Financial reporting- applicability of ind as for nov 2016

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shradha (Querist)
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03 June 2016 Are Accounting Standards applicable for Nov 2016 exams, or only IND AS has to be covered.

Registration is of 2014. Please advise.

Sathish M

Sathish M (Expert)
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26 June 2016 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Final Examination

Paper 1: Financial Reporting

I. Framework for the Preparation and Presentation of Financial Statements.
II. Accounting Standards

AS No. AS Title
1 Disclosure of Accounting Policies
2 Valuation of Inventories
3 Cash Flow Statements
4 Contingencies and Events Occurring after the Balance Sheet Date
5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
6 Depreciation Accounting
7 Construction Contracts (Revised 2002)
9 Revenue Recognition
10 Accounting for Fixed Assets
11 The Effects of Changes in Foreign Exchange Rates (Revised 2003)
12 Accounting for Government Grants
13 Accounting for Investments
14 Accounting for Amalgamations
15 Employee Benefits
16 Borrowing Costs
17 Segment Reporting
18 Related Party Disclosures
19 Leases
20 Earnings Per Share
21 Consolidated Financial Statements
22 Accounting for Taxes on Income
23 Accounting for Investment in Associates in Consolidated Financial Statements
24 Discontinuing Operations
25 Interim Financial Reporting
26 Intangible Assets
27 Financial Reporting of Interests in Joint Ventures
28 Impairment of Assets
29 Provisions, Contingent Liabilities and Contingent Assets

III. Guidance Notes on Accounting Aspects
1. Guidance Note on Accrual Basis of Accounting.
2. Guidance Note on Accounting Treatment for Excise Duty.
3. Guidance Note on Terms Used in Financial Statements.
4. Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares.
5. Guidance Note on Accounting Treatment for MODVAT/CENVAT.
6. Guidance Note on Accounting for Corporate Dividend Tax.
7. Guidance Note on Accounting for Employee Share-based Payments.
8. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
9. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
10. Guidance Note on Applicability of AS 25 to Interim Financial Results.
11. Guidance Note on Turnover in case of Contractors.
12. Guidance Note on the Schedule III to the Companies Act, 2013.
13. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
14. Guidance Note on Guidance Note on Accounting for Derivative Contracts.
IV. Applicability of the Companies Act, 2013 and other Legislative Amendments
The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2016 will be applicable for November, 2016 Examination.
V. Applicability of Indian Accounting Standard (Ind AS)
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)” has been made applicable in place of “Overview of International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS), Interpretations by International Financial Reporting Interpretation Committee (IFRIC), Significant differences vis-a-vis Indian Accounting Standards; Understanding of US GAAPs, Applications of IFRS and US”.
Considering the significance and relevance of the Ind AS, the above topic has been included in the syllabus and the students are expected to have an overall knowledge of the contents covered therein. However, considering the extensive coverage of the contents covered in such topic, from the examination perspective, simple problems involving conceptual or application issues may be asked in the examination.
VI. Non-applicability of AS 30, 31 and 32 on the topic ‘Accounting and Reporting of Financial Instruments’
Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” have been made applicable to the topic ‘Accounting and Reporting of Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures”.
In view of the complexities involved, simple practical problems involving conceptual issues or application issues may be asked in the examination.
VII. Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015
Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 have not been made applicable for November, 2016 examination.

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