only god knows what will be icai questions
you may be surprised to know that they even asked question of ifrs from old course final
As far as Accounting standards are concerned from1 to 32, we need to know the significant differences... But IFRS 1 to 8 were not covered in Accounting standards at all.. So guys we need to study those in addition.. But, don't get panic... There are easy just 2 to 3 sides each standard.. They are covered very well in DS Raawat's book...
ALL THE BEST
Refer D S Rawat as well as INSTITUTE MATERIAL>>>>>>>>>>>>>
if you carefully read the CA final new syllabus it says " Application of IFRS adn US GAAP".
So i believe it is not out of the ambit. Institute doesn't leave room to call out of syllabus.
the concern i have is that, for US GAAP there are more than 73 bodies and authorities responsible and each have there own standards. like AICPA, EITF,FASB, SAB, SEC ..... and so on. and there are some 100-150 standards all together. for eb. EITF008 for Revenue recognis for software accoutning, SEC has its own standards for listed companies, AICPA has its own likewise FASB and other... There is no one set of standard like we have AS: 1-32 or IAS: 1-41 or IFRS: 1-08
In order to understand the application of USGAAP, Now what to read and what to leave ???? ... that is the bigg question. I can challange you will not find One individual who is expert in ALL the US GAAP standards what we have experts in different areas and they collectively have knowledge of these US GAAP.
Can Institute prescribe the list of applicable US GAAP.
dj
CAclubindia
