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Applicability of IAS i.e IFRS in May,2011 Final exam

Vipin Kumar Garg (Ca Final Student) (89 Points)

03 February 2011

Is the IFRS applicable for May,2011 Final Exam? and plz tell me in detail for related IAS & IFRS.

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Rawat (ACCA) (175 Points)
Replied 03 February 2011

Originally posted by : Vipin Kumar Garg
	Is the IFRS applicable for May,2011 Final Exam? and plz tell me in detail for related IAS & IFRS.

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

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CA MAZHER MAJEED KHAN (business) (1644 Points)
Replied 03 February 2011

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 .

Amit Vikas Oak (Articled Assistant) (21 Points)
Replied 13 March 2011

Thanx,for providing info on this stringent topic.

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