Hope you all are busy in revisions for your IPCC/PCC Exams. Till now, you have done all chapters of Account subjects. But here, the purpose of writing this Article is to pay your attention on a very important part of Account Syllabus, yes the title revealed already about it i.e. ACCOUNTING STANDARDS which is very important from exam point of view and the same is equally important for practical situations also. One can say its base of accountancy.
Well its time of exams so let talk how important is it for Exams specially for IPCC. Please read following points and keep in mind while preparing for Accounts as well as for Audit because Audit also contains practical questions formed on the basis of AS.
(People who are giving their first attempt, must read the points)
Accounting Standards for Accounts paper (Paper-1 & Paper -7)
1. We all know it contains 20 Marks (approx.) in IPCC Account subject in both papers each and in Audit it can be of 15 to 20 Marks (approx).
2. It contains theoretical questions and sometimes also consider practical questions from AS.
3. Its best if you read the questions of previous exams after referring the books of AS.
4. Don't forget to refer the Practice Manual's of Accounts provided by ICAI (they have very selective questions but still very important.
5. In exam if you are not able to attempt any practical question in full then you can answer AS Theoretical questions in very few minutes. (Off course that level preparation is basic condition).
AS for Audit Paper. (Paper -6)
Following points must be considered for AS while preparing for AUDIT Exam.
1. AS contains 15 to 20 Marks questions in Audit Paper. (But sometime ICAI can surprise you so be prepare for that also)
2. You have already prepared AS for Account Papers so here you only need a quick revision of that.
3. Get the all practical questions of Audit in set (all previous exams questions) and prepare thoroughly.
I referred PADHUKA book for AUDIT which covers whole parts of AUDIT subject, you can also refer a good recommended book for that (you must be comfortable with that) and for AS TAXMANN (or any other recommended book you like.)
All AS in syllabus are very important for exams and also equally important for handling practical situations.
Following AS are very very imp for Accounts Paper as well as for Audit (that doesn't mean you ignore other AS).
These are frequently repeated in Audit Paper and also in Accounts Paper.
AS 4 Contingencies and Events Occurring after the Balance Sheet Date
AS 5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies
AS 9 Revenue Recognition
AS 12 Accounting for Government Grants
AS 16 Borrowing Costs
I have written only importance of AS for the exams point of view for both papers. Will give detailed view on topics in Audit Paper in my next article.
Above I written from my own experience. Everybody has thier own plan for study so go through that but don't ignore the importance of above topic.
Appreciations, criticisms, query will be welcomed.
Best of Luck.