770 0 obj <> endobj IAS 40 applies to the accounting for property (land and/or buildings) held to earn rentals or for capital appreciation (or both). endstream endobj 253 0 obj <>stream 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$�\� endstream endobj 254 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. 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. ��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�� 0000001496 00000 n Title: Title (Arial bold 30 point) second line title Author: Ernst & Young Created Date: 12/16/2011 10:54:13 AM OpenTuition 24,257 views. 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. xref Mn) 10 10 40 16. 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. 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. Updated April 2020. %%EOF (Applicable. ;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�����. 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 … 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. Furthermore, separate presentation of the financial statements ... by LKAS 1 Presentation of Financial Statements and any 2. ACCOUNTING FOR GOVERNMENT GRANTS AND . All the paragraphs have equal authority. LKAS 40 – sets out the accounting for IP that is held under a finance lease. 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. ����߻��g���/-\UFq�i�.+�pwy 0000003159 00000 n LKAS is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms The Free Dictionary Please try again later. 782 0 obj <>stream 25 Repayment of Government Grants. endstream endobj 251 0 obj <>stream trailer All the paragraphs have equal authority. %PDF-1.6 %���� LKAS 16 (d) mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. All Acronyms has a list of 6 LKAS definitions. pH���y��؞�\���L�j �=g��R� J#� ��������j�GAE��� 0000004049 00000 n 4 Other Standards may require recognition of an item of property, plant and equipment based on an approach different from that in this Standard. Non-monetary government grants 23 . 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. Presentation of Grants Related to Income Either separately or under a general heading (such as other income) Alternatively Deduct from related expenses. The application of these two standards consistently in Looking for online definition of LKAS or what LKAS stands for? This feature is not available right now. Investment properties are initially measured at cost and, with some exceptions. 2 | Accounting standard study group, CIMA Sri Lanka Division: Study of LKAS 32 and LKAS 39 2. The fair value of the land at acquisition is Rs.120 Mn. LKAS 8-Accounting policies, changes in accounting estimates and errors) 26 Sri Lanka Accounting Standard LKAS 17 Leases is set out in paragraphs 1–69. <]>> This presentation about Sri Lanka accounting standards 19, employee benefits. 41 An entity shall provide a description of each group of biological assets. 0000001301 00000 n SCOPE 1–2 . Proportionate consol is allowed by LKAS 31. 0000002142 00000 n Presentation of grants related to assets 24–28 . 5ܸ�ա�G x�bb������8�f�;��1�G�c4>F�h|�� 0 a ���,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. 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 42 The disclosure required by paragraph 41 may take the form of a … the value of the grant, over the duration of the conditions attaching to the grant Year Grant Recognised (Rs. Presentation planning is a useful and necessary skill in the professional world as well as school. endstream endobj 781 0 obj <>/Size 770/Type/XRef>>stream endstream endobj 771 0 obj <. ڼ���w�Ftw�����7j��X1����I��� ���BA���;׮�np�#��,��~�$�^�_� 0000003630 00000 n Identification of parts of a building (level 1) To apply the 'component approach', it is necessary to identify the various parts of an asset. 41 An entity shall provide a description of each group of biological assets. objectives,short term,post,long term, term… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Mn) 1 120 * (10/60) = 20 2 120 * (10/60) = 20 3 120 * (40/60) = 80 Total 120 Year 1 2 3 Cost (Rs. 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����! Title: LKAS 02 PRESENTATION OF FINANCIAL STATEMENTS Author: sltuser Created Date: 1/19/2017 4:49:19 PM 0000002366 00000 n How to Plan a Presentation. A practical guide to accounting for property under the cost model PricewaterhouseCoopers 4 1. 0000002909 00000 n However, this Standard applies to property, plant and equipment used to develop or maintain the assets described in (b)–(d). 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. 249 0 obj <>stream endstream endobj 252 0 obj <>stream Presentation of the information required by this Standard as a supplement to unrestated financial statements is not permitted. Accounting standard study group CIMA Sri Lanka Division Study of LKAS 16: Property, plant and equipment A. 0000000016 00000 n ^0��U���c�'�K� h)B�p�7��"e1j��.�ZxC�� �T�"Q�ɿ&��4�5��5+DFLj�=�� ���z�� SRI LANKA ACCOUNTING STANDARD-LKAS 20 . All the paragraphs have equal authority. 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. 0000003237 00000 n 37:33. LKAS 01 ,LKAS 02,LKAS 16,LKAS 36. 0000001953 00000 n 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. Presentation of grants related to income 29–31 endstream endobj 250 0 obj <>stream 0000001634 00000 n 0 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) %PDF-1.4 %���� ^�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 startxref -623-LKAS 21 (c) in translating an entity’s results and financial position into a presentation currency. The Original Date of the Presentation . +94 777 803 109 info@scbcorporate.com What does LKAS stand for? SCB Corporate Chartered Accountants No 372 (3rd Floor) Nawala Road, Nawala, Sri Lanka. 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. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. A.J.M 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. �lN�W�>#yu�Y�Z�b�-3�f�SW����؟�s�nXZ��1.4�� 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. �8)~%`�d� LKAS 8 Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. paragraphs . 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. 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��� DISCLOSURE OF GOVERNMENT ASSISTANCE. We need to recognise the fair value of the land, i.e. Repayable on non compliance with the condition laid down. 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, … It aims to establish principles for the presentation, categorisation, recognition and measurement of financial instruments in financial reports. ��G����O��9I�Xd�i(����c!V��;2�B��� Guidelines on Presentation and Disclosure - The Segregation of the Life and General Insurance Business - effective from 18 … animals in a zoo (or game park)k) tthhatdt does notth have an active breeding programmeand rarely … Presentation of financial statements - Example 1 (revision) - ACCA Financial Reporting (FR) - Duration: 37:33. 770 13 most of the areas are discuss on this. � �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/�=? LKAS 20 CONTENTS . GOVERNMENT GRANTS 7–33 . Ɠ�z��|�2��>�L�K�`��?�� E>a�J�F���D�fJ�)F>m��hS�9�G�*37E�u+(���8&$��z��j����1vr}�}���f��NQ��^S������`�vA]���|Q~�F�Ź�E=�G����_��춐ފ��l�[��&���x "�����[&Wp(�X�u�ɇ\:{� Top LKAS abbreviation meaning: Lane Keep Assist System kU"�?n��FrŚZ`�'���f�F+[�uA�Î�I�r���9���`D�y��D�B��Q�L2!4ν�M��)��fW���u��݊W] ��=>m=uy����|Sk%A�E�̝�;9��CD�f��)���C�Eae>ƞ�{�R@/�N�t����"g8��Z��������E:�ݛe_w�bN;�N�C�(:*�QFy)��Z3�Ij�w��B��� t���S•\��AӮ0��������8�s�ƪ����6T�|�T�^�����/��Ǽh� #aa����`7��pO��.��Pp���-u��'���X���T�|�3����W�3S{(��N��5WG/#��u�y\W�W�*[ ��Ja~���D�ϴ���L�G�^ {�z�>�"�d ����7p�qyC�|>��|�o�Zn�-� h_�O����[�s���;�!`�ƅ���zh��Ps�O��fS��Y�CkI��/څ�_� ��y���q��~b�)ژ�)��8��撱�H#��2'���,�/�4�\��/Is�Z�?�3P�|�� f)� }�w�/��V-Xq\�W$H��j�?��v Sri Lanka Accounting Standard-LKAS 40 Investment Propertyis set out in paragraphs 1-85. All the paragraphs have equal authority. 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