Ifrs

INTERNATIONAL FINANCIALREPORTING STANDARDS (IFRS)

IFRS

International Financial Reporting Standards (IFRS) are Standards,[1] Interpretations and the Framework[2][3] adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.

As you must be aware, The Indian Accounting Standards will soon be replaced by IFRS and the deadline for all Indian Corporates is April 2011.

Spectramind provides In-House training to corporates and open house training programs for company executives for IFRS. The training program will have two modules. A two-day and a five-day module.

The modules will be designed as per the requirement of the corporate for the in-house training program and as per the profile of the executives attending the open house training program for IFRS.

AIMS
• To develop candidates’ knowledge and understanding of International Financial Reporting
Standards (IFRS).
• To develop candidates’ ability to apply International Financial Reporting Standards (IFRS).
• To develop candidates’ understanding of the structure of the International Accounting
Standards Board (IASB) and the process by which it adopts its accounting standards.
LEARNING OUTCOMES
By the end of the Course students should be able to:
• Describe the structure and the processes followed by the International Accounting
Standards Board (IASB).
• Evaluate and apply relevant International Financial Reporting Standards (IFRS).
SYLLABUS TOPICS
The IAS Framework for the Preparation and Presentation of Financial Statements
On completion of this introduction you should be able to:
• Understand the nature and purpose underlying the international harmonisation of financial
reporting.
• Demonstrate knowledge of the regulatory and institutional structure within which the IASB
operates and of the major bodies within that structure.
• Understand the purpose and role of accounting standards.
• Understand the standard-setting process applied by the IASB.
• Understand the context for financial reporting.
lAS 1 Presentation of Financial Statements
On completion of this IAS you should be able to:
• Understand the main requirements of IAS 1 relating to the presentation of financial
statements.
• Distinguish between current and non-current assets and liabilities.
• Apply the requirements of IAS 1 in the preparation of financial statements.
IFRS 1 First Time Adoption of International Financial Reporting Standards
On completion of this IFRS you should be able to:
• Understand the disclosure requirements relating to IFRS 1.
IAS 2 Inventories
On completion of this IAS you should be able to:
• Demonstrate knowledge of the objectives and scope of IAS 2 – to prescribe the accounting
treatment for inventories.
• Demonstrate knowledge of the key terminology and definitions which relate to the
measurement of inventories.
• Understand the principles relating to the measurement of inventories.
• Apply this knowledge and understanding to particular situations.
IFRS 2 Share-based Payment
On completion of this IFRS you should be able to:
• Understand what a share-based payment is.
• Appreciate the nature of share-based payment.
• Understand the disclosure requirements relating to share-based payment.
IFRS 3 Business Combinations
Several standards cover the treatment of business combinations involving parent companies,
associate companies and joint ventures.
Related to this treatment includes changes in foreign exchange rates and financial reporting in
hyper inflationary economies.
On completion of these IAS you should be able to: apply the principles of the following
International Accounting Standards:
• IFRS 3 - Business Combinations
• IAS 27 - Consolidated and Separate Financial Statements
• IAS 28 - Investment in Associates
• IAS 31 - Interests in Joint Ventures
• IAS 21 - The Effects of Changes in Foreign Exchange Rates
• IAS 29 - Financial reporting in Hyperinflationary Economies
IFRS 4 Insurance
On completion of this IFRS you should be able to:
• Understand what an insurance contract is.
• Appreciate the nature of insurance risk.
• Understand the disclosure requirements relating to insurance contracts.
IFRS 5 Non-current assets held for sale and discontinued operations
On completion of this IFRS you should be able to:
• Understand what is meant by ‘non-current assets held for sale’ and ‘discontinued
operations.’
• Explain the treatment for discontinued operations in the financial statements.

