Advanced Financial Accounting and Reporting

ICWA :: Final
Paper 16 : Advanced Financial Accounting & Reporting
[One Paper: 3 hours:100 marks]

Objective . . .

•	To gain expert knowledge of the professional standards, principles and procedures developed globally
•	by and their application to different practical situations
•	To understand the scope and quality of external reporting and its use in published accounts

1.	Introduction to IAS, US GAAP, Indian Accounting Standards	15%
	• GAAP in India • US GAAP- Statements and Standards, hierarchy of US GAAP • International Accounting Standards • Relative view of AS (India), IAS and US GAAP on different issues
2.	Preparation of Company Accounts under various circumstances	20%
	• Relevant Terms • Types of Mergers, methods of accounting • Treatment of Goodwill arising on Merger. • Purchase Consideration and Settlement. • Accounting in the books of vendor / transferor company. • Accounting for investment in subsidiary. • Accounting of holding companies • Consolidation of financial statements. • Corporate Financial restructuring • Accounting standards relevant to these concepts.
3.	Group Financial Statements	25%
	• Holding company, Subsidiary Company and Associate company • Consolidated Income Statement, Balance Sheet and Cash Flow Statements for Group of companies • Concept of fair value at the time of acquisition • Impact on group financial statements at the point of acquisition • Compare and contrast acquisition and equity methods of accounting • Reconstruction schemes , De-merger • Preparation and interpretation of segmental analysis, inter-firm comparisons
4.	Segment Reporting	10%
5.	Developments in External Reporting	20%
	• Applicability of a particular accounting standard. • Interpretation of various accounting standards. • Scope of accounting standards. • Compliance with the Accounting Standards. • Annual Reports – Statutory Requirements and External reports • Preparation of Financial information in the Annual Reports • External Reporting under capital market regulations • Disclosure of post Balance Sheet events. • Financial Reporting across the world • Exposure to reporting under US and UK laws • IFRS requirements for reporting
6.	Government Accounting in India	10%
	• General Principles. • Comparison with commercial accounting. • Role of the Comptroller and Auditor General of India. • Role of the Public Accounts Committee. • Review of accounts.