Accounting Standard Checklist

Applicability of AS to Enterprises
Critirea for rocognising SMC & Non SMC- COMPANIES
S NO SMC Non SMC

SMC & Non SMC
0.1
Critirea for rocognising Level I, II & III Entity- OTHER THAN COMPANY
S NO Level I Level II
Level I, II & III
0.2
S NO Level III • Not covered under Level I or II

Accounting Standard Name Level I & Non
AS No. SMC Level II
SMC
Accounting Standard Applicable to Entities
AS 1 Disclosure of accounting policies Yes Yes Yes

AS 2 Valuation of inventories Yes Yes Yes
AS 3 Cash-flow statements Yes NA NA
AS 4 Contingencies and events occurring after B/S Yes Yes Yes
date.
Net Profit or loss for the period, PPI and changes
AS 5 Yes Yes Yes
in accounting policies
AS 6 Depreciation accounting Yes Yes Yes
AS 7 Construction contracts Yes Yes Yes
AS 9 Revenue recognition Yes Yes Yes
AS 10 Accounting for fixed assets Yes Yes Yes
AS 11 The effects of changes in FE rates Yes Yes Yes
AS 12 Accounting for Govt. grants Yes Yes Yes
AS 13 Accounting for investments Yes Yes Yes
AS 14 Accounting for amalgamations Yes Yes Yes
Employee benefits
AS 15 Yes Yes * Yes *
AS 16 Borrowing costs Yes Yes Yes
AS 17 Segment reporting Yes NA NA
AS 18 Related-party disclosures Yes Yes Yes
Leases
Earnings per share
AS 21 Consolidated financial statements Yes NA
AS 22 Accounting for taxes on income Yes Yes Yes
Accounting of Investments in associates in CFS
AS 23 Yes NA
AS 24 Discontinuing operations Yes Yes Yes
Interim financial reporting
AS 26 Intangible assets Yes Yes Yes
Financial reporting of interest in joint ventures
AS 27 Yes NA
Impairment of assets
Provisions, contingent lia. and contingent assets
AS 29
Yes Yes * Yes *
Notes
Disclosure of diluted earnings per share is not
1 mandatory for SMCs. Co.
2 *Partly Exemption Available.
Prepared By: Bhupendra Rohilla

Email Id & FB ID: Bhupendra.rohilla@yahoo.com
Mobile No. 901306492
Has the company disclosed the accounting
policy adopted for borrowing costs?

Has the company disclosed the amount of
borrowing costs capitalised during the
period?
Are the name and nature of related parties
disclosed?
If there is any transaction with these parties,
is the required information as per the
standard disclosed?
Has the enterprise taken/ Given(Strike Out A lease would

normally be
classified as a
finance lease in
the following
situations.
(a) The lease
transfers
ownership of the
asset to the lessee
by the end of the
lease term.
(b) The lessee has
the option to
purchase the asset
at a price which is
expected to be
sufficiently lower
whichever is not applicable) asset on: a) than the fair value
at the date the
option becomes
exercisable such
that, at the
inception of the
lease, it is
reasonably certain
that the option will
be exercised.
(c) The lease term
is for the major
part of the
economic life of
the asset even if
the title is not
transferred.
(d) At the
Finance lease? (b)Operating lease? inception of the
Finance lease?
Operating lease?
Level III
Yes
Yes
NA
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes *
Yes
NA
NA
Yes *
Yes *
NA
Yes
NA
NA
Yes *
Yes
NA
Yes *
Yes *
1321
Accounting Standard Applicable to Entities
AS 1 Disclosure of Accounting Policies Yes/ No/NA
AS-2 Valuation Of Inventories Yes/ No/NA
AS 3 Cash-flow statements Yes/ No/NA
AS 4 Contingencies and events occurring after B/S date. Yes/ No/NA
AS 5 Net P & L for the period, PPI & changes in acc. policies Yes/ No/NA
AS 6 Depreciation accounting Yes/ No/NA
AS 7 Construction contracts Yes/ No/NA
AS 9 Revenue recognition Yes/ No/NA
1 Have the conditions relating to sale of goods/ providing of services
been fulfilled?
2 In respect of revenue from sales or service transactions which have
been accrued, is it reasonable to expect ultimate collection?

3 If not, has the recognition been postponed?
4 If revenue rec. has been postponed, are the relevant disclosures made
in books?
5 Is Excise Duty, paid on goods sold disclosed on the face of profit &
loss A/c?
6 Is revenue is recognized on accrual basis?
7 Are revenues from Sales, Service transactions, Interest, Royalties
and dividend accounted for as per the standard?
8 Whether provision has been made for the expenses such as
Warranties, etc.?
AS 10 Accounting for fixed assets Yes/ No/NA

1 Are fixed assets only assets held for being used for the purpose of
producing or providing goods or services and are not held for sale?
2 Does the cost of fixed asset comprise its purchase price and any
directly attributable cost?
3 Does the cost of self-constructed asset comprise those costs that
relate directly to the specific asset and those costs that are
attributable to the construction activity in general?
4 trade discounts and rebates are deducted in arriving at the purchase
price ?
5 Has subsequent expenditure related to a fixed asset been added to its
book value only if it increases the future benefits from the existing
asset
6 Have material items retired from active use and held for disposal
been treated at lower of their book value and NRV and shown
7 separately?
Have fixed assets from which no further benefits are expected from
use or disposal or which have been disposed off been eliminated
from the financial statements?
8 Have losses arising from retirement or gains/losses arising from
disposal been recognized in the P&L?
9 Is goodwill recorded in the books only if some consideration is paid
in money or money’s worth?
10 Revaluation:
10 a) Where assets are revalued, has an entire class of assets been
revalued?
10 Or has the selection of assets for revaluation been made on a
systematic basis?
10 b) Has it been ensured that the revaluation of a class of assets has
not resulted in net book value being greater than the recoverable
amount of assets in that class?
10 c) On revaluation has it been ensured that accumulated depreciation
is not credited to P&L.
10 d) Is increase in net book value on revaluation related to and not
greater than a decrease arising on revaluation previously charged to
P&L?
10 I) If yes, has it been credited to P&L?
10 ii) If not, has it been credited to revaluation reserve?
10 e) Has any decrease in net book value arising on revaluation been
charged to P&L?
10 f) On disposal of a revalued asset, has the difference between net
disposal proceeds and the net book value been charged or credited to
the P&L a/c?
AS 11 The effects of changes in FE rates Yes/ No/NA

