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"

Regulatory Framework

of

Accounting"
Ibtesam Bashir
Roll No: BI 504723
M.Com Semester 1
presented to: Mr.Bilal Kamran

Learning Outcomes from presentation:


Introduction to Accounting
Accounting Cycle
The Regulatory Framework
The Standard
IAS & IFRS
Characteristics of Framework

Accounting (an Introduction):


Accounting a language of business.
Old name of Accounting is record keeping.
Oldest known record keeping history is 7000
years old.
Record keeping from Mesopotamia (250 BC) &
Chanakya (200 BC).
Derive of word Accounting by Luca Pacioli in
1494.
Introduction of Ledger in Accounts.
Definition
Objective of Accounting.
Final product of Accounting..........

Accounting Cycle:
Must be repeated to perform business
activities....
Journal
Ledger
Trial Balance
Adjusted Trial Balance
Additional Trial Balance
Income Statement
Balance Sheet
Closing Entries
After Closing Trail Balance
Work Sheet

The Regulatory Framework:


It is theory of Accounting
Deals with Fundamental Financial Issues
Creating precise definition to facilitate
discussion.
First Framework of Accounting
FASB & ISAB
Conceptual Framework of Accounting
Reasons for creating Framework and Standards.

The Standard:
Explain how transactions are recorded.
Objective of Standard
Used to assist the Business transactions
Standard setting bodies in the world.
IASC had created IAS standards between 1971
to 2001.
Later new body IASB overcome IASC and
created new reporting standards known as
IFRS.

IAS Standards:

IAS-1 Presentation of Financial Statements


IAS-2 Inventories
IAS-7 Statement of Cash Flows.
IAS-8 Accounting Policies Estimate and Errors
IAS-10 Events after reporting period
IAS-11 Construction Contracts
IAS-12 Income Taxes
IAS-16 Property plant and Equipment
IAS-17 Leases
IAS-19 Employee Benefit
IAS-20 Government Grants and Government Assistance
IAS-21 Effect of Change in Foreign Exchange rate.

IAS Standards:

IAS-23 Borrowing Costs


IAS-24 Related Party Disclosure
IAS-26 Retirement Benefit Plans
IAS-28 Investment in Assosiate and Joint Venture
IAS-29 Financial Reporting in Hyper Inflationary Economies
IAS-32 Financial Instruments
IAS-33 Earning Per Share
IAS-34 Interim Financial Reporting
IAS-36 Impairment of Assets
IAS-37 Provisions, Contingent Liabilities and Contingent Assets
IAS-38 Intangible Assets
IAS-40 Investment Property
IAS-41 Agriculture

IFRS ReportingStandards:
IFRS-1 First-time Adoption of International Financial Reporting
Standards
IFRS-2 Share-based Payment
IFRS-3 Business Combinations
IFRS-4 Insurance Contracts
IFRS-5 Non-current Assets Held for Sale and Discontinued Operations
IFRS-6 Exploration for and Evaluation of Mineral Assets
IFRS-7 Financial Instruments: Disclosures
IFRS-8 Operating Segments
IFRS-9 Financial Instruments
IFRS-10 Consolidated Financial Statements
IFRS-11 Joint Arrangements
IFRS-12 Disclosure of Interests in Other Entities
IFRS-13 Fair Value Measurement
IFRS-14 Regulatory Deferral Accounts
IFRS-15 Revenue from Contracts with Customers

Characteristics of Framework:
Relevance
Comprehensibility
Reliability
Timeliness
Comparability
Objectivity
Understand-ability
Completeness
Fair Presentation
Neutrality
Completeness

Any Questions, Suggestions, Comments or


Recommendations: