Accounting

I
1. Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRSs; convergence vs adoption; objective and concepts of carve outs.
2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards).
3. Applications of Accounting Standards:
AS 1 : Disclosure of Accounting Policies
AS 2 : Valuation of Inventories
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 10: Property, Plant and Equipment
AS 11: The Effects of Changes in Foreign Exchange Rates
AS 12: Accounting for Government Grants
AS 13: Accounting for Investments
AS 16: Borrowing Costs
AS 17: Segment Reporting
AS 22: Accounting for Taxes on Income

II
4. Company Accounts
(i) Redemption of preference shares;
(ii) Redemption of debentures;
(iii) Accounting for bonus issue and right issue.
(iv) Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”.
(v) Managerial Remuneration
(vi) Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement,
(vii) Profit (Loss) prior to incorporation;

III Accounting for Special Transactions:
(i) Investment
(ii) Insurance claims for loss of stock and loss of profit
(iii) Hire - purchase and Instalment Sale Transactions

IV Special Type of Accounting
(i) Departmental Accounting
(ii) Accounting for Branches including foreign branches
(iii) Accounts from Incomplete Records

V Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.