B.Com 5th Sem International Financial Reporting Standards Questions and Answers
Unit 1 International Financial Reporting Standards
- International Financial Reporting Standards Very Short Answer Questions
- International Financial Reporting Standards Short Answer Questions
- International Financial Reporting Standards Long Answer Questions
Unit 2 Accounting for Assets and Liabilities
- Accounting for Assets and Liabilities Very Short Answer Questions
- Accounting for Assets and Liabilities Short Answer Questions
- Accounting for Assets and Liabilities Long Answer Questions
Unit 3 Presentation of Financial Statements
- Presentation of Financial Statements Very Short Answer Questions
- Presentation of Financial Statements Short Answer Questions
Unit 4 Accounts of Groups
Unit 5 Disclosure Standards
B.Com 5th Sem International Financial Reporting Standards Syllabus
Unit-I (5Hrs)
International Financial Reporting Standards: Meaning of IFRS – relevance of IFRS to India; merits and limitations of IFRS; the process of setting IFRS- Practical challenges in implementing IFRS; a brief theoretical study of International financial reporting standards’ (IFRS) 1. 15 – List of International accounting standards issued by IASB.
Unit-II (25Hrs)
Accounting for Assets and Liabilities: Recognition criteria for Investment
properties, Government grants, Borrowing costs, Construction contracts, share-based payments, Provisions, Contingent Liabilities, and Contingent assets, Events occurring after the reporting period (Only Theory). Recognition and measurement for property plant and equipment, Intangible assets, Inventories, Leases and Impairment. Accounting for Income tax, Employee benefits. – Simple problems.
Unit-III (8Hrs)
Presentation of Financial Statements: Outline for the preparation of financial statements – Statement of financial position; Comprehensive income statement; Statement of changes in equity (SOCE), IAS 18. Revenue. Elements of financial statements as per IFRS. Non-current assets; current assets; equity; non-current liability; current liability; revenue; cost of sales; distribution costs; administrative expenses; financial costs, profits attributable to owners of controlling interest and non-controlling interest. Practical problems on each element.
Unit-IV (12Hrs)
Accounts of Groups: Concept of the group, need for consolidated financial statements – Preparation of consolidated financial statements. Procedure for the preparation of consolidated financial position statement, treatment of pre-acquisition profit; goodwill arising on consolidation; on-controlling interests at fair value. Practical problems.
Unit-V (6Hrs)
Disclosure Standards Related party disclosure, Earnings per share, Interim financial reporting, -Insurance contracts, Operating segments. (Theory Only).