Unit 1

International Financial Reporting Standards: Meaning of IFRS – relevance of IFRS to India; merits and limitations of IFRS; process of setting IFRS- Practical challenges in implementing IFRS; a brief theoretical study of International financial reporting standards (IFRS)1–15-List of International accounting standards issued by IASB.

Unit 2

Accounting for Assets and Liabilities Recognition criteria’s for Investment properties, Government grants, Borrowing costs, Construction contracts, share based payments, Provisions, Contingent liabilities and Contingent assets, Events occurring after the reporting period (Only Theory). Recognition and measurement for property plant and equipment, Intangible assets, Inventories, Leases and Impairment. Accounting for Income tax, Employee benefits. Simple problems

Unit 3

Presentation of Financial Statements: Outline for the preparation of financial statements – Statement of financial position; Comprehensive income statement; Statement of changes inequity (SOCE), IAS 18 – Revenue. Elements of financial statements as per IFRS – Non-current assets; current tassets; equity; non-current liability; current liability; revenue; cost of sales; distribution costs; administrative expenses; financial costs – profits attributable to owners of controlling interest and non-controlling interest – Practical problems on each element.

Unit 4

Accounts of Groups: Concept of group – need for consolidated financial statements – Preparation of consolidated financial statements – Procedure for the preparation of consolidated financial position statement – treatment of pre-acquisition profit; goodwill arising on consolidation; on-controlling interests at fair value – Practical problems.

Unit 5

Disclosure Standards Related party disclosure, Earnings per share, Interim financial reporting, Insurance contracts, Operating segments. (Theory Only).

Course Objective:
The objective of the subject is to enable the students to understand the need and method of presentation of financial statements in accordance with International Financial Reporting Standards.

Course Outcomes:

Skills Development

1. Conversion of final accounts to IFRS
2. Analysis of published financial statements for at-least 2 types of stakeholders
3. Comments for recent developments / exposure draft in IFRS
4. Preparation of notes to accounts for non-current assets
5. Assignment on social reporting
6. Preparation of Consolidated Financial Statement of any two existing companies.
7. Disclosure of change in equity in the annual reports of any two select companies.

1. IFRS: Student Study Guide – ISDC
2. A.L. Saini – IFRS for India – Snow White Publications
3. CA Shibarama Tripathy – Roadmap to IFRS and Indian Accounting Standards
4. IFRS Explained: A Guide to IFRS – BPP Publication
5. Kamal Garg – IFRS Concepts and Applications – Bharath Law House
6. Robert J Kirk – IFRS: A Quick Reference Guide –Elsevier