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Students of CPT level please note that Accounting Standard 6 – Depreciation Accounting has replaced with Newly Accounting Standard 10 (Property, Plant and Equipment). Therefore AS 6 will no more relevant and has to be ignored for Examination purpose. The change is in Section A: Fundamentals of Accounting
The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) wherein MCA has omitted AS 6, Depreciation Accounting and replaced AS 10 Accounting for Fixed Assets with newly notified AS 10, Property, Plant and Equipment. Consequently, we have revised the contents of Chapter 5 of Depreciation Accounting in the Study Material of Section A: Fundamentals of Accounting in line with the new Accounting Standard. Therefore, the students of CPT level who have either Nov. 2015 Edition or prior Edition of Fundamentals of Accounting Study Material are required to ignore Chapter 5“Depreciation Accounting” given in that material and are advised to read the updated chapter.
The students appearing for June, 2017 examination are advised to refer the revised Chapter 5 on Deprecation Accounting uploaded on the BoS Knowledge Portal of the Institute’s website at the below mentioned link: