A practical guide to accounting for property under the cost model PricewaterhouseCoopers 4 1. 2. trailer LKAS 41 Disclosure 39 [Deleted] General 40 An entity shall disclose the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less costs to sell of biological assets. ڼ���w�Ftw�����7j��X1����I��� ���BA���;׮�np�#��,��~�$�^�_� Presentation of grants related to income 29–31 Presentation planning is a useful and necessary skill in the professional world as well as school. ACCOUNTING FOR GOVERNMENT GRANTS AND . 782 0 obj <>stream Presentation of financial statements (LKAS 1) Statement of cash flows (LKAS 7) Accounting policies, changes in accounting estimates and errors (LKAS 8) ... (LKAS 38) Investment property (LKAS 40) Impairment of assets (LKAS 36) Non-current assets held for sale (SLFRS 5) Liabilities. How to Plan a Presentation. The fair value of the land at acquisition is Rs.120 Mn. Sri Lanka Accounting Standard-LKAS 40 Investment Propertyis set out in paragraphs 1-85. pH���y��؞�\���L�j �=g��R� J#� ��������j�GAE��� 0000001301 00000 n %PDF-1.4 %���� SCOPE 1–2 . SCB Corporate Chartered Accountants No 372 (3rd Floor) Nawala Road, Nawala, Sri Lanka. IAS 40 applies to the accounting for property (land and/or buildings) held to earn rentals or for capital appreciation (or both). However, this Standard applies to property, plant and equipment used to develop or maintain the assets described in (b)–(d). 0000001634 00000 n kU"�?n��FrŚZ`�'���f�F+[�uA�Î�I�r���9���`D�y��D�B��Q�L2!4ν�M��)��fW���u��݊W] ��=>m=uy����|Sk%A�E�̝�;9��CD�f��)���C�Eae>ƞ�{�R@/�N�t����"g8��Z��������E:�ݛe_w�bN;�N�C�(:*�QFy)��Z3�Ij�w��B��� t���S•\��AӮ0��������8�s�ƪ����6T�|�T�^�����/��Ǽh� #aa����`7��pO��.��Pp���-u��'���X���T�|�3����W�3S{(��N��5WG/#��u�y\W�W�*[ ��Ja~���D�ϴ���L�G�^ {�z�>�"�d ����7p�qyC�|>��|�o�Zn�-� h_�O����[�s���;�!`�ƅ���zh��Ps�O��fS��Y�CkI��/څ�_� ��y���q��~b�)ژ�)��8��撱�H#��2'���,�/�4�\��/Is�Z�?�3P�|�� f)� }�w�/��V-Xq\�W$H��j�?��v It aims to establish principles for the presentation, categorisation, recognition and measurement of financial instruments in financial reports. Ɠ�z��|�2��>�L�K�`��?�� E>a�J�F���D�fJ�)F>m��hS�9�G�*37E�u+(���8&$��z��j����1vr}�}���f��NQ��^S������`�vA]���|Q~�F�Ź�E=�G����_��춐ފ��l�[��&���x "�����[&Wp(�X�u�ɇ\:{� Presentation of financial statements - Example 1 (revision) - ACCA Financial Reporting (FR) - Duration: 37:33. ����߻��g���/-\UFq�i�.+�pwy All Acronyms has a list of 6 LKAS definitions. Presentation of financial statements (LKAS 1) Statement of cash flows (LKAS 7) Accounting policies, changes in accounting estimates and errors (LKAS 8) ... (LKAS 40) Impairment of assets (LKAS 36) Non-current assets held for sale (SLFRS 5) Liabilities; Leases (LKAS 17, SIC-27, and IFRIC 4) Mn) 10 10 40 16. Furthermore, separate presentation of the financial statements ... by LKAS 1 Presentation of Financial Statements and any Presentation of the information required by this Standard as a supplement to unrestated financial statements is not permitted. The Original Date of the Presentation . endstream endobj 252 0 obj <>stream 770 0 obj <> endobj c�� ��O�� %k\�?�w�6x���`/(�2��b�a�܏��Y�ּ��L��\}'�We�����o�J�uU�msJ����/УE��Z�dAf������)���,J3�4E��2��d<ҲQ���J�!�P�� ^ ���e�[��8gT��4��Ҩ����5I��w{��oF�^�"���+��Kᐜ��/ac�C��� � �9���^"/��KDQ=�%v'�������.׀,� ������M|�!����i�f�°�d��=����A��F(g��KtL��'{� �W����E��)p�s���8�_z6�"�]�:���ݿ)�s�+e�P^������o�ŀGS��7`��9\kP/�=? 0000002909 00000 n ;f�仳� _/�罆�~f��7��uyF?�ݕ�sr����D�|����ll9Wi���$��,|Px%��; -7޼�ԏm�Q�0������7�����M�cY����c���OD�y��w�0���(.��3)�Ŕ�!3�v�{3k���I'D;�^R�es�W�"��=P�����. 25 Repayment of Government Grants. 2 | Accounting standard study group, CIMA Sri Lanka Division: Study of LKAS 32 and LKAS 39 2. 5ܸ�ա�G LKAS 17 should be read in the context of its objective, the Preface to Sri Lanka Accounting Standards and the Framework for the Preparation and Presentation of Financial Statements. 