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

AS 17: Segment Reporting

AS 22: Accounting for Taxes on Income

Company Accounts

1. Redemption of preference shares;
2. Redemption of debentures;
3. Accounting for bonus issue and right issue.
4. Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”.
5. Managerial Remuneration
6. Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement,
7. Profit (Loss) prior to incorporation;

Accounting for Special Transactions:

1. Investment
2. Insurance claims for loss of stock and loss of profit
3. Hire - purchase and Installment Sale Transactions

Special Type of Accounting

1. Departmental Accounting
2. Accounting for Branches including foreign branches
3. 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.