The report was prepared by National Water Development Agency (NWDA), a Central government organisation entrusted with the task of preparing proposals for linking rivers. Ocean Movements TiTBiT: World Water Day – March 22 The movements that occur in oceans are categorized as: waves, tides and currents. Archives (PRELIMS + MAINS FOCUS) … Interfaith marriages: Controversy surrounding “Love Jihad” Context : With Uttar Pradesh leading the way, a set of states now plan to pass laws to end what they call “love jihad ”. EC staff consolidated version as of 16 September 2009. The Board’s projects to revise the IFRS Taxonomy, as well as strategic or cross-cutting projects by the Board or the Foundation’s Trustees, are listed under ‘other projects’. 2. By using this site you agree to our use of cookies. The city is famous for its leather and textile industries. Free IAS 39 multiple choice quiz. These words serve as exceptions. IAS 8 Accounting policies, changes in accounting estimates and errors 2017 - 07 2 Retrospective application is applying a new accounting policy to transactions, other events and conditions as if that … Environment performance index. Disclosures relating to voluntary changes in accounting policy include: [IAS 8.29], If an entity has not applied a new standard or interpretation that has been issued but is not yet effective, the entity must disclose that fact and any and known or reasonably estimable information relevant to assessing the possible impact that the new pronouncement will have in the year it is applied. [IAS 8.13]. They are prepared by analyzing at least 3-4 years of news from major news sources like The Hindu, Indian Express, Downtoearth, etc. [IAS 8.10]. It will aspirants of the IAS Exam and other competitive examinations. Current Affairs Daily News Analysis IAS Next Current Affairs Notes Yojna/Kurukshetra Summary Law Updates Bare Acts Landmark Judgements Contemporary Legal Topics Study Material For Civil Services Economy Geography Chartered Education IFRS MCQs have more than 1,100 questions like these covering all subjects. Effective date of IAS-8 This standard was applied to annual periods begun on or immediately after 1st January, 2005. This project looks into the accounting for voluntary changes in accounting policies — in particular, changes in accounting policies that result from agenda decisions published by the IFRS Interpretations Committee. 7. that took effect in 1995, namely IAS 2 – Inventories; IAS 8 — Net Profit or Loss; IAS 9 — Research and Development Costs; IAS 11 — Construction Contracts; IAS 16 — Plant, property The CSE notification was released … The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. IA INSTA SECURE SYNOPSIS MAINS 2020 MAY 2020 INSIGHTSIAS SIMPLIFYING IAS EXAM PREPARATION GS-III www.insightsactivelearn.com | www.insightsonindia.comINSTA SECURE SYNOPSIS Telegram: https://t.me About IE Articles This initiative started in August 2018 onwards. For a variety of reasons, farmers in several states have been agitating aggressively for some time now. [IAS 8.19], Retrospective application means adjusting the opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts disclosed for each prior period presented as if the new accounting policy had always been applied. 6. Archives. Taxation 76 6. Both current tax liabilities and current tax assets arise based on the tax rates enacted or substantively enacted by the end of the … Free Get Started. Each word should be on a separate line. IAS 12 requires the recognition of current tax in an entity’s financial statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. Under the scheme, State Governments submits Conservation-cum-Development (CCD) Plans on the basis of their requirement. The cost of an internally generated intangible asset for the purpose of paragraph 24 is the sum … The word Robot means self – labour. GS Paper 4: 1. DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 19th November 2020. The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future. Applying IFRS for the real estate industry PwC Contents 5.1. Chief Minister of Maharashtra, Uddhav Thackeray on November 20, 2020 launched a new rural housing project named ‘Maha Awas Yojana’. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. To facilitate voluntary changes in accounting policy that result from an agenda decision, the Board intends to amend IAS 8 to lower the impracticability threshold for retrospective application of such changes. IFRS Foundation news; IFRS Foundation speeches; IFRS Foundation Updates; IFRS Foundation podcasts; Meetings and events calendar ; Services. A change in accounting estimate is an adjustment of the carrying amount of an asset or liability, or related expense, resulting from reassessing the expected future benefits and obligations associated with that asset or liability. The purpose of this session was to discuss the due process steps regarding accounting policy changes (amendments to IAS 8). Archives (PRELIMS + MAINS FOCUS) … Table of Contents. Horizontal currents arise mainly due to friction between wind and water. the development and to use or sell the intangible asset. the reasons why applying the new accounting policy provides reliable and more relevant information, the period of the change, if the change affects that period only, or. Current tax for current and prior periods shall, to the extent unpaid, be recognised as … [IAS 8.11], is required by a standard or interpretation; or, results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position, financial performance, or cash flows. [IAS 8.16], If a change in accounting policy is required by a new IASB standard or interpretation, the change is accounted for as required by that new pronouncement or, if the new pronouncement does not include specific transition provisions, then the change in accounting policy is applied retrospectively. 