Accounting Theory and Regulations – B.Com Semester | Calcutta University

Accounting Theory and Regulations by Dr. Gautam Chatterjee is a comprehensive, student-friendly and examination-oriented textbook specially designed for B.Com Semester VII, Major (Core) Paper 16 of the University of Calcutta. The book is prepared in accordance with the latest Curriculum and Credit Framework (CCF) 2022, following the academic framework of the National Education Policy (NEP) 2020.

The book provides a clear and systematic understanding of Accounting Theory, Accounting Standards and Regulations, combining conceptual explanations with practical illustrations, examples and problems. It is designed to help students understand not only how accounting practices are followed, but also the theoretical reasoning and principles behind them.

Key Topics Covered

The book comprehensively covers the major topics prescribed under the Calcutta University B.Com Semester VII Accounting Theory and Regulations syllabus, including:

• Introduction to Accounting Theory
• Relationship between Accounting Theory and Accounting Practice
• Inductive and Deductive Approaches to Accounting Theory
• Need and importance of studying Accounting Theory
• Generally Accepted Accounting Principles (GAAP)
• Capital and Capital Maintenance Concepts
• Relationship between Capital and Income
• Stock and Flow Concepts
• Limitations of Historical Cost Accounting
• Introduction to Fair Value Accounting
• Introduction to Accounting Standards
• Objectives, benefits and limitations of Accounting Standards
• Procedure for issuing Accounting Standards in India
• Need for global accounting standards
• Introduction to IFRS
• Applicability of Accounting Standards in India
• AS 1 – Disclosure of Accounting Policies
• AS 2 – Valuation of Inventories
• AS 13 – Accounting for Investments
• AS 16 – Borrowing Costs
• AS 3 – Cash Flow Statements
• AS 4 – Contingencies and Events Occurring After the Balance Sheet Date
• AS 5 – Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
• AS 9 – Revenue Recognition
• AS 14 – Accounting for Amalgamation

Why This Book is Useful for Students

Accounting Theory and Regulations presents complex accounting concepts in simple, student-friendly and examination-oriented language. Relevant illustrations, practical examples and problems are incorporated throughout the book to make the concepts easier to understand and apply in examinations.

The book covers the Accounting Standards prescribed in the syllabus with focused treatment of areas such as inventory valuation, investments, borrowing costs, cash flow classification, contingencies, accounting policies, revenue recognition and amalgamation.

Chapters Included

1. Introduction to Accounting Theory
2. Introduction to Accounting Standards
3. Disclosure of Accounting Policies – AS 1
4. Valuation of Inventories – AS 2
5. Accounting for Investment – AS 13
6. Borrowing Costs – AS 16
7. Cash Flow Statements – AS 3
8. Contingencies and Events Occurring After the Balance Sheet Date – AS 4
9. Net Profit or Loss for the Period, Prior Period Items and Change in Accounting Policies – AS 5
10. Revenue Recognition (Revised) – AS 9
11. Accounting for Amalgamation – AS 14
12. Accounting Standards – In Brief

Ideal For

This book is particularly suitable for:

• Calcutta University B.Com Semester VII students
• B.Com Major (Core) Paper 16 students
• Students preparing for Semester VII examinations
• Students studying Accounting Theory and Accounting Standards
• Students looking for an examination-oriented reference book
• Learners who want a concise and systematic understanding of Accounting Standards