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FAQs on PPT: Applicability of Accounting Standards - Advanced Accounting for CA Intermediate

1. What are the applicability criteria for accounting standards as per CA Intermediate syllabus?
Ans. Accounting standards are applicable to all entities that are required to comply with the provisions of the Companies Act, 2013. They are also applicable to entities voluntarily following them or as prescribed by any regulatory authority.
2. How do accounting standards affect financial reporting for CA Intermediate exams?
Ans. Accounting standards provide guidelines and principles for preparing financial statements, ensuring consistency and comparability. Understanding and applying these standards correctly is essential for accurate financial reporting in the CA Intermediate exam.
3. Can a company choose not to follow accounting standards as per CA Intermediate syllabus?
Ans. Companies are required to follow accounting standards as per the Companies Act, 2013. Non-compliance can result in legal consequences. In the CA Intermediate exam, candidates must demonstrate knowledge of these standards.
4. What is the importance of understanding the applicability of accounting standards for CA Intermediate students?
Ans. Understanding the applicability of accounting standards is crucial for CA Intermediate students as it forms the foundation for accurate financial reporting. It ensures compliance with regulatory requirements and enhances the credibility and transparency of financial statements.
5. How can CA Intermediate students stay updated with changes in accounting standards applicability?
Ans. CA Intermediate students can stay updated with changes in accounting standards applicability by regularly referring to official sources such as the Institute of Chartered Accountants of India (ICAI) website, attending relevant seminars or webinars, and subscribing to newsletters or publications related to accounting standards.
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