The standards, summarised for the way they are examined.
Every AS and Ind AS that matters in the CA syllabus: the core rule, what it applies to, the treatment it requires, and how examiners actually frame it. Written for revision, not for re-reading the bare text.
Start here
The standards that carry the most marks.
Accounting Standards (AS)
7 pagesAS 1 — Disclosure of Accounting Policies
AS 1 requires an enterprise to disclose all significant accounting policies adopted in preparing financial statements at one place, so users can understand the basis on which the numbers were built.
AS 2 — Valuation of Inventories
AS 2 prescribes that inventories be valued at the lower of cost and net realisable value (NRV), and defines what goes into cost — purchase cost, conversion cost and other costs incurred to bring inventory to its present location and condition.
AS 3 — Cash Flow Statements
AS 3 deals with the presentation of cash flow statements, classifying cash flows of an enterprise into operating, investing and financing activities for a reporting period.
AS 9 — Revenue Recognition
AS 9 lays down when revenue from sale of goods, rendering of services, and use of enterprise resources (interest, royalties, dividends) should be recognised in the profit and loss statement.
AS 10 — Property, Plant and Equipment
AS 10 (Revised) prescribes the accounting for property, plant and equipment: recognition of the asset, determination of its carrying amount, depreciation and derecognition.
AS 19 — Leases
AS 19 sets the accounting for finance and operating leases in the books of lessees and lessors — classification at inception drives whether the asset and liability appear on the lessee's balance sheet.
AS 22 — Accounting for Taxes on Income
AS 22 requires recognition of deferred tax on timing differences between accounting income and taxable income, so that tax expense matches the period in which the related income is recognised.
Indian Accounting Standards (Ind AS)
3 pagesInd AS 115 — Revenue from Contracts with Customers
Ind AS 115 replaces risk-and-reward thinking with a single control-based, five-step model for recognising revenue from contracts with customers, converged with IFRS 15.
Ind AS 116 — Leases
Ind AS 116 puts almost all leases on the lessee's balance sheet: a right-of-use (ROU) asset and a lease liability replace the old operating/finance distinction for lessees.
Ind AS 109 — Financial Instruments
Ind AS 109 governs classification, measurement and impairment of financial assets and liabilities, and hedge accounting — built around the business-model and cash-flow (SPPI) tests and the expected credit loss model.
Four passes, in this order, and none of them is re-reading.
- Step — 01
Rule first
One line on what the standard requires. If you cannot state it in a sentence, you do not know it well enough to apply it.
Recall - Step — 02
Then applicability
Which entities, which transactions, from when. Most application questions turn on scope before they turn on measurement.
Scope - Step — 03
Then the treatment
Recognition and measurement, with the journal entry where one applies. This is what the marks are actually for.
Apply - Step — 04
Finally the disclosure
The fastest marks in any standards question, and the ones most often skipped when time runs short.
Finish
You will not know a standard until a question makes you apply it.
Ask Kartavvya for an application question on any standard at your level, then have your answer checked step by step against the treatment it required.
Practise a standard free- AS and Ind AS
- All 3 CA levels
- Step-by-step evaluation