Accounting

Formulation of Accounting Standards: Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRSs; convergence v/s adoption; objective and concepts of carve outs.

Preparation and Presentation of Financial Statements: Framework for Preparation and Presentation of Financial Statements (as per AS).

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

Applications of Accounting Standards:
AS 17: Segment Reporting
AS 22: Accounting for Taxes on Income
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

Company Accounts
i. Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement,
ii. Profit (Loss) prior to incorporation;
Accounting for Special Transactions:
i. Investment
ii. Insurance claims for loss of stock and loss of profit
iii. Hire - purchase and Installment Sale Transactions

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

Partnership firms: 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.