DK Goel Class 11 Accountancy Solutions: Chapter 5 Overview

Important Topics Class 11 Accountancy DK Goel solution Chapter 5

Class 11 DK Goel solutions accounting standards and international financial reporting standards are drafted by authorities and teachers in Accountancy to provide the latest and important resource for commerce students. Solutions for all the chapters are explained in a very systematic manner so that students can easily follow and understand the solutions.

The main objective of accounting standards and international financial reporting standards is to summarise the financial status of a business enterprise in monetary terms. To compare the financial position of different enterprises, there needs to be a consistent method of preparation of financial statements across all companies. 

What are the International Financial Reporting Standards (IFRS)?

International Financial Reporting Standards (IFRS) started in the European Union, aiming to make business affairs and accounts obtainable across the region, soon the idea expanded globally. IFRS is a set of rules from the regulatory accounting bodies (like ICAI) that are to be followed while preparing and presenting financial statements. Accounting Standards also ensure the authenticity of the information contained in the Financial Statements of the business enterprise. 

International Financial Reporting Standards covers a wide range of accounting activities like a statement of financial position, statement of comprehensive income, statement of changes in equity, etc. IFRS Standards are set by the IFRS Foundation’s regulation body, the International Accounting Standards Board.

To ensure transparency whenever they issue an IFRS Standard or an IFRIC Interpretation, they publicly broadcast live from the main office the meetings, publish agenda papers, and also receive comment letters for the consultation documents.

The Main Goals of the International Financial Reporting Standards are:

• To bring clarity and transparency in preparing and presenting financial statements by improving the quality of financial information, allowing investors to make informed economic settlements.

• IFRS Standards help to increase economic efficiency by identifying opportunities and risks across the world for investors. The use of a single commissioned accounting language also helps to lower the per capital cost and reduces international reporting costs for business.

• IFRS also helps in reducing the information gap among the providers of funds and the bodies to whom they have trusted their capital. 

IFRS is a not-for-profit organization authorized to assist the public interest. The governance structure of IFRS is created to assure that the standards are independent and not influenced by any monetary interest or any stakeholder groups.

Preparation Tips DK Goel Class 11 Accountancy Chapter 5

To prepare international financial reporting standards (IFRS) for your examinations, follow these tips given below.

• Since this chapter is mostly theoretical, go through the NCERT or prescribed book by your board for basic definitions first and then revise the important questions from Class 11 Accountancy solutions Chapter 5 DK Goel.

• Go through the frequently asked questions in examinations, importantly the advantages and disadvantages, features, and importance of different topics.

• Prepare a study plan for each topic, numerical, and theories separately.

• Ensure you revise every important topic before the examination. Always perform written practice, it helps you to memorize the concepts easily.

• This is a theoretical concept, so to understand this chapter properly we will suggest you try visualizing the answers and concepts in your head, in that way you can understand the subject clearly.

Class 11 Accountancy solutions Chapter 5 DK Goel provides numerous concepts related to accounting standards and international financial reporting standards and helps learners to excellently prepare and revise for their examination. The Accountancy syllabus for standard 11 is quite lengthy and the curriculum is quite conceptually rich. 

All the students need to practice regularly to score well in this subject. And to do so, the answers provided in this book are considered to be the best solutions for preparing for Accountancy, from basic definitions to difficult numerical, it provides brief and self-explanatory solutions in a simplistic language.

Few Points That Students Should Consider Before Using Reference Books For Exam Preparation

• The reference books can provide students with additional information that might help them in answering a few of the questions that may appear in the examinations.

• DK Goel Solutions can help the students in acquiring a detailed understanding of the concepts related to Finance and Accountancy and help them to strengthen their foundational knowledge of the subject.

• Since the concept and the subject are very new to the students of class 11, the students may come across some questions in the practice set that are very difficult to answer. To make their task easier, Vedantu is offering the DK Goel Solutions that include all the solved equations and questions so that the students do not need to waste their time seeking expert guidance from their mentors.

• The answers that are provided in the reference books are the best way to verify the correctness of the answers found out by the students.

• Practising the sample question papers will increase their speed of solving the mathematical equations.

• The more they will practice the more they can memorize the formulations and equations of mathematics.

• The more the students will gain the confidence of solving difficult problems the more they will find the subject very interesting and the more they will invest their time in attempting more and more questions that will only help them to be more confident. The students can easily register for the free classes on the Vedantu website for free and can communicate with the trainers to clarify their doubts.