About the Authors
Dr. D.S. Rawat was a Chartered Accountant, taught/guided the C.A. students (PE-II/Final) for 35 years. He has been awarded Ph.D. in IFRS. He was a visiting faculty to ICAI for the courses on Accounting Standards and IFRS and associated with the ICAI in convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS). He had more than 35 years of practical experience in accounts/audits of various organizations/companies. He has also authored the books “Students’ Guide to Auditing Standards and Students’ Guide to Ind ASs” published by the Taxmann. He has been an active participant and speaker in various Seminars and Conferences on Accounting and Finance.
CA Nozer Shroff is an All India Rank holder in Chartered Accountancy examinations and cleared all his professional examinations in first attempt. He has been teaching CA Students at Intermediate and Final level for the last 12 years in Surat at CA Ravi Chhawchharia’s Credent Professional Studies. His core areas of teaching are Accounting Standards, Accountancy, GST, Corporate Laws, Economic Laws and Direct Taxes. He has also authored a book on the subject of Corporate Laws for CA Final. He has been invited by Surat Branch of WIRC of ICAI as well as other educational institutions of repute as a speaker on various topics for the benefit of student fraternity.
I-5
GROUP I - PAPER 1 - ACCOUNTING (CHAPTERS 1-10) AS-1 : 50 AS-2 : 60 AS-3 : 78 AS-10 : 96 AS-11 : 132 AS-12 : 165 AS-13 : 178 AS-16 : 193 GROUP II - PAPER 5 - ADVANCED ACCOUNTING (CHAPTERS 11-23) AS-4 : 209 AS-5 : 220 AS-7 : 232 AS-9 : 250 AS-14 : 267 AS-17 : 279 AS-18 : 299 AS-19 : 315 I-7
CA (Intermediate) Syllabus for Accounting Standards
AS-20 : 335 AS-22 : 354 AS-24 : 376 AS-26 : 388 AS-29 : 414 I-8
I-9 About the Authors I-5 CA (Intermediate) Syllabus for Accounting Standards I-7 Introduction to Accounting Standards (ASs) and Indian Accounting Standards (IND ASs) 1 Framework for the Preparation and Presentation of Financial Statements 36 Disclosure of Accounting Policies (AS-1) 50 Valuation of Inventories (AS-2) 60 Cash Flow Statement (AS-3) 78 Property, Plant and Equipment (AS-10) 96 The effects of Changes in Foreign Exchange Rates (AS-11) 132 Accounting for Government Grants (AS-12) 165 Accounting for Investments (AS-13) 178 Borrowing Costs (AS-16) 193 Contingencies and events occurring after the Balance Sheet date (AS-4) 209 Contents
Net profit or loss for the period, prior period items and change in accounting policies (AS-5) 220 Construction Contracts (AS-7) 232 Revenue Recognition (AS-9) 250 Accounting for Amalgamation (AS-14) 267 Segment Reporting (AS-17) 279 Related Party Disclosure (AS-18) 299 Accounting for Leases (AS-19) 315 Earnings Per Share (AS-20) 335 Accounting for Taxes on Income (AS-22) 354 Discontinuing Operations (AS-24) 376 Intangible Assets (AS-26) 388 Provisions, Contingent Liabilities and Contingent Assets (AS-29) 414 I-10
INTRODUCTION TO ACCOUNTING STANDARDS (ASs) AND INDIAN ACCOUNTING STANDARDS (IND ASs)
Objective of Accounting Standards
1.1
1.2 Compliance with the Accounting Standards
1 1 CHAPTER
e.g.
1.2-1 Advantages and disadvantages of Accounting StandardsAccounting Standard and the Auditors 1.3 e Accounting Standard and Board’s Report 1.4 aPara 1.4 2
1.53 Para 1.5
Procedure for issuing Accounting Standards by the Institute of Chartered Accountants of India (ICAI)
-
-
1.5-1 Scope of Accounting Standards—
Para 1.5 4
1.5-2 National Advisory Committee on Accounting Standard (NACAS)
-Criteria for classification of Non-company entities for applicability of Accounting Standards 1.6-5 Para 1.6
Harmonisation of various differences between the Accounting Standards issued by the ICAI and the Accounting Standards notified by the Central Government’
Revision in the criteria for classifying Level II non-corporate entities
1.7 Criteria for classification of Non-company Entities as decided by the Institute of Chartered Accountants of India Level I Entities
-
i ii iii iv v Level II Entities iPara 1.7 6
ii iii Level III Entities i ii iii Level IV Entities Additional requirements 7 Para 1.7
mutatis mutandis
Applicability of Accounting Standards to Non-company Entities
1.8 The Accounting Standards issued by the ICAI, as on April 1, 2020, and such standards as issued from time-to-time are applicable to Non-company entities subject to the relaxations and exemptions in the announcement. The Accounting Standards issued by ICAI as on April 1, 2020, are:
Employee Benefitsi ii
Para 1.8 8
(1) Applicability of the Accounting Standards to Level 1 Non- company entities.