AS 12 Accounting for Govt. grants Yes/ No/NA
AS 13 Accounting for investments Yes/ No/NA
AS 15 Employee benefits Yes/ No/NA
AS 16 Borrowing costs Yes/ No/NA
AS 17 Segment reporting Yes/ No/NA
AS 18 Related-party disclosures Yes/ No/NA
AS 19 Leases Yes/ No/NA
AS 20 Earnings per share Yes/ No/NA
AS 21 Consolidated financial statements Yes/ No/NA
AS 22 Accounting for taxes on income Yes/ No/NA
AS 23 Accounting of Investments in associates in CFS Yes/ No/NA
AS 24 Discontinuing operations Yes/ No/NA
AS 25 Interim financial reporting Yes/ No/NA
AS 26 Intangible assets Yes/ No/NA
AS 27 Financial reporting of interest in joint ventures Yes/ No/NA
AS 28 Impairment of assets Yes/ No/NA
AS 29 Provisions, contingent lia. and contingent assets Yes/ No/NA

ntities
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All Entities'!A86 Point A
Annexure!A124 Point C
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Go to AS-22
Go to AS-23
Go to AS-24
Go to AS-25
Go to AS-26
Go to AS-27
Go to AS-28
Go to AS-29
AS 1 AS-1 Disclosure of Accounting Policies
AS-2 AS-2. Valuation Of Inventories
AS 4 AS -4 Contingencies and events occurring after B/S date.
AS 5 AS-5 Net P & L for the period, PPI and changes in accounting policies
AS 6 AS-6 Depreciation accounting
AS 7 AS-7 Construction contracts
AS 9 AS-9 Revenue recognition
AS 9 (A) In sales, are following condition satisfied:

AS 9 a) Has the seller of goods transferred to the buyer the property in the goods?
AS 9 or
b) Have all significant risks and rewards of ownership been transferred to the buyer? And The
seller retains no effective control of the goods transferred to a degree usually associated with
AS 9 ownership?
c) Does no significant uncertainty exist regarding the amount of the consideration that will be
AS 9 derived from the sale of goods
AS 9 In a transaction involving service , are following condition satisfied::
AS 9 I) Is the performance measured either under
AS 9 a) Completion of service contract method or
AS 9 b) Proportionate completion method
AS 9 whichever relates the revenue to the work accomplished?
ii) Does no significant uncertainty exist regarding the amount of consideration that will be
AS 9 received from rendering the service?
AS 9
AS 9 (B) Recognisition Of Income Undrer Different Sales:
AS 9 1. Delivery delayed at buyer’s request and buyer takes title and accepts billing
Revenue should be recognized so long as there is every expectation that delivery will be made.
AS 9 Item must be on hand, identified and ready for delivery to the buyer.
AS 9 2. Delivered subject to conditions:

AS 9 a) on installation and inspection
Unless the installation process is very simple, recognition on customer accepting delivery and
AS 9 installation.
AS 9 b) on approval
Recognition on formal acceptance by the buyer oron buyer doing an act adopting transaction
AS 9 ortime period for rejection has elapsed or reasonable time has elapsed.
AS 9 c) unlimited right of return(guaranteed)
AS 9 Recognition as per substance of agreement.
If retail sale, if appropriate provision made based on past experience.
If otherwise, treat as consignment sale.
AS 9 d) consignment sale
AS 9 Recognition on sale to a third party.
AS 9 e) cash on delivery
AS 9 Recognition on sale to a third party.
3. Sale when purchaser makes a series of installment payments to the seller and seller
delivers goods only when final payment is received.
AS 9
If experience indicates that most such sales have consummated, recognition when a significant
AS 9 deposit is received. Else, on delivery of goods.
4. Special order and shipments (where payment is received for goods not presently held in
AS 9 stock)
Recognition on manufacture, identification of goods which should be ready for delivery to the
AS 9 buyer by the third party.
5. Sale/repurchase agreements (seller agrees to repurchase the goods at later date)

AS 9
AS 9 No recognition.
6. Sales to intermediate parties:
distributors, dealers etc., If buyer is agent treat as consignment sale.
Else, recognition if significant risks of ownership have passed.
AS 9
7. Subscription for publications
If items delivered very in value from period to period then based on sale value of item
delivered in relation to the total sale value of all items covered by subscription.
AS 9 Else, recognized on straight line basis over time.
8. Installment Sale
Revenue attributable to the sales price exclusive of interest should be
recognized .
Interest should be recognized proportionately to the unpaid balance due to the seller.
AS 9
AS 9 (B) Recognisition Of Income Undrer Services:
1. Installation fees
When equipment is installed and accepted by customer unless incidental to sale of product.
AS 9
AS 9
2. Advertising and insurance agency commission
Recognition when service is completed.
For Ad agencies, media commissions, when related ad or commercial appears before the public
and the necessary intimation is received by the agency.
For production commission, when project is completed.
Insurance agency commission, on effective commencement or renewal dates of the related
policies.
AS 9 (C) Recognisition Of Other Income :

Interest:
AS 9 1 a) Is interest accounted on a time proportion basis taking into account the amount outstanding
and the rate applicable?
b) Does no significant uncertainty exist as to measurability or collectability ?
2 Royalties:
a) Is royalty accrued in accordance with the relevant agreement?
AS 9 b) Does no significant uncertainty exist as to measurability or collectability ?
3 Dividends:
a) Is dividend accrued when the owner’s right to receive payment is established?
AS 9 b) Does no significant uncertainty exist as to measurability or collectability?
AS 11 AS-11 The effects of changes in FE rates
AS 13 AS-13 Accounting for investments
AS 15 AS-15 Employee benefits
AS 16 AS-16 Borrowing costs
AS 20 AS-20 Earnings per share
AS 21 AS-21 Consolidated financial statements
AS 22 AS-22 Accounting for taxes on income
AS 28 AS 282 Impairment of Assets

AS - 18 - Related Party Disclosures
S.N. Description Yes/No/N/A

1) (a) Is the company a level I enterprise as per the criteria for classification
of enterprises?
(b) If yes, is related party disclosures made in financial statements?
2) Have the following been listed out?

(a) Holding company/ies?
(b) Subsidiary company/ies?
(c) Fellow subsidiary/ies?
(d) Person able to appoint or remove all or majority of directors of the
reporting enterprise or vice versa?
(e) Person who has substantial interest in voting power (20% or more)
and power to direct by statute or agreement the financial and/or
operating policies of the reporting enterprise and vice versa?
3) Have the following been listed out:

(a) Associates (two ways)?
(b) Joint ventures (two ways)?
(c) (i) Individuals, directly or indirectly having voting power to
control or significantly influence over the reporting enterprise?
And
(ii) Relatives of any such individual?

