shall be mandatorily converted into 5 equity shares atthe expiry of four years from the date of issue. The preference shares carry a noncumulative dividend of 8% per annum. In the jurisdiction in which Company Doperates, declaration and payment of dividend on preference shares is at thediscretion of the issuer.
COMPOUND FINANCIAL INSTRUMENTS: SPLITACCOUNTINGA company issues 5,00,000 convertible debentures. The debentures have a threeyear term and are issued at par with a face value of Rs 100 per debenture, givingtotal proceeds of Rs 5,00,00,000. Interest is payable at each year-end at an interestrate of 8% per annum. At the end of the three-year term, each debenture isconvertible, at the option of the holder, into 5 equity shares of the company. Whenthe debentures are issued, the prevailing market interest rate for similar debt withoutconversion feature is 12% per annum.For simplicity, it is assumed that there are no transaction costs associated with issueof debentures.
COMPOUND FINANCIAL INSTRUMENTS: SPLITACCOUNTING (contd.)Maximum potential cash outflows associated with debentures (Rs)At the end of Year 1 (interest)At the end of Year 2 (interest)At the end of Year 3 (interest)At the end of Year 3 (principal)Liability componentPresent value of above cash outflows at 12% 4,51,96,340Equity component (balance)5,00,00,000 minus 4,51,96,340 48,03,66040,00,00040,00,00040,00,0005,00,00,000
COMPOUND FINANCIAL INSTRUMENTS: SPLITACCOUNTING (contd.)Interest would be accrued on the liability component at 12% p.a. as follows:Opening bal. ofliabilityInterest @ 12%Interest paidYear 14,51,96,34054,23,56040,00,000Year 24,66,19,90055,94,39040,00,000Year 34,82,14,29057,85,71040,00,000
EQUITY OR LIABILITY? Treatment of interest, dividends, losses and gains relating to a financialinstrument-Depends on whether it is classified as equity or as liability E.g., dividend on preference shares classified as liability will be a chargein determining profit or lossChange in classification from equity to liability (or liability to equity) due toadoption of Ind ASs may have a significant impact on debt-equity ratio andreported profits of many companies
TREATMENT OF TRANSACTION COSTS Equity transaction-To be accounted for as a deduction from equity (Ind AS 32). Treatment of dividend distribution taxFinancial liability-To be reflected in determination of effective interest rate
STATEMENT OF PROFIT AND LOSS In effect, has two sections (though not so titled in the format):-‘Profit or loss’ section, ending with ‘profit/(loss) for the period’‘Other comprehensive income’ (OCI) section‘Total comprehensive income for the period’ also required to be presented Internationally, title used is ‘statement of profit or loss and other comprehensiveincome’ EPS calculations are with reference to profit or loss for the period and not withreference to total comprehensive income for the period
CONCEPT OF ‘COMPREHENSIVE INCOME’Comprehensive income –Increase or decrease in net worth (or equity or net assets) during a period otherwisethan on account of transactions with shareholders in their capacity as owners, e.g.,fresh capital infusion, distribution of dividends
CONCEPT OF ‘COMPREHENSIVE INCOME’At the end of Year 1, Company X is incorporated with a share capital of 1,000.There is no other activity during Year 1. The company’s balance sheet at the end ofYear 2 shows the following position (no dividend has been paid during the year):PPE (land) at fair value (cost 40)PPE (other items) at cost less depreciationInvestments in listed shares at fair value (cost 300)Current assets (debtors, inventories)Cash and cash equivalentsYear-end total assetsBorrowingsYear-end net worth50703605501501,180601,120Comprehensive income for the period - 120
OTHER COMPREHENSIVE INCOME Other comprehensive income –Items of income and expense that are not recognised in profit or loss as requiredor permitted by other Ind ASs, for example:-Exchange differences arising on translation of financial statements of foreignoperations-Revaluation surplus in respect of property, plant and equipment-Effective portion of a cash flow hedge-Change in fair value of certain financial assetsCurrently, the distinction between two parts of comprehensive income (‘profit orloss’ and ‘OCI’) is rule-based (i.e., dictated by relevant standard/Schedule III);underlying concept not articulated clearly.
