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04:31Aap ispe har bhoota apne pehle 5-6 objectives kareni.
04:48Okay.
05:18Brother, we have to prove later that this is a real book, not a fake book.
05:23We have to do 5 objectives.
05:25No problem.
05:26You do the objectives.
05:49Okay.
05:50Let's go.
06:18Okay.
06:49Okay.
06:50Okay.
07:18Okay.
07:19How much?
07:20No.
07:21Take a picture of the other book.
07:22First, you read from your book.
07:23Because the other book is not ours.
07:24It is from Lahore.
07:25It is from our book.
07:26So, take a picture of it.
07:27Okay.
07:28Okay.
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07:51Which of the following meyer would basis an NT value and reflect the condition that the
07:59meyer would hit?
08:00Question number one.
08:01Which of the following meyer would basis an NT value and reflect the condition that the
08:28meyer would hit?
08:58and current cost.
09:00But at measurement date,
09:02the entry value is irrelevant.
09:04What is it? Current cost.
09:06The second object.
09:08Financial capital maintenance, money comes
09:10is also referred as to
09:12historical cost, current cost,
09:14consistent, constant purchasing power
09:16accounting.
09:18We had read
09:20that we have two types of capital maintenance.
09:22Physical and financial.
09:24And I had understood on the first day
09:26that if we do accounting till old age,
09:28what will we do?
09:30We do historical cost accounting.
09:32In which inflation adjusts?
09:34We don't do it.
09:36You gave an example.
09:38In which we don't adjust
09:40inflation?
09:42Financial capital maintenance in money terms.
09:44In real terms, inflation adjusts.
09:46In general terms.
09:48And in physical capital maintenance?
09:50Space.
09:52Which of the following concept
09:54reduces profit in terms of
09:56an increase in the productive capacity
09:58of an entity?
10:00What is the capacity of an entity?
10:06We had read three.
10:08Historical cost accounting means
10:10in money terms, it doesn't take any inflation.
10:12It has nothing to do with capacity.
10:14We had read two more.
10:16One was investor prospective.
10:18What was that?
10:20Financial capital maintenance in real terms.
10:22And what was the prospective of management?
10:24It was totally based on
10:26production capacity.
10:28Then what will it be?
10:30Alpha physical capital maintenance.
10:32Any objections?
10:34Which of the following statement is true
10:36about historical cost accounting
10:38in times of rising prices?
10:40Asset values will be overstated.
10:44In historical cost accounting,
10:46we don't restate the assets.
10:48We don't remeasure them.
10:50What do we write it on?
10:52We write it on the historical cost.
10:54It means that
10:56the assets are overstated,
10:58not overstated, but understated.
11:00What is it?
11:02Understated.
11:04And the second one is
11:06profits will be overstated.
11:08The next one is
11:10unrecognized gains will be recorded incorrectly.
11:12How?
11:14Unrecognized gains,
11:16for example,
11:18revaluation surplus
11:20or fair value gain.
11:22We are taking the fair value of that day.
11:24Why is it unrecognized?
11:26And by the way,
11:28which of the following statement is true
11:30about historical cost accounts
11:32in times of rising prices?
11:34In historical cost accounting,
11:36when you measure assets
11:38on historical cost,
11:40then the question of gain and loss does not arise.
11:42Because where do you measure?
11:44Historical cost.
11:46You measure on historical cost.
11:48If you measure on fair value,
11:50then the question of gain and loss arises.
11:52Here, the unrecognized gain will come.
11:54Otherwise, what is the point of incorrection?
11:56Next, depreciation is not overstated.
11:58This is based on our estimate.
12:00This has nothing to do with historical cost.
12:02Whether the asset is on historical cost
12:04or on the revaluation model,
12:06we take depreciation based on our estimate.
12:08Whether the asset is on historical cost
12:10or on the fair value model,
12:12we take depreciation
12:14and depreciate the remaining asset.
12:16Is depreciation understated or overstated
12:18because of historical cost?
12:20No.
12:22Now, there is only one option left.
12:24Profit will be overstated.
12:26Assets will be understated.
12:28Assets will be understated.
12:30Because in 1960, if we took an asset worth 10 lakhs,
12:32and today it is worth 50 lakhs,
12:34then how much will we measure on historical cost?
12:3610 lakhs.
12:38How will the profit increase?
12:40Rising prices.
12:42Inflation.
