Taxmann's Corporate Accounting | UGCF

SAMPLE CHAPTER

15

CORPORATE FINANCIAL REPORTING

LEARNING OBJECTIVES

After studying this chapter, the students will be able to understand

MEANING, NEED AND OBJECTIVES OF CORPORATE FINANCIAL REPORTING

Meaning of Corporate Financial Reporting-

15.1 CHAPTER

Tenth Edition : March 2023

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Preface to Tenth Edition

I-5

I-6

BHUSHAN KUMAR GOYAL

I-5 Page CHAPTER 1 ACCOUNTING FOR SHARE CAPITAL AND ESOP 1.1 CHAPTER 2 UNDERWRITING OF SHARES AND DEBENTURES 2.1 CHAPTER 3 REDEMPTION OF PREFERENCE SHARES 3.1 CHAPTER 4 BUY BACK OF SHARES 4.1 CHAPTER 5 ISSUE AND REDEMPTION OF DEBENTURES 5.1 CHAPTER 6 FINANCIAL STATEMENTS OF COMPANIES 6.1 CHAPTER 7 CASH FLOW STATEMENT 7.1 CHAPTER 8 VALUATION OF INTANGIBLE ASSETS AND SHARES 8.1 CHAPTER 9 VALUE ADDED STATEMENTS 9.1 CHAPTER 10 AMALGAMATION 10.1 CHAPTER 11 INTERNAL RECONSTRUCTION 11.1 CHAPTER 12 CORPORATE FINANCIAL REPORTING 12.1 QUESTION PAPERS P.1 P.13 Contents

CORPORATE FINANCIAL REPORTING

LEARNING OBJECTIVES

After studying this chapter, the students will be able to understand

MEANING, NEED AND OBJECTIVES OF CORPORATE FINANCIAL REPORTING

Meaning of Corporate Financial Reporting

-

15.1 15 CHAPTER

Need or Importance of Corporate Financial Reporting

1. Financial Reporting of accounting information specified by law and accounting standards

2. Voluntary disclosure a Capital market forces :

15.2i.e.i.e.

b High Standard of Corporate Governance :

c Maintenance and enhancement of reputation in managerial labour market : -

Objective of Corporate Financial Reporting

15.3

i.e. i.e.i ii iii iv

MEANING, PURPOSE, IMPORTANCE AND CONSTITUENTS OF ANNUAL REPORT

Meaning and Purpose of Annual Report

Annual Report of a company is a comprehensive report on the company’s operations, activities, financial performance and cash flow for previous accounting period and financial position as at the end of the accounting period.

15.4 -

-Importance of Annual Report i ii iii

Constituents of Annual Report

15.5 iv v

“Overview

Financial Statements

Standalone Financial Statements

Consolidated Financial Statements

Others

a Respect :

15.6 Reports

Explanation of some of the Constituents of Annual Report

b Growth :

c Teamwork :

Business Responsibility Report

Corporate Governance Report

Secretarial Audit Report

Meaning of Secretarial Audit :

Need for Secretarial Audit :

Applicability :

15.7

-

Add:

Deduct:

Form AOC-1 (Form of Statement Containing Salient features of the financial statements of subsidiaries/associate companies/joint ventures

15.8Board’s report :Economic Value Added less Hindustan Unilever Limited Economic Value Added, Year ended March 31 ` ` `

-

15.9 Auditor’s Reporta b c DIFFERENCE BETWEEN ANNUAL REPORT AND FINANCIAL STATEMENTS Basis Annual Report Financial Statements

Meaninginter alia

Constituentsi ii iii iv vvi

Financial and non-financial information-

1.

2.

3.

