1. Financial Accounting II Lecture 33

2. 3. There shall be stated by way of a note the respective amounts included in items (E) (i) and (ii) of paragraph 2 of this Part for: (i) debts due by directors, chief executive, and executives of the company and any of them severally or jointly with any other person; and (ii) debts due by related parties (other than in clause (i) above). Profit and Loss Account 4 th Schedule Part III

3. 4.The following shall be stated by way of a note, namely:__ (i) The aggregate amount charged in the financial statements in respect of the directors, chief executive and executives by the company as fees, remuneration, allowances, commission, perquisites or benefits or in any other form or manner Profit and Loss Account 4 th Schedule Part III

4. and for any services rendered, and shall give full particulars of such aggregate amounts separately for the directors, chief executive and executives together with the number of such directors and executives, under appropriate heads, such as,__ (a) fees; (b) managerial remuneration; Profit and Loss Account 4 th Schedule Part III

5. (c) commission or bonus, indicating the nature thereof; (d) reimbursable expenses which are in the nature of a perquisite or benefit; (e) pension, gratuities, company's contribution to provident, superannuation and other staff funds, compensation for loss of office and in connection with retirement from office; Profit and Loss Account 4 th Schedule Part III

6. (f) other perquisites and benefits in cash or in kind stating their nature and, where practicable, their approximate money values; and (g) the amounts, if material, by which any items shown above are affected by any change in an accounting policy. Profit and Loss Account 4 th Schedule Part III

7. (ii) In the case of sale of fixed assets, if the book value of the asset or assets exceeds in aggregate fifty thousand rupees, particulars of the assets and in aggregate,__ Profit and Loss Account 4 th Schedule Part III

8. (a) cost or valuation, as the case may be; (b) the book value; and (c) the sale price and the mode of disposal (e.g. by tender or negotiation) and the particulars of the purchaser.” Profit and Loss Account 4 th Schedule Part III

9. Profit or Loss for the period All items of income and expenses recognized in a period shall be included in profit or loss unless a Standard or an Interpretation requires otherwise. IAS 1 – Income Statement

10. Information to be presented on the face of the Income Statement As a minimum, the face of the income statement shall include line items that present the following amounts for the period: Revenue; Finance costs; Share of the profit or loss of associates and joint ventures accounted for using the equity method; IAS 1 – Income Statement

11. Tax expense; A single amount comprising the total of (i) the post-tax profit or loss of discontinued operations and (ii) the post-tax gain or loss recognized on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation; and Profit or loss. IAS 1 – Income Statement

12. The following items shall be disclosed on the face of the income statement as allocations of profits or loss for the period: Profit or loss attributable to minority interest; and Profit or loss attributable to equity holders of the parent. IAS 1 – Income Statement

13. Additional line items, headings and subtotals shall be presented on the face of the income statement when such presentation is relevant to an understanding of the entity’s financial performance. IAS 1 – Income Statement

14. 1 st Classification of Expenses by Function 2 nd Classification of Expenses by Nature Income Statement - Formats

19. 1.The profit and loss account shall be so drawn up as to disclose separately the manufacturing, trading and operating results. In the case of manufacturing concern, the cost of goods manufactured shall also be shown. Profit and Loss Account 4 th Schedule Part III

22. An entity shall not present any items of income and expense as extraordinary items, either on the face of the income statement or in the notes. IAS 1 – Income Statement

23. Extraordinary items of income or expenses were shown separately but now it is specifically prohibited to classify anything as an extraordinary item.

24. Information to be presented either on the face of the Income Statement or in the Notes When items of income and expense are material, their nature and amount shall be disclosed separately. An entity shall present an analysis of expenses using a classification based on either the nature of expenses or their function within the entity, whichever provides information that is reliable and more relevant. IAS 1 – Income Statement

25. Entities classifying expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortization expense and employee benefits expense. An entity shall disclose, either on the face of the income statement or the statement of changes in equity, or in the notes, the amount of dividends recognized as distributions to equity holders during the period, and the related amount per share. IAS 1 – Income Statement