Deepak Arora (CA-Final) (398 Points)
04 October 2017Hi Friends,
I am confused whether practical questions will be based on IND AS or AS.
In May 2017 exam 1st question was IND AS Based and 7th question was AS based.
So, please suggest should I ready both AS and IND AS or only IND AS.
Please help me.
Thanks
Deepak Arora
CA Pavan Kumar Vemula
(Audit Manager)
(30 Points)
Replied 05 October 2017
Hello Dear Deepak Arora
ICAI has given clarification on 30.06.2017 that Ind AS fully not applicable. Only Carve in, Carve outs and Differences between IND AS, Existing AS is applicable. So Practical questions will be based on Existing AS and Specifically in IND AS only 32,107,109 will be asked, which is nothing but financial instruments
Clarification is as follows :
"Announcement on coverage of Existing Accounting Standards(AS) / Indian Accounting Standard (Ind AS) for November, 2017 Examination in Final Paper 1 : Financial Reporting Students appearing in November, 2017 examination, may note that the existing Accounting Standards will continue to be applicable for November, 2017 examination 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: 1. 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 2. Chapter 6 „Accounting and Reporting of Financial Instruments‟which is based on Ind AS 32, 107 and 109"
Link: https://resource.cdn.icai.org/45762bos35940.pdf
Nishant
(Accounts Assistant)
(378 Points)
Replied 05 October 2017
Then why are they asking Practical Questions based on other IND AS (as we saw in May,2017-correctly pointed by Mr.Deepak Arora)
Also , is there any Book released by Icai which has practical questions based on Ind As?
CA Pavan Kumar Vemula
(Audit Manager)
(30 Points)
Replied 05 October 2017
Hello Dear Ashok
Last attempt there is no clarity. Every one is in a confusion. But this time ICAI has made it clear
suryaprakash reddy
(ca)
(31 Points)
Replied 05 October 2017
CAclubindia