0000001953 00000 n Accounting standard study group CIMA Sri Lanka Division Study of LKAS 16: Property, plant and equipment A. most of the areas are discuss on this. Recognized as the torch bearers of the accounting and auditing profession in Sri Lanka, the institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is one of the country’s foremost and largest professional organizations that has produced over 5,400 chartered accountants. This presentation about Sri Lanka accounting standards 19, employee benefits. ^0��U���c�'�K� h)B�p�7��"e1j��.�ZxC�� �T�"Q�ɿ&��4�5��5+DFLj�=�� ���z�� World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Investment properties are initially measured at cost and, with some exceptions. 0000003237 00000 n LKAS 40 requires investment property to be LKAS 40 allows an accounting policy election for investment property between the fair value model and the cost model accounted for using the fair value model If property is dual purpose, then LKAS 40 requires the cost model to be used �lN�W�>#yu�Y�Z�b�-3�f�SW����؟�s�nXZ��1.4�� Updated April 2020. endstream endobj 254 0 obj <>stream objectives,short term,post,long term, term… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. A.J.M If fair value can be measured reliably without undue cost or effort, use Fair Value through P&L Otherwise, must treat investment property as property, plant and equipment using Section c LKAS 40 is pure accounting policy choice either depreciation model or fair value through P&L. LKAS 8 Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. ��i�x��V��0=��%$6Dwz��IU@5�&�ڣK9�,�z��J�fW��������]қ�kj.P�2��,*��"t���a�G:�Nm���F{f�84���d���HY��l�o��MD����2,��T���=�i��ƍ��/������V�S�C ?��F��m_y�B�)|H8oL1��#�"$���f���Eo�ԹT[�L,��}؟�v?C>��TY3�� 0000002142 00000 n The application of these two standards consistently in 770 13 x�bb������8�f�;��1�G�c4>F�h|�� 0 a 42 The disclosure required by paragraph 41 may take the form of a … LKAS 41_Overview Page 7 Scope :Biological assets outside the scope of LKAS 41 Biological assets may be outside the scope of LKAS 41 when they are not used in an agricultural activity. Non-monetary government grants 23 . 0000003630 00000 n Presentation of Grants Related to Income Either separately or under a general heading (such as other income) Alternatively Deduct from related expenses. %PDF-1.6 %���� 41 An entity shall provide a description of each group of biological assets. 41 An entity shall provide a description of each group of biological assets. Presentation of grants related to assets 24–28 . endstream endobj 253 0 obj <>stream SRI LANKA ACCOUNTING STANDARD-LKAS 20 . 249 0 obj <>stream Repayable on non compliance with the condition laid down. 3UL٬"-PU�s˦ ��Z���ox��1C�$s��������$Xlw�D:[3�\!��g��wL`��]��$��|�+�8��^M\���{��׶�ڍ�{ё+6;��uݬ��l犌�� �����"t߿4�y[|�4M~�鴄��n׬|^5�GLީ���)���I�v8�˯3��i�m��p/}��AQ2$ع�G� ���FT���L`X��� �k�̘��c�{=Zك�T������|��g+q�;��dMXu'�3-.�s�4L��窆$�\� If required criteria are met for an operating lease to be considered as IP – accounted for as if it is a finance lease Initial cost – LKAS 17 A finance leased asset should be recognised at the asset’s fair value or, … A.J.M startxref Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. We need to recognise the fair value of the land, i.e. 0000001496 00000 n endstream endobj 250 0 obj <>stream -623-LKAS 21 (c) in translating an entity’s results and financial position into a presentation currency. %%EOF 0000002366 00000 n paragraphs . All the paragraphs have equal authority. LKAS 40 – sets out the accounting for IP that is held under a finance lease. LKAS 40 should be read in the context of its objective, the Preface to Sri Lanka Accounting Standards and the Framework for the Preparation and Presentation … the value of the grant, over the duration of the conditions attaching to the grant Year Grant Recognised (Rs. LKAS 8-Accounting policies, changes in accounting estimates and errors) 26 All the paragraphs have equal authority. Dѐ��F��چ��em��B}�>�8�O�X C�W{������Ǫl�Qc���(������pM��^N�Ce�tk�ۡB������݈>M$�:�x�q�'�V(�N9����m�p���Q�LCt����! Proportionate consol is allowed by LKAS 31. All the paragraphs have equal authority. 