OTHER COMPREHENSIVE INCOME (contd.) Ind AS/Schedule III-Require some items of OCI to be subsequently recycled to profit or loss, e.g.exchange differences arising on translation of financial statements of aforeign operation-Prohibit recycling of other items to profit or loss, e.g., surplus arising onrevaluation of property, plant and equipmentWhat is to be recycled to profit or loss is dictated by relevant standard/ScheduleIII; underlying concept not articulated clearly.
‘PROFIT OR LOSS’ SECTION Largely similar to that under pre-revised schedule (now Division I) Unlike Division I, same sub-classification of ‘revenue from operations’, whetherthe company is a finance company or other-than-finance company Unlike Division I, ‘excise duty’ not to be deducted in reporting revenue No concept of ‘extraordinary items’ under Ind ASs; hence, unlike Division I,requirement of showing profit before and after extraordinary items does not findplace in Division II
STATEMENT OF CHANGES IN EQUITY Provides a reconciliation between opening and closing balance of equity sharecapital and each item of other equity by showing movements during the year Examples of items of ‘other equity’ listed in Division II-Share application money pending allotment-Equity component of compound financial instruments-Money received against share warrants-Each item of ‘Reserves and surplus’ e.g. Capital Reserve, SecuritiesPremium Reserve, Retained Earnings, etc.-Each item of ‘other comprehensive income’ e.g., Effective portion of cash flow hedges Revaluation surplus Exchange differences on translation of financial statements of foreignoperations
NOTES Details of various items of assets, liabilities, income, expenses and items ofequity to be given in notes – largely similar to those in Division I Additional information relating to value of imports, value of imported/indigenousraw materials etc consumed, expenditure in foreign currency, dividendremittances in foreign exchange, earnings in foreign exchange-Not required to be presented
CHANGES IN ACCOUNTING POLICIES (IND AS 8) An accounting policy shall be changed only if the change:-is required by an Ind AS; or-results in the financial statements providing reliable and more relevantinformation (‘voluntary change’)For a voluntary change, disclosure also required of the reasons why applying thenew accounting policy provides reliable and more relevant information.
EFFECTING CHANGES IN ACCOUNTING POLICIES Unless impracticable-A change in accounting policy resulting from the initial application of an IndAS to be accounted for in accordance with its transitional provisions, if any.-In other cases (i.e. when the Ind AS does not include transitional provisionsor when an accounting policy is changed voluntarily), the change to beapplied retrospectively, i.e. as if the changed policy had always beenapplied.Impracticable -- the entity cannot apply arequirement after making everyreasonable effort to do so
RETROSPECTIVE CHANGE IN ACCOUNTING POLICY Involves-adjustment of opening balance of each affected component of equity for theprevious period presented,-restatement of comparative amounts for previous period presentedas if the new policy had always been applied Requires distinguishing information that-provides evidence of circumstances that existed on the date(s) as at whichthe transaction/event/condition occurred, and-would have been available when the financial statements for that priorperiod were authorized for issue from other information.Hindsight not to be used when applying new policy
IMPRACTICABILITY OF RETROSPECTIVEAPPLICATION Retrospective application to a prior period is impracticable if it is not practicable todetermine cumulative effect on the amounts in both opening and closing balancesheets for that period. Reasons for impracticability of retrospective application– -non-availability of data to apply new policy and impracticability to recreate it;-retrospective application requires assumption about management’s intent inthe prior period-retrospective application requires significant estimates of amounts and it isimpossible to distinguish information that was available at the time ofapproval of prior period’s financial statements from other informationWhere full retrospective application not practicable, apply new policy from theearliest date practicable (which may even be the beginning of the current year.)
CORRECTION OF PRIOR PERIOD ERRORS Material prior period errors to be corrected retrospectively, unless impracticable. Correction involves -restating comparative amounts for the previous period presented;-for errors that occurred before the previous period presented, openingbalances of assets, liabilities and equity for the previous period presented tobe restated‘Impracticable’ has the same connotation as in the case of retrospectiveapplication of a new accounting policy
CHANGES IN ACCOUNTING POLICIES/ERRORCORRECTION/RECLASSIFICATIONS A balance sheet at the beginning of the preceding period to be presented infollowing cases (thus, three sets of balance sheet figures to be presented) infollowing situations if such balance sheet is materially affected:-Retrospective application of accounting policy-Retrospective correction of errors-Reclassification of items in financial statements
POST-BALANCE SHEET DATE EVENTS Unlike AS 4, Ind AS 8 requires disclosures in financial statements about eventsafter the end of reporting period that are indicative of conditions that arose afterthe reporting period (‘non-adjusting events after the reporting period’). Following disclosures to be made for each material category of such events: -the nature of the event; and-an estimate of its financial effect, or a statement that such an estimatecannot be made.If dividends to holders of equity instruments are declared after the reportingperiod, those dividends not to be recognised as a liability at the end of thereporting period.