(d) (i) Key management personnel? And
(ii) Relatives of such personnel?
(e) Enterprises owned or significantly influenced by individuals or their
relatives, who have direct or indirect control or significant influence
over the reporting enterprise?
(f) Enterprises owned or significantly influenced by key management

personnel or their relatives?
4) Is the following disclosure made in financial statements?
(a) Name of related party as appearing in 1 above even though no
(b) transaction has have
If transactions takentaken
place place
during the period?
during the period with parties listed
in either 1or 2 of above,
(i) The name of the transacting related party?
(ii) Description of the relationship?
(iii) Description of the nature of transaction?
(iv) Volume of transaction in amount?
(v) Outstanding amount of year end and provision made for
doubtful debts relating thereto?
(vi) Amount written off or written back in the period in respect of
such due from or to such parties?
(vii) Any other item of transaction (e.g interest free loans, no
repayment period, use of group trademarks, etc.) necessary for
an understanding of the financial statement?
5) If disclosure for 4(b) not made party wise, are items of similar nature
disclosed in aggregate by type of related.
s
Remarks
AS - 19 – Leases
S.N. Description Yes/No/N/A Remarks

1) Has the enterprise taken asset on:
(a) Finance lease?
(b) Operating lease?
2) Has the enterprise given asset on:
(a) Finance lease?
(b) Operating lease?
3) If asset taken on finance lease:
(a) Is the leased asset recognised as asset equal to the fair
value?
(b) If the fair value exceeds the present value of the
minimum lease payments, is the asset recorded at the
present value of the minimum lease payments?
(c) Is discount rate in calculating the present value of
minimum lease
(i) Interest ratepayments
implicit intaken as: Or
the lease?
(ii) If not practicable, then at lessee’s incremental
(d) Are borrowing rate? apportioned between finance charge
lease payments
(e) and the reduction
Is depreciation of the outstanding
provided at the rate forliability?
which own assets
are depreciated?
4) If asset given on finance lease:
(a) Is the amount shown as a receivable equal to the net
(b) investment
Is the leaseinrental
the lease?
apportioned between finance income
and reduction of
(c) If commission and legalthe outstanding receivable?
fees incurred
(i) Written off immediately?
(ii) Allocated against the finance income over the lease
5) term?
If the asset taken on operating lease:
(a) Is the lease payment expensed in the Profit & Loss
statement
(b) If no to (a)on aabove,
straightisline basis?
it on a systematic basis more
6) If the asset given on operating lease: of the user’s benefit?
representative of the time pattern
(a) Is the asset shown as Fixed Asset?
(b) s the income recognised on a straight line basis in the
statement
(c) Is of Profit
depreciation & Loss?
provided at the rates for which similar
7) assets are
Is the enterprise:depreciated
(a) Also involved in leasing of assets sold?
(b) If yes, is the sales revenue (and corresponding
receivable)
(c) If recorded
no, is profit at the
on sale of fair value
asset of the assets?
restricted by applying
8) commercial rate of interest over lease
(a) Has the enterprise entered into sale and lease backterm?
(b) transaction?
If the transaction is finance lease, is the excess or
(c) deficiency of saleisproceeds
If the transaction operatingover lease,theandcarrying amount
the transaction
is:
(i) Established at fair value, whether profit or loss
(ii) recognised immediately
Below fair value whether profit or loss recognised
immediately unless falling in(iii) below?
8)
(iii) Below fair value and loss is to be compensated by

(iv) charging
Above fair lower
valuelease rentals
whether thethan
gainmarket value,
deferred and
amortised
9) Lessee: Finance leasesover the expected use of the asset?
(i) Whether the lessee, in addition to the requirements of
AS 10, Accounting
(a) Assets acquired underforfinance
FixedleaseAssets', AS 6,
as segregated
from the assets owned?
(b) for each class of assets, the net carrying amount at
(c) the1) balance sheet date?
a reconciliation between the total of minimum
lease payments at the balance sheet date and
their present value?
2) the total of minimum lease payments at the
balance sheet date, and their present value,
for each of the following periods:
(i) Not later than one year?
(ii) later than one year and not later than five
years?
(iii) Later than five years?
(d) Contingent rents recognised as expense in the
statement of profit and loss for the period?
(e) The total of future minimum sublease

payments expected to be received under non
cancellable subleases at the balance sheet date?
(f) A general description of lessee’s significant

leasing arrangements including, but not limited
to, the following:
(i) the basis on which contingent rent payments
are determined?
(ii) The existence and terms of renewal or
purchase options and escalation clauses? And
(iii) restrictions imposed by lease arrangements,

such as those concerning dividends, additional
debt, and further leasing?
Note:
Level II and Level III enterprises are exempted

from the disclosure requirements of items (c) ,
(e) and (f) above.
(ii) Whether the lessee has presented separately
the liability for the leased asset as a current
liability or long-term liability as the case may
be, without deducting the same from leased
asset?
10) Lessee: Operating leases

