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Revision Notes

Accounting Standards and IFRS

ICSE · Class 11 · Accountancy

Quick revision notes for Accounting Standards and IFRS — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

64 questions38 flashcards5 concepts

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Key Topics to Revise

1

Meaning, Need, and Nature of Accounting Standards

  • Accounting is an information system that provides financial information to management, investors, creditors, governments, and other users.
  • Financial statements should present a true and fair view of operating results and financial position.
  • True and fair view has not been defined in the Indian Companies Act, 2013 or any other statute.
2

Accounting Standards in India and ASB

  • The Institute of Chartered Accountants of India constituted the Accounting Standards Board on 21st April 1977.
  • ASB was formed to harmonize accounting policies and practices used in India.
  • ASB issued its first document, Preface to the Statements of Accounting Standards, in January 1979.
3

AS-2 Valuation of Inventories

  • Inventories are assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in production or in renderin
  • AS-2 does not apply to work-in-progress arising under construction contracts including directly related service contracts.
  • AS-2 does not apply to work-in-progress arising in the ordinary course of business of service providers.
4

AS-6 Depreciation Accounting

  • AS-6 is applicable to all depreciable assets.
  • Depreciation is a measure of the wearing out, consumption, or other loss of value of a depreciable asset arising from use, passage of time, or obsolescence.
  • Depreciable assets are expected to be used during more than one accounting period, have a limited life, and are held for use in production of goods and services.

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Key Concepts

Accounting Standards are policy documents issuedFinancial statements should present a trueAccounting standards lay down normsThey ensure uniformity and comparabilityInventories are assets held for sale

Frequently Asked Questions

What are the important topics in Accounting Standards and IFRS for ICSE Class 11 Accountancy?
Accounting Standards and IFRS covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Accounting Standards and IFRS — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 64 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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