15.10 Basis Annual Report Financial Statements 4. Audit 5. Purpose-

a b c ca d ef i ii

CONTENTS OF THE REPORT OF BOARD OF DIRECTORS

Directors’ Responsibility Statement [Section 134(5)]

a accounting standards

b accounting policies judgements and estimates

15.11 g h i j k lm n op q e o -

c

d accounts going concern basis;

e internal financial controls

f devised proper system to ensure compliance

Matters to be included in the Board’s Report as per Rule 8 of the Companies (Accounts) Rules, 2014 -

(A) Conservation of energy:

(B) Technology absorption:

(C) Foreign exchange earnings and outgo:

15.12

i ii iii

i iiiii a b c d iv

Provided

15.13 i ii iii iiia Explanation.—ivv a b c i ii iii vi vii viii ix

Disclosure about CSR Policy (Rule 9 of the Companies (Accounts) Rules, 2014)

15.14 xxi xii ab c d e f g h i j

15.15

i ii iii iv v vi vii XBRL REPORTINGi.e. i ii iii iv i ii iii

Management Discussions and Analysis Report

Documents Required for AOC-4 XBRL

Filing of Cost Audit Report

Benefits of XBRL Filing

DRAFTING OF NOTES TO ACCOUNTS

15.16

i ii iii iv v vi vii

-

Notes to Accounts shall contain information in addition to that presented in Financial Statements:

Notes to Accounts in respect of items of Balance Sheet will be prepared showing the details as at the end of the current accounting period and as at the end of the previous accounting period. They are to be prepared as per Schedule III and Accounting Standards. These include the following:

15.17

a b

15.18

Notes to Accounts in respect of items of Statement of Profit and Loss will be prepared for the current year and for the previous year. These will be prepared as per Schedule III and Accounting Standards. These will be prepared in respect of all line items of the Statements of Profit and Loss.

For more details see chapter on Financial Statements of Companies.

SEGMENT REPORTING AS PER ACCOUNTING STANDARD 17 -

MEANING, OBJECTIVE AND SCOPE OF AS 17 -

a b c -

Corporate Accounting | UGCF

AUTHOR : BHUSHAN KUMAR GOYAL

PUBLISHER : TAXMANN

DATE OF PUBLICATION : MARCH 2023

EDITION : 10th Edition

ISBN NO : 9789356225862

NO. OF PAGES : 1180

BINDING TYPE : PAPERBACK

Description:

This book is a University Grants Commission ('UGC') & University of Delhi recommended, comprehensive & authentic textbook. It aims to help readers to acquire conceptual knowledge of corporate accounting systems. It also enables them to learn the techniques of preparing the financial statement of the companies.

This book aims to fulfil the requirement of the following students of undergraduate courses in commerce and management:

B.Com. (Hons.) | Paper DSC – 2.1 under the UGCF Programme as per the New Education Policy

B.Com. | Paper DSC – 2.1 under the UGCF Programme as per the NEP Non-Collegiate Women's Education Board (NCWEB) School of Open Learning of the University of Delhi (SOL) Various Central Universities throughout India

The Present Publication is the 10th Edition, authored by Bhushan Kumar Goyal, with the following noteworthy features: [Amended & Updated]

Theory & Accounting treatment has been revised as per the following Accounting Standards – 4 (Revised) Companies (Amendment) Act, 2019

MCA Notification – Dated 29-03-2021

Balance Sheets have been given as per the amended Schedule III of the Companies Act, both in questions and solutions in case of illustrations

This book is divided into two volumes:

Volume I – Text & Illustrations

Volume II – Assignments

[Simple, Systematic and Comprehensive Explanation] of the concept and theories underlying Corporate Accounting

[Student-Oriented Book] This book has been developed keeping in mind the following factors:

Interaction of the author/teacher with their students in the classroom

Shaped by the author/teacher's experience of more than 39 years

Reactions and responses of students have also been incorporated at different places in the book [Comprehensive Coverage of Accounting Treatment] has been provided so that it becomes easy to solve practical problems [Illustrations for Better Understanding] have been given in each chapter [Careful Selection of Illustrations] to cover all aspects of the topics

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