AS 25 - 470 470 AS 25 (issued 2002) Accounting Standard...

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470 Accounting Standard (AS) 25 (issued 2002) Interim Financial Reporting Contents OBJECTIVE SCOPE Paragraphs 1-3 DEFINITIONS 4-5 CONTENT OF AN INTERIM FINANCIAL REPORT 6-23 Minimum Components of an Interim Financial Report 9 Form and Content of Interim Financial Statements 10-14 Selected Explanatory Notes 15-17 Periods for which Interim Financial Statements are required to be presented 18-20 Materiality 21-23 DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS 24-26 RECOGNITION AND MEASUREMENT 27-41 Same Accounting Policies as Annual 27-35 Revenues Received Seasonally or Occasionally 36-37 Costs Incurred Unevenly During the Financial Year 38 Applying the Recognition and Measurement principles 39 Use of Estimates 40-41 Continued. ./. .
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471 RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS 42-43 TRANSITIONAL PROVISION 44 APPENDICES The following Accounting Standards Interpretation (ASI) relates to AS 25: ASI 27 - Applicability of AS 25 to Interim Financial Results The above Interpretation is published elsewhere in this Compendium.
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Accounting Standard (AS) 25* (issued 2002) InterimFinancial Reporting (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) 25, 'Interim Financial Reporting', issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-2002. If an enterprise is required or elects to prepare and present an interim financial report, it should comply with this Standard. 2 The following is the text of the Accounting Standard. Objective The objective of this Statement is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in a complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an enterprise's capacity to generate earnings and cash flows, its financial condition and liquidity. * Two limited revisions to this Standard have been made in 2004 (one in March 2004 and another in June 2004). Pursuant to the limited revision made in March 2004, paragraph 16 of this Standard has been revised (see footnote 4). Pursuant to the limited revision made in June 2004, paragraph 29(c) and certain paragraphs of Appendix 3 to this Standard have been revised to omit the word ‘effectiv e at certain places with a view to align the drafting of the Standard with the corresponding IAS. 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.
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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 25 - 470 470 AS 25 (issued 2002) Accounting Standard...

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