AS & Guidance Notes Applicable for CA Final May 2015 Exam

Account­ing Standards

1 Dis­clo­sure of Account­ing Policies

2 Val­u­a­tion of Inventories

3 Cash Flow Statements

4 Con­tin­gen­cies and Events Occur­ring after the Bal­ance Sheet Date

5 Net Prof­it or Loss for the Peri­od, Pri­or Peri­od Items and Changes in

Account­ing Policies

6 Depre­ci­a­tion Accounting

7 Con­struc­tion Con­tracts (Revised 2002)

9 Rev­enue Recognition

10 Account­ing for Fixed Assets

11 The Effects of Changes in For­eign Exchange Rates (Revised 2003)

12 Account­ing for Gov­ern­ment Grants

13 Account­ing for Investments

14 Account­ing for Amalgamations

15 Employ­ee Benefits

16 Bor­row­ing Costs

17 Seg­ment Reporting

18 Relat­ed Par­ty Disclosures

19 Leas­es

20 Earn­ings Per Share

21 Con­sol­i­dat­ed Finan­cial Statements

22 Account­ing for Tax­es on Income

23 Account­ing for Invest­ment in Asso­ciates in Con­sol­i­dat­ed Finan­cial Statements

24 Dis­con­tin­u­ing Operations

25 Inter­im Finan­cial Reporting

26 Intan­gi­ble Assets

27 Finan­cial Report­ing of Inter­ests in Joint Ventures

28 Impair­ment of Assets

29 Pro­vi­sions, Con­tin­gent Lia­bil­i­ties and Con­tin­gent Assets

30 Finan­cial Instru­ments: Recog­ni­tion and Measurement

31 Finan­cial Instru­ments: Presentation

32 Finan­cial Instru­ments: Disclosure

Note: Applic­a­bil­i­ty of Ind ASs

The Min­istry of Cor­po­rate Affairs has placed on its web­site 35 Indi­an Account­ing Stan­dards (Ind ASs – the expres­sion Ind AS is used in India in place of IFRS) with­out announc­ing their applic­a­bil­i­ty date. Since these Ind ASs have not been noti­fied by MCA, the same are not applic­a­ble for May, 15 Exam­i­na­tions. How­ev­er, stu­dents should have over­all gen­er­al under­stand­ing of Ind ASs since they gen­er­al­ly cor­re­spond to IFRSs except cer­tain carve outs and there is a full chap­ter on IFRS in the present syl­labus of Finan­cial Reporting.

The above was noti­fied by Insti­tute ear­li­er there­fore the recent­ly announced 39 INDAS is not applic­a­ble for May 2015 Exam.

III. Guid­ance Notes on Account­ing Aspects

  1. Guid­ance Note on Accru­al Basis of Accounting.
  2. Guid­ance Note on Account­ing Treat­ment for Excise Duty.
  3. Guid­ance Note on Terms Used in Finan­cial Statements.
  4. Guid­ance Note on Avail­abil­i­ty of Reval­u­a­tion Reserve for Issue of Bonus Shares.
  5. Guid­ance Note on Account­ing Treat­ment for MODVAT/CENVAT.
  6. Guid­ance Note on Account­ing for Cor­po­rate Div­i­dend Tax.
  7. Guid­ance Note on Account­ing for Employ­ee Share-based Payments.
  8. Guid­ance Note on Account­ing for Cred­it Avail­able in respect of Min­i­mum Alter­nate Tax under the Income Tax Act, 1961.
  9. Guid­ance Note on Mea­sure­ment of Income Tax for Inter­im Finan­cial Report­ing in the con­text of AS 25.
  10. Guid­ance Note on Applic­a­bil­i­ty of Account­ing Stan­dard (AS) 20, Earn­ings per Share.
  11. Guid­ance Note on Remu­ner­a­tion paid to key man­age­ment per­son­nel – whether a relat­ed par­ty transaction.
  12. Guid­ance Note on Applic­a­bil­i­ty of AS 25 to Inter­im Finan­cial Results.
  13. Guid­ance Note on Turnover in case of Contractors.
  14. Guid­ance Note on the Revised Sched­ule VI to the Com­pa­nies Act, 1956 (Sched­ule III to the Com­pa­nies Act, 2013).

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