About the Authors I-5 Introduction of Indian Accounting Standards (Ind AS) 1 Conceptual Framework for Financial Reporting under Ind AS 17 Presentation of Financial Statements (Ind AS-1) 32 Inventories (Ind AS-2) 87 Statement of Cash Flows (Ind AS-7) 104 Accounting policies, changes in accounting estimates and errors (Ind AS-8) 122 Events after the reporting period (Ind AS-10) 139 Construction Contracts (Ind AS-11) (Deleted) [Not in CA Final Syllabus] 149 Income taxes (Ind AS-12) 150 Property, plant and equipment (Ind AS-16) 199 I-7 Contents
Leases (Ind AS-17) (Deleted) [Not in CA Final Syllabus] 237 Revenue (Ind AS-18) (Deleted) [Not in CA Final Syllabus] 238 Employee benefits (Ind AS-19) 239 Accounting for Government grants and disclosure of Government assistance (Ind AS-20) 275 The effects of changes in Foreign Exchange Rates (Ind AS-21) 297 Borrowing cost (Ind AS-23) 322 Related party disclosure (Ind AS-24) 341 Separate financial statements (Ind AS-27) 354 Investments in associates and joint ventures (Ind AS-28) 362 Financial reporting in hyperinflationary economies (Ind AS-29) (Deleted) [Not in CA Final Syllabus] 389 Earnings per share (Ind AS-33) 390 Interim financial reporting (Ind AS-34) 417 Impairment of assets (Ind AS-36) 438 Provisions, contingent liabilities and contingent assets (Ind AS-37) 486 I-8
Intangible assets (Ind AS-38) 511 Investment property (Ind AS-40) 547 Agriculture (Ind AS-41) 569 First-time adoption of Indian Accounting Standards (Ind AS-101) 579 Share-based payment (Ind AS-102) 602 Business combinations (Ind AS-103) 628 Insurance contracts (Ind AS-104) (Deleted) [Not in CA Final Syllabus] 668 Non-current assets held for sale and discontinued operations (Ind AS-105) 669 Exploration for and evaluation of mineral resources (Ind AS-106) (Deleted) [Not in CA Final Syllabus] 684-696 Operating segments (Ind AS-108) 697 Financial instruments: Recognition, presentation and disclosure (Ind AS-32, Ind AS-107 & Ind AS-109) 721 Consolidated financial statements (Ind AS-110) 848 Joint arrangements (Ind AS-111) 896 Disclosure of interests in other entities (Ind AS-112) 908 I-9
Fair value measurement (Ind AS-113) 916 Regulatory deferral accounts (Ind AS-114) (Deleted) [Not in CA Final Syllabus] 931 Revenue from contracts with customers (Ind AS-115) 932 Leases (Ind AS-116) 1017 SOLVED PAPER : CA FINAL MAY 2022 (NEW SYLLABUS) (SUGGESTED ANSWERS) 1081 SOLVED PAPER : CA FINAL DECEMBER 2021 (NEW SYLLABUS) (SUGGESTED ANSWERS) 1111 SOLVED PAPER : CA FINAL JULY 2021 (NEW SYLLABUS) (SUGGESTED ANSWERS) 1138 SOLVED PAPER : CA FINAL JANUARY 2021 (NEW SYLLABUS) (SUGGESTED ANSWERS) 1168 SOLVED PAPER : CA FINAL NOVEMBER 2020 (SUGGESTED ANSWERS) 1199 SOLVED PAPER : CA FINAL NOVEMBER 2019 (SUGGESTED ANSWERS) 1224 SOLVED PAPER : CA FINAL MAY 2019 (SUGGESTED ANSWERS) 1251 I-10
TAXMANN® CHAPTER 2 17 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING UNDER IND AS 2.1 What is Conceptual Framework? Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) Conceptual Framework 2.2 Objectives, usefulness and limitations of general purpose ba
TAXMANN® c Fundamentalcharacteristicsqualitative Enhancingcharacteristicsqualitative Relevance Comparability Materiality Verifiability Faithful representation UnderstandabilityTimeliness The above points are discussed in detail as below: Relevance Para 2.3 18
TAXMANN® VerifiabilitysentationFaithfulMaterialityrepre-Comparability 19 Para 2.3
TAXMANN® abilityUnderstandTimeliness Para 2.4 20
TAXMANN® 2.5 Financial statements and Reporting EntityA reporting entity21 Para 2.5
TAXMANN® Related to financial position Related to financial performance Item Element Definition or description An asset is a present economic resource controlled by the entity as a result of past events. This definition of asset has following three aspects: Para 2.6 22
