AS 24 - 448 Accounting Standard (AS) 24 (issued 2002)...

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448 Accounting Standard (AS) 24 (issued 2002) Discontinuing Operations Contents OBJECTIVE SCOPE Paragraphs 1-2 DEFINITIONS 3-17 Discontinuing Operation 3-14 Initial Disclosure Event 15-17 RECOGNITION AND MEASUREMENT 18-19 PRESENTATION AND DISCLOSURE 20-36 Initial Disclosure 20-22 Other Disclosures 23-25 Updating the Disclosures 26-30 Separate Disclosure for Each Discontinuing Operation 31 Presentation of the Required Disclosures 32 Illustrative Presentation and Disclosures 33 Restatement of Prior Periods 34-35 Disclosure in Interim Financial Reports 36 APPENDICES
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(issued 2002) Discontinuing Operations (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Statements of Accounting Standards 1 .) Accounting Standard (AS) 24, ‘Discontinuing Operations’, issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1.4.2004. This Standard ismandatoryin nature 2 in respectofaccountingperiodscommencing on or after 1-4-2004 3 for the enterprises which fall in any one or more of the following categories, at any time during the accounting period: (i) Enterprises whose equity or debt securities are listed whether in India or outside India. 1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which Accounting Standards are intended to apply only to items which are material. 2 Reference may be made to the section titled ‘Announcement s of the Council regarding status of various documents issued by the Institute of Chartered Accountants of India appearing at the beginning of this Compendium for a detailed discussion on the implications of the mandatory status of an accounting standard. 3 It was originally decided to make AS 24 mandatory in respect of accounting periods commencing on or after 1-4-2004 for the following : (i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India, and enterprises that are in the process of issuing equity or debt securities that will be listed on a recognised stock exchange in India as evidenced by the board of directors’ resolution in this regard. (ii) All other commercial, industrial and business reporting enterprises, whose turnover for the accounting period exceeds Rs. 50 crores. In respect of all other enterprises, it was originally decided to make the Standard mandatory in respect of accounting periods commencing on or after 1-4-2005. The relevant announcement was published in
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This note was uploaded on 12/07/2011 for the course MBA 0001 taught by Professor Akshat during the Spring '09 term at Institute of Management Technology.

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AS 24 - 448 Accounting Standard (AS) 24 (issued 2002)...

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