This standard prescribes the specific
principles, bases, conventions, rules and practices adopted by an enterprise in
preparing and presenting financial statements.
This standard prescribes the basis for
presentation of general purpose financial statements, in order to ensure
comparability both with an enterprise's own financial statements of previous
periods and with the financial statements of other enterprises.
This standard deals with accounting
for property, plant and equipment under the historical cost concept and the
revaluation of specific items of property, plant and equipment.
This standard prescribes the
accounting treatment for inventories under the historical cost system. A
primary issue in accounting for inventories is the amount of cost to be
recognized as an asset and carried forward until the related revenues are
recognized.
This standard prescribes the
accounting treatment of revenue and costs associated with construction
contracts that are specifically negotiated for the construction of an asset or
a combination of assets that are closely interrelated or interdependent in
terms of their design, technology and function or their ultimate purpose or
use.
This standard aimed at examining the
issues involved in the determination of operating income in any given
accounting period and to prescribe the accounting treatment of extraordinary
and unusual items and prior year adjustments as well as their appropriate
disclosure in financial statements.
This standard is to provide uniform
accounting treatment for foreign exchange transactions and the translation by a
Nigerian enterprise of the financial statement of its foreign branches,
subsidiaries, associates, or joint ventures based in a country other than
Nigeria.
This standard prescribes when the cost
of providing retirement benefits should be recognized as an expense and the
amount that should be recognized and information to be disclosed in the
enterprise's financial statements.
This standard is to provide a guide
for uniform and acceptable methods of determining and reporting depreciation on
items of property, plant and equipment whether such items are stated at their
historical costs or revalued amounts.
This standard seeks to provide a guide
for accounting policies and accounting methods that should be followed by banks
in the preparation of their financial statements. Improved accounting and
reporting practices are important in ensuring reliable financial statements
that are comparable across the industry.
This standard is to ensure that
published financial statement contain sufficient information about lease
transactions to make it possible for users of such statements to determine the
effects of lease commitments on the present and future operations of the
reporting enterprises and to ensure uniform disclosure of terms and classes of
leases in financial statements.
This standard is to provide a guide
for uniform and acceptable methods and bases used in providing for deferred
taxes, computation of deferred taxes and presentation in the financial
statements.
This standard deals with situations
where the size of the investments do not enable the investor to exercise
significant influence or control over the financial and operating decisions of
the investee companies.
This standard deals with accounting
and reporting for upstream activities which involves the acquisition of mineral
interest in properties, exploration (including prospecting), development, and
production of crude oil and gas.
This standard seeks to provide a guide
for accounting policies and accounting methods that are to be followed by
Non-Bank Financial Institutions with focus on Income recognition, Loss
recognition and Classification and disclosures in Financial Statements.
This standard establishes financial
accounting and reporting standards for the financial statements of non-life and
life assurance undertakings and also intended to apply to the financial
statements prepared in accordance with the requirements of the Companies and
allied Matters Decree, 1990 and the Insurance Decree, 1997.
This standard therefore provides a
guide on accounting practices and reporting formats to be followed by companies
operating in the downstream sector of the Nigerian petroleum industry, such
companies; Refining and Petrochemicals, Marketing and Distribution and
Liquefied Natural gas.
This standard provides information
about the cash receipts and cash payments of an enterprise over a given period,
it indicates the pattern of cash generation and utilization, it reveals how
cash is generated from operations or through new capital raised and how
payments are made for taxes, dividends, new investments and debts. It is
designed to shed light on ail enterprise's financial strength.
This standard covers taxes on business
organizations. These include companies Income Tax, Petroleum Profits Tax,
Capital gains Tax, Value Added Tax and Education Tax; it therefore replaces the
statement of accounting Standard No.12.
The primary objectives of this
standard are to specify the minimum contents of abridged financial statements
standardize formats for presentation of abridged financial statements and
improve comparability and usefulness of abridged financial statements.
This standard is to prescribe
principles for the determination and presentation of earnings per share which
will improve performance comparisons among different enterprises in the same
period and among different accounting periods for the same enterprise. The
focus is on the denominator of the earnings per share calculation.
This standard prescribes the
accounting treatment for research and development costs and is expected to
provide an acceptable and uniform accounting practice for entities that engage
in research and development activities whether for product/service development
or as a grant to research entities for related purposes.
This standard deals with financial
transactions of significant impact on the result of an entity that may not have
been concluded with certainty at the end of a financial year and order to
ensure systematic and consistent basis of accounting for provisions, contingent
liabilities and contingent Assets, there is need to standardize their
recognition, treatment and disclosure in financial statements.
This Statement establishes acceptable
guide for:- -Classification by segments in terms of business and location;
-Determining what constitutes material segment; and -Formats for the presentation
of financial statements by segments.
This Standard aims at streamlining the
accounting treatment so as to enhance the comparability and usefulness of
financial statements prepared for telecommunications activities.
A business combination is the bringing
together of separate entities or businesses into one reporting entity. The
result of nearly all business combinations is that one entity, the acquirer,
obtains control of one or more other businesses, the acquirees.
The main objective of this Statement
is to reduce alternative methods in accounting for subsidiaries in consolidated
financial statements and in accounting for investments in the separate
financial statements of a parent, venturer or investor.
This Standard sets out the criteria to
establish significant influence and provides specific requirements on
accounting for associates in the consolidated financial statements under the
equity method and the disclosures required.
This Standard establishes guidelines
as to the scope of accounting for interests in Joint Ventures, the alternative
methods that might be adopted and the limited circumstances under which
interests in Joint Ventures might be accounted for at cost, less any provision
for impairment.
Interim financial reports are
accounting information covering the operations of an organisation for a period
less than a full financial year, developed at various points during the year.
Such reports usually cover a period of three, six or nine months.
SAS 31 - Intangible Assets
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