100% grants-in-aid are made available to States as per the provisions of the scheme. Candidates who are aiming for the All India Services along with other services can apply online between February 12 and March 3, 2020. MITP will help Meghalaya develop reliable, climate resilient and safe roads which is crucial for the economic development of the state. Cooperative security in Persian Gulf littoral. Insolvency and Bankruptcy Code. Research and Development, Uncertainty, and Analysts’ Forecasts: The Case of IAS 38 October 2015 Journal of International Financial Management & Accounting 26(3) IAS 8 gives guidance in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. Waves are formed due to friction between wind and surface water layer. Objective. In this introduction we discuss the … Assam gas leak. IAS Exam; Civil Service Exam; UPSC Syllabus; Free IAS Prep; Current Affairs; List Of IAS Articles; IAS 2019 Mock Test. [IAS 8.24], Also, if it is impracticable to determine the cumulative effect, at the beginning of the current period, of applying a new accounting policy to all prior periods, the entity shall adjust the comparative information to apply the new accounting policy prospectively from the earliest date practicable. The Board discussed (1) amendments to IAS 28: Transition requirements for first-time adopters and due process steps and (2) IAS 8: Accounting policy changes resulting from agenda decisions. International Accounting Standards Candidates will be required to have a basic knowledge of the following standards and how these standards relate to topics in the syllabus IAS Topic FRS/SSAP IAS 1 Presentation of financial statements FRS3 IAS 2 Inventories (stocks) *(not long-term contracts) SSAP9* IAS 7 Cash flow statements FRS1 IAS 8 Accounting policies FRS18 IAS 10 Events after balance sheet … Runtime Approx 8 hrs; Access period 15 days from registration date; Learners All professional staff in Audit Services (required), Tax, and Advisory Services (highly recommended); Pre-requisites None; accounting updates may be taken in any order Additional … UPSC Current Affairs: Issues in News – Agriculture in India Why in news? IE Articles are like NCERTs of key current affairs issues. -> Click Here. Tackling IAS 8 in TWO simple steps: Identifying whether its a Accounting policy Change in Accounting estimate and Error. The UPSC also allows aspirants to withdraw the application during the period from August 1 to 8, 2020. A Robot is a machine capable of carrying out complex … Continue reading "ROBOTICS" Crete (Greek: Κρήτη, Modern: Kríti, Ancient: Krḗtē, [krέːtεː]) is the largest and most populous of the Greek islands, the 88th largest island in the world and the fifth largest island in the Mediterranean Sea, after Sicily, Sardinia, Cyprus and Corsica.. The amendments provide a definition and explanatory paragraphs in one place. The stronger the wind, the bigger the wave. the period of the change and future periods, if the change affects both. [IAS 8.30], The effect of a change in an accounting estimate shall be recognised prospectively by including it in profit or loss in: [IAS 8.36], However, to the extent that a change in an accounting estimate gives rise to changes in assets and liabilities, or relates to an item of equity, it is recognised by adjusting the carrying amount of the related asset, liability, or equity item in the period of the change. The size or nature of the item, or a combination of both, could be the determining factor. Like many an accounting lecture, IAS 8 may not be fun, but it is useful. the nature and amount of a change in an accounting estimate that has an effect in the current period or is expected to have an effect in future periods, if the amount of the effect in future periods is not disclosed because estimating it is impracticable, an entity shall disclose that fact. Archives. INTRODUCTION Robotics is the field of Science and Technology that deals with the design, manufacture, and applications of robots and using computers for their manipulation and processing.Robotics is based on the word ‘Robot’ coined by Karel (Joseph) Capek. Once entered, they are only Tier 2 Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements (Tier 2) will not be in … info)), historically called Cawnpore, is a metropolis in the state of Uttar Pradesh in India. IAS UPSC Prelims and Mains Exam – 8th July 2020 Archives (PRELIMS + MAINS FOCUS) Countering America’s Adversaries Through Sanctions Act (CAATSA) Part of: GS Prelims and Mains II … Facebook Twitter Telegram … An entity is permitted to change an accounting policy only if the change: Note that changes in accounting policies do not include applying an accounting policy to a kind of transaction or event that did not occur previously or were immaterial. Current Affairs Support IAS awareness building activities at national and island levels including planning and oversight, materials and processes development and field operations; Support implementation of IAS outreach and development of Please read, Classification of liabilities — Effective date, Conceptual Framework — Comprehensive IASB project, Disclosure initiative — Principles of disclosure, IAS 12 — Accounting for uncertainties in income taxes, IAS 21 — Foreign currency transactions and advance consideration, IAS 28 — Elimination of gains arising from 'downstream' transactions, IAS 40 — Transfers of investment property, IBOR reform and the effects on financial reporting — Phase 1, IBOR reform and the effects on financial reporting — Phase 2, IFRS 2 — Clarifications of classification and measurement of share based payment transactions, IFRS 2 — Research project on share-based payments, IFRS 3 — Updating a reference to the Conceptual Framework, IFRS for SMEs — Comprehensive review 2012-2014, Insurance contracts — Comprehensive project, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, Updated IASB work plan — Analysis (December 2020 meeting), Updated IASB work plan — Analysis (June 2020 meeting), Updated IASB work plan — Analysis (April 2020 regular meeting), Updated IASB work plan — Analysis (February 2020), Chair of the IFRS Interpretations Committee clarifies timing of implementing agenda decisions, Deloitte comment letter on the IASB's proposed changes to accounting policies, Need to know — IASB proposes more changes to IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors', Board decides not proceed with the amendments proposed in March 2018 and do no further work on the project. 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