(2) Applicability of the Accounting Standards and exemptions/relaxations for Level II, Level III and Level IV Non-company entities
(A) Accounting Standards applicable to Non-company entities:
AS Level II Entities Level III Entities Level IV Entities
-
9 Para 1.8
AS Level II Entities Level III Entities Level IV Entities vi Para 1.8 10
(B) Accounting Standards in respect of which relaxations/ exemptions from certain requirements have been given to Level II, Level III and Level IV Non-company entities:
AS Level II Entities Level III Entities Level IV Entities
iii iii f iv a i.e., b c 11 Para 1.8
l d a i.e. b Para 1.8 12
13 Para 1.8
cd
v
a
c e f a b e a f b d
b c e f a b e a f g b d e
c c e f a b e a f g b d e -
vi a -
bvii d iii d iv viii ag b c ii d i d ii ix Para 1.8 14
Applicability of Accounting Standard to Co-operative Societies 1.9
Applicability of Accounting Standards to Charitable Entities
1.10
Applicability of Accounting Standard to partnership and proprietorship
1.11
,
15 Para 1.11
viz.,Applicability of Accounting Standards for Companies 1.12iiie verbatim Para 1.12 16
-
a b c a 17 Para 1.12
1.12-1
Applicability of Ind AS to specified companies
b c -
`
1.12-2 Roadmaps on Ind AS for banks, insurance companies and NBFCs
f a b c ` d ` e
1.12-3 Small and Medium Companies (SMCs)
-
1.12-4 Enterprise e
18
1.12-5Exemptions/relaxations to SMCs
Para 1.12
40 85b d a b e a f c e f -
a 19 Para 1.12
1.12-6
AS-18 “Related Party Disclosures”
1.12-7
Change in status of the company
b1.12-8
Para 1.12 20
Disclosure by SMC
STUDENTS' GUIDE TO ACCOUNTING STANDARDS (ACCOUNTS/ADV.
ACCOUNTS) | STUDY
MATERIAL
AUTHOR : D.S. RAWAT, NOZER SHROFF
PUBLISHER : TAXMANN
DATE OF PUBLICATION : DECEMBER 2022
EDITION : 9th Edition
ISBN NO : 9789356225343
NO. OF PAGES : 448
BINDING TYPE : PAPERBACK
DESCRIPTION
Rs. 775 USD 39
This book is prepared exclusively for the Intermediate Level of Chartered Accountancy Examination requirement. It covers the entire revised syllabus as per ICAI under the New Scheme of Education and Training. It applies to Group 1/Paper 1 – Accounting & Group 2/Paper 5 – Advanced Accounting. This book presents the accounting standards in simple language and equips the reader to apply the accounting standards.
The Present Publication is the 9th Edition & updated till 31st October 2022 for CA-Inter | New Syllabus | May/Nov. 2023 Exams. This book is authored by Dr. D.S. Rawat & CA Nozer Shroff, with the following noteworthy features:
• [Format of the Book]:
• Covering Revised Syllabus of Paper 1 (Accounting) and Paper 5 (Advanced Accounting) of CA-Intermediate (New Syllabus)
• [Chapters 1-10] cover Accounting Standards (AS) applicable for the 'Accounting' Paper of CA-Inter (Group 1)
• [Chapters 11-23] covers AS applicable for the 'Advanced Accounting' Paper of CA-Inter (Group 2)
• [Coverage of this Book] includes:
• All 21 Accounting Standards (AS)
• Other chapters relating to AS of the new syllabus, as prescribed by the ICAI
• [Problems & Solutions] Questions on Accounting Standards of past examinations have been incorporated into the respective AS.
• [Past Exam Questions & Answers] are included in this book
• [Student-Oriented Book] The authors have developed this book keeping in mind the following factors:
• Interaction of the authors with their students, with specific emphasis on difficulties faced by students in the examinations
• Shaped by the author's experience of teaching the subject matter at different levels
• Reactions and responses of students have also been incorporated at different places in the book
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