IFRS 6 Exploration for and Evaluation of Mineral Resources
On completion of this IFRS you should be able to:
• Understand the recognition, measurement and disclosure requirements for mineral
resources.
• Understand the requirements for assessing the impairment of mineral resources.
IFRS 7 Financial Instruments: Disclosures
On completion of this IFRS you should be able to:
• Understand the additional new disclosures about financial instruments to those currently
incorporated by IAS 32.
• Appreciate that IFRS 7 replaces the disclosures now required by IAS 30.
IAS 7 Cash Flow Statements
On completion of this IAS you be able to:
• Demonstrate an understanding of the basic requirements relating to the preparation of cash
flow statements.
• Prepare a basic cash flow statement in accordance with the requirements of IAS 7.
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
On completion of this IAS you should be able to:
• Understand and apply the requirements of IAS 8 in relation to the selection of accounting
policies.
• Account for changes in accounting policies, estimates and corrections of prior period errors.
IAS 10 Events after the Balance Sheet Date
On completion of this IAS you should be able to:
• Understand and apply the requirements of IAS 10 in the preparation of financial statements.
IAS 11 Construction Contracts
On completion of this IAS you should be able to:
• Demonstrate knowledge of the objectives and scope of IAS 11.
• Demonstrate knowledge of the key terminology and definitions which relate to the valuation
of construction contracts.
• Demonstrate an understanding of the principles relating to the valuation of construction
contracts and the allocation of contract costs and revenues to accounting periods.
• Apply this knowledge and understanding in particular situations.
IAS 12 Income Taxes
On completion of this IAS you should be able to:
• Understand and apply the requirements of IAS 12 Income Taxes relating to Deferred Tax.
• Record entries relating to Deferred Tax in the accounting records.
IAS 14 Segment Reporting
On completion of this IAS you should be able to:
• Appreciate the additional tasks the Accountant may be called upon to perform by preparing
a Segmental Report in line with IAS 14.

IAS 16 Property, Plant and Equipment (PPE)
At the end of studying this IAS you should be able to:
• Demonstrate a knowledge of the objectives and scope of IAS 16.
• Demonstrate a knowledge of the terminology and definitions relating to PPE.
• Demonstrate an understanding of the key principles relating to the recognition, valuation
and depreciation of PPE.
• Understand and apply the provisions of IAS 16 to particular circumstances.
IAS 17 Leases
On completion of this IAS you should be able to:
Outline the principles and disclosure requirements of IAS 17
• Distinguish between an operating lease and a finance lease.
• Record both operating and finance leases in the books of the lessee.
IAS 18 Revenue
On completion of this IAS you should be able to:
• Define the meaning of revenue by demonstrating knowledge of the objectives and scope of
IAS 18.
• Demonstrate knowledge of the terminology and definitions which relate to revenue.
• Demonstrate an understanding of the key principles of revenue recognition.
• Apply the requirements of the standard to particular situations.
IAS 19 Employee Benefits
On completion of this IAS you should be able to:
• Explain and Apply the Provisions of IAS 19.
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
On completion of this IAS you should be able to:
• Understand the scope of IAS 20.
• Interpret the terminology and definitions which relate to the treatment of government
grants in financial statements.
• Understand the relating to the recognition and measurement of government grants.
• Demonstrate knowledge of the principal disclosure requirements of IAS 20.
• Apply knowledge and understanding of IAS 20 to particular circumstances.
IAS 23 Borrowing Costs
On completion of this IAS you should be able to:
• Demonstrate knowledge of the objectives and scope of IAS 23 Borrowing costs.
• Demonstrate an understanding of the principles relating to the treatment of borrowing
costs.
• Apply IAS 23 to practical situations.
IAS 24 Related Party Disclosures
On completion of this IAS you should be able to:
• Explain what is meant by a ‘related party transaction.’
• Discuss the requirements of the standard in respect of such transactions.