Whether the lessee has made the following
disclosures for operating leases?
(a) the total of future minimum lease payments
under non- cancellable operating leases for
each of the following periods:
(i) not later than one year?
years?
(iii) later than five years?
(b) the total of future minimum sublease payments expected
(c) to be payments
lease received recognised
under non-cancellable subleases
in the statement at and
of profit the
(d) loss for thepayments
Sub-lease period, with
receivedseparate amounts forrecognised
(or receivable) minimum
(e) in the statement
a general of profit
description of and
the loss for the
lessee's period? leasing
significant
arrangements
(i) the basis including,
on which but not limited
contingent rentto,payments
the following
are
determined?
(ii) the existence and terms of renewal or purchase
options and escalation clauses? And
(iii) Restrictions imposed by lease arrangements, such as
Note: those concerning dividends, additional debts, and
Level II and Level III enterprises are exempted from the
11) disclosure requirements
Lessor: Finance leases of items (a), (b) and (c) above
Whether the lessor has made the following disclosures for
finance
(a) (i) leases:
a reconciliation between the total gross investment
(ii) in
the the
total lease
gross atinvestment
the balancein sheet date, and
the lease and the
the
present value of
(i) Not later than one year?minimum lease payments
years?
(iii) Later than five years?
(b) Unearned finance income?
(c) The unguaranteed residual values accruing to the benefit
of the lessor?
(d) The accumulated provision for uncollectible minimum
lease payments receivable?
(e) Contingent rents recognised in the statement of profit
and loss for the period?
(f) a general description of the significant leasing
arrangements of the lessor? And
(g) Accounting policy adopted in respect of initial direct
costs?
Note:
Level II and Level III enterprises are exempted from the
12) disclosure Requirements
Lessor: Operating leasesof items (a), (f) and (g) above.
Whether the lessor, in addition to the requirements of AS
6,
(a)'Depreciation
for each class Accounting',
of assets, theand AScarrying
gross 10, 'Accounting for
amount, the
accumulated depreciation
(i) The depreciation and accumulated
recognised impairment
in the statement of
profit and loss for the period?
(ii) Impairment losses recognised in the statement of
profit and losslosses
(iii) Impairment for thereversed
period? in the statement of
profit and loss
(b) the future minimum leasefor the period? payments under non-
cancellable operating leases
(i) not later than one year? in the aggregate and for
(ii) later than one year and not later than five years?
(iii) later than five years?
(c) total contingent rents recognised as income in the
(d) statement
a general of profit andofloss
description the for the period?
lessor's significant leasing
arrangements? And
(e) Accounting policy adopted in respect of initial direct
Note:costs?
II and Level Level III enterprises are exempted from
the disclosure requirements of items (b), (d) and (e) above.
YES
NO
N/A
Reference Yes/No/N/A Remarks
AS - 22 - Accounting for Taxes on Income
S.N. Accounting for taxes on income Yes/ No/NA

1 Is there a difference between accounting income and taxable income?
2 Is the difference a timing difference, comprising, inter alia;?
3 Is the difference a permanent difference?
4 Is deferred tax asset/liability measured using tax rates?
5 Is deferred tax asset and liability presented in financial statement as under:
5 (a) DTA/DTL disclosed separately from current tax?
5 (b) DTA is shown after Investments but before current assets and DTL is
disclosed after unsecured loans but before current liabilities in the balance
sheet?
5 (c) Break-up of DTA/DTL into major components of balances disclosed in
notes to accounts?
5 d) The nature of evidence supporting the recognition of DTA disclosed when
DTA comprises of unabsorbed depreciation or carried forward loss?
5 (i) Where the enterprise has a legally enforceable right to set off current tax
assets and current tax liabilities and intends to settle those assets and
liabilities on a net basis, whether the enterprise has offset those assets
and liabilities in the balance sheet?
5 (ii) Where the enterprise has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities related to taxes on income levied by the same
governing taxation laws, whether the enterprise has offset the deferred
assets and deferred liabilities in the balance sheet?
6 Whether the break-up of deferred tax assets and deferred tax liabilities into
major components of the respective balances have been disclosed in the notes
to accounts?
7 Whether the nature of evidence supporting the recognition of deferred tax
assets have been disclosed, if an enterprise has unabsorbed depreciation or
carry forward of losses under tax laws?
8 Guidance Note on Accounting for Corporate Dividend Tax
8 (i) Whether the Corporate Dividend Tax has been disclosed separately in the
profit and loss account 'below the line', as follows? Dividend
………….. Corporate Dividend Tax thereon ..………...
8 (ii) Whether the Provision for Corporate Dividend Tax has been disclosed
separately under the head 'Provisions' in the balance sheet?
9 Guidance Note on Accounting for Credit Available in Respect of Minimum
Alternative Tax (MAT) under the Income-tax Act, 1961
9 (i) Whether 'MAT' has been disclosed as current tax in the profit and loss
account?
9 (ii) If 'MAT credit' is recognised as an asset (subject to considerations of
9 (iii) prudence),
In the year ofwhether the'MAT
set-off of same credit
has been presentedwhether:
entitlement', under the head 'Loans
9 a) the availed credit has been shown as a deduction from 'Provision for
Taxation' on the liabilities side of the balance sheet?

9 b) the unavailed credit has been presented under head 'Loans and
Advances' (subject to considerations of prudence)?
10 Note:
In case 'MAT credit entitlement' has not been recognised as an asset (see (ii)
e
Remarks
AS - 26 - Intangible Assets
S.N. Description Yes/No/N/A

1) Has the enterprise expended resources or incurred lia., iteralia on;
(a) Acquisition?
(b) Development?
(c) Enhancement of intangible resources? such as:
(i) Scientific or technical knowledge?
(ii) Design and implementation of new process or systems?
(iii) Licences or licensing agreements (e.g., motion picture films,

video recordings)?
(iv) Intellectual property (e.g., computer software)?
(v) Market knowledge?
(vi) Trademarks, Copyrights, Patents?
2) Is the following criteria met in relation to above in respect of
(i) Identifiability?
(ii) Control over the asset?
(iii) Future economic benefits?
(iv) Cost can be measured reliably?
3) If all four criteria as mentioned in (2) above are not met, is the
expenditure to acquire it or internally generate it, recognised as an
expense when incurred?
4) Is a software, which is not an integral part of hardware (plant), treated
as an intangible asset?
5) (a) Is intangible asset acquired in amalgamation (in the nature of
purchase), capable of being measured reliably as to its cost; i.e.,
fair value?
(b) If yes, to (a) above, is intangible asset recognised in books of the
enterprise (transferee) even if not recognised in financial
statements of transferor?
(c) If no, to (a) above, is the intangible asset recognised part of
goodwill in books of the enterprise (transferee)?
(d) If active market do not exist for an intangible asset as recognised
in (b) above, is cost recognised for such intangible asset restricted
to an amount that does not create or increase any Capital Reserve
at the date of amalgamation?
6) (a) Is the enterprise incurring expenses on research and development?
(b) Is the expenditure on research such as obtaining new knowledge,

or search for new alternative materials, processes, systems, and
formulation, designs, related thereto recognised as an expense
when incurred?
(c) Is intangible asset arising from development phase fulfilling all of
the following:
(i) Technical feasibility of completing intangible asset?
(ii) Intention to complete intangible asset?
(iii) Ability to use or sell the intangible asset?
(iv) Generate future economic benefits?
(v) Availability of adequate, technical financial and other
resources to complete the development and to use or sell the
intangible asset?
(vi) Ability to measure cost attributable to development stage of

