Course Content:
Introduction to IAS & IFRS
· Development of Accounting and Financial Reporting
· Need for International Financial Reporting Standards
· Brief Overview on IASC, IASC Foundation
International Financial Reporting Interpretation Committee, IASB Staff
IAS-1: Presentation of Financial Statements
· Preparation of financial statements and reports
· Practical Problems.
IAS-2: Inventories
· Objective and Scope of IAS-2
· Methods of inventory valuation
· Accounting treatment and disclosure in financial statements.
IAS-33: Earnings per Share
· Objectives and Scope of IAS-33
· Key Concepts-Ordinary Share, Dilution, Potential Ordinary Share, Options, Warrants and Their
Equivalents,
· Presentation and Disclosure
· Practical Problems.
IFRS-3: Business Combination & Consolidations
· Identifying Business Combination
· Consolidated and Separate Financial Statements
· Consolidation Procedures
· Accounting for Investment in Subsidiaries
· Practical Problems
IFRS-8: Segment Reporting
· Objectives and Scope of IFRS-8
· Key Concepts- Reportable Segment
· Business Segment
· Geographical Segment Result
· Operating Activities
· Accounting Treatment
· Practical Problems.
IFRS-4: Accounting for Insurance Contracts
· Requirements of IFRS-4
· Definition of insurance contract
· Nature of insurance risk
· Disclosure Recruitments
· Practical Problems.
IAS-36: Impairment of Asset
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· Objectives and Scope of IAS-36, Key Concepts-Impairment Loss
· Recoverable Amount
· Fair Value Less Cost to Sell
· Accounting Treatment, Practical Problems
IAS-21: Foreign Exchange Transaction & Translation
· Elaboration and Definition of IAS-21
· Reporting of Foreign Currency and
· Functional Currency
· Use of Presentation Currency other than Functional Currency
· Tax Effect of all Exchange Differences
Practical Problems
IAS-32, 39/IFRS-7:Financial Instruments
· Definition
· Recognition and measurement