IAS 26 Accounting and Reporting by Retirement Benefit Plans
On completion of this IAS you should be able to:
• Understand the nature and scope of IAS 26.
• Interpret the terminology and definitions which relate to the financial statements of
retirement benefit plans.
• Understand and be able to: distinguish between defined contribution plans and defined
benefit plans.
• Demonstrate knowledge of the principal disclosure requirements of IAS 26.
IAS 32 Financial Instruments: Disclosure and Presentation
On completion of these IAS you should be able to:
• Demonstrate knowledge of the term financial instruments.
• Understand the main disclosure requirements for financial instruments under IAS 32.
IAS 33 Earnings per Share
On completion of this IAS you should be able to:
• Calculate the basic and diluted earnings per share figures using information from year end
financial statements.
IAS 34 Interim Financial Reporting
On completion of this IAS you should be able to:
• Understand the basic requirements of IAS 34 relating to the production and contents of
interim financial statements.
IAS 36 Impairment of Assets
On completion of studying this IAS you should be able to:
• Explain the meaning of impairment in relation to fixed assets.
• Define the key terms used in the standard.
• Understand and apply the requirements of the standard.
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
On completion of this IAS you should be able to:
• Understand and apply the requirements of IAS 37 in relation to the treatment of provisions,
contingent liabilities, and contingent assets.
• Define the meaning of provisions, contingent liabilities, and contingent assets.
.
IAS 38 Intangible Assets
On completion of this IAS you should be able to:
• Demonstrate knowledge of the objectives and scope of IAS 38.
• Demonstrate knowledge of the terminology and definitions which relate to intangible assets.
• Demonstrate an understanding of how to identify, measure, disclose and account for the
disposal of intangible assets.
• Understand and apply the provisions of IAS 38 in financial statements.
IAS 39 Financial Instruments: Recognition and Measurement
On completion of this IAS you should be able to:
• Understand how financial instruments are recognised, measured and presented in
accordance with IAS 39.
• Demonstrate knowledge of the implications of hedging financial instruments.

IAS 40 Investment Properties
On completion of this IAS you should be able to:
• Demonstrate knowledge of the types of properties that fall within the scope of IAS 40.
• Apply recognition and measurement criteria to investment properties.
• Understand the correct treatment on the change in use of an investment property.
• Demonstrate an understanding of and be able to: apply, the correct treatment on the
disposal of an investment property.
• Demonstrate knowledge of the disclosure requirements of IAS 40.
IAS 41 Agriculture
On completion of this IAS you should be able to:
• Understand the distinction between biological assets and agricultural produce.
• Demonstrate knowledge of the treatment of biological assets and agricultural produce.
• Deal with gains and losses on biological assets and agricultural produce.
• Account for government grants in the agricultural sector.
EXAMINATION FORMAT
A written, closed-book, three-hour examination will be given. The examination includes two
sections each of which contains three questions. Candidates will be required to answer twi
questions from each section. Section A includes questions of a quantitative nature; however,
each question also contains a short descriptive part. Section B includes theoretical questions.
Questions of Section A are for 30 marks each and questions of Section B are for 20 marks each.
READING LIST
International Financial Reporting Standards, Greenwood R & Eyles D, Sun Yat-sen University
Press, ISBN 7306026046
Email: moc.ediwdlrowaia|snoitacilbup#moc.ediwdlrowaia|snoitacilbup
Visit these websites for additional information:
www.iasb.org
www.iasplus.com
www.ifac.org


Registration Details

Course Fee:
Single Nomination:
400$

Course Dates, Venue & Timings:

