Paper 1: Financial Reporting Accounting Standards (AS):
Click on the image to download CA Final Financial Reporting Notes
Following are the list of 27 Accounting Standards (AS) which are fully applicable for CA Final November,
AS 1: Disclosure of Accounting Policies
AS 2: Valuation of Inventories
AS 3: Cash Flow Statements
AS 4: Contingencies and Events Occurring after the Balance Sheet Date
AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS 6: Depreciation Accounting (Withdrawn w.e.f. 1st April, 2016 after issuance of revised AS-10)
AS 7: Construction Contracts (Revised 2002)
AS 9: Revenue Recognition
AS 10: Property, Plant and Equipment (Revised 2016)
AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
AS 12: Accounting for Government Grants
AS 13: Accounting for Investments
AS 14: Accounting for Amalgamations
AS 15: Employee Benefits
AS 16: Borrowing Costs
AS 17: Segment Reporting
AS 18: Related Party Disclosures
AS 19: Leases
AS 20: Earnings Per Share
AS 21: Consolidated Financial Statements
AS 22: Accounting for Taxes on Income
AS 23: Accounting for Investment in Associates in Consolidated Financial Statements
AS 24: Discontinuing Operations
AS 25: Interim Financial Reporting
AS 26: Intangible Assets
AS 27: Financial Reporting of Interests in Joint Ventures
AS 28: Impairment of Assets
AS 29: Provisions, Contingent Liabilities and Contingent Assets
Indian Accounting Standard (Ind AS):
39 Indian Accounting Standards (Ind AS) have been prepared by the National Advisory Committee on
Accounting Standards (NACAS) and the Ministry of Corporate Affairs (MCA) has now notified Roadmap
for applicability of Ind AS in February, 2015 under the Companies Act, 2013. Accordingly, the CA Institute
has now included following topics based on Indian Accounting Standards in the Final Course curriculum
applicable for Nov, 2017 examination.
1. Introduction of Indian Accounting Standards (Ind AS);
2. Comparative study of ASs vis-a-vis Ind ASs; and
3. Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs).
As a result of which, the following topics has been excluded from the syllabus of CA Final and the same
would not be applicable for November, 2017 Examination:
1. International Financial Reporting Standards (IFRS);
2. Overview of International Accounting Standards (IAS);
3. Significant differences vis-a-vis Indian Accounting Standards;
4. Understanding of US GAAPs, Applications of IFRS and US GAAP.
5. Interpretations by International Financial Reporting Interpretation Committee (IFRIC);
Therefore, topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-avis
Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” has
been made applicable for CA Final Nov 2017 in place of “Overview of International Accounting Standards
(IAS) / International Financial Reporting Standards (IFRS), Interpretations by International Financial
Reporting Interpretation Committee (IFRIC), Significant differences vis-a-vis Indian Accounting Standards;
Understanding of US GAAPs, Applications of IFRS and US GAAPs”.
Considering the significance and relevance of the Ind AS, the above topic has been included in the syllabus
and the students are expected to have an overall knowledge of the contents covered therein. However,
considering the extensive coverage of the contents covered in such topic, from the examination perspective,
simple problems involving conceptual or application issues may be asked in the examination.
Ind AS instead of AS 30, 31 and 32:
AS-30 “Financial Instruments: Recognition and Measurement”, AS-31 “Financial Instruments: Presentation”
and AS-32 “Financial Instruments: Disclosures” shall not be applicable for CA Final Nov 2017 examination.
However, the following Ind AS shall be applicable instead of AS 30, AS 31 and AS 32:
Ind AS 32 “Financial Instruments: Presentation”,
Ind AS 107 “Financial Instruments: Disclosures” and
Ind AS 109 “Financial Instruments”.
Thus, the above Ind AS 32, 107 and 109 has been made applicable by CA Institute to the topic ‘Accounting
and Reporting of Financial Instruments’ for Nov 2017 Exams.