Course

Unit 1

Introduction to IASB and IFRS:Accounting Standard – Need of Accounting Standard – International Accounting Standard –International Accounting Standard Committee – International Accounting Standard Board (IASB) – IAS vs IFRS – IFRIC and SIC Interpretations – Adoption Vs Convergence of IFRS – Road map for convergence – Roadmap for convergence of IFRS in India – Presentation and Profit – IAS 1, Presentation of financial statements – IFRS 15, Revenue from contracts with customers – IAS 8, Accounting policies, changes in accounting estimates and errors.

Unit 2

Accounting for Assets and Liabilities (Part -1): IAS 16, Property, plant and equipment – IAS 38, Intangible assets – IAS 40, Investment Property – IAS 36, Impairment of assets – IAS 23, Borrowing costs – IAS 20, Accounting for government grants and disclosure of government assistance – IAS 2, Inventories – IAS 17, Leases – IFRS 5, Non-current assets held for sale and discontinued operations.

Unit 3

Accounting for Assets and Liabilities (Part 2):IFRS 13, Fair Value Measurement – IFRS 32, Financial instruments – presentation – IFRS 9, Financial instruments – IFRS 7, Financial instruments: disclosures – IFRS 2, Share-based payment- IAS 37, Provisions, contingent liabilities and contingent assets – IAS 10, Events after the reporting period – IAS 19, Employee benefits – IAS 12, Income taxes

– IAS 41, Agriculture – IFRS 6, Exploration for and evaluation of mineral resources

Unit 4

Group Accounting: IFRS 10, Consolidated Financial Statements – IAS 27 (revised 2011), Separate financial statements – IFRS 3, Business Combinations – IAS 28 (revised 2011), Investments in associates and joint ventures – IFRS 11, Joint arrangements – IFRS 12, Disclosure of interests in other entities – IAS 21, The effects of changes in foreign exchange rates – IAS 29, Financial reporting in hyperinflationary economies

Unit 5

Disclosure of Standards: IAS 7, Statement of cash flows – IAS 24, Related party disclosures – IAS 33, Earnings per share – – IAS 34, Interim financial reporting – IFRS 4, Insurance contracts – IFRS 1, First- time adoption of IFRS – IFRS 8, Operating segments – IAS 26 Accounting and reporting of Retirement Benefit Plans – IFRS 36, Accounting for Impairment of Assets – IFRS 13, Fair Value Measurement – IAS 21 Effect of changes in Foreign Exchange Rates.

Course Objectives:

To introduce International Financial Reporting Standards (IFRS), aiming to equip students with the knowledge necessary for understanding financial statements prepared by internationally operating companies. It delves into the need for accounting standards and the role of the International Accounting Standards Board (IASB) in setting IFRS. Additionally, it explores core IFRS pronouncements covering the presentation of financial statements, accounting for various assets and liabilities, group accounting practices, and essential disclosures. Through understanding these areas, students will develop the skills to interpret and analyze financial statements prepared under IFRS.

Course Outcome:

The students will be able to:

CO1: Students will explore financial reporting standards and their impact on presentations and profits.

CO2: Apply accounting standards for property, plant & equipment, intangibles, investments, impairment, borrowing costs, government grants, inventories, leases & discontinued operations.

CO3: students will be able to understand how IFRS standards govern the accounting treatment for various financial instruments, liabilities, and specific asset types.

CO4: Students able to analyze and apply IFRS for group accounting, including consolidation, joint arrangements, and foreign currency impacts.

CO5: students will understand key disclosure requirements under IFRS for financial statements, related parties, and specific transactions.

Textbooks:

1. Deloitte – International Financial Reporting Standards (IFRS): Including IAS and Interpretations
2. Collings, Steven – IFRS for Dummies – John Wiley & Sons,

References:

1. Mirza, Abbas A., and Graham J. Holt – IFRS: Practical Implementation Guide and Workbook – John Wiley & Sons.
2. Silvia, Wayne, Jens Wüstemann, Jana Chládková – IFRS Primer: International GAAP Basics – John Wiley &
3. Gupta, Kamal, D.S. Rawat – Understanding IFRS Fundamentals: International Financial Reporting Standards – Taxmann Publications
4. Bragg, Steven M – IFRS Made Easy – John Wiley &