CONCEPT OF ‘FAIR VALUE’ UNDERIND ASTitre de la présentationDate
FAIR VALUE Many Ind ASs require valuation of specific types of assets or liabilities at fairvalue or on fair value based measurements (e.g. fair values less costs to sell) Ind AS 113 applies to determination of fair value in applying Ind ASs (subject tolimited exceptions)- Principles and requirements seek to achieve uniformity, objectivity (as far aspossible) and transparencyFair value-Represents price at which an orderly transaction to sell the asset or totransfer the liability would take place between market participants at themeasurement date under current market conditions (i.e. an exit price at themeasurement date from the perspective of a market participant that holdsthe asset or owes the liability).-Is a market-based measurement, not an entity-specific measurement.
KEY DIFFERENCESIND AS vs. EXISTING PRACTICESOctober 201629Titre de la présentation
01MEASUREMENT OF FINANCIAL ASSETSAND LIABILITIESTitre de la présentationDate
IND AS 10931 Comprehensive standard dealing with recognition, classification, measurementand de-recognition of financial assets and liabilities; also deals with hedgeaccounting Complements Ind AS 32, Financial Instruments : Presentation Ind AS 107, Financial Instruments : Disclosures Applicable to most financial assets and financial liabilities Scope much larger than that of Accounting Standard (AS) 13, Accounting forInvestments Drastically changes accounting for financial instruments, particularly mostfinancial assetsTitre de la présentationDate
MEASUREMENT OF INVESTMENTS Ind AS 109 not directly applicable to investments in subsidiaries, joint venturesand associates At initial recognition, an investment to be classified as- Classification dependent on- subsequently measured at amortised cost, orsubsequently measured at fair value through other comprehensive income(FVTOCI), orsubsequently measured at fair value through profit or loss (FVTPL)entity’s business model for managing the investments, andcontractual cash flow characteristics of the investmentInitial recognition generally at fair value plus transaction costs-Transaction costs not included in the case of FVTPL investments
DEBT INSTRUMENTS : AT AMORTISED COST An investment in a debt instrument that meets both the following conditions to bemeasured at amortised cost, net of any write down for impairment (unless it isdesignated at FVTPL under the fair value option)-Business model test: The objective of the entity's business model is tohold the financial asset to collect the contractual cash flows (rather than tosell the instrument prior to its contractual maturity to realise its fair valuechanges).-Cash flow characteristics test: The contractual terms of the financial assetgive rise on specified dates to cash flows that are solely payments ofprincipal and interest on the principal amount outstanding.Amortisation as per ‘effective interest method’
DEBT INSTRUMENTS : AT FAIR VALUE An investment in a debt instrument that meets both the following conditions to bemeasured at FVTOCI (unless it is designated at FVTPL under the fair valueoption) :-Business model test: The financial asset is held within a business modelwhose objective is achieved by both collecting contractual cash flows andselling financial assets.-Cash flow characteristics test: Same as for ‘amortised cost’ classification(Impairment gains or losses and foreign exchange gains and losses would stillbe recognised in profit or loss) All other debt instruments (i.e., other than those at amortised cost/FVTOCI) to bemeasured at fair value through profit or loss (FVTPL). On derecognition of debt instrument measured at FVTOCI, accumulated gain orloss to be recycled to profit or loss
FAIR VALUE OPTION To be exercised at initial recognition and irrevocable Available only if FVTPL classification eliminates or significantly reduces ameasurement or recognition inconsistency ('accounting mismatch') that wouldotherwise arise from measuring assets or liabilities or recognising the gains andlosses on them on different bases.
INVESTMENT IN EQUITY INSTRUMENTS To be measured at fair value, with value changes recognised in profit or loss,unless option of classification as FVTOCI taken FVTOCI option for particular investments in equity instruments-Available only at initial recognition and irrevocable-Not available for equity instruments held for trading-No recycling to profit or loss on derecognition
DERIVATIVES To be measured at fair value, with value changes recognised in profit or lossunless the derivative is a hedging instrument in an eligible hedging relationship.
