Discussion
Accounting Standard-16 is related with ............
Answer: C
Accounting Standard 16 relates to borrowing cost.
AS 16, Borrowing Costs, issued by the Institute of Chartered Accountants of India, deals with interest and other costs incurred in borrowing funds. It requires borrowing costs directly attributable to acquiring, constructing or producing a qualifying asset, one that takes a substantial period to get ready for use, to be capitalised as part of its cost, and other borrowing costs to be charged as an expense.
The other subjects have their own standards: segment reporting is AS 17, accounting for amalgamations is AS 14, and depreciation accounting was AS 6 (now merged into AS 10 on property, plant and equipment).
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