Institute of Chartered Accountants of India Presented by CA Manish - - PowerPoint PPT Presentation

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Institute of Chartered Accountants of India Presented by CA Manish - - PowerPoint PPT Presentation

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Intr Introductor oductory Pr Prog ogramme on mme on IFRS f IFRS for Y r Young oung Members Member Organised by Institute of Chartered Accountants of India Presented by CA Manish C. Iyer & CA Shilpi Hisaria Technical Directorate,

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SLIDE 1

Intr Introductor

  • ductory Pr

Prog

  • gramme on

mme on IFRS f IFRS for Y r Young

  • ung

Member Members

Organised by

Institute of Chartered Accountants of India

Presented by

CA Manish C. Iyer & CA Shilpi Hisaria

Technical Directorate, Institute of Chartered Accountants of India

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 2

Documents in this module Documents in this module

  • IAS 1
  • IAS 7
  • IAS 8

IAS 8

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 3

IAS 1 – Presentation of Financial Statements

  • Fair Presentation and Compliance with IFRS

p

  • Going Concern
  • Complete set of Financial Statements
  • Comparative Information
  • Consistency of Presentation
  • SFP Presentation
  • SPLOCI Presentation

SOCIE P i

  • SOCIE Presentation
  • Notes Presentation

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 4

Fair Presentation Fair Presentation

  • Application of International Financial Reporting

pp p g Standards presumed to result in Fair Presentation

  • Management to make explicit and unreserved

statement of compliance with IFRSs in the notes statement of compliance with IFRSs in the notes

– Requirement of all IFRSs to be complied with

  • Departure from IFRSs possible

Departure from IFRSs possible

– Rarely – Other entities in similar circumstances also depart – Departure to be disclosed in the notes

  • Disclosure cannot rectify incorrect accounting

policies policies

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 5

Going Concern Going Concern

  • Mgmt. to assess going concern at each BS Date
  • Not a Going Concern only on

– Intention to liquidate Intention to cease trading – Intention to cease trading – Mgmt. has no realistic alternative but to close

  • Uncertainties that may affect going concern

b d l d assumption to be disclosed

  • Basis of FS to be changed when not a going concern

– Fact of not being a going concern to be disclosed Fact of not being a going concern to be disclosed – Basis to be disclosed – Reasons for not being a going concern to be disclosed

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 6

Complete set of Financial Statements Complete set of Financial Statements

  • Statement of Financial Position (SFP)

State e t o a c a

  • s t o (S

)

  • Statement of Profit or Loss and Other

Comprehensive Income p

  • Statement of Cash Flows
  • Statement of Changes in Equity

g q y

  • Notes
  • SFP at the beginning of the comparative period

g g p p

– On change in accounting policy, correction of error and reclassification

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 7

Comparative Information Comparative Information

  • Comparative information to be disclosed for

Comparative information to be disclosed for all amounts reported

  • Comparative information for previous period
  • Comparative information for previous period
  • nly is to be disclosed

C i i f i b i l i

  • Comparative information to be given also in

notes

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 8

Consistency of Presentation y

  • Presentation and classification of items in FS to

be retained be retained

  • Conditions for change
  • Each material class of similar items to be

presented separately

  • Assets and liabilities and income and expenses to

be offset only if required or permitted by a be offset only if required or permitted by a Standard or an Interpretation

  • Reclassify comparative amount on change in

Reclassify comparative amount on change in presentation

  • Reclassification not necessary, if impracticable

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 9

Statement of Financial Position Statement of Financial Position

  • Assets and Liabilities to be classified

Assets and Liabilities to be classified

– Current / Non‐Current Liquidity – Liquidity

  • Further sub‐classifications may be in notes

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 10

Current Asset Current Asset

  • It is expected to be realised in or is intended for

p sale or consumption in the entity’s normal

  • perating cycle
  • It is held primarily for the purpose of being
  • It is held primarily for the purpose of being

traded

  • It is expected to be realised within twelve months

It is expected to be realised within twelve months after the Balance Sheet Date

  • It is a cash or a cash equivalent unless it is

i d f b i h d d l restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 11

Current Liability Current Liability

  • It is expected to be settled in the entity’s normal

It is expected to be settled in the entity s normal

  • perating cycle
  • It is held primarily for the purpose of being

It is held primarily for the purpose of being traded

  • It is due to be settled within twelve months after
  • It is due to be settled within twelve months after

the balance sheet date

  • The entity does not have an unconditional right
  • The entity does not have an unconditional right

to defer settlement of the liability for at least twelve months after the balance sheet date twelve months after the balance sheet date