TRADE RECEIVABLES/LOANS GIVEN Would generally warrant classification as ‘subsequently measured at amortisedcost’. Initial measurement generally at fair value plus transaction costs; as per Ind AS18 in case of trade receivables
TRADE PAYABLES/LOANS AND OTHER BORROWINGSTAKEN Initial recognition at fair value plus transaction costs (transaction costs notincluded in the case of liabilities at fair value through profit or loss) Subsequent measurement generally at amortised cost Classification as measured at FVTPL also available in limited cases, e.g., insituations of ‘accounting mismatch’ Gains and losses on financial liabilities designated as at FVTPL to be split asfollows:-Change in fair value attributable to changes in credit risk of the liability –generally to be presented in OCI; no subsequent recycling from OCI to profitor loss-Remaining amount of change -- presented in profit or loss.
INVESTMENTS IN SUBSIDIARIES/ JOINT VENTURES/ASSOCIATES (IN STAND-ALONE FINANCIALSTATEMENTS OF INVESTOR) Subject to some exceptions, in stand-alone financial statements, investments insubsidiaries, joint ventures and associates can be accounted for either:-at cost, or-in accordance with Ind AS 109An entity to apply same accounting for each category of investments-No definition of ‘category’
02SHARE-BASED PAYMENTS(IND AS 102)Date
MAJOR DIFFERENCES Scope not limited to share-based payments to employees; applicable to mostshare-based payments- Limited scope exclusions, e.g., transactions in which the entity acquiresgoods as part of the net assets acquired in a business combinationRequirements relating to share-based payments to employees different fromthose of ICAI’s Guidance Note in two major respects:-Equity-settled share-based payments to be measured with reference to fairvalue of instruments granted as of the grant date -Intrinsic value method not permitted except where grant-date fair valueof equity instruments cannot be estimated reliablyOption of straight-line recognition of compensation cost in case of gradedvesting not provided
03CONCEPT OF CONTROL UNDER IND ASTitre de la présentationDate
CONCEPT OF ‘CONTROL’ UNDER IND AS Control“An investor controls an investee when it is exposed, or has rights, to variablereturns from its involvement with the investee and has the ability to affect thosereturns through its power over the investee” (Ind AS 110, Consolidated FinancialStatements) 44Only one party can have ‘control’ of investee at any point of timeTitre de la présentationDate
ELEMENTS OF ‘CONTROL’: POWER, VARIABLERETURNS, LINKAGE45 Power of ‘investor’ over ‘investee’An investor has power over an investee when the investor has existingrights that give it the current ability to direct the relevant activities‘Relevant activities’ – “activities of the investee that significantly affect theinvestee’s returns” Variability of returns, i.e., investor is exposed to, or has rights to, variable returnsfrom its involvement with the investeeIn effect, means that the investor is exposed to risks and/or rewards ofperformance of the investee Link between ‘power’ and ‘returns’Investor’s ability to affect its returns from its involvement with the investeethrough its power over the investeeIf investor is acting as agent, this link is missingTitre de la présentationDate
RELEVANT ACTIVITIES For most entities such as manufacturing/trading entities, a range of operatingand financing activities are ‘relevant activities’, e.g.,-46selling and purchasing of goods or servicesmanaging financial assets during their life (including upon default)selecting, acquiring or disposing of operating assetsdetermining a funding structure or obtaining fundingTitre de la présentationDate
THE CRITICAL QUESTION 47In most cases, assessment of control issue primarily involves determiningwhether investor has power over investee’s relevant activities-Variability assessment is mostly straightforward (e.g., when investor holdsequity instruments of the investee), though it may involve complexities insome cases-Linkage (between power and returns) is also generally clear, but mayrequire more in-depth analysis where there is delegation of power (e.g.,where an asset manager has control)Titre de la présentationDate
POWER 48Power arises from rights such as the following:-Rights in the form of voting rights (or potential voting rights) of an investee;-rights to appoint or remove members of the investee’s key managementpersonnel who have the ability to direct the relevant activities;-other rights (such as decision-making rights specified in a managementcontract) that give the holder the ability to direct the relevant activities.Titre de la présentationDate
