Indian Accounting Standards (Ind AS)

Ind AS 115 (Revenue from Contracts), Ind AS 36 (Impairment of Assets), Ind AS 16 (PPE), and Ind AS 2 (Inventories).

Target: EPFO APFC 2026•Topic-Level RAG Context Active•Model: Nemotron 3.5 Lightning 30B / 120B

Topic Overview

Ind AS 115 (Revenue from Contracts), Ind AS 36 (Impairment of Assets), Ind AS 16 (PPE), and Ind AS 2 (Inventories).

Key Syllabus Concepts

Ind AS 115: 5-step model for Revenue Recognition from Contracts with Customers
Ind AS 36: Impairment of Assets (Carrying Amount vs Recoverable Amount = Higher of Fair Value less cost to sell and Value in Use)
Ind AS 16: Property, Plant and Equipment (Cost model vs Revaluation model)
Difference between Indian GAAP (AS) and IFRS-converged Ind AS

High-Yield Important Points & Rules

💡 Under Ind AS 36, an asset is impaired when its Carrying Amount exceeds its Recoverable Amount.
💡 Ind AS 115 recognizes revenue when performance obligation is satisfied by transferring control of good/service to customer.

Historical UPSC EPFO PYQ Relevance

3 Matched PYQs

2025•EPFO APFC•General Ability Test• Q.1

Full Question

In the above passage there are four blanks Hy to numbered (1), (ii), (iii) and (iv). Select the option terce from those given below in which the most Nest. appropriate term has been used for each of the — blanks respectively : lay’s tury.

2025•EPFO APFC•General Ability Test• Q.2

Full Question

Which of the following sentences with respect 4, to the passage is/are correct ? 1. All rich western nations have been seeing an increase in emigration from Africa over the past few decades. 2. Over the past thirty-five odd years, the number of African origin people living outside Africa has gone up by a factor of three.

2025•EPFO APFC•General Ability Test• Q.3

Full Question

The fierce resistance to labour incursion into the West will temper emigration from Africa in the 215 century. Select the answer using the codes given below :

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