0 LKAS 7 should be read in the context of its objective, the Preface to Sri Lanka Accounting Standards and the Framework for the Preparation and Presentation of Financial Statements. (Applicable. Recognized as the torch bearers of the accounting and auditing profession in Sri Lanka, the institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is one of the country’s foremost and largest professional organizations that has produced over 5,400 chartered accountants. Looking for online definition of LKAS or what LKAS stands for? ���,d2�V�>H6�Y�gdx6e�k�F� liability 4 LKAS 39 applies to many foreign currency derivatives and, accordingly, these are excluded from the scope of this Standard. may be subsequently measured using a cost model or fair value model, with changes in the fair value under the fair value model being recognised in profit or loss. LKAS 01 ,LKAS 02,LKAS 16,LKAS 36. Title: Title (Arial bold 30 point) second line title Author: Ernst & Young Created Date: 12/16/2011 10:54:13 AM Originally, the feast was celebrated on February 14, the 40th day after Epiphany (January 6), because Christmas wasn't yet celebrated as its own feast, and so the Nativity, Epiphany, the Baptism of the Lord (Theophany), and the feast celebrating Christ's first miracle at the wedding in Cana were all celebrated on the same day. LKAS 20 CONTENTS . GOVERNMENT GRANTS 7–33 . Title: LKAS 02 PRESENTATION OF FINANCIAL STATEMENTS Author: sltuser Created Date: 1/19/2017 4:49:19 PM LKAS 16 (d) mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources. Identification of parts of a building (level 1) To apply the 'component approach', it is necessary to identify the various parts of an asset. 0000004049 00000 n +94 777 803 109 info@scbcorporate.com Sri Lanka Accounting Standard – LKAS 7 Statement of Cash Flows Sri Lanka Accounting Standard LKAS 7 Statement of Cash Flows is set out in paragraphs 1–58. DISCLOSURE OF GOVERNMENT ASSISTANCE. Mn) 1 120 * (10/60) = 20 2 120 * (10/60) = 20 3 120 * (40/60) = 80 Total 120 Year 1 2 3 Cost (Rs. OpenTuition 24,257 views. 0000000016 00000 n Executive summary LKAS 32 and LKAS 39 give detailed descriptions of the accounting treatment and presentation of financial instruments, with an implementation date of 1 January 2012. DEFINITIONS 3–6 . ^�Y��1a@~�OC���eT�zR{7t>�GL) �tjo����.q#Z���ڢ�'��:x�T�P�/�� U���f2�+x��r�O���%��� �ޣ��"$��j`��A-� 1�1�ti`��H� �{��{�uu���� �=J.~���b���lwx������+Z@�I�I��ȗ 40 An entity shall disclose the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less costs to sell of biological assets. 4 Other Standards may require recognition of an item of property, plant and equipment based on an approach different from that in this Standard. The latest paper from the CIMA Sri Lanka accounting standard study group examines LKAS 32: financial instruments – presentation and LKAS 39: financial instruments – recognition and measurement. Guidelines on Presentation and Disclosure - The Segregation of the Life and General Insurance Business - effective from 18 … xref This feature is not available right now. 0000000584 00000 n All the paragraphs have equal authority. Sri Lanka Accounting Standard LKAS 17 Leases is set out in paragraphs 1–69. Executive summary LKAS 32 and LKAS 39 give detailed descriptions of the accounting treatment and presentation of financial instruments, with an implementation date of 1 January 2012. endstream endobj 251 0 obj <>stream <]>> They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. 37:33. LKAS 40 Sri Lanka Accounting Standard – LKAS 40 Investment Property Sri Lanka Accounting Standard LKAS 40 Investment Property is set out in paragraphs 1–85E. Top LKAS abbreviation meaning: Lane Keep Assist System 0000003159 00000 n �8)~%`�d� ��G����O��9I�Xd�i(����c!V��;2�B��� endstream endobj 771 0 obj <. animals in a zoo (or game park)k) tthhatdt does notth have an active breeding programmeand rarely … endstream endobj 781 0 obj <>/Size 770/Type/XRef>>stream Please try again later. 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