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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 Ravi Chhawchharia’s Institute. 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
CA (Intermediate) Syllabus for Accounting Standards
AS-1 : 50 AS-2 : 62 AS-3 : 81 AS-4 : 99 AS-5 : 110 AS-7 : 124 AS-9 : 142 AS-10 : 159 AS-11 : 195 AS-12 : 230 AS-13 : 246 AS-14 : 261 AS-15 : 273 AS-16 : 317 AS-17 : 335 AS-18 : 357 AS-19 : 373 AS-20 : 393 AS-21 : 412 I-7
AS-22 :
AS-23 :
AS-24 :
AS-25 :
AS-26 :
AS-27 :
: 544 AS-29 : 575 I-8
457
478
491
507
434
534 AS-28
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) 62 Cash Flow Statement (AS-3) 81 Contingencies and events occurring after the Balance Sheet date (AS-4) 99 Net Profit or Loss for the Period, Prior Period Items and Change in Accounting Policies (AS-5) 110 Construction Contracts (AS-7) 124 Revenue Recognition (AS-9) 142 Property, Plant and Equipment (AS-10) 159 Contents
The effects of Changes in Foreign Exchange Rates (AS-11) 195 Accounting for Government Grants (AS-12) 230 Accounting for Investments (AS-13) 246 Accounting for Amalgamation (AS-14) 261 Employee Benefits (AS-15) 273 Borrowing Costs (AS-16) 317 Segment Reporting (AS-17) 335 Related Party Disclosure (AS-18) 357 Accounting for Leases (AS-19) 373 Earnings Per Share (AS-20) 393 Consolidated Financial Statements (AS-21) 412 Accounting for Taxes on Income (AS-22) 434 Accounting for Investments in Associates in Consolidated Financial Statements (AS-23) 457 Discontinuing Operations (AS-24) 478 Interim Financial Reporting (IFR) (AS-25) 491 Intangible Assets (AS-26) 507 Financial Reporting of Interest in Joint Venture (AS-27) 534 I-10
Impairment of Assets (AS-28) 544 Provisions, Contingent Liabilities and Contingent Assets (AS-29) 575 Solved Paper
May 2024
Answers) P.1 I-11
:
(Suggested
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 Standards
Accounting Standard and the Auditors 1.3
Accounting Standard and Board’s Report 1.4 a -
-
e
Para 1.4 2
Procedure for issuing Accounting Standards by the Institute of Chartered Accountants of India (ICAI)
1.53
1.5
Para
1.5-1 Scope of Accounting Standards—
1.5-2 National Advisory Committee on Accounting Standard (NACAS)
-
-
Para
4
1.5
Criteria for classification of Non-company entities for applicability of Accounting Standards
-
1.6-5
1.6
Para
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
iPara 1.7 6
Entities
ii iii Level III Entities
ii iii Level IV Entities
Additional requirements
i
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
8
Para 1.8
(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
1.8
Para
l d a i.e. b
12
Para 1.8
Para 1.8
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 evi a -
cd v a
13
1.8
b vii d
d iv viii a g
iii
b
c ii d i d ii
ix
Para
Students' Guide to Accounting Standards (Adv. Accounts) | Study Material
AUTHOR : D.S. Rawat, Nozer Shroff
PUBLISHER : TAXMANN
DATE OF PUBLICATION : May 2024
EDITION : 12th Edition
ISBN NO : 9789357788892
NO. OF PAGES : 624
BINDING TYPE : PAPERBACK
Rs. 845
DESCRIPTION
This book is prepared exclusively for the Intermediate Level of Chartered Accountancy Examination requirement. It covers the new syllabus per ICAI. It applies to Group I | Paper 1 –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 12th Edition & updated till 30th April 2024 for the CA-Inter | New Syllabus | Sept. 2024/Jan. 2025 Exam. This book is authored by Dr D.S. Rawat & CA. Nozer Shroff, with the following noteworthy features:
• Strictly as per the New Syllabus of the ICAI
• [Coverage of this Book] includes:
o All Accounting Standards (AS)
• [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:
o Interaction of the authors with their students, with specific emphasis on difficulties faced by students in the examinations
o Shaped by the author's experience of teaching the subject matter at different levels
o Reactions and responses of students have also been incorporated at different places in the book
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