All about Accounting standards IPCC Group 2

“Accounting standards are written policy documents, issued by regulatory authority (ICAI), covering the aspects o recognistion, treatment, measurement, presentation & disclosure of transactions &events in the financial statements

‐ Issued by  ICAI ‐  The Institute of Chartered Accountants of India.

‐ Total Number of Accounting Standards issued till date = 32

‐ Total Number of effective/applicable Accounting Standards till date = 28 (AS‐8, AS‐30, AS‐31 & AS‐32 not applicable)

Accounting Standards IPCC group 2

AS‐4             Contingencies and Events occuring after the BalanceSheet date

How to remember this ?? :-  relates to transactions which fall outside the four walls of a room

AS‐5             Net Profit or Loss for the period, Prior period items and Change in Accounting Policies

AS‐11           Accounting for the Effects of Changes in Foreign Exchange Rates

How to remember this ?? :-  The thing flashes in our mind when we read forex is $ dollar sign, the symbol S is crossed by 2 lines, i.e. 11

AS‐12           Accounting for Government Grants

How to remember this ?? :- Govt many times say that you invest 1rupee we will provide 2rupees as subsidy 1+2=12

AS‐16           Borrowing Cost

How to remember this ?? :-  3 sources are Equity Preference Debt as per COC of FM, when you borrow funds firms always try earn income atleast by double, 3X2=6

AS‐19         Accounting for Leases

AS‐20         Earning per share

How to remember this ?? :-  Shareholder expects to double his property when he invests in shares, usually shares are for 10/- each

AS‐26         Intangible Assets

We also find out some good quality notes for you all so may download them from the link below.

AS Group 2 notes

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