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 12

Issues Issues

  • The duration of Jhingli Ltd.’s normal operating cycle is 3

g p g y

  • months. It has agreed with some customer to accept

payment in installments in 15 months. Jhingli Ltd. has classified such receivable as Other Non Current Assets classified such receivable as Other Non‐Current Assets. Whether the classification is proper?

  • The duration of Jhingli Ltd.’s normal operating cycle is

g p g y 24 months. It has given loans to employees. Some of them are realisable after 13 months. Jhingli Ltd. classified the loans to employees as current assets classified the loans to employees as current assets. Whether the classification is proper?

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 13

Issues Issues

  • A company has excess finished goods inventory

p y g y that it does not expect to realize within the company’s operating cycle of fifteen months. How will such finished goods be classified? How will such finished goods be classified?

  • A company has sold 10,000 tonnes of steel to its
  • customer. The sale contract provides for a normal

credit period of three months. The company’s

  • perating cycle is six months. However, the

company does not expect to receive the payment company does not expect to receive the payment within 12 months from the reporting date. How should the company classify such receivable?

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 14

Issues Issues

  • Company X has taken five year loan. The loan

contains debt covenants, e.g., filing of quarterly contains debt covenants, e.g., filing of quarterly information, failing which the bank can recall the loan and demand repayment thereof. The company has not filed such information in the company has not filed such information in the last quarter; as a result of which the bank has the right to recall the loan. However, based on past / b h experience and / or based on the discussions with the bank, the management believes the default is minor and the bank will not demand default is minor and the bank will not demand repayment of loan. The management of Company X has classified the loan as non‐current. Whether the classification is proper? the classification is proper?

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 15

ABC Group ‐ Statement of Financial Position (in thousands of currency units) 31 December 2014 31 December 2013 31 December 2014 31 December 2013

ASSETS

Non‐Currenct Assets Property Plant and Equipment 3 50 700 3 60 020 Property, Plant and Equipment 3,50,700 3,60,020 Goodwill 80,800 91,200 Other Intangible Assets 2,27,470 2,27,470 Investments in Associates 1,00,150 1,10,770 Investments in equity instruments 1,42,500 1,56,000 Total Non‐Current Assets 9,01,620 9,45,460 Current Assets Inventories 1,35,230 1,32,500 Trade Receivables 91,600 1,10,800 Other Current Assets 25,650 12,540 Cash and cash equivalents 3,12,400 3,22,900 Total Current Assets 5 64 880 5 78 740 Total Current Assets 5,64,880 5,78,740

Total Assets 14,66,500 15,24,200

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 16

EQUITY AND LIABILITIES

Equity Attributable to owners of the parent Share Capital 6 50 000 6 00 000 Share Capital 6,50,000 6,00,000 Retained Earnings 2,43,500 1,61,700 Other Components of Equity 10,200 21,200 9,03,700 7,82,900 N C t lli I t t 70 050 48 600 Non‐Controlling Interests 70,050 48,600 Total Equity 9,73,750 8,31,500 Non‐Current Liabilities Long‐term Borrowings 1,20,000 1,60,000 f d Deferred Tax 28,800 26,040 Long‐term Provisions 28,850 52,240 Total Non‐Current Liabilities 1,77,650 2,38,280 Current Liabilities Trade and other payables 1,15,100 1,87,620 Short‐term borrowings 1,50,000 2,00,000 Current portion of Long‐term Borrowings 10,000 20,000 Current tax payable 35,000 42,000 Short‐term provisions 5,000 4,800 Total Current Liabilities 3,15,100 4,54,420

Total Liabilities 4,92,750 6,92,700 Total Equity and Liabilities 14,66,500 15,24,200

