1 . Accounting Policy regarding valuation of each significant item of inventory should be disclosed
2 . Accounting treatment for assets created on behalf of others
3 . Ambiguous words (such as ‘as applicable’) in accounting policies should be avoided
4 . An agent should record only its own margin & related expenses
5 . An agent should record only its own margin & related expenses
6 . Disclose all the sub-contract expenses under one head if they can be represented similar by nature
7 . Empty beer bottles can be classified as ‘inventory’ by hotels/ restaurants
8 . If cash discount is offered after sales, book such disount at the time of collection
9 . Income on temporary investment can't be reduced from Capitalized amount if borrowing is interest free
10 . Merely disclosing that revenue is recognized as per AS 9 isn't an appropriate disclosure
11 . Non-disclosure of accounting policy for revenue recognition of primary business is violation of AS 1
12 . Policy regarding investments involving significant funds and dividend thereon should be considered significant.
13 . Transfer of title - Substance over form
14 . Treatment of advance against depreciation in power industry
15 . Treatment of charging off plant and machinery which are of smaller value - Whether AS 10 and AS 6 are violated
16 . Treatment of disclosure of prior period income/ expenditure based on materiality concept
17 . When disclosure relating to going concern is required
