ADVANCED ACCOUNTING I

Paper Code: 
BCP 211
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Upon successful completion, students will have the knowledge and skills to:

CO 39:Analyze the regulatory environment in which the financial statements are prepared and presented. Compare and contrast Ind ASs (IFRS converged standards) and IFRSs

CO 40:Examine the advanced issues in accounting for inventories, cash flow statements, property plant and equipment.

CO 41:Examine the advanced issues in accounting for assets, Foreign Exchange Rates and Government Grants and Investments, Borrowing costs

CO 42:Analyze the accounting requirements for a corporate group and construction of company accounts.

CO 43:Preparation of company accounts for recording issue of shares and prior period adjustments

CO 44:Prepare accounts for special transactions, investment, Insurance, Hire- purchase and Installment sale transactions and from incomplete records.

Interactive Lectures, Discussion, Tutorials, assignments. Self-learning assignments, Effective questions, giving tasks, Solving numerical problems

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual projects

 

18.00
Unit I: 
  • Process of formulation of Accounting Standards including Indian Accounting Standards (IFRS converged standards) and IFRSs; Convergence vs. Adoption; Objective and Concepts of carve outs.
  • Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards).
  • Applicability of Accounting Standards to various entities.
  • Application of Accounting Standards:  AS 1 Disclosure of Accounting Policies,  AS 2 Valuation of Inventories, AS 3 Cash Flow Statements

 

18.00
Unit II: 
  • 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

 

18.00
Unit III: 
  • AS 12 Accounting for Government Grants
  • AS 13: Accounting for Investments
  • AS 16: Borrowing Costs
  • Company Accounts (i) Schedule III to the Companies Act, 2013 (Division I) (ii) Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement

 

18.00
Unit IV: 
  • (iii) Buy back of securities (iv) Accounting for reconstruction of companies
  • AS 14 Accounting for Amalgamations (excluding inter-company holdings)

 

18.00
Unit V: 
  • Accounting for Branches including foreign branches

 

Essential Readings: 

Study Material Published by Institute of Chartered Accountants of India

References: 

• AMukharjee,MHanifModern Accountancy ,Tata Mc- Graw-Hill
• Tulsian P.C.Accountancy, Tata Mc- Graw-Hill
• ArunKumar.Scanner, Suchitra Prakashan (P) Ltd

E-RESOURCES:
https://www.icai.org/post.html?post_id=17757
JOURNALS:
The Chartered Accountant Journal /ICAI Student Journal

Academic Year: 
2023-2024
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