CORPORATE ACCOUNTING

1. CORPORATEACCOUNTING

2. ACCOUNTINGSTANDARDS

3. CONTENTS

5. Revised and effective from 1-4-1995.

6. Mandatory in nature.

7. Depreciable amount of depreciable assets should be allocated on systematic basis.

9. Total depreciation for the period for each class of assets.

10. Depreciation method applied.

11. Accumulated depreciation for the period for each class of assets.

13. Revised and effected from 1-4-2003.

14. Mandatory in nature.

15. deal with accounting for construction contract in financial statements of contractors.

17. It deals with bases for recognition of revenue in the statement of profit and loss of an enterprise.

18. It provide a key criterion for determining when to recognize revenue from a transaction involving sales of goods.

19. It usually recognized as the service is performed by different methods.

20. it also charge the interest for the use of CASH resources.

22. Issued in November 1985 and is mandatory.

23. it deals with fixed assets such that land, building , plant and machinery, vehicles, furniture and fittings, etc.

25. Expenditure incurred on account of fixed assets in the course of construction or acquisition.

26. Valued amount substituted for historical cost of fixed assets, the method adopt to complete the revalued amounts, the nature of indices used, the year of any appraisal made, and weather an external value was involved, in case fixed assets are stated as revalued amounts.