Accounting standard as1

AS 942 views 2 replies
User Avatar

Student CA IPC / IPCC
32 Points Joined July 2013

This is the questn from May 2016 RTP IPCC regarding AS1.  I am not able to understand the question. Can someone please simplify it. I have provided screenshots of the question and answer.

 

ANSWER:

This is the questn from May 2016 RTP IPCC regarding AS1. 

I am not able to understand the question. Can someone please simplify it.

I have provided screenshots of the question and answer.

 

 

 

0 Reply Share Follow
On 12 March 2016 at 11:23 Report
Replies (2)
User Avatar

Practising CA
8954 Points Joined December 2013
Q.1.a. Accounting standards bring uniformity among the various policies and practice by different companies thereby addressing the needs of users of financial statements.
Reply
On 13 March 2016 at 02:20
User Avatar

Practising CA
8954 Points Joined December 2013
Q.1.b. A disclosure is not a remedy for an incorrect accounting treatment. The company should make a provision and /or disclose the amount ( ascertain the amount to the extent possible ) and nature of contingent liability in respect of overdue interest claims. The treatment of company is incorrect.
1 Reply
On 13 March 2016 at 02:25

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details