intangible asset?
7) Are following internally generated items or expenditure incurred not
recognised
(a) Brands?as intangible assets
(b) Mastheads?
(c) Publishing titles?
(d) Customer list?
(e) Goodwill?
(f) Start-up costs (unless covered under AS-10)?
(g) Staff training cost?
(h) Advertising and promotional activities?
(i) Relocating or re-organising part or all of the enterprise?
(j) Product launching expenses?
(k) Preliminary expenses?
Note: The standard is not applicable to termination benefits like, VRS
8) Is the intangible asset amortised
(a) Over the best estimate of its useful life?
(b) If not as per (a), over 10 years?
(c) If not as per (a) or (b), then as per persuasive evidence that the
useful life is longer than ten years?
9) Is the enterprise amortising the intangible asset/s using one or more of
the following methods for different intangible assets
(a) Straight line method?
(b) Diminishing balance method?
(c) Unit of production method?
10) (a) Is the amortisation period and the amortisation method reviewed
at least at each financial year end for items of those intangible
assets where the useful life exceeds the rebuttable presumption of
10 years?
(b) Is amortisation period/method changed if review denotes
(i). Expected useful life of asset significantly different from
previous estimates? Or
(ii). Significant change in the expected pattern of economic
benefits from the asset?
11) (a) Has the enterprise not recognised as part of the cost of an
intangible asset at a later date, in respect of expenditure that was
initially recognised as expense in previous annual financial
statements or interim financial reports?
(b) Has the enterprise NOT revalued intangible assets (note
revaluation of fixed assets is permitted but not of intangible
assets)?
12) Has the enterprise estimated the recoverable amount (as per AS-28
Impairment of Asset) at least at each financial year in respect of the
following:
(a) Intangible asset that is not yet available for use?
(b) intangible asset that is amortised over a period exceeding ten
years?
13) Whether the financial statements have disclosed the following for each
class of intangible assets, distinguishing between internally generated
intangible assets and other intangible assets:
(i) the useful lives or the amortisation rates used?

(ii) the amortisation methods used?
(iii) the gross carrying amount and the accumulated amortisation
(aggregated with accumulated impairment losses) at the beginning
and the end of the period?
(iv) a reconciliation of the carrying amount at the beginning and the
end of the period showing:
(a) additions, indicating separately those from internal
development and through amalgamation
(b) retirements and disposals?
(c) impairment losses recognised in the statement of profit and
loss during the period (if any)?
(d) impairment losses reversed in the statement of profit and
loss during the period (if any)?
(e) amortisation recognised during the period? And
(f) other changes in the carrying amount during the period?
14) Whether the financial statements also disclosed the following:

(i) (a) if an intangible asset is amortised over more than ten years,
the reasons why it is presumed that the useful life of an
intangible asset wil exceed ten years from the date when the
asset is available for use?
14)
(b) in giving the reasons mentioned in (a) above, whether the

enterprise has described the factor(s) that played a
significant role in determining the useful life of the asset?
(ii) a description, the carrying amount and remaining amortisation

period of any individual intangible asset that is material to the
financial statements of the enterprise as a whole?
(iii) the existence and carrying amounts of intangible assets whose title
is restricted and the carrying amounts of intangible assets pledged
as security for liabilities? and
(iv) the amount of commitment for the acquisition of intangible
assets?
15) Whether the financial statements have disclosed the aggregate amount
of research and development expenditures recognised as an expense
during the period?
16) Encouraged (but not required) disclosures

A description of any fully amortised intangible asset that is still in use.

Remarks Reference
YES
NO
N/A
AS - 27 - Financial Reporting of Interests in Joint Ventures
S.N. Description Yes/No/NA
1 (a) Is the enterprise required to prepare consolidated financial statement?
(b) If yes to (a) above, does the enterprise have investments in a joint venture entity? YES
(c) If yes to (b) above, is joint venture entity also considered in the consolidated
financial statements? YES
2 (a) Is the joint venture in nature of jointly controlled operations?

(b) If yes to (a) above, has the venturer in its separate financial statement as well as in
its(i)consolidated
the assets financial statements
that it controls recognised
and the liabilitiesthe
thatfollowing
it incurs? and YES
(ii) the expenses that it incurs and its share of the income that it earns from the
joint venture?
3 (a) Is the joint venture in nature of jointly controlled assets?
(b) If yes to (a) above, has the venturer in its separate financial statements as well as in
its(i)consolidated financial
Its share of statements
the jointly recognised
controlled the following:
assets, classified according to the nature of
the assets?
(ii) Any liabilities which it has incurred?
(iii) Its share of any liabilities incurred jointly with the other ventures in relation to
the joint venture?
(iv) Any income from the sale or use of its share of the output of the joint venture,
together with its share of any expenses incurred by the joint venture?
(v) Any expenses separately incurred for the purpose of the joint venture?
4 (a) Is the joint venture in nature of jointly controlled entity?
(b) If yes to (a) above, has the venturer in its separate financial statement accounted
investment in accordance with AS-13, Accounting for Investments?
(c) Has the venturer in its consolidated financial statements reported as a separate line
item its interest in the assets, liabilities, income and expenses of the jointly
controlled entity by using the proportionate consolidation method?
5 Has the venturer in its consolidated financial statements separately disclosed goodwill or
capital reserve, considering net asset position of the jointly controlled entity at the date on
which interest is acquired?
6 (a) Is the investment in joint venture not resulting in joint control?
(b) If yes, to (a), has the investor in its consolidated financial statements reported its
interest in accordance with
(i) AS-13? Or
(ii) AS-21? Or
(iii) AS-23?
(c) If yes to (a), has the investor in its separate financial statements accounted for
interest in the joint venture as per AS-13?
7 Whether a venturer has disclosed the following information in its separate financial
statements as well asamount
(i). The aggregate consolidated financial statements:
of the following contingent liabilities, unless the probability
of(a)lossany
is remote, separately
contingent from that
liabilities the amount of otherhas
the venturer contingent
incurredliabilities.
in relation to its
interests in joint ventures and its share in each of the contingent liabilities
which have been incurred jointly with other venturers?
7
(b) Its share of the contingent liabilities of the joint ventures themselves for which
it is contingently liable?
(c) Those contingent liabilities that arise because the venturer is contingently
liable for the liabilities of the other venturers of a joint venture?

