CA Inter Advanced Accounting Marathon (Part 2): Full Revision for 2026 Attempt
Nazish Fatima10 Dec, 2025
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CA Inter Advanced Accounting Marathon part-2 is the second part of a complete revision marathon of CA Intermediate Advanced Accounting (Paper 1). It addresses 14 major areas, beginning with the Introduction and Applicability of Accounting Standards (AS). It describes 13 specific Accounting Standards that apply to the CA Intermediate syllabus. This revision content is conceptually aligned with the most recent Revision Test Papers (RTPs) and Previous Year Questions (PYQs), which are effective means of exam preparation. The free batch of the channel contains supplementary notes and materials.
CA Inter Advanced Accounting Marathon: Accounting Standards Overview
This section explains the role of Accounting Standards (AS) in India, particularly for the CA Inter Advanced Accounting Marathon studies. AS are policy documents from expert bodies like ICAI, designed to standardise accounting for comparability and transparency. India adopted a convergence approach with IFRS since 2006, leading to Indian AS (for CA Intermediate) and Ind AS (for CA Final, aligned with IFRS).
A total of 29 AS were issued, with 2 deleted, leaving 27 effectively applicable for CA Intermediate. AS applicability for non-corporate entities began in April 2024 if they engaged in commercial activities. The scope of AS covers recognition, measurement, presentation, and disclosure, ensuring uniform accounting treatments and enhanced financial reporting.
CA Inter Advanced Accounting Marathon Explained
Here we are summarising the key aspects and important points for various Accounting Standards covered in this CA Inter Advanced Accounting Marathon, providing a quick reference for revision.
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CA Inter Advanced Accounting Marathon Explained |
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AS Number |
Topic |
Key Focus |
Important Points
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AS 1 |
Disclosure of Accounting Policies |
Disclosure of significant accounting policies; consistency; fundamental assumptions |
Policy changes disclosed with reasons and impact; assumptions include going concern, consistency, accrual |
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AS 2 |
Valuation of Inventories |
Inventory costing and NRV; cost components; exclusions |
Cost methods: specific identification, FIFO, weighted average; individual item basis valuation |
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AS 4 |
Contingencies & Events After BS |
Adjusting vs non-adjusting events; disclosure; impact on going concern |
Events between BS date and approval date; dividends recognized on declaration |
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AS 5 |
Net Profit/Loss & Changes |
Disclosure of ordinary, extraordinary, prior period items, and changes in accounting policies/estimates |
Separate disclosure to enhance transparency; changes in policy retrospective; estimate changes prospective |
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AS 7 |
Construction Contracts |
Percentage of completion method; contract revenue and costs; joint products; losses |
Revenue recognized by stage of completion; contract costs include direct and allocated expenses |
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AS 9 |
Revenue Recognition |
Conditions for recognizing revenue from goods, services, interest, royalties, dividends |
Risks & rewards transfer; agency relationships; consignment and subscription income; uncertainty postpones recognition |
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AS 11 |
Foreign Exchange Effects |
Initial and subsequent recognition of foreign currency transactions and forward contracts |
Monetary items revalued at BS date rate; optional capitalization of exchange differences related to depreciable assets |
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AS 12 |
Government Grants |
Recognition and presentation of grants related to assets and revenue |
Grants reduce asset cost or deferred income; revenue grants recognized over periods; refunds treated as extraordinary items |
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AS 17 |
Segment Reporting |
Identification and disclosure of business and geographical segments |
Materiality thresholds: 10% or more of total revenue, profit/loss, or assets; at least 75% of external revenue must be covered by reportable segments; inter-segment pricing policies disclosed |
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AS 18 |
Related Party Disclosures |
Identification and disclosure of related parties and transactions |
Includes key management personnel and relatives; excludes transactions without control or significant influence. Significant influence typically 20% or more voting power. |
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AS 19 |
Leases |
Classification into finance or operating leases; recognition of assets, liabilities, finance charges |
Finance lease if risks and rewards substantially transferred; present value of minimum lease payments used |
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AS 24 |
Discontinuing Operations |
Disclosure of operations discontinued or held for sale |
Defined by management plan; disclosure of assets, liabilities, results; rare application |
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AS 25 |
Interim Financial Reporting |
Preparation and presentation of interim financial reports |
Recognition and measurement consistent with annual statements; tax expense allocated based on estimated annual rates. Interim financial reports cover periods less than one year. |