Students appearing in May, 2018 or forthcoming examinations under old course, may note that the existing Accounting Standards will continue to be applicable for all chapters of the Final Paper 1: Financial Reporting Study Material except for chapters 2 and 6 which are Ind AS based.
Therefore, in respect of the following two chapters the relevant Ind AS would be applicable:
- Chapter 2 “Introduction of Indian Accounting Standards (Ind AS); Comparative study of AS vis-a-vis Ind AS; Carve outs/ins in Ind AS vis-à-vis International Financial Reporting Standards (IFRS)”; and
- Chapter 6 ‘Accounting and Reporting of Financial Instruments’ which is based on Ind AS 32, 107 and 109.
Students under old course, may further note that with respect to Chapter 2 of the Study Material, they are expected to have:
- An overall knowledge of the contents covered in the topic of “Introduction of Indian Accounting Standards (Ind AS);
- Comparative study of AS vis-a-vis Ind AS;
- Carve outs/ins in Ind AS vis-à-vis International Financial Reporting Standards (IFRS)” as discussed in the Study Material.
However, considering the complexities involved in Ind AS, concepts of all the Ind AS have been discussed broadly in the chapter by sidestepping the intricacies involved in it.
Thus, the students would be expected to answer simple knowledge / application based questions testing their conceptual understanding of the Ind AS as discussed in the chapter.
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