(ii). aggregate amount of the following commitments in respect of its interests in joint
ventures
(a) anyseparately from other commitments:
capital commitments of the venturer in relation to its interests in joint
ventures and its share in the capital commitments that have been incurred
jointly with other venturers?
(b) its share of the capital commitments of the joint ventures themselves?
(iii). a list of all joint ventures and description of interests in significant joint ventures?
(iv). in respect of jointly controlled entities, the proportion of ownership interest, name
8 Whether andthe
country of incorporation
venturer has disclosed, or residence?
in its separate financial statements, the aggregate
amounts of each of the assets, liabilities,
9 Where the jointly controlled entity uses accounting income and expenses
policies otherrelated to its adopted
than those interestsfor
in the
consolidated financial
(i). the above fact? statements for like transactions and events in similar circumstances
(ii). the proportion of items in the consolidated financial statements to which different
10 Whether accounting policies
the difference have been
between the applied?
cost (or other carrying amount, if different) to the
venturerapplying
11 While of its interest in a jointly controlled
the proportionate entity
consolidation over itswhether
method, share ofthetheventure’s
net assetsshare
of the
of
each of the assets, liabilities, income and expenses of a jointly controlled entity is reported

Remarks
YES
NO
N/A
AS - 28 - Impairment of Assets

1 Whether at the BS date, there is any indication that indicate impairment of an N/A
asset?
2 (a) Is the following determined of an asset
(i). Net selling price? Or
(ii). Value in use of an asset determined?
(b) Is the carrying amount of an asset lower than
(i). The net selling price?
(ii). The value in use?
(c) If yes to (b) above, is the amount by which the carrying amount of an
asset exceeds recoverable amount [higher of b (i) & (ii)] considered as
an impairment loss?
3 Is the net selling price of an asset determined based on
(a) A binding sale agreement?
(b) Market price?
(c) Best information available to reflect the amount that an enterprise could
obtain, at the balance sheet date?
4 Is the value in use of an asset measured based on
(a) Cash flow projections based on recent financial budgets/forecasts up to
a maximum period of five years?
(b) Cash flows projections using a steady or declining growth rate for
subsequent years, unless an increasing rate can be justified?
(c) Cash flow projections which uses a pre-tax discount rate. The following
rates may be used.
(i). The enterprise’s WACC determined using techniques such as
capital asset pricing model?
(ii). Enterprise’s incremental borrowing rate?and
(iii). Other market borrowing rates?
5 Have the following not been considered in estimating future cash flows
(a) A future restructuring to which enterprise is not yet committed?
(b) A future capital expenditure that will improve or enhance the asset in
excess of its originally assessed standard of performance?
(c) Cash inflows and outflows from financing activities?
(d) Income tax receipts or payments?
6 (a) Is the impairment loss for an individual asset or for a CGU?
(b) If the impairment loss is for an individual asset, has the following been
recognised and measured
(i). The carrying amount of an asset reduced to its recoverable
amount?
(ii). Impairment loss recognised as an expense in the statement of
profit and loss immediately?
(iii). Impairment loss on a revalued asset is recognised directly against
any revaluation surplus for the asset to the extent reserve
available?
(iv). Is depreciation for the asset adjusted in future periods on a
systematic basis over its remaining useful life?
7 (a) Is goodwill recognised in the financial statement?
(b) Can goodwill be allocated on a reasonable and consistent basis to the
cash-generating unit for impairment [bottom-up approach]?
(c) If no to (b) above, has the smallest cash-generating unit that includes
the cash-generating unit for impairment and to which goodwill can be
allocated on reasonable basis been identified (top down approach)?
(d) Is impairment loss first allocated to reduce the carrying amount of
goodwill allocated to the CGU and then to other assets of the unit?
8 (a) Has the enterprise assessed at each balance sheet date whether there is
any indication that impairment loss recognised for an asset in prior
accounting period may no longer exist or may have decreased?
(b) If yes to (a) above, has the enterprise estimated the recoverable amount
of that asset?
(c) If the recoverable amount is more than the reduced carrying amount is
the carrying amount increased to its recoverable amount?
(d) Is the increased carrying amount (due to reversal of impairment) for an
individual asset not exceeding the carrying amount that would have
been determined (net of depreciation) had no impairment loss been
recognised for the asset in prior accounting periods?
(e) Is the reversal of impairment of loss for an asset recognised as income
immediately in the statement of Profit or Loss except in cases of
revalued asset in which case is any reversal of an impairment loss on a
revalued asset treated as a revaluation increase?
(f) Is depreciation charge after reversal of an impairment loss for the future
period on a systematic basis over its remaining useful life?
(g) Is the reversal of an impairment loss for a cash generating unit?
(h) If yes to (g) above, is the increase allocated in the following order
(i). First assets other than goodwill?
(ii). Then to goodwill, if impairment loss was caused by a specific
external event of an exceptional nature that is not expected to recur
and subsequent external events have occurred that reverse the
effect of that event?
(i) Is the carrying amount for a cash-generating unit increased lower of
(i). Its recoverable amount? And
(ii). The carrying amount that would have been determined (net of
depreciation) had no impairment loss been recognised for the asset
in prior accounting periods?
9 For each class of assets, whether the financial statements have disclosed:
(i). the amount of impairment losses recognised in the statement of
profit and loss during the period?
(ii). the amount of reversals of impairment losses recognised in the
statement of profit and loss during the period?
(iii). the amount of impairment losses recognised directly against revaluation
surplus during the period?
(iv). the amount of reversal of impairment losses recognised directly in
revaluation surplus during the period?
Notes:
(a) A class of assets' is a grouping of assets of similar nature and use in
an enterprise's operations,
(b) The above information ((i) to (iv)) may be presented with other
information disclosed for the class of assets.For example, this
information can be included in a reconciliation of the carrying amount
of fixed assets, at the beginning and end of the period as required
under AS 10, 'Accounting for Fixed Assets'.
10 Whether an enterprise that applies AS 17, 'Segment Reporting' has disclosed

the following for each reportable segment based on an enterprise's primary
format (as defined in AS 17):
(i). the amount of impairment losses recognised in the statement of profit
and loss and directly against revaluation surplus during the period? And
(ii). the amount of reversals of impairment losses recognised in the SPL and
directly in revaluation surplus during the period?
11 If an impairment loss is recognised or reversed during the period and is
material to the FS of reporting enterprise as a whole, whether the enterprise
disclosed:
(i). the events and circumstances that led to the recognition or reversal of
impairment loss?
(ii). the amount of the impairment loss recognised or reversed?
(iii). for an individual asset:
(a) the nature of the asset?
(b) the reportable segment (as per AS 17, 'Segment Reporting')?
(iv). for a cash-generating unit:
(a) a description of the cashgenerating unit (such as whether it is a
product line, a plant, a business operation, a geographical area,
reportable segment as defined in AS 17, 'Segment Reporting' or
other)?
(b) the amount of the impairment loss recognised or reversed by

class of assets and by reportable segment based on the enterprise's
primary format (as defined in AS 17, 'Segment Reporting')?
c) if the aggregation of assets for identifying the CGU has changed

since the previous estimate of the CGU's recoverable amount (if
any), description of the current and former way of aggregating
assets and the reasons for changing the way the CGU is identified?
(v). whether the recoverable amount of the asset (cash-generating unit) is
its net selling price or its value in use?
(vi). if recoverable amount is net selling price, the basis used to determine
net selling price (such as whether selling price was determined by
reference to an active market or in some other way)?
(vii). if recoverable amount is value in use, the discount rate(s) used in the
current estimate and previous estimate (if any) of value in use?
Note:
Level II and III enterprises are exempted from the requirements of
disclosure of item (vii) above, if they do not calculate value in use due
to exemption available to such enterprises.