12:44Inflation will increase the sale price.
12:46What will happen?
12:48Sale price will increase.
12:50On the other hand,
12:52where opening stock and purchases will increase,
12:54latest inventory will be in closing stock.
12:56Where will the latest inventory be?
12:58In closing stock.
13:00Where will the latest inventory be?
13:02In closing stock.
13:04This is the statement of ITA.
13:06This is the statement of ITA.
13:08Introduction to Accounting.
13:10Under rising prices,
13:12the value of inventory
13:14is higher
13:16as compared to the value of inventory under
13:18closing inventory.
13:20When closing inventory will increase,
13:22there will be fewer searches.
13:24And if nothing happens,
13:26except rising prices,
13:28you used to buy an asset worth 10 rupees
13:30and sell it for 20 rupees.
13:32Let's do it this way.
13:34You used to buy an asset worth 100 rupees
13:36and sell it for 200 rupees.
13:38Now, you are selling it for 50%.
13:40What is the range of inflation?
13:42The asset worth 100 rupees you used to buy
13:44will now be worth 150 rupees.
13:46The asset worth 200 rupees you sold
13:48will now be worth 300 rupees.
13:50Earlier, there was a profit of 100 rupees.
13:52Now, you are selling an asset worth 100 rupees
13:54for 200 rupees.
13:56Now, you are selling an asset worth 150 rupees
13:58for 300 rupees.
14:00You are inflating both.
14:02You are inflating the sale price
14:04and the purchase price.
14:06Earlier, you used to sell an asset worth 100 rupees
14:08for 200 rupees.
14:10Now, you are inflating both.
14:12The asset worth 100 rupees will now be worth 150 rupees.
14:14The asset worth 200 rupees will now be worth 300 rupees.
14:16The profit will increase.
14:18So, when rising prices
14:20exclude FIFO,
14:22when rising prices
14:24are inflating everything,
14:26then the profit
14:28will increase.
14:30Which option is there?
14:32Option A
14:34Option A is the
14:36right answer.
14:46Which of the following
14:48measurement basis fulfills
14:50following two conditions
14:52when measuring an asset or liability?
14:56When you measure
14:58an asset or liability,
15:00which of the following
15:02measurement basis
15:04fulfills the two conditions?
15:06Transaction cost
15:08at acquisition
15:10are ignored in valuation.
15:12Transaction cost
15:14at disposal
15:16or ultimate disposal are considered
15:18in valuation.
15:30Transaction cost
15:32at disposal
15:34or ultimate disposal
15:36are considered
15:38in valuation.
15:40Transaction cost
15:42at disposal
15:44or ultimate disposal
15:46are considered
15:48in valuation.
15:50Transaction cost
15:52at disposal
15:54or ultimate disposal
15:56are considered
15:58in valuation.
16:28Which of the following
16:30measurement basis
16:32fulfills
16:34following two conditions?
16:36Transaction cost
16:38at acquisition
16:40are ignored
16:42in valuation.
16:44Transaction cost
16:46at disposal
16:48are considered
16:50in valuation.
16:52Transaction cost
16:54at disposal
16:56are considered
16:58in valuation.
17:26Transaction cost
17:28at disposal
17:30are ignored
17:32in valuation.
17:34Transaction cost
17:36at disposal
17:38are considered
17:40in valuation.
17:42Fair Value
17:44Transaction cost
17:46at disposal
17:48are considered
17:50in valuation.
17:52Current cost
17:54and value in use
17:56are considered
17:58in valuation.
18:00Value in use
18:02are considered
18:04in valuation.
18:06Value in use
18:08are considered
18:10in valuation.
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24:12Interaction
24:18that how do you make financial statements and which standards do you have to follow while making financial statements and while making standards how does IASB, International Accounting Standards Board have to follow these concepts.
24:40Those who make standards should also know these concepts, those who make financial statements should also know these concepts and those who read financial statements and take decisions of their future should also know these concepts.
24:55And all the concepts should be built on these concepts.
25:00If something does not meet the definition of an asset, an asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity.
25:12If something does not meet the definition of an asset, then you cannot make IAS2 inventory on it.
25:18If something does not meet the definition of an asset, then you cannot make IAS16 property plant and equipment on it.
25:23If something does not meet the definition of an asset, then you cannot make IAS38 intangible standard on it.
