Financial Reporting I

Paper Code: 
24BCP411
Credits: 
06
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards (Ind AS) for deciding the appropriate accounting treatment and formulating suitable accounting policies and gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards (Ind AS) while preparing and presenting the financial statements 

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

title

24BCP411

Financial Reporting I (Theory)

 

CO 1Prepare and present Financial Statements in accordance with Indian Accounting Standards.

CO 2Integrate and solve problems on practical scenarios on Indian  Accounting Standards for deciding the appropriate accounting treatment and formulating suitable accounting policies as per IND AS 2,8,10,16,23,36,38,34,7.

CO 3Develop an understanding of Ind As addressing various issues of companies covering Ind AS 105, 19, 37,21,24,33,108.

CO 4Prepare accounts for Government Grants and Disclosure of Government Assistance” and Business Combinations (Ind AS).

CO 5Consolidate and Separate Financial Statements as per Ind AS

CO 6Contribute effectively in course specific interaction.

Approach in teaching:

Interactive Lectures, Discussions, Tutorials, Problem solving sessions, Presentations

 

Learning activities for the students:
Self-learning assignments, Case Study Analysis, Presentations, Group Discussions

 

Continuous Assessment Test, Semester End Examinations, Quiz, Solving Numerical Problems, Assignments, Class Presentations, Individual and group projects.

 

18.00
Unit I: 
Conceptual Framework
  • Introduction to General Purpose Financial Statements as per Indian Accounting Standard (Ind AS): Statutory provisions: Applicability criteria, Division II of Schedule III to the Companies Act, 2013 and Guidance Note thereupon
  • Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS)
  • Ind AS 34 “Interim Financial Reporting”
  • Ind AS 7 “Statement of Cash Flows”

 

18.00
Unit II: 
Indian AS I
  • Ind AS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”
  • Ind AS 10 “Events after the Reporting Period”
  • Ind AS 2 “Inventories”
  • Ind AS 16 “Property, Plant and Equipment”
  • Ind AS 23 “Borrowing Costs”
  • Ind AS 36 “Impairment of Assets”
  • Ind AS 38 “Intangible Assets”

 

18.00
Unit III: 
Indian AS II
  • Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”
  • Ind AS 19 “Employee Benefits”
  • Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets”
  • Ind AS 21 “The Effects of Changes in Foreign Exchange Rates”
  • Ind AS 24 “Related Party Disclosures”
  • Ind AS 33 “Earnings per Share”
  • Ind AS 108 “Operating Segments”

 

18.00
Unit IV: 
Business Combination
  • Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance”
  • Business Combinations (Ind AS 103)

 

18.00
Unit V: 
Consolidation of Accounts
  • Consolidated and Separate Financial Statements (it includes Ind AS 110, Ind AS 111, Ind AS 27, Ind AS 28, Ind AS 112)

 

Essential Readings: 

• Study Material Published by Institute of Chartered Accountants of India

References: 

SUGGESTED READINGS:
• Scanner-Arun Kumar (Suchitra Prakashan (P) Ltd)
• Financial reporting- M.P. VIJAYAKUMAR
• Financial Reporting: Sekar G(C Sitaraman Co Pvt Ltd)
• Financial Reporting: Praveen Sharam (Smart Teach Ltd)

E-RESOURCES:
• https://www.icai.org/post/final-nset
JOURNALS:
• The Chartered Accountant Journal /ICAI Student Journal

Academic Year: 
2024-2025
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