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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Total Equity and Liabilities 14,66,500 15,24,200

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SLIDE 17

Single Statement on Function of Expense Basis ABC Group ‐ Statement of Profit or Loss and Other Comprehensive Income (in thousands of currency units) (in thousands of currency units) 31 December 2014 31 December 2013 Revenue 3,90,000 3,55,000 C t f S l 245000 2 30 000 Cost of Sales 245000 2,30,000 Gross Profit 1,45,000 1,25,000 Other Income 20,667 11,300 b Distribution costs 9,000 8,700 Administrative Expenses 20,000 21,000 Other Expenses 2,100 1,200 Finance Costs 8,000 7,500 Share of profit of associates 35,100 30,100 Profit before Tax 1,61,667 1,28,000 Income tax expense 40,417 32,000 Profit for the year from Continuing Operations 1,21,250 96,000 Loss for the year from discontinued operations 30,500

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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PROFIT FOR THE YEAR 1,21,250 65,500

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SLIDE 18

Other Comprehensive Income p Items that will not be reclassified to profit or loss: Gains on Property revaluation 933 3,367 Remeasurement of Defined Benefit Plans ‐667 1,333 , Share of gain (loss) on property revaluation of associates 400 ‐700 Income tax relating to items that will not be reclassified ‐166 ‐1,000 500 3 000 500 3,000 Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations 5,334 10,667 Available for sale financial assets ‐24 000 26 667 Available for sale financial assets 24,000 26,667 Cash flow hedges ‐667 ‐4,000 Income tax relating to items that may be reclassified 4,833 ‐8,334 14 500 25 000 ‐14,500 25,000 Other comprehensive income for the year, net of tax ‐14,000 28,000 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,07,250 93,500

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 19

ABC Group ‐ Statement of Profit or Loss on Nature of Expense Basis b b (in thousands of currency units) 31 December 2014 31 December 2013 Revenue 3,90,000 3,55,000 Other Income 36,667 26,300 Total Income 4 26 667 3 81 300 Total Income 4,26,667 3,81,300 Changes in inventories of finished goods and work‐in‐progress 1,15,100 1,07,900 Raw material and consumables used 96,000 92,000 Employee benefits expense 45,000 43,000 Depreciation and amortisation expense 19,000 17,000 Impairment of Property, plant and equipment 4,000 Other Expenses 6,000 5,500 Fi C t 15 000 18 000 Finance Costs 15,000 18,000 Total Expense 3,00,100 2,83,400 Share of Profit of Associates 35,100 30,100 Profit before Tax 1,61,667 1,28,000 Profit before Tax 1,61,667 1,28,000 Income tax expense 40,417 32,000 Profit for the year from Continuing Operations 1,21,250 96,000 Loss for the year from Discontinued Operations 30,500

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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PROFIT FOR THE YEAR 1,21,250 65,500

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SLIDE 20

ABC GROUP ‐ Disclosure of Components of OCI in Notes 2014 2013 Exchange differences on translating foreign operations 5,334 10667 Available forsale financial assets 24 000 26667 Available for sale financial assets ‐24,000 26667 Cash flow hedges: Gains (losses) arising during the year ‐4,667 ‐4000 Less: Reclassification adjustments for gains (losses) included in profit or loss 4,000 ‐667 ‐4000 Gainsonproperty revaluation 933 3367 Gains on property revaluation 933 3367 Remeasurements of Defined benefit plans ‐667 1333 Share of OCI of associates 400 ‐700 h h i i Other comprehensive income ‐18,667 37,334 Income tax relating to components of OCI 4,667 ‐9334 Other Comprehensive Income for the year ‐14,000 28,000

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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p y , ,