25:27First of all, if you want to make an asset a standard, then you have to make sure that it does not meet the definition of an asset.
25:37Your conceptual framework has given a standardized definition of what an asset is.
25:46On that basis, you have started developing standards.
25:52There are different standards for different items.
25:55There are different standards for investment property.
25:57There are different standards for government grant.
25:59What is the purpose of conceptual framework?
26:03The objective of conceptual framework is to build a financial system on the basis of similar concepts.
26:11And the objective is to communicate results through the financial system.
26:15What does the conceptual framework do?
26:19It only guides and gives concepts.
26:23What is the purpose of the international accounting standard board's conceptual framework?
26:36Which of these is not the purpose of the conceptual framework?
26:41Which of these is not the purpose of the conceptual framework?
26:45International accounting standard board.
26:51He says, to assist the board in preparation and review of IFRS.
26:55This is what helps.
26:56This is his job.
26:58Is this what I am telling you?
27:00Yes sir.
27:01Okay.
27:03Did you get the second line?
27:04When I said that it does not meet the definition of an asset.
27:08To assist auditors in forming an opinion on whether the financial statement complies with IFRS.
27:15Is this financial statement based on the guidance of IFRS?
27:20If you have done a very good job of property, plot and equity.
27:25And if it is not in accordance with IAS 16, then it is wrong.
27:28So what will the auditor say?
27:30Is this financial statement applicable to the financial reporting framework?
27:34No.
27:35The auditor will say, financial statement, do not give to unfair.
27:38Obviously, I have told three people.
27:41Those who make the standards.
27:43Those who work by putting those standards in front.
27:46Those who make decisions by putting those standards in front.
27:48What did they do for everyone?
27:50There should be one basis.
27:52So the auditors will also read the financial statement.
27:54When you become an auditor in the future.
27:56What would you have read?
27:58This is the standard for which the financial statement has been made.
28:01Okay, let's move on.
28:03To assist in determining the treatment of items not covered by an existing IFRS standard.
28:09This is absolutely correct.
28:11If an event occurs suddenly.
28:14For example, you have to receive money from someone.
28:19And there is a doubt whether the money will be received or not.
28:22For example, if there is no standard on it from the beginning.
28:26Any standard from the beginning?
28:28What do you think?
28:30Will there be no standard?
28:32There will be no standard.
28:34This means that when the standard comes, new situations will also come.
28:37New events will also come.
28:39And first of all, when an event comes and there is no standard on it.
28:43Then the standard will be developed on it.
28:45But when that event arises and there is no standard on it, then what will you do?
28:49Then broadly follow this.
28:51Conceptual framework.
28:53Does it meet the definition of asset?
28:55Does it meet the definition of liability?
28:57Is it increase in income or decrease in assets?
29:00Is it increase in income?
29:02Is it decrease in assets?
29:06Is it decrease in liability?
29:08Will it meet the definition of income?
29:10If there is no standard on it from the beginning.
29:15What will you do?
29:16You will guide how to deal with it.
29:18And then you will develop a standard on it.
29:21This is absolutely correct.
29:22To assist in determining the treatment of items not covered by an existing IFRS.
29:27Conceptual framework helps us to deal with such items which do not have a standard from the beginning.
29:35To be authoritative.
29:37Where a specific IFRS standard conflicts with conceptual framework.
29:41This is different.
29:43He says to be authoritative.
29:45What does it mean?
29:47Can someone tell me?
29:50To be authoritative.
29:52Where a specific IFRS standard conflicts with conceptual framework.
29:56He will make it himself.
29:58What will he make?
30:00He will make it himself.
30:02Conceptual framework.
30:04It is a body.
30:06Read it.
30:08First tell me what is the problem?
30:11First tell me when will it be authoritative?
30:13First tell me the fight.
30:14You don't know what is authoritative?
30:16When there is a fight between conceptual framework and IFRS.
30:20What is it?
30:22When there is a fight, then who will be authoritative?
30:26Read it.
30:28What is the question?
30:30He says to be authoritative.
30:32Where a specific IFRS standard conflicts with conceptual framework.
30:36He says when there is a fight between conceptual framework and a specific IFRS standard.
30:40Then conceptual framework will be authoritative.
30:42Follow that.
30:43This is a question.
30:44But this is wrong.
30:48When a specific IFRS standard is developed.
30:52Then only that will be considered.
30:54You must have seen.