Remarks Reference
AS 28
YES
NO
N/A
AS - 29 - Provisions, Contingent Liabilities and Contingent Assets

1) Have the provisions, contingent liability or contingent assets in respect of the following
been
(a) addressed as per
Construction their respective
Contracts? (AS-7) Accounting Standards?
(b) Taxes on Income? (AS-22)
(c) Leases? (AS-19)
(d) Retirement benefits? (AS-15)
2) Are all the following conditions been met, when a provision is made;
(a) The enterprise has a present obligation as a result of past event?
(b) It is probable that an outflow of resources embodying economic benefit will be
required to settle the obligation? and
(c) A reliable estimate can be made of the amount of the obligation?
3) Have you ensured that
(a) Where it is more likely than not that a present obligation exist at a balance sheet
date, the enterprise recognizes a provision?
(b) Where it is more likely that no present obligation exists at the balance sheet date,
the enterprise discloses a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote?
4) Have you ensured that the enterprise has not;
(a) Recognized any contingent asset?
(b) Recognized gains from the expected disposal of assets?
(c) Made provisions for future operating losses?
5) Have you ensured that provisions have been made in respect of the following liabilities;
(a) Warranties?
(b) Legislation virtual certain to be enacted?
(c) Requirements of a licensing agreement; e.g., an offshore oil field to remove the oil
rig at the end of production and restore the seabed, where the oil rig has been
constructed and where it is estimated that ninety per cent of the eventual cost
relate to the removal of oil rig?
(d) Where a retail store has a policy of refunding purchases by dissatisfied customers?
(e) Guarantees which give rise to a legal obligation?

(f) Court cases where the enterprise will be found liable?
6) Have you ensured that provisions have not been made in respect of following future
liabilities?
(a) Staff training as a result of say change in income tax system?
(b) Guarantee given which does not give rise to an obligation?
(c) A court case, where enterprise will not be found liable?
(d) Refurbishing (future) cost; e.g., cost of relining a furnace every five years where
there is no legislation?
(e) Refurbishing (future); e.g., overhaul an aircraft once in every three years where
there is a legislative requirement?
7) Have you at each balance sheet date reviewed the provision and adjusted to reflect the
current best estimate?
8) For each class of provision, whether the enterprise has disclosed:
(i). the carrying amount at the beginning and end of the period?
(ii). additional provisions made in the period, including increases to existing
provisions?
(iii). amounts used (i.e., incurred and charged against the provision) during the period?
(iv). unused amounts reversed during the period?
Note: Level III enterprises are exempted from the disclosure requirements of all the four
items (i),(ii),(iii),and(iv).above.
9) Whether the enterprise has disclosed the following for each class of provision?
(i). a brief description of the nature of the obligation and the expected timing of any
resulting outflows of economic benefits?
(ii). an indication of the uncertainties about those outflows.(Where necessary, to
provide adequate information, whether enterprise has disclosed the major
assumptions made concerning future events, as addressed in paragraph 41 of AS
29)? and
(iii). the amount of any expected reimbursement, stating the amount of any asset that
has been recognised for that expected reimbursement?
Note 1:
In determining which provisions may be aggregated to format a class,it is necessary to
consider whether the nature of the item is sufficiently similar for a single statement
about them to fulfill the requirements of i and ii above.Thus, it may be appropriate to
treat as a single class of provision amounts relating to warranties of different
products,but it would not be appropriate to treat as a single class amounts relating to
normal warranties and amounts that are subject to legal proceedings.
Note 2:
Level II and Level III enterprises are exempted from the disclosure requirements of all
the three items (i), (ii), and (iii) above.
10) Unless the possibility of any outflow in settlement is remote, whether the enterprise
has
(i).disclosed for each
an estimate of itsclass of contingent
financial liabilityunder
effect, measured at paragraphs
the balance 35-45sheet
of ASdate
29? a
(ii). an indication of the uncertainties relating to any outflows? and
(iii). the possibility of any reimbursement?
Note:
11) In determining
Where a provisionwhich
and contingent
a contingentliabilities
liability may
arise be
fromaggregated to form
the same set a class, it is
of circumstances
whether the enterprise has made the disclosures mentioned in 1 to 3 above in a way that
12) shows
Where the
anylink between
of the the provision
information and
required bythe contingent
paragraph liability?
3 above is not disclosed because it
is not practicable to do so, whether that fact has been stated?
13) In extremely rare cases, where disclosure of some or all of the information required by
paragraphs 1 to 3 above can be expected to prejudice seriously the position of the
enterprise in a dispute with other parties on the subject matter of the provision or
(i). general nature of the dispute?
contingent liability and accordingly no disclosure of information required by paragraphs
1 to 3 above is made, whether the enterprise has disclosed the following
13)
(ii). the fact that the information has not been disclosed?
(iii). the reason why the information has not been disclosed?
General Announcement
If an item in the financial statements is treated differently pursuant to an Order made by
the1 Court/ Tribunal, as
A description of compared to thetreatment
the accounting treatment made
required by an
along Accounting
with the reasonStandard,
that the
same has been adopted because of the Court/Tribunal Order?
2 Description of the difference between the accounting treatment prescribed in the
accounting Standard and that followed by the Company?
3 The financial impact, if any, arising due to such a difference?
Note:
The above disclosures are recommended for non -corporate entities also.