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SLIDE 21

ABC Group ‐ Disclosure of Tax Effects relating to each component of OCI 31 December 2014 31 December 2013 Before Tax Tax Expense Net of Tax Before Tax Tax Expense Net of Tax Exchange differences on t l ti f i ti 5 334 1 334 4000 10667 2667 8000 translating foreign operations 5,334 ‐1,334 4000 10667 ‐2667 8000 Available for sale financial assets ‐24,000 6,000 ‐18000 26667 ‐6667 20000 Cash flow hedges ‐667 167 ‐500 ‐4000 1000 ‐3000 Gains on property revaluation 933 333 600 3367 667 2700 Gains on property revaluation 933 ‐333 600 3367 ‐667 2700 Remeasurements of Defined benefit plans ‐667 167 ‐500 1333 ‐333 1000 Share of OCI of associates 400 400 ‐700 ‐700 Other Comprehensive Income ‐18,667 4,667 ‐14,000 37,334 ‐9,334 28,000

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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Other Comprehensive Income 18,667 4,667 14,000 37,334 9,334 28,000

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SLIDE 22

Notes Notes

  • Statement of Compliance with IFRSs

Statement of Compliance with IFRSs

  • Summary of SAP

Measurement basis – Measurement basis – Other accounting policies – Judgments made for applying the accounting policies – Judgments made for applying the accounting policies

  • Further sub‐classification of line items presented
  • So rces of Estimation Uncertaint
  • Sources of Estimation Uncertainty
  • Capital Disclosures

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 23

Intr Introductor

  • ductory Pr

Prog

  • gramme on

mme on IFRS f IFRS for Y r Young

  • ung

Member Members

Organised by

Institute of Chartered Accountants of India

Presented by

CA Manish C. Iyer & CA Shilpi Hisaria

Technical Directorate, Institute of Chartered Accountants of India

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

60 60

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SLIDE 24

IAS 7 – Statement of Cash Flows IAS 7 Statement of Cash Flows

  • Definitions

Definitions

  • Presentation of Cash flows

i l

  • Disclosures

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 25

Definitions Definitions

  • Cash

Cash

  • Cash Equivalents

C h l

  • Cash Flows
  • Operating Activities
  • Investing Activities
  • Financing Activities

Financing Activities

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 26

Presentation of Cash Flows Presentation of Cash Flows

  • Operating Activities

Operating Activities

– Direct Method Indirect Method – Indirect Method

  • Investing Activities

– On gross basis

  • Financing Activities

– On gross basis

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 27

Presentation of Cash flows Presentation of Cash flows

  • Foreign currency cash flows

Foreign currency cash flows

  • Interest & Dividends

Cl ifi ti f I t t id d I t t & – Classification of Interest paid and Interest & Dividends received for financial institution Classification of Interest paid and interest & – Classification of Interest paid and interest & dividends received for other entities Classification of Dividends paid – Classification of Dividends paid

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 28

Presentation of Cash Flows Presentation of Cash Flows

  • Taxes on Income

Taxes on Income

– Classification

  • Acquisitions and Disposals of Subsidiaries and
  • Acquisitions and Disposals of Subsidiaries and
  • ther business units

Cl ifi i – Classification – Presentation – Disclosures

  • Non‐cash Transactions

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 29

Disclosures Disclosures

  • Policy for determining cash and cash

Policy for determining cash and cash equivalents

  • Components of Cash and Cash Equivalents
  • Components of Cash and Cash Equivalents
  • Restriction on use of cash and cash

i l h ld equivalents held

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 30

Intr Introductor

  • ductory Pr

Prog

  • gramme on

mme on IFRS f IFRS for Y r Young

  • ung

Member Members

Organised by

Institute of Chartered Accountants of India

Presented by

CA Manish C. Iyer & CA Shilpi Hisaria

Technical Directorate, Institute of Chartered Accountants of India

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

67 67

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SLIDE 31

IAS 8 – Accounting Policies, Changes d in Accounting Estimates and Errors

  • Selection of Accounting Policies

Selection of Accounting Policies

  • Changes in Accounting Policies
  • Errors
  • Changes in Accounting Estimates
  • Disclosures

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 32

Selection of Accounting Policies

Whether a standard / interpretation applies to the transaction, event or condition NO YES Whether most recent pronouncements of other standard setting bodies using a similar conceptual framework to develop accounting standards are available NO YES Use judgement to develop and apply an accounting policy that is relevant and reliable and apply that policy to the transaction, event or condition Apply that requirement / pronouncement of accounting standard and interpretation

