PAPER 1: ADVANCED ACCOUNTING (100 MARKS)

Objective
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.

Contents
1) Process of formulation of Accounting Standards including Indian Accounting
Standards (IFRS converged standards) and IFRSs; Convergence vs Adoption;
Objective and Concepts of carve outs.

2) Framework for Preparation and Presentation of Financial Statements (as per

Accounting Standards).

3) i. Applicability of Accounting Standards to various entities.

ii. Application of Accounting Standards:

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 7 Construction Contracts AS 9 Revenue Recognition
AS 10 Property, Plant and Equipment
AS 11 The Effects of Changes in Foreign Exchange Rates AS 12 Accounting
for Government Grants
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations (excluding inter-company holdings)
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 of single subsidiaries (excluding
problems involving acquisition of Interest in Subsidiary at Different
Dates, Cross holding, Disposal of a Subsidiary and Foreign
Subsidiaries)
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 Asset

4) Company Accounts
a. Schedule III to the Companies Act, 2013 (Division I)
b. Preparation of financial statements – Statement of Profit and Loss,
Balance Sheet and Cash Flow Statement
c. Buy back of securities
d. Accounting for reconstruction of companies

5) Accounting for Branches including foreign branches

CA NITIN GOEL

WEIGHTAGE IN PAST YEAR EXAMS

MAY NOV MAY NOV NOV JAN JULY DEC MAY NOV
18 18 19 19 20 21 21 21 22 22
Basics - 5 - - - 5 - - - 5
AS-1 - 5 - - - - - 5 5 -
AS-2 - - 5+1 5 - 5 5 - 5 5
AS-4 - 5 5+1 - - - 5 5 - 5
AS-5 5 - 1 - - 5 - - 5 5
AS-7 5 - 5 - 5 - 5 - 5 -
AS-9 - - 5 5 - - - 5 - 5
AS-10 - 5 - - 5 - 5 - 5 -
AS-11 5 5+5 - 5 - 5 - 5 - 5
AS-12 5 - 1 - 5 5 5 - 5 -
AS-16 - - 5 - 5 - - - 5 -
AS-17 5 - - 5 5 5 - - 5 -
AS-18 - 5 5 - - - 5 - - -
AS-19 5 - 5 5 - 5 - 5 5 -
AS-20 5 5 - 5 - - - 5 5 5
AS-22 5 - 5 5 5 5 5 - - 5
AS-24 - 5 - - - - 5 - - -
AS-26 5 - - 5 5+5 5 - 5 - -
AS-29 - - - 5 5 - 5 - 5 5
CA NITIN GOEL

WEIGHTAGE IN PAST YEAR EXAMS

MAY NOV MAY NOV NOV JAN JULY DEC MAY NOV
18 18 19 19 20 21 21 21 22 22
Financial - - - 10 - - 20 - - 20
Statement of
Companies
Cash Flow 5 - 10 5 10 12 5 5 5 5
Statement
(incl. AS 3)
Buy Back of 10 - 10 15 - 5 15 10 10 5
Securities
Internal - 10 - 15 - - 5 - - 20
Reconstruction
Amalgamation 20 5 10+5 - 15 20+5 10 15+5 20 5
(Incl. AS 14)
Branch 10 - 8 - 10 5 10 10 10 10
Accounting
AS 13: 10 10 5+1 10 10+5 10+5 20 10+5 5 10+5
Accounting for
Investments
AS 21: 20 10 10 10+5 15 20 15+5 15 15 15
Consolidation
Framework for 5 5 5 - 5+5 5 5 5+5 - 5
Preparation &
Presentation
of Financial
Statements
AS-23
in Associates in consolidated financial statements
Investment
Accounting for
A
& which
investor
significant influence
has

Meaning of Associate Enterprise in which

Investor
joint of
.
venture
neither
subsidiary
is or

& Power to participate financial /or operating

in

Significant Influence
:

of investe It
may gained by
be statute
agreement
policy
decisions .
,

or share ownership (Assume 20 % or more unless otherwise proved)

La
10%
Example : 98 %
11-1

(a) Altd .
(b) A Ltd
. > BLtd .

7o % is
holding
10
of BLd .

Alta
·

28 %
Y
direct & indirect (0% + 11 )214.
.
1

BL+d -
> CL+d -
Ald -
has total
of ALtd
.
in CLtd
,
So CLtd · is associate
of
of (10 )
Cled
of
co . 90 % 11 %
Alta is
holding
% +
will be 19 9t
·

For CFS , holding

BLtd
of
.
CLed . will be associate
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.
The copyright of these notes is with C.A. Nitin Goel
No part of these notes may be reproduced in any manner without his prior permission in writing.