CA Final Accounts FR Notes, Amendments Nov 2016. Download CA Final FR Question Paper and Solution for May 2016 Exams. CA Final Financial Reporting Latest Notes, Amendments, Applicable Nov 2016, Download CA Final Accounts Notes. We are providing Latest CA Final Financial Reporting Notes (Accounts)Amendments. Download CA Final Accounts Latest Amendments. Scroll Down below and Download all resources for CA Final Accounts Paper in pdf Files. Recently We provide CA Final Indirect Tax, Direct Tax and Law Latest Notes, Amendments, Applicable Nov 2016. Exams are near and we also provide CA Final Exam Time Table for Nov 2016 Exams in my Last Article. Now you can scroll down below and check complete details regarding CA Final Accounts FR Notes, Amendments Nov 2016.
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CA Final Accounts FR Notes, Amendments Nov 2016
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Some information for CA final candidates :
IAS were issued by Internatioal Accounting Standard Committe and IFRS was issued by International Accounting Standard Board. Principles of IFRS will take precedence incase of contradiction with IAS. IAS was effective from 1993 to 2000 after that IASB was constituted. They agreed to adopt the standard issued by IASC, but the standard published after that would follow a series known as IFRS.
AS 30 – Financial Instrument was based upon IAS -39 ( FI Recognition and measurement ). Now IAS 39 is replaced by IFRS 9 (FI ). Goverment of India opted to notify IND AS 109 ( FI ) in correspondence to IFRS 9 and not IAS- 39.
AS 30,31,32 – Earlier were proposed to be made mandatory for level I entities. After modification in IND AS in feb.’15, these entities will apply provisions stated in Ind AS 32,107,109.
Therefore it is approprate to make applicable Ind AS 32, 107 and 109 in place of 30, 31, 32.
Now they become applicable on topic of Financial Instrument instead of AS 30,31,32 from May 2016 Financial Reporting paper at final level.
With reference to the “Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting” dated 23.11.2015, it is clarified that students are not required to study the differences between Ind AS 32, 107 and 109 vis-à-vis AS 31, 32 and 30 respectively from May, 2016 examination.
In short IND AS 32, 107 and 109 are applicable instead of AS 30, 31, 32.
Other accounting standard issued by ICAI shall continue to be applicable. Also Introduction to Indian Accounting Std, Comparision between AS and Ind AS, Carve out Ind AS – IFRS are applicable for May’ 16.
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