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Apply that requirement / pronouncement of accounting standard and interpretation

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 33

Changes in Accounting Policies

Required by Std. or Interpretation To provide more reliable and p p relevant information Transitional Provisions Specified? Voluntary Change in Accounting Policy to be NO Apply Transitional Provisions applied retrospectively YES pp y

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 34

Case Study

  • In 2010, White Ltd. adopted the percentage of

completion method of accounting for long term completion method of accounting for long term construction contracts. Prepare extracts of IS and SOCIE

2010 to be reported 2009 as reported Profit before Income Taxes 120000 130000 Income Taxes (20000) (26000) Net Profit 100000 104000 Retained Earnings, beginning 134000 30000

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Retained Earnings, ending 234000 134000

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 35

Case Study

  • The effects of changes in accounting policy are

The effects of changes in accounting policy are presented below:

Difference in income Effect of Difference in income under the percentage

  • f completion

method Effect of change net of taxes Prior to 2009 20000 14000 2009 15000 10500 For 2010 20000 14000

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 36

Prior Period Errors

Relating to Previous Year’s Relating to Previous Year’s Financial Statements Financial Statements d i d i Relating to Financial Relating to Financial Statements before a period Statements before a period d i d i presented as comparative presented as comparative period period presented as comparative presented as comparative period period Restate the Comparative Restate the Comparative Period’s Financial Statements Period’s Financial Statements Apply as if Voluntary change Apply as if Voluntary change in Accounting Policy in Accounting Policy

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 37

Case Study

  • In 2010 White Ltd discovered that in 2009

In 2010, White Ltd. discovered that in 2009, the company failed to record in the accounts depreciation expense in the amount of depreciation expense in the amount of Rs.40000, relating to a newly constructed building Given below is an extract from IS and

  • building. Given below is an extract from IS and

retained earnings:

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 38

Case Study

2010 2009 Gross Profit 200000 230000 General and Administrative (80000) (80000) Expenses, including depreciation Net income before income taxes 120000 150000 Income Taxes 20000 30000 Net Profit 100000 120000 Retained Earnings, beginning 150000 30000 Retained Earnings Ending 250000 150000

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Retained Earnings, Ending 250000 150000

CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 39

Accounting Estimates

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 40

Disclosures

  • For change in Accounting Policy

– Qualitative Disclosures

  • Title of IFRS
  • Nature of change
  • Whether the change is in accordance with transitional provisions

T i i l i i – Transitional provisions

  • If retrospective application is impracticable for prior period, or for

period before those presented

– The circumstances that led to the existence of that condition and a description of how and from when the change in accounting policy has been applied

– Quantitative Disclosures

  • Amt of adj to FS line item affected
  • Amt. of adj. to FS line item affected
  • Amt of adj. to Basic and Diluted EPS
  • Amt. of adj. to period before those presented

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 41

Disclosures

  • For new IFRS not applied that is not yet

effective

– The fact – Possible impact of application of new IFRS on the p pp entity’s FS in the period of initial application

  • For changes in Accounting Estimates

– Nature of change – Amt. of change in the current period and future periods

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 42

Disclosures

  • Prior Period Errors

– Qualitative Disclosures

  • Nature of Prior Period Errors
  • If retrospective application is impracticable for a particular

prior period

– The circumstances that led to the existence of that condition and a description of how and from when the error has been corrected

– Quantitative Disclosures

F h i t d th t f ti

  • For each prior presented, the amt. of correction

– For each FS line item affected – Basic and Diluted EPS

  • Amt of correction at the beginning of earliest comparative
  • Amt. of correction at the beginning of earliest comparative

period presented

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in

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SLIDE 43

Presented by CA Manish C. Iyer

FCA, DISA(ICAI), DipIFR(ACCA)

+91 9650035652 cmanishiyer@gmail.com y @g CA Shilpi Hisaria CA Shilpi Hisaria

  • B. Com(H), ACA

+91 9910527389 +91 9910527389 hisaria.shilpi@gmail.com

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CA Manish C. Iyer & CA Shilpi Hisaria manish.iyer@icai.in & shilpi.hisaria@icai.in