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
You may also like:- How to revise Accounting standards
Also like our facebook page for latest updates and notes :- CA NOTES ON FB
Also check our website for more notes and Study Tips
If are facing any problem in downloading the notes you may comment in comment box
Plus if you required any notes then please let us know by commenting in comment box we will try our best to provide the same to you .
And keep visiting www.canotes.in
Comments are closed.