Best Dip IFRS Certification Course held by ConTeTra in Mumbai

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If you are interested in building a career in the accounting domain, you need to enroll in ConTeTra Universal IFRS certificate program. One of the important tasks of an accountant is preparing financial statements based on the latest accounting standards.Batch starts from 3 August Onwards.

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ConTeTra Universal LLP:

ConTeTra Universal LLP Consulting, Content, Technology, Training PRESENTATION OF FINANCIAL STATEMENTS IAS 1

Agenda:

Agenda Objective and scope 1 2 General features and considerations 3 GAAP Differences

Objective and scope:

Objective and scope

Objective and scope:

Objective and scope The Standard sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content Objective of IAS 1 is: To ensure comparability With entity’s financial statements of previous periods; and With the financial statements of other entities Scope: Applicable for general purpose financial statements in accordance with IFRS: To all profit oriented entities All financial statements including interim financial statements EXCEPT condensed financial statements (Covered by IAS 34) Consolidated financial statements Separate financial statements

General features and considerations:

General features and considerations

General features:

General features Going concern FINANCIAL STATEMENT Accrual basis of accounting Materiality and aggregation Offsetting Consistency Comparative information Compliance with IFRSs Fair presentation

Accrual basis of accounting:

Accrual basis of accounting Financial statements except for cash flow statements should be prepared on accrual basis Assets, liabilities, equity, income and expenses recognized when the definitions and recognition criteria in the Framework are met

Materiality and aggregation:

Materiality and aggregation Separate presentation of material items of dissimilar nature or function Separate presentation Aggregation Separate presentation after aggregation Immaterial items need not be presented separately, aggregate with amounts of similar nature or function If sufficiently material after Aggregation, separate presentation in notes required

Offsetting:

Offsetting Items of income and expense – not to be offset unless: Offsetting Required or permitted by IFRS Required or permitted by IFRS Assets and liabilities - not to be offset unless: Gains, losses and related expenses arising from the similar items are not material

Consistency in presentation:

Consistency in presentation Change will result in more appropriate presentation Retain the same presentation unless: Change required by an IFRS

Compliance with IFRS:

Compliance with IFRS “Explicit and unreserved statement of compliance” Compliance with all IFRSs Disclose application of IFRSs before effective date Inappropriate accounting treatments cannot be rectified by disclosure

Fair presentation:

Fair presentation in extremely rare scenario: “Departure from IFRS is permitted, when compliance with an IFRS is misleading" Requires comprehensive disclosures for such deviation Achieved by appropriate application of IFRS Only if local regulator allows It means ‘faithful representation’ of: effects of transactions events and conditions in accordance with recognition criteria set out in the framework.

Differences between Indian GAAP, IFRS & Ind AS:

Differences between Indian GAAP, IFRS & Ind AS

Differences between Indian GAAP, IFRS & Ind AS:

Differences between Indian GAAP, IFRS & Ind AS Particulars Indian GAAP IFRS Ind AS Format for presentation of financial statements Schedule III of Companies Act 2013 provides all the components and a specific format for the presentation of financial statements. IFRS does not prescribe any specific format for the presentation of financial statements. However. it provides the minimum items to be presented on the face of the statement. Revised schedule III provides specific format for the presentation of financial statements under Ind AS Concept of OCI As per Schedule III of the Companies Act 2013, there is no concept of OCI under Indian GAAP. IFRS introduces the concept of other comprehensive income, which requires all changes in equity (other than those attributable to transactions with owners) to be presented as part of the statement of profit or loss as a separate component titled ‘Other comprehensive income. Similar to IFRS Presentation of single or separate statement (profit or loss and OCI) Under Indian GAAP, the concept of OCI does not exist and thus only one statement of profit and loss is prepared. IFRS allows the statement of profit or loss account to be presented either as one statement or as two statements. Ind AS allows only the single statement approach.

Differences between Indian GAAP, IFRS & Ind AS:

Differences between Indian GAAP, IFRS & Ind AS Particulars Indian GAAP IFRS Ind AS Statement of changes in equity There is no requirement of presenting “Statement of changes in equity” under Indian GAAP. IFRS requires the statement of changes in equity to be presented as a separate statement. Schedule III Division II requires the statement of changes in equity to shown as a part of the balance sheet Current / non-current liability Breach of loan covenants Generally, in case of minor breach of loan covenants, where banks generally do not demand the loan is classified as non-current. Not considered as adjusting event and loan is considered as current minor if the liability becomes payable on demand on breach of loan The liability can be classified as non-current if the lender as agreed before the end of reporting period to provide grace period of minimum 12 months after the reporting period within which the breach can be rectified and lender cannot demand immediate payment. Considered as adjusting event and loan may be still be classified as non-current if bank waives off breach before the date of approval of financial statements. Classification of expenses Classification of expenses is allowed nature only. Classification of expenses is allowed e ither by nature or by function. However, if expense classification is presented by function then disclosure to be given for classification by nature in the notes. Similar to IGAAP (Classification by nature only)

Differences between Indian GAAP, IFRS & Ind AS:

Differences between Indian GAAP, IFRS & Ind AS Particulars Indian GAAP IFRS Ind AS Extraordinary item Extraordinary items are required to be disclosed separately in the profit and loss account in a manner that their impact on current profit or loss can be recognized. IFRS specifically prohibits presentation of any item of income or expense as an ‘extraordinary' item Similar to IFRS Periodicity Indian GAAP does not permit such 52 week periodicity. IAS 1 permits the periodicity, for example, of 52 weeks for preparation of financial statements. Ind AS 1 does not permit such 52 week periodicity. Presentation of financial statements Schedule III requires any item of expenditure which exceeds one percent of the revenue form operations or Rs. 1,00,000, whichever is higher to be disclosed separately. No such monetary limit is specified for IFRS financial statements. Schedule III Div. I requires any item of expenditure which exceeds one percent of the revenue form operations or Rs. 10,00,000, whichever is higher to be disclosed separately.

Differences between Indian GAAP, IFRS & Ind AS:

Differences between Indian GAAP, IFRS & Ind AS Particulars Indian GAAP IFRS Ind AS Capital Management Currently, there are no disclosures requirements enable with regards to capital management IAS requires disclosures that would enable users of the financial statements to evaluate the company’s objectives, policies and processes for managing capital. Similar to IFRS Judgement and estimate There are no specific disclose requirements for judgements used by management in preparing financial statements. IFRS requires a company to disclose judgements and estimates that management has made in the process of applying the company's accounting policies and that have significant effect on the amounts recognized in the financial statements. Similar to IFRS Nomenclature Balance sheet, statement of profit and loss Generally statement of financial position, statement of profit or loss and other comprehensive income, Balance sheet, statement of profit and loss

Program Schedule:

Program Schedule DATE : Weekend   batch starting from  03   AUG   2019 9.00 AM – 6.00 PM (10 days ) Venue: PICK YOUR PREFFERED LOCATION 165, Satra Plaza, Palm Beach Road, Sector 19D, Vashi , Navi Mumbai – 400703 101 Silver Metropolis, 1st Floor, Western Express Highway, Goregaon , Mumbai

Visit Us:-:

Visit Us:- Phone:   + 91 8291862829 Email: tausif.sayyed@contetra.com Website: http:// contetra.com/home/training/diploma-in-ifrs- training / YouTube Channel: https://goo.gl/6wEF3H Thank You…!!!

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