Content of CA Intermediate Accounting Subject Syllabus
Accounting Standards (ASs) are written policy documents issued by the Government with the support of other regulatory bodies (e.g., Ministry of Corporate Affairs (MCA) issuing Accounting Standards for corporates in consultation with National Advisory Committee on Accounting Standards (NACAS)) covering the aspects of recognition, measurement, presentation, and disclosure of accounting transactions in the financial statements. The ostensible purpose of the standard setting bodies is to promote the dissemination of timely and useful financial information to investors and certain other stakeholders having an interest in the company’s economic performance. Accounting Standards reduce the accounting alternatives in the preparation of financial statements within the bounds of rationality, thereby, ensuring comparability of financial statements of different enterprises.
To acquire the ability to apply specific Accounting Standards and legislations to different transactions and events and in preparation and presentation of financial statements of various business entities.
NOTE: If either new Accounting Standards (AS), Announcements and Limited Revisions to AS are issued or the earlier ones are withdrawn or new AS, Announcements and Limited Revisions to AS are issued in place of existing AS, Announcements and Limited Revisions to AS, the syllabus will accordingly include/exclude such new developments in the place of the existing ones with effect from the date to be notified by the Institute.
The accounting standards aim at improving the quality of financial reporting by promoting comparability, consistency, and transparency, in the interests of users of financial statements. The ICAI has, so far, issued twenty nine Accounting Standards. However, AS 6 on ‘Depreciation Accounting’ has been withdrawn on the revision of AS 10 ‘Property, Plant and Equipment and AS 8 on ‘Accounting for Research and Development’ has been withdrawn consequent to the issuance of AS 26 on ‘Intangible Assets’. Thus effectively, there are 27 Accounting Standards at present.
As per the Notification, Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) shall be implemented on a voluntary basis from 1st April 2015 and mandatorily from 1st April 2016. Separate roadmaps have been prescribed for the implementation of Ind AS to Banking, Insurance companies and NBFCs respectively.
In the scenario of globalization, India cannot insulate itself from the developments taking place worldwide. In India, so far as the ICAI and the Government authorities and various regulators such as Securities and Exchange Board of India and Reserve Bank of India are concerned, the aim has always been to comply with the IFRS to the extent possible with the objective to formulate sound financial reporting standards.
Indian Accounting Standards (Ind-AS) are IFRS converged standards issued by the Central Government of India under the supervision and control of the Accounting Standards Board (ASB) of ICAI and in consultation with the National Advisory Committee on Accounting Standards (NACAS).
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