He is in a position to exercise significant influence by virtue of owning an interest in the voting power or. Incorporated in (AS) 18 "Related Party Disclosures" as Explanation below para 14. Accounting for taxes on income in the situations of tax holiday under sections 10A and 10B of the Income-tax Act, 1961 (AS 22), Accounting for taxes on income in the context of section 115JB of the Income-tax Act, 1961 (AS 22). if impairment losses recognised (reversed) during the period are material in aggregate to the financial statements of the reporting enterprise as a whole, an enterprise should disclose a brief description of the following: the main classes of assets affected by impairment losses (reversals of impairment losses) for which no information is disclosed; and. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. An enterprise that applies AS 17, should disclose the following for each reportable segment based on an enterprise’s primary format (as defined in AS 17): the amount of impairment losses recognised in the statement of profit and loss and directly against revaluation surplus during the period; and. For such contract, premium or discount is not recognised separately. Investments in subsidiary should be accounted in accordance. 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. Exchange differences arising on the settlement of monetary items or on restatement of monetary items on each balance sheet date shall be recognised as expense or income in the period in which they arise. Additional asset construction to be treated as separate construction contract when: Assets differ significantly in design/technology/ function from original contract assets. Generally, a period of 12 months is considered as a substantial period of time (ASI 1 Incorporated in (AS) 16 "Borrowing Costs" as an explanation below para 3.2). Cash Flow Statement . A company shall qualify as a Small and Medium sized Company, if the conditions mentioned therein are satisfied as at the end of the relevant accounting period. However, SMCs are encouraged to apply this standard. The first ‘Recommendations on Accounting Principles’ were published in December 1942 on the subjects of Tax Reserve Certificates and War Damage Contrib… An enterprise should disclose information by which users can evaluate the nature of its defined benefit plans and the financial effects of changes in those plans during the period. // -->