For each identified corporate asset, apply 'bottom-up' test or 'bottom-up' and 'top-down' test both as required. If rates applied are different from the rates specified in the governing statute then the rates and the useful life be also disclosed. This exemption applies only to the acquirer. On the first occasion when investment in an associate is accounted for in CFS, the carrying amount of investment in the associate should be adjusted by using the equity method, from the date of acquisition, with the corresponding adjustment to the retained earnings in CFS. In Fixed Price Contract outcome can be estimated reliably when: When uncertainties no longer exist, revenue and expenses to be recognised as mentioned above when outcomes can be estimated reliably. which is not a bank, financial institution or an insurance company; which is not a holding or subsidiary company of a company which is not a small and medium-sized company. Those rules are known collectively as U.S. Generally Accepted Accounting Principles—or U.S. GAAP. Construction contract may be for construction of a single/ combination of inter-related or inter-dependent assets. Basis of revaluation should be disclosed. An issuer of loan commitments should apply AS 29 to those loan commitments that are not within the scope of this standard. For example, Cash Flow Statement should be prepared in the format prescribed by accounting standard. IFR should include at least each of the heading and sub-headings that were included in the most recent annual financial statements. Accounting Standard 1: Disclosure of Accounting Policies. Short-term employee benefits should be recognised as an expense without discounting, unless permitted by other AS to be included as a cost of an asset. Need not be accounted for on discounted basis (paras 46 and 139). Where the historical cost undergoes a change due to fluctuation in exchange rate, price adjustment, etc. dividend for each class of equity shares. Recognised financial instruments include financial assets and financial liabilities that are within the scope of AS 30. All the enterprises of a group, if the parent presents consolidated financial statements and the Accounting Standard is mandatory in nature in respect of any of the enterprises of that group in terms of (i) above. The standard requires an enterprise to segregate information about discontinuing operations from continuing ones and establishes principles for reporting information about discontinuing operations. Basis for providing depreciation must be consistently followed and disclosed. the number of production or similar units expected to be obtained from the asset. And the Accounting Standards (AS) provide us with a framework for this regulation. The Board is an independent statutory body responsible to set and issue accounting standards for various types of entities.