AS : 31FINANCIAL INSTRUMENTS :

PRESENTATION

AS : 32

INTRODUCTION

• The International Accounting Standards Committee (IASC) -1973

The International Accounting Standards Board (IASB) -2000

WHY IFRS

IFRS 1-FIRST TIME ADOPTION OF IFRS

Adoption of International Financial Reporting Standards

IFRS 2-SHARE-BASED PAYMENTS

IFRS : 3BUSINESS COMBINATIONS

IFRS : 7FINANCIAL INSTRUMENTS : DISCLOSURES

IFRS 4INSURANCE CONTRACTS

IFRS 5NON-CURRENT ASSETS HELD FOR SALE AND

DISCONTINUED OPERATIONS

IFRS 6EXPLORATION FOR AND EVALUATION OF MINERAL

RESOURCES

• Entity need to obtain legal rights to explore in a specific area

• Exploration and evaluation expenditures are expenditures incurred

• Expenditures recognized as assets in accordance with the entity’s accounting policy.

• Allows continuing to use recognition and measurement practices that are part of those accounting policies

• Impairment test on those assets when – Carrying amount > Recoverable amount– Period expiration– No fruitful discovery made

• Disclosure– Amounts recognized in its financial statements

arising from the exploration for and evaluation of mineral resources

IFRS 8 OPERATING SEGMENTS

• To evaluate the nature and financial effects of the business activities in which it operates.

• Deciding how to allocate resources and in assessing performance

• IFRS 8 shall apply to:– Separate or individual financial statements of an

entity– Consolidated financial statements of a group with

a parent• debt or equity instruments are traded in a public

market• purpose of issuing any class of instruments in a public

market

Disclosure:-

– About its operating segments in interim financial reports.

– About products and services, geographical areas and major customers.

CONCLUSION

• ICAI WEBSITE.• SYNOPSIS OF

ACCOUNTING STANDARDS-DELOITTE.•POCKET IFRS- DELOITTE.