Remarks
1
YES
NO
N/A
If an SMC does not disclose some information. pursuant to exemption/relaxation given to it, shall disclose by way of a note tha
• 1. This note must be there: “The Company is a Small and Medium Sized Company (SMC) as defined in the General Instr
• 2. Exempt standards: AS 3 cash flow and AS 17 Segment reporting- only
– Related party exemption not there
• 3. Disclosure exceptions: AS 15, AS 19, AS 20, AS 28, AS 29
Sales:
1. Delivery delayed at buyer’s request and buyer takes title and
accepts billing
2. Delivered subject to conditions:

a) on installation and inspection
b) on approval
c) unlimited right of return(guaranteed)
d) consignment sale
e) cash on delivery
3. Sale when purchaser makes a series of installment payments to
the seller and seller delivers goods only when final payment is
received.
4. Special order and shipments (where payment is received for goods
not presently held in stock)
5. Sale/repurchase agreements (seller agrees to repurchase the
goods at later date)
6. Sales to intermediate parties:
distributors, dealers etc.,
7. Subscription for publications
8. Installment Sale
9. Trade discounts and volume rebates
SERVICES:
1. Installation fees

3. Financial service commission
4. Admission fees
5. Tuition fees
6. Entrance and membership fees

exemption/relaxation given to it, shall disclose by way of a note that it is an SMC and has complied with Accounting standards as applicab
and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Compani
ment reporting- only
Revenue should be recognized so long as there is every expectation that delivery

will be made.
Item must be on hand, identified and ready for delivery to the buyer.
Unless the installation process is very simple, recognition on customer accepting

delivery and installation.
Recognition on formal acceptance by the buyer or
on buyer doing an act adopting transaction or
time period for rejection has elapsed or
reasonable time has elapsed.
Recognition as per substance of agreement.
If retail sale, if appropriate provision made based on past experience.
If otherwise, treat as consignment sale.
Recognition on receipt of cash by seller or his agent.

If experience indicates that most such sales have consummated, recognition when
a significant deposit is received.
Else, on delivery of goods.
Recognition on manufacture, identification of goods which should be ready for
delivery to the buyer by the third party.
No recognition.
If buyer is agent treat as consignment sale.

Else, recognition if significant risks of ownership have passed.
If items delivered very in value from period to period then based on sale value of
item delivered in relation to the total sale value of all items covered by subscription.
Else, recognized on straight line basis over time.

Revenue attributable to the sales price exclusive of interest should be recognized .
Interest should be recognized proportionately to the unpaid balance due to the

seller.
Should be deducted in determining revenue.
When equipment is installed and accepted by customer unless incidental to sale of

product.
Recognition when service is completed.
For Ad agencies, media commissions, when related ad or commercial appears
before the public and the necessary intimation is received by the agency.
For production commission, when project is completed.
Insurance agency commission, on effective commencement or renewal dates of the
related policies.
Commission for arranging or granting a loan should be recognized when a binding
obligation entered into.
Commitment, facility, or loan management fees should be recognized over the life
of the loan having regard to the amount of obligation O/S, the nature of services
provided and the timing of the costs relating thereto.
Revenue from artistic performances when the event takes place.
When the subscription is for a no. of events, then fee should be allocated on a
systematic and rational basis.
Recognition over the period of instruction.
Entrance fee normally capitalized.
If membership fee permits only membership and all other services are paid for
separately the fee is recognized when received.
If membership fee entitles members to services and publications during the year, it
should be recognized on a systematic and rational basis.
Accounting standards as applicable to SMC.
dards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a S
Standards as applicable to a Small and Medium Sized Company.”

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Applicability of AS to Enterprises

Critirea for rocognising SMC & Non SMC- COMPANIES

S NO SMC Non SMC

S NO Level III • Not covered under Level I or II

AS 1 Disclosure of accounting policies Yes Yes Yes

Prepared By: Bhupendra Rohilla

policy adopted for borrowing costs?

Has the enterprise taken/ Given(Strike Out A lease would

AS 1 Disclosure of Accounting Policies Yes/ No/NA

AS-2 Valuation Of Inventories Yes/ No/NA

AS 3 Cash-flow statements Yes/ No/NA

AS 4 Contingencies and events occurring after B/S date. Yes/ No/NA

AS 6 Depreciation accounting Yes/ No/NA

AS 7 Construction contracts Yes/ No/NA

AS 9 Revenue recognition Yes/ No/NA

1 Have the conditions relating to sale of goods/ providing of services

been accrued, is it reasonable to expect ultimate collection?

AS 10 Accounting for fixed assets Yes/ No/NA

AS 11 The effects of changes in FE rates Yes/ No/NA

AS 13 Accounting for investments Yes/ No/NA

AS 15 Employee benefits Yes/ No/NA

AS 16 Borrowing costs Yes/ No/NA

AS 17 Segment reporting Yes/ No/NA

AS 18 Related-party disclosures Yes/ No/NA

AS 19 Leases Yes/ No/NA

AS 20 Earnings per share Yes/ No/NA

AS 21 Consolidated financial statements Yes/ No/NA

AS 22 Accounting for taxes on income Yes/ No/NA

AS 23 Accounting of Investments in associates in CFS Yes/ No/NA

AS 24 Discontinuing operations Yes/ No/NA

AS 25 Interim financial reporting Yes/ No/NA

AS 26 Intangible assets Yes/ No/NA

AS 27 Financial reporting of interest in joint ventures Yes/ No/NA

AS 28 Impairment of assets Yes/ No/NA

AS 29 Provisions, contingent lia. and contingent assets Yes/ No/NA

Prepared By: Bhupendra Rohilla

All Entities'!A86 Point A

AS-2 AS-2. Valuation Of Inventories

AS 4 AS -4 Contingencies and events occurring after B/S date.

AS 6 AS-6 Depreciation accounting

AS 7 AS-7 Construction contracts

AS 9 AS-9 Revenue recognition

AS 9 (A) In sales, are following condition satisfied:

AS 9 2. Delivered subject to conditions:

5. Sale/repurchase agreements (seller agrees to repurchase the goods at later date)

AS 9 (C) Recognisition Of Other Income :

AS 11 AS-11 The effects of changes in FE rates

AS 13 AS-13 Accounting for investments

AS 15 AS-15 Employee benefits

AS 16 AS-16 Borrowing costs

AS 20 AS-20 Earnings per share

AS 21 AS-21 Consolidated financial statements

AS 22 AS-22 Accounting for taxes on income

AS 28 AS 282 Impairment of Assets

Prepared By: Bhupendra Rohilla

S.N. Description Yes/No/N/A

2) Have the following been listed out?

3) Have the following been listed out:

(ii) Relatives of any such individual?

(f) Enterprises owned or significantly influenced by key management

S.N. Description Yes/No/N/A Remarks

(iii) Below fair value and loss is to be compensated by

(e) The total of future minimum sublease

(f) A general description of lessee’s significant