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GAAP

• A set of concepts, conventions, rules,
and procedures
• Accepted by accountants over a
period of time
• Guides in the preparation and
presentation of financial reports

IFRS • FASB . Ind AS • IASB . ACCOUNTING STANDARDS • Specifies acceptable accounting methods • Uniformity • Harmonization • ASB of the ICAI – AS Vs.

• Assets = Liabilities • Equity + Liabilities = Assets . ACCOUNTING EQUATION • Economic Resources = Sources of Resources or Claims.

Equity 50. 70.20.000 • Suresh.12. Analysing the Effects of Business Transactions.000 ----------- 70.000 ---------- . Investment by Owner Receipt of Loan Purchase of Office Equipment EQUITY & LIABILITIES ASSETS • Creditors Rs.000 ---------- ----------.000 • Cash Rs.58.000 • Equipments Rs.

BALANCE SHEET as at 31st March. 2011 LIABILITIES ASSETS • Share Capital • Fixed Assets • Reserve and Surplus • Investments • Secured Loans • Current Assets And • Unsecured Loans Loans & Advances • Current Liabilities and • Miscellaneous Provisions Expenditures • Profit & Loss A/C .

Loans & Advances Less Current Liabilities & Provision • Miscellaneous Expenditure . BALANCE SHEET as at 31st March. 2011 SOURCES OF FUNDS • Shareholders‟ Fund • Loan Funds APPLICATION OF FUNDS • Fixed Assets • Investments • Current Assets.

2012 EQUITY AND LIABILITIES Note No. Current Previous • Shareholders‟ Fund • Share Application Money pending allotment • Non-current Liabilities • Current Liabilities ASSETS • Non-current Assets – Fixed Assets – Non-current Investments – Deferred Tax Assets (net) – Long term loans and advances – Other non-current assets • Current Assets – Current Investments – Inventories – Trade receivables – Cash and cash equivalents – Short-term loans and advances – Other current assets . BALANCE SHEET as at 31st March.

Profit after Tax VI. I. Income II. Balance transferred to Balance Sheet . Reserves VIII. Profit before Tax IV. Provision for Taxation V. Expenditure III. Profit available for appropriation Appropriations: Dividends. Balance b/f from last year VII. PROFIT & LOSS A/C for the year ending 31st March 2011.

Exceptional Items VII. Other income III. Profit/(loss) from discontinuing operations (after tax) XV. Diluted . Profit/(loss) for the period XVI. V. Deferred tax XI. Profit before extraordinary items and tax VIII. Revenue from operations II. Tax expense of discontinuing operations XIV. Extraordinary items IX. Profit before exceptional and extraordinary items and tax VI. Tax expense: Current tax. Expenses ……………. Earnings per equity share: Basic. PROFIT & LOSS STATEMENT for the year ending 31st March 2012 I. Profit/(loss) from discontinuing operations XIII. Total Revenue IV. Profit/(loss) for the period from continuing operations XII. Profit before tax X.

. CASH FLOW STATEMENT for the period ending on March 31. 2012 • Cash flow from operating activities • Cash flow from investing activities • Cash flow from financing activities • Net cash increase (decrease) in cash & CE • Cash & CE at beginning of the period • Cash & CE at the end of the period.