Indian Accounting Standards Questions and Answers

Q: Accounting Standard-16 is related with ............

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).

____________ prescribes the accounting principles for first-time adoption of Ind AS.

A.Ind As 101
B.Ind AS 102
C.Ind AS 103
D.Ind AS 104

Exam Year(s)

DSSSB - 2023,

Answer: A

Ind AS 101 prescribes the accounting principles for first-time adoption of Ind AS (First-time Adoption of Indian Accounting Standards). Ind AS 102 deals with share-based payment, Ind AS 103 with business combinations and Ind AS 104 with insurance contracts. Only the standard numbered 101 is the one for the first-time adopter.

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Accounting Standard-16 is related with ............

A.Segment reporting
B.Amalgamation
C.Borrowing cost
D.Depreciation accounting

Exam Year(s)

MH SET - 2018, SET Exam - 2018,

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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