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Get CBSE Notes for Class 11 Accounts Chapter 2. Theory Base of Accounting: International financial reporting standards (IFRS) prepared by experts as per the latest NCERT syllabus and CBSE exam pattern. These concise and easy-to-understand notes cover important definitions, formulas, diagrams, and key concepts from the chapter to help students in quick revision and effective exam preparation. Whether you are studying for school tests, board exams, or competitive exams, these notes provide a reliable study resource. Designed in simple language with point-wise explanations, they save time and enhance learning efficiency. Download free PDF notes, explore solved examples, and strengthen your understanding of [Topic Name] for scoring high marks. Perfect for Class 11 students who want clear, structured, and exam-oriented notes for CBSE Accounts.
Characteristics of a Business Transaction :
1. It is concerned with money or money’s worth of goods or services.
2. It arises out of the transfer of exchange of goods or services.
3. It brings about a change in the financial position (assets and liabilities).
4. It has an effect on the accounting equation.
5. It has dual aspects or sides- ‘ receiving’ (Debit) and ‘giving’ (Credit) of the benefit.
Basis of Accounting:
(1) Cash basis
Under this entries in the books of accounts are made when cash id received or paid and not when the receipt or payment becomes due. For example, if salary Rs. 7,000 of January 2010 paid in February 2010 it would be recorded in the books of accounts only in February, 2010.
(2) Accrual basis
Under this however, revenues and costs are recognized in the period in which they occur rather when they are paid. It means it record the effect of transaction is taken into book in the when they are earned rather than in the period in which cash is actually received or paid by the enterprise. It is more appropriate basis for calculation of profits as expenses are matched against revenue earned in the relation thereto. For example, raw materials consumed are matched against the cost of goods sold for the accounting period.
Accounting Standards (AS):
“A mode of conduct imposed on an accountant by custom, law and a professional body.” – By Kohler
Nature of accounting standards:
Utility of accounting standards:
International Financial Reporting Standards (IFRS):
To maintain uniformity and use of same or single accounting standards, International Financial Reporting Standards (IFRS) are developed by International Accounting Standards board (IASB).
Objectives of IASB:
(i) To develop the single set of high quality global accounting standards so users of information can make good decisions and the information can be comparable globally.
(ii) To promote the use of these high quality standards.
(iii) To fulfill the special needs of small and medium size entity by following above objectives.
Meaning of IFRS:
IFRS is a principle based accounting standards. IFRS are a single set of high quality accounting Standards developed by IASB, recommended to be used by the enterprises globally to produce financial statements.
Benefits of IFRS:
(i) Global comparison of financial statements of any companies is possible
(ii) Financial statements prepared by using IFRS shall be better understood with financial statements prepared by the country specific accounting standards. So the investors can make better decision about their investments.
(iii) Industry can raise or invest their funds by better understanding if financial statements are there with IFRS.
(iv) Accountants and auditors are in a position to render their services in countries adopting IFRS.
(v) By implementation of IFRS accountants and auditors can save the time and money.
(vi) Firm using IFRS can have better planning and execution. It will help the management to execute their plans globally.
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Ace your exams with CBSE Notes for Class 11 Accounts chapter 2. Theory Base of Accounting: International financial reporting standards (IFRS). These notes provide a clear explanation of important concepts, formulas, diagrams, and solved examples from the NCERT syllabus. Specially designed for Class 11 students, the notes are structured in a simple, point-wise manner to make revision quick and effective. Whether you are preparing for school tests, board exams, or competitive exams, these Accounts notes will boost your confidence and save valuable study time. You can also download Accounts class 11 chapter 2. Theory Base of Accounting free PDF notes for offline learning. With easy-to-grasp language, exam tips, and well-organized content, these CBSE Accounts notes on chapter 2. Theory Base of Accounting – International financial reporting standards (IFRS) are the perfect study companion for scoring high marks and mastering the subject.
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