Sl.No. State City Batch1-Date Batch1-Date Batch2-Date Batch2-Date Batch3-Date Batch3-Date Batch4-Date Batch4-Date Venue Contact
01 AP Hyderabad 2-May'11 6-May'11 7-JUN'11 10-JUN'11 2-JUL'11 6-JUL'11 2-Aug'11 6-Aug'11 Flat 617, Annapurna block, Aditya enclave, Ameerpet, Hyd-16 Jason-91-40-64568797
02 Delhi Delhi/Gurgaon/Noida 24-Apr'11 25-Apr'11 28-May'11 29-May'11 25-JUN'11 26-JUN'11 23-JUL'11 24-JUL'11 Orange Business services, Equant Solutions IndiaPvt. Ltd, Tower B, 8th Floor, DLF Infinity Tower -Phase II, DLF Cybercity, Sector 25, Gurgaon -122002, India Arun : 9810 328046
03 Karnataka Bangalore 7-May'11 8-May'11 4-JUN'11 5-JUN'11 2-JUL'11 3-JUL'11 6-Aug'11 7-Aug'11 DBS House 26, Cunningham Road ,Opp Indian Express Building, Bangalore - 560 052 Vijay : 96636 06107
04 Maharashtra Mumbai 21-May'11 22-May'11 18-JUN'11 19-JUN'11 16-JUL'11 17-JUL'11 20-Aug'11 21-Aug'11 DBS Heritage,Prescot Road,Opp. Cathedral Sr. School,Fort, Mumbai 400001. DBS Heritage (From Airport instruct the car / cab driver to drive to Fort, Fashion Street. It’s near Siddharth College, Budha Bhavan. Also there are schools like J. P. Pettit School & Cathedral Sr. School Mr.Vasudev
05 Maharashtra Pune 30-Apr'11 1-May'11 2-JUN'11 3-JUN'11 30-JUL'11 31-JUL'11 2-Aug'11 3-Aug'11 Hotel Raviraj , Deccan Gymkhana Mr.sameer
06 Tamilnadu Chennai 14-May'11 15-May'11 11-JUN'11 12-JUN'11 9-JUL'11 10-JUL'11 13-Aug'11 14-Aug'11 DBS House 31A, Cathedral Garden Rd ,Between Hotel Palmgrove and Valluvarkottam Nugambakkam,Chennai - 600034 Mr.Solomon
07 Westbengal Kolkata 30-Apr'11 1-May'11 2-JUN'11 3-JUN'11 30-JUL'11 31-JUL'11 2-Aug'11 3-Aug'11 DBS House 10/2, Hungerford Street,Opp. Exit Gate of Saturday Club,Kolkata - 700017 Mr.Sandeep
08 Kerala Trivandrum 21-May'11 22-May'11 18-JUN'11 19-JUN'11 16-JUL'11 17-JUL'11 20-Aug'11 21-Aug'11 DBS center Mr.Manoj
09 Kerala Cochin 24-Apr'11 25-Apr'11 28-May'11 29-May'11 25-JUN'11 26-JUN'11 23-JUL'11 24-JUL'11 DBS center Mr.Manoj
10 Tamilnadu Coimbatore 7-May'11 8-May'11 4-JUN'11 5-JUN'11 2-JUL'11 3-JUL'11 6-Aug'11 7-Aug'11 DBS center Mr.Balaji
11 Gujarat Baroda 2-May'11 6-May'11 7-JUN'11 10-JUN'11 2-JUL'11 6-JUL'11 2-Aug'11 6-Aug'11 DBS House Mr.Alok
12 Gujarat Ahmedabad 14-May'11 15-May'11 11-JUN'11 12-JUN'11 9-JUL'11 10-JUL'11 13-Aug'11 14-Aug'11 DBS center Mr.Alok

Contact Details:

Mr. Vijay Bhaskar Reddy

Mobile: 0 94400 89341

Phone: 040-6456 8797

Register Online: moc.snoitulosdnimartceps|ofni#moc.snoitulosdnimartceps|ofni
Email: ni.oc.oohay|pmpaqscyajiV#ni.oc.oohay|pmpaqscyajiV

Yahoo chat : Vijaycsqapmp
Google chat/Skype chat/AOL chat/ICQ chat : tiptopten2000
Hotmail/Live chat / Rediff chat : tiptopten

http://spectramindsolutions.com


Diploma in International Financial Reporting

Modern accountants are aware that the focus is shifting

from national to international standards. The ACCA Diploma in International Financial Reporting (DipIFR) will enable you to cross boundaries in an increasingly important field of accountancy. It is designed to develop knowledge of international standards. It provides an understanding of the concepts and principles which underpin them, and of their application in the international marketplace. This qualification is intended for professional accountants and auditors, working in practice and industry, who are qualified in accordance with national accounting standards. The Diploma can be studied as an open-learning course. It is assessed by a single three hour examination. ACCA has designed the programme to be flexible, so that the Diploma can be completed in three to six months.

Who is eligible for the DipIFR ?

Any accounting practitioner or auditor, qualified in accordance with national accounting standards or if you are a post graduate in commerce with 2 years experience in F& A department or a graduate in any stream with 3 years experience in F&A department is eligible to take the qualification.

The exams are held every June and December

Exam Fees

The following fees are applicable (and are subject to change without written notice) Registration fee (including one examination attempt)
£160 (including VAT)
Resit fee
£ 105 (if applicable)

ACCA Dip IFR Course Fees

Rs. 22060/- Course Fees are inclusive of study material and classroom coaching for 8-weekends, and Recap sessions, just prior to the exam.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License