GAAP Professional Table of Contents

Table of Content

The Conceptual Framework

  • Objectives of Financial Reporting
  • Characteristics and Limitations of a Financial Report

Accounting Standard-1, Disclosure of Accounting Policies

  • Indian GAAP on Disclosure of Accounting Policies

 Accounting Standard-2, Valuation of Inventories

  • Inventories as Assets

Accounting, Standard-3, Cash Flow Statement

  • Objective
  • Presentation of a Cash Flow Statement

Accounting Standard-4, Contingencies and Events Occurring

  • Accounting for Events Occurring After the Balance Sheet Date Under AS-4
  • Disclosure

Accounting Standard-5, Net Profit or Loss for the Period

Presentation of Income Statement under AS-5

Accounting Standard-6, Depreciation

  • Accounting for Depreciation Under AS-6
  • Depreciation
  • Methods of Depreciation
  • Change in Method of Depreciation

Accounting Standard-7, Construction Contracts

  • Accounting for Construction Contracts under AS-7
  • Terms Used in AS-7
  • Combining and Segmenting Construction Contracts
  • Contract Revenue
  • Contract Costs
  • Recognition of Contract Revenue and Expenses

Accounting Standard-9, Revenue Recognition

  • Accounting for Revenue under AS-9
  • Sale of Goods
  • Interest, Royalties and Dividends
  • Effect of Uncertainties on Revenue Recognition
  • Disclosure

 Accounting Standard-10, Accounting for Fixed Assets

  • Identifying Fixed Assets
  • Components of Cost
  • Self-constructed Fixed Assets
  • Non-monetary Consideration
  • Improvements and Repairs
  • Retirements and Disposals (derecognition)
  • Hire Purchases
  • Joint Ownership
  • Goodwill
  • Disclosure

Accounting Standard-11, Changes in Foreign Exchange Rates

  • AS-11
  • Classification of Foreign Operations as Integral or Non-integral
  • Change in the Classification of a Foreign Operation
  • Disclosure

Accounting Standard-12, Accounting for Government Grants

  • Accounting for Government Grants Under the Indian GAAP (AS-12)
  • Accounting Treatment of Government Grants
  • Recognition of Government Grants
  • Non-monetary Government Grants
  • Presentation of Grants Related to Revenue
  • Presentation of Grants of the nature of Promoters' contribution
  • Refund of Government Grants
  • Disclosure

 Accounting Standard-13, Accounting for Investments

  • Accounting for Investments under Indian GAAP
  • Forms of Investments
  • Cost of Investments
  • Investment Properties
  • Disposal of Investments

 Accounting Standard-14, Accounting for Amalgamations

  • Accounting for Amalgamation under the Indian GAAP (AS-14)
  • Types of Amalgamations
  • Methods of Accounting for Amalgamations
  • Treatment of Reserves of the Transferor Company on Amalgamation
  • Disclosures

Accounting Standard-15, Employee Benefits

  • Accounting for Employee Benefits
  • Short-term Employee Benefits
  • Termination Benefits
  • Accounting Treatment
  • Disclosures

 Accounting Standard-16, Borrowing Costs

  • Accounting for Borrowing Cost in AS-16
  • Borrowing Costs
  • A Qualifying Asset
  • Borrowing Costs Eligible for Capitalisation
  • Commencement of Capitalisation
  • Disclosure

Accounting Standard-17, Segment Reporting

  • Segment Reporting Under AS-17
  • Accounting Standards Interpretation (ASI 22)
  • Allocation
  • Primary and Secondary Segment Reporting Formats
  • Matrix Presentation
  • Business and Geographical Segments
  • Identifying Reportable Segments (Quantitative Thresholds)
  • Segment Accounting Policies
  • Primary Reporting Format
  • Secondary Segment Information
  • Disclosures

Accounting Standard-18, Related Party Disclosures

  • Related Party Disclosures
  • Accounting Standards Interpretation (ASI)21
  • The Related Party Issue
  • Disclosure

Accounting Standard-19, Accounting for Leases

  • Accounting for Lease
  • Classification of Leases
  • Leases in the Financial Statements of Lessees
  • Leases in the Financial Statements of Lessors
  • Sale and Leaseback Transactions

Accounting Standard-20, Earnings Per Share

  • Presentation and Calculation of EPS
  • Basic Earnings per Share
  • Diluted Earnings Per Share
  • Presentation

Accounting Standard-21, Consolidated Financial Statements

  • Consolidation Principles under AS-21
  • Circumstances for Consolidated Financial Statements
  • Loss of Control
  • Consolidation Procedures
  • Cost of Control
  • Minority Interest
  • Other Points
  • Disposal of Holding
  • Disclosure

Accounting Standard-22 Accounting for Taxes on Income

  • Income Taxes Under AS-22
  • Recognition
  • Measurement
  • Review of Deferred Tax Assets
  • Disclosure
  • Relevant Accounting Standards Interpretations

Accounting Standard-23, Accounting for Investments in Associates in Consolidated

  • Accounting for Investment in Associates
  • Associates Accounted for Using the Equity Method
  • Contingencies
  • Disclosure
  • Relevant Accounting Standards Interpretations

Accounting Standard-24, Discounting Operations

  • Accounting for Discontinuing Operations under AS-24
  • Discontinuing Operation
  • Initial Disclosure Event
  • Recognition and Measurement

Accounting Standard-25, Interim Financial Reporting

  • Interim Financial Reporting
  • Selected Explanatory Notes
  • Periods for which Interim Financial Statements are required to be presented
  • Materiality
  • Disclosure in Annual Financial Statements
  • Accounting Policies
  • Revenue Received Seasonally or Occasionally
  • Accounting Standards Interpretation (ASI 27): Applicability

Accounting Standard-26, Accounting for Intangible Assets

  • Accounting for Intangible Assets in AS-26
  • Intangible Assets
  • Recognition and Initial Measurement of an Intangible Asset
  • Separate Acquisition
  • Internally Generated Intangible Assets
  • Cost of an Internally Generated Intangible Asset
  • Items to be Recognised as an Expense
  • Amortisation Period
  • Retirements and Disposals
  • Disclosure

Accounting Standard-27, Financial Reporting of Interests in Joint Ventures

  • Accounting for Joint Ventures
  • Contractual Arrangement
  • Forms of Joint Ventures
  • Consolidated Financial Statements of A Venturer
  • Transactions between a Venturer and Joint Venture
  • Disclosures

Accounting Standard-28, Impairment of Assets

  • Accounting for Impairment Loss under AS-28
  • Assessment
  • Measurement of Recoverable Amount
  • Basis for Estimates of Future Cash Flows
  • Composition of Estimates of Future Cash Flows
  • Recognition and Measurement of an Impairment Loss
  • Identification of the Cash-Generating Unit
  • Goodwill
  • Corporate Assets
  • Impairment Loss for a Cash-Generating Unit
  • Disclosure

Accounting Standard-29, Provisions, Contingent Liabilities, and Contingent Assets

  • AS-29 Provisions, Contingent Liabilities, and Contingent Assets
  • Provisions
  • Present Obligation
  • Reliable Estimate of the Obligation
  • Contingent Liabilities
  • Contingent Assets
  • Future Events
  • Expected Disposal of Assets
  • Reimbursements
  • Changes in Provisions
  • Application of the Recognition And Measurement Rules


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