Accounting standard as1

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Student CA IPC / IPCC
28 Points Posted on 12 March 2016

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.

 

 

 

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On 12 March 2016 at 11:23 Report
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Practising CA
5649 Points Posted on 13 March 2016
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.
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On 13 March 2016 at 02:20
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Practising CA
5649 Points Posted on 13 March 2016
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.
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On 13 March 2016 at 02:25

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