Public Section Preview
Quick Revision Table
| Concept | Key Detail | Exam Relevance |
|---|---|---|
| GAAP defined by | AAA (1966) + AICPA — identify, measure, communicate economic info | Definition base |
| Double-entry origin | Luca Pacioli, 1494, Summa de Arithmetica | Historical fact |
| ICAI established | 1949, Chartered Accountants Act; 3.85 lakh+ members (2024) | India's standard setter |
| NFRA operationalised | October 2018, Companies Act 2013 Section 132 | Oversight body |
| Ind AS mandatory | April 2016, MCA — listed companies and large unlisted | Regulatory date |
| IASB established | 2001, London — issues IFRS | Global standards body |
| IFRS adopted by | 144 countries (2024) | Global reach |
| LCNRV rule | Ind AS 2 — inventory at lower of cost or NRV | Prudence application |
| Depreciation methods | SLM (equal charge), WDV (reducing balance), Units of Production | Core accounting |
| Tax depreciation | Income Tax Act 1961, Sec 32 — mandates WDV method | Tax vs book |
| Going concern issue | Jet Airways audit (2019) — going concern qualification | Real example |
| AS 1 | Disclosure of Accounting Policies — fundamental standard | Standard number |
| Ind AS 115 | Revenue from Contracts with Customers (5-step model) | Revenue recognition |
| Goodwill — Ind AS | Not amortised; tested for impairment annually (Ind AS 36) | Modern standard |
| NFRA first action | ₹1 crore penalty on IL&FS auditors (2021) | Enforcement example |