Is the IFRS applicable for May,2011 Final Exam? and plz tell me in detail for related IAS & IFRS.
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Applicability of IAS i.e IFRS in May,2011 Final exam
Replies (3)
| Originally posted by : Vipin Kumar Garg | ||
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Is the IFRS applicable for May,2011 Final Exam? and plz tell me in detail for related IAS & IFRS. |
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IFRS is already asked in November Examination and YES, it may be asked.
For details and resources - Explore the IFRS section here - https://www.pironeducation.com
The Core Group was constituted by the Ministry of Corporate Affairs for convergence of
Indian Accounting Standards with International Financial Reporting Standards (IFRS).
This Core Group decided that there will be two separate sets of Accounting Standards
viz.
(i) Indian Accounting Standards converged with the IFRS (Ind AS)
These are the standards which are being converged by eliminating the differences
of the Indian Accounting Standards vis -à-vis IFRS. These standards shall be
applied for all companies falling under Phase I to Phase III as prescribed under the
roadmap issued by the core group. At present, these Ind ASs are in the form of
Exposure Drafts and not yet finalized and therefore, no t applicable for the students
appearing in May, 2011 Examination.
(ii) Accounting Standards
The companies not falling within the threshold limits prescribed for IFRS
compliance in the respective phases shall continue to apply these standards in the
preparation and presentation of financial statements.
2. Students are expected to have thorough knowledge of the Accounting Standards (AS 1
to AS 29) and Guidance Notes on various aspects issued by ICAI. As far as AS 30, 31
and 32 are concerned, in view of th e complexities involved, the questions involving
conceptual issues (not involving application issues) may be asked. Since a separate
topic of ‘Financial Instruments’ is included in the curriculum, simple practical problems
based on AS 30, 31 and 32 may be asked.
3. The Accounting Standard Interpretations (ASI) have been issued from time to time by
the Council of the ICAI. These interpretations address questions that arise in course of
application of a particular Accounting Standard. ASI 2 and ASI 11 have b een withdrawn.
ASI 12, 23, 27 and 29 have been withdrawn and issued as Guidance Notes. The
remaining interpretations have been merged as explanations to the relevant paragraphs
of the related Accounting Standards.
Texts of all applicable Accounting Standards and Guidance Notes are available in the
Appendices, Volume II of Financial Reporting Study Material . These can be accessed at
- https://www.icai.org/post.html?post_id=5936 .
Thanx,for providing info on this stringent topic.
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