CS Executive · Corporate Accounting and Financial Management · Accounting Standards
Under the Accounting Standards applicable to companies not following Ind AS, which pair of standards deals with revenue and with government grants respectively?
AS 9 covers Revenue Recognition and AS 12 covers Accounting for Government Grants. The applicability list for companies not following Ind AS names them this way, so the pair in that order is AS 9 and AS 12. The other pairs cover different subjects.
- AAS 7 and AS 11
- BAS 9 and AS 12Correct
- CAS 2 and AS 10
- DAS 12 and AS 9
Explanation
The applicability list names AS 9 as Revenue Recognition and AS 12 as Accounting for Government Grants. Option D reverses the order, so it does not match 'revenue and grants respectively'. AS 7 is Construction Contracts, AS 11 is Foreign Exchange Rates, AS 2 is Inventories and AS 10 is Property, Plant and Equipment.
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