POWER WITH MAJORITY VOTING RIGHTS Where –-the relevant activities are directed by a vote of the holder of the majority ofthe voting rights, or-a majority of the members of the governing body that directs the relevantactivities are appointed by a vote of the holder of the majority of the votingrights,the investor with majority voting power has power over relevant activities of theinvestee except in limited circumstances, e.g. where voting rights are notsubstantive
POWER WITHOUT MAJORITY VOTING RIGHTS Potential voting rights-Consider only those potential voting rights that are substantive Rights arising from other contractual arrangements, including an agreement withother vote holders De facto power
DE FACTO POWER - WITHOUT MAJORITY VOTINGRIGHTS Depends on all facts and circumstances including the size of the investor’sholding of voting rights relative to the size and dispersion of holdings of the othervote holders and number of votes cast at previous shareholders’ meetingsthe more voting rights an investor holds, the more likely that the investor has‘power ‘the more voting rights an investor holds relative to other vote holders, themore likely that the investor has ‘power’the more parties that would need to act together to outvote the investor, themore likely that the investor has ‘power’
WHETHER DE FACTO POWER ?An investor holds 47 per cent of the voting rights of an investee. The remainingvoting rights are held by thousands of shareholders, none individually holding morethan 1 per cent of the voting rights. None of the shareholders has any arrangementsto consult any of the others or make collective decisions.Investor A holds 44 per cent of the voting rights of an investee. Two other investorseach hold 26 per cent of the voting rights of the investee. The remaining votingrights are held by four other shareholders, each holding 1 per cent. There are noother arrangements that affect decision-making.
WHETHER DE FACTO POWER ?Entity X, entity Y and various small shareholders hold 35%, 40% and 25% votingpower respectively in entity A. Entity Y and majority of small shareholders haveattended and voted at the past general meetings. At entity A’s most recent generalmeeting entity Y did not vote and entity X had sufficient votes to elect three of itsnamed directors to a board of nine directors, being all of the board members thatwere put forward for election in the current year. All other matters put to a vote of theshareholders were for routine business and the proposals of executive managementwere carried out.
WHETHER DE FACTO POWER ?An investor holds 37 per cent of the voting rights of an investee. Six othershareholders each hold 5 per cent of the voting rights of the investee. The remainingvoting rights are held by numerous other shareholders, none individually holdingmore than 1 per cent of the voting rights. None of the shareholders hasarrangements to consult any of the others or make collective decisions. Decisionsabout the relevant activities of the investee require the approval of a majority ofvotes cast at relevant shareholders’ meetings— 72 per cent of the voting rights ofthe investee have been cast at recent relevant shareholders’ meetings.
CONTROL ISSUE UNRESOLVED If it is not clear, having considered all the relevant factors, that the investor haspower, the investor does not control the investee.
04BUSINESS COMBINATIONS(IND AS 103)Titre de la présentationDate
BUSINESS COMBINATIONS: PRE-IND AS ACCOUNTING Addressed by AS 14 which deals only with accounting for amalgamations, i.e.,where one company gets merged with another company Two methods of accounting:-Pooling of interests method Transferee to recognise assets, liabilities and reserves and surplus oftransferor at book values as per transferor’s books (at appointed date);any difference between share capital of transferor and share capital oftransferee issued in lieu thereof to be adjusted in reserves-Purchase method Transferee to recognise assets and liabilities of transferor at book valuesas per transferor’s books or with reference to their fair values (atappointed date); any difference between consideration and net assets tobe debited to goodwill (or credited to capital reserve)
BUSINESS COMBINATIONS: PRE-IND AS ACCOUNTING Pooling of interests method to be applied if all of the five specified conditions met- One of the conditions is that no adjustment to book values of transferor'sassets or liabilities is intended to be made when they are incorporated intobooks of transfereeIf any one or more of the specified conditions is not met, purchase method to beapplied
IND AS 103 “BUSINESS COMBINATIONS” Barring limited exceptions, applies to all transactions or other events in which anacquirer obtains control of one or more businesses-59Business - An integrated set of activities and assets that is capable of beingconducted and managed for the purpose of providing a return in the form ofdividends, lower costs or other economic benefits directly to owners.Titre de la présentationDate
