Financial accounts
This query is : Resolved
29 November 2015
Sir, my ca final attempt on may, 16, I have already taken coaching of financial reporting . Should I go for Ind-As coaching or self study. If I go for self study, then Is ICAI MODULE is sufficient. Is there is major changes in Ind-As as compared to AS.
29 November 2015
Kindly reply me
29 November 2015
There is no need for separate coaching for IND AS. You only need to do self study.
Only the topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” would be included. Self study from ICAI PM & RTP would be sufficient.
Only the topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” would be included. Self study from ICAI PM & RTP would be sufficient.
29 November 2015
For details of IND AS and diference between IND AS and AS please refer link given below:
https://www.caclubindia.com/forum/details.asp?mod_id=320570
https://www.caclubindia.com/forum/details.asp?mod_id=320570
29 November 2015
Sir, questions come in CA EXAM on the basis of IND-As or AS?
24 July 2024
In CA exams, questions can be based on both Indian Accounting Standards (Ind AS) as well as Accounting Standards (AS). Here’s a brief overview of each:
### Indian Accounting Standards (Ind AS):
Ind AS are converged with International Financial Reporting Standards (IFRS) and are applicable to certain classes of companies in India. They are issued by the Accounting Standards Board (ASB) under the Institute of Chartered Accountants of India (ICAI). Some key points about Ind AS include:
- **Applicability:** Ind AS are applicable to companies listed on stock exchanges in India, as well as certain other companies based on their net worth.
- **Convergence with IFRS:** Ind AS aim to bring Indian accounting practices closer to global standards prescribed by IFRS, enhancing transparency and comparability.
- **Complexity:** Ind AS are generally more complex and detailed compared to Accounting Standards (AS), reflecting global best practices in accounting and financial reporting.
### Accounting Standards (AS):
AS were issued by the ICAI and were applicable to companies in India until the adoption of Ind AS. Some key points about AS include:
- **Applicability:** AS were applicable to all companies in India until the transition to Ind AS. They were based on Indian accounting practices and principles.
- **Scope:** AS covered various aspects of financial reporting, including recognition, measurement, presentation, and disclosure of transactions and events in financial statements.
### CA Exam Coverage:
In CA exams (such as IPCC and Final), questions can be based on both Ind AS and AS depending on the syllabus and the relevance of the standards to the topics being tested. The Institute of Chartered Accountants of India (ICAI) periodically updates the syllabus to include changes in accounting standards and practices.
### Preparation Tips:
- **Stay Updated:** Keep up-to-date with the latest Ind AS and AS issued by ICAI and any amendments or revisions.
- **Practice Questions:** Solve practice questions and previous years’ exam papers to familiarize yourself with the types of questions asked and the application of standards.
- **Understand Differences:** Understand the key differences between Ind AS and AS, particularly in terms of recognition, measurement, and disclosure requirements.
- **Conceptual Understanding:** Focus on developing a strong conceptual understanding of accounting standards and their practical application in different scenarios.
In summary, while the transition to Ind AS has brought India closer to global accounting practices, it’s important for CA students to be proficient in both Ind AS and AS to succeed in their exams and in their professional careers.
### Indian Accounting Standards (Ind AS):
Ind AS are converged with International Financial Reporting Standards (IFRS) and are applicable to certain classes of companies in India. They are issued by the Accounting Standards Board (ASB) under the Institute of Chartered Accountants of India (ICAI). Some key points about Ind AS include:
- **Applicability:** Ind AS are applicable to companies listed on stock exchanges in India, as well as certain other companies based on their net worth.
- **Convergence with IFRS:** Ind AS aim to bring Indian accounting practices closer to global standards prescribed by IFRS, enhancing transparency and comparability.
- **Complexity:** Ind AS are generally more complex and detailed compared to Accounting Standards (AS), reflecting global best practices in accounting and financial reporting.
### Accounting Standards (AS):
AS were issued by the ICAI and were applicable to companies in India until the adoption of Ind AS. Some key points about AS include:
- **Applicability:** AS were applicable to all companies in India until the transition to Ind AS. They were based on Indian accounting practices and principles.
- **Scope:** AS covered various aspects of financial reporting, including recognition, measurement, presentation, and disclosure of transactions and events in financial statements.
### CA Exam Coverage:
In CA exams (such as IPCC and Final), questions can be based on both Ind AS and AS depending on the syllabus and the relevance of the standards to the topics being tested. The Institute of Chartered Accountants of India (ICAI) periodically updates the syllabus to include changes in accounting standards and practices.
### Preparation Tips:
- **Stay Updated:** Keep up-to-date with the latest Ind AS and AS issued by ICAI and any amendments or revisions.
- **Practice Questions:** Solve practice questions and previous years’ exam papers to familiarize yourself with the types of questions asked and the application of standards.
- **Understand Differences:** Understand the key differences between Ind AS and AS, particularly in terms of recognition, measurement, and disclosure requirements.
- **Conceptual Understanding:** Focus on developing a strong conceptual understanding of accounting standards and their practical application in different scenarios.
In summary, while the transition to Ind AS has brought India closer to global accounting practices, it’s important for CA students to be proficient in both Ind AS and AS to succeed in their exams and in their professional careers.
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