TAXMANN® A liability is a present obligation of the entity to transfer an economic re source as a result of pastthreeevents. 23 Para 2.6
TAXMANN® Obligation Transfer of an resourceeconomic Present obligation as a result of past events ba Para 2.6 24
TAXMANN® Obligation Transfer of an resourceeconomic Present obligation as a result of past events Equity is the residual interest in the assets of the entity after deducting all its liabilities.Income Expenses 25 Para 2.6
TAXMANN® 2.7 Recognition and Derecognition Recognition Derecognition Conceptual Framework . Para 2.7 26
TAXMANN® iii 2.8 Measurement Historical cost Current value a 27 Para 2.8
TAXMANN® Historical cost Current value bcRelevance Para 2.8 28
TAXMANN® Faithful resentationrep 29 Para 2.8
TAXMANN® 2.9 Presentation and disclosure Para 2.9 30
TAXMANN® 31 Para 2.9
TAXMANN®2.10 Executory contracts 2.11 Concepts of capital and capital maintenance Financial Concept – i.e., Para 2.11 31A
TAXMANN® Physical Concept –Financial capital maintenance: Physical capital maintenance: Overview of Conceptual Framework 31B Para 2.11
TAXMANN® ILLUSTRATIONS Q1: ’ ’ Solution: ’ ’ Q3:Q2:Solution: ’ ’ ’ Solution:Q4: ` ` ` 31C
TAXMANN® Solution: Capital maintenance concept (Income Statement) ` in lakhs Financial Capital Maintenance MonetaryCapital PurchasingGeneralPower MaintenanceOperatingCapital ` ` ` ` ’ ` ` ’ Q5: ` ` ` ` ` Required: iii 31D
TAXMANN® Solution: (i) Legal Form ` ’ 2016 2017 2018 Total ` ` ’ 2010 2011 2012 (ii) Substance ` ’ 2016 2017 2018 Total ` ’ 2016 2017 2018 i 31E
TAXMANN® ii ’ “ ” ‘ ’ i “ ” 31F
Rs. : 1495 | USD : 57 AUTHOR : D.S. Rawat , Jinender Jain PUBLISHER : TAXMANN DATE OF PUBLICATION : July 2022 EDITION : 9th Edition ISBN NO : 9789356223042 NO. OF PAGES : 1286 BINDING TYPE : PAPERBACK Students' Guide to Ind ASs [Converged IFRS] ORDER NOW Description This book is prepared exclusively for the Final Level of Chartered Accountancy & Cost Accounts Examina�on requirement. It covers the en�re revised syllabus as per ICAI/ICMAI. This book serves as a guide for both students & professionals. It has been wri�en to present the complex text of Ind ASs in a simple language and to develop the ability of the students to apply these Ind ASs in their given situa�ons. The Present Publica�on is the 9th Edi�on & updated �ll 30th April 2022 for CA/CMA Final | Nov. 2022/May 2023 exams. This book is authored by Dr D.S. Rawat & CA Jinender Jain with the following noteworthy features: [Simplified Language with Examples] for explaining the text of Ind ASs · [Ques�ons with their Solu�ons] at the end of each chapter [Comparison of each Ind AS with corresponding IFRS] is covered in this book · [Coverage of Past Exam Ques�ons & Answers] Solved Paper: CA Final May 2022 | New Syllabus (Suggested Answers) Solved Paper: CA Final December 2021 | New Syllabus (Suggested Answers) Solved Paper: CA Final July 2021 | New Syllabus (Suggested Answers) Solved Paper: CA Final January 2021 | New Syllabus (Suggested Answers) Solved Paper: CA Final November 2020 (Suggested Answers) Solved Paper: CA Final November 2019 (Suggested Answers) Solved Paper: CA Final May 2019 (Suggested Answers) [Suggested Answers for the Paper on Financial Repor�ng] has been incorporated along with more problems and examples to make it as per the examina�on pa�ern for the forthcoming examina�on [Most Amended] This book is updated �ll 30-04-2022 · [Follows Six-Sigma Approach] to achieve the Benchmark of Zero-Error [Student-Oriented Book] The author has developed this book keeping in mind the following factors: Interac�on of the authors with their students, with specific emphasis on difficul�es faced by students in the examina�ons Shaped by the authors' experience of teaching the subject ma�er at different levels Reac�ons and responses of students have also been incorporated at different places in the book