MODES OF EFFECTING BUSINESS COMBINATIONS Various modes, choice being based on legal, taxation or other factors Some examples (Y Ltd assumed to be a business in all cases):- X Ltd acquires one or more (or even all) operating divisions of Y LtdX Ltd acquires all the shares in Y Ltd and Y Ltd merges into X LtdX Ltd acquires a controlling stake in Y LtdAcquisition of a subsidiary attracts business combination accounting only inconsolidated financial statements of parent
BUSINESS COMBINATION ACCOUNTING: OVERALLAPPROACH Combination of entities or businesses under common control-- Combined entity to apply ‘pooling of interests’ method (manner ofapplication similar to AS 14)Other business combinations included within scope of the standard-61A business combination involving entities or businesses in which all the combining entities or businesses are ultimately controlled by thesame party or parties both before and after the business combination(e.g. amalgamation of one fellow subsidiary with another), and that control is not transitory.Acquirer to apply ‘acquisition’ methodTitre de la présentationDate
RECOGNITION AND MEASUREMENT OF ASSETS ANDLIABILITIES Identifiable assets acquired and liabilities assumed – subject to someexceptions, to be measured at acquisition-date fair valuesIdentifiable assets or liabilities may include items not previously recognizedby acquiree, e.g., in-process R&D, self-generated brands, off-marketelement of operating lease contracts Contingent liabilities of acquiree, which were not recognized by acquireebecause it was not probable that an outflow of resources embodying economicbenefits will be required to settle the obligation, also to be recognized if theiracquisition-date fair values can be measured reliably Consideration transferred – to be measured generally at acquisition-date fairvalue If consideration exceeds the amount of identifiable net assets, excess is‘goodwill’ If the amount of identifiable net assets exceeds consideration, excess is ‘bargainpurchase’ gain; to be credited to capital reserve
ACQUISITION-RELATED COSTS Generally, to be expensed in the periods in which the costs are incurred and theservices are received-Exception: costs to issue debt or equity to be recognized in accordance withInd AS 32 and Ind AS 109.
05CONSOLIDATED FINANCIAL STATEMENTS(IND AS 110)Titre de la présentationDate
SUBSIDIARIES TO BE CONSOLIDATED A parent required to prepare CFS to consolidate all subsidiaries, with theexception of post-
- Statement of profit and loss - Statement of changes in equity No format prescribed for cash flow statement - To be prepared in accordance with Ind AS 7, Cash Flow Statements - No illustrative format in Ind AS 7 (unlike AS 3)
Chapter 3 Ind AS 115 - Revenue from Contract with Customers Yes Chapter 7 Ind AS on Assets of the Financial Statements (Ind AS 2, 16, 116, 23 and 36 only) Yes Chapter 9 Ind AS on Liabilities of the Financial Statements - Ind AS 37 only Yes . ADVANCED AUDITING AND PROFESSIONAL ETHICS. Chapter No. Chapter Name 50% Syllabus Section A : Company .
Ind AS financial statements - Refer Note 37 to the standalone Ind AS financial statements; ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 21 and 26 to the standalone Ind AS financial
Overview of the Financial Statements The Village's basic financial statements are comprised of three components: 1) entity-wide financial statements; 2) fund financial statements; and 3) notes to the basic financial statements. This report also contains supplementary information in addition to the basic financial statements themselves.
Quaker Oats/Pepsi Co 518,241 S Stemmons Ind FedEx (R) 110,880S Cen. Tarrant Cnty Ind Lasko Products, Inc. (R) 505,000 Meacham Fld/ Fossil Cr Ind Signature Global Logistics 109,141E DFW Air/ Las Colinas Ind S&S Activewear, LLC 492,322 N Ft Worth Ind Ox Paperboard 103,889Upper Great Southwest Ind
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Condensed set of Interim Financial Statements An entity complying with IAS 34 has a choice of preparing a condensed set of Interim Financial Statements or a full set of IFRS financial statements. These Interim Financial Statements illustrate a condensed set of Interim Financial Statements based on the requirements of IAS 34.8. Where a full set of
interim financial statements report 04 consolidated interim financial statements 28 financial statements 31 notes to financial statements 37 certification of the condensed consolidated interim financial statements pursuant to art. 154 bis, fifht paragraph, of legislative decree 58/98 and of art. 81 - ter of consob regulation n. 11971/99
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