IFRS IS FUTURE OF ACCOUNTING IN INDIA. LEARN IND AS / IFRS THROUGH JS's COE

“Introduction to IFRS / Ind AS”

What is IFRS ?

Introduction to IFRS / Ind AS 2

International Financial Reporting Standards (IFRS) is a single set of GLOBAL accountingstandards, developed and maintained by the International Accounting Standards Board (IASB).

IFRS are now mandated for use by more than 100 countries, including the European Union, India ..etc.

IFRS

Major global associations of

securities exchanges

Number of member exchanges Number of domestic listed

companies

Number of companies using

IFRS

World Federation of Exchanges 58 43,406 21,534

Federation of European and

Asian Stock Exchanges27 4,412 3,550

Totals 85 47,818 25,084

Per cent 100% 52.50%

Application of IFRS Globally

Facts as on December 2015

What is IFRS ?


Standards

IAS

International

Accounting Standards

IFRS

International Financial Reporting Standards

IFRICs

IFRS Interpretations

SICs

Interpretations

What is Ind AS ?


Ind AS = IFRS-converged Indian Accounting Standards notified by Ministry of Corporate Affairs.

MCA notification dated February 16, 2015 lays down Companies (Indian Accounting Standards)Rules, 2015 (Ind AS).

Latest Amendment - Companies (Indian Accounting Standards) Amendment Rules, 2016 videnotification dated March 30, 2016.

Ind AS

3 Roadmaps are issued for applicability of Ind AS in INDIA

For Companies other than

banks, NBFCs and Insurance

Companies

For NBFCsFor banks and Insurance

Companies

1 2 3

What is Ind AS ?


Standards

Ind AS

Indian Accounting Standards

Ind AS Applicability For Companies other than banks, NBFCs and Insurance Companies


Roadmap

FY 2015-16 FY 2016-17

Comparative Year 1st Ind AS FY

Transition date

(1st April 2015)

All companies (listed or unlisted) having net worth of more

than 500 crores

Holding, subsidiary, JV or associate companies of aforesaid

companies

Ph

ase

I

Ind AS Applicability For Companies other than banks, NBFCs and Insurance Companies


Roadmap

Ph

ase

II

FY 2016-17 FY 2017-18


Transition date

(1st April 2016)

All listed companies (other than those already covered in Phase I)

Unlisted companies with net-worth of Rs. 250 Crores or more.


companies

Ind AS Applicability For NBFCs


Roadmap

FY 2017-18 FY 2018-19


Transition date

(1st April 2017)

All NBFCs (listed or unlisted) having net worth of more than

500 crores


companies

Ph

ase

I

Ind AS Applicability For NBFCs


Roadmap

Ph

ase

II

FY 2018-19 FY 2019-20


Transition date

(1st April 2018)

All listed NBFCs(other than those already covered in Phase I)

Unlisted NBFCs with net-worth of Rs. 250 Crores or more.


companies

Ind AS Applicability For Scheduled Commercial Banks (Excluding RRBs) & Insurance companies


RoadmapAll scheduled commercial banks (Excluding RRBs).


banks.

All Insurance Companies / Insurers

FY 2017-18 FY 2018-19


Transition date

(1st April 2017)


Is Ind AS / IFRS future of Accounting ?

How is IFRS / Ind AS different from IGAAP?


New ConceptsGlimpse of New Concepts in IFRS

Financial Instruments:A financial instrument is any contract that gives rise to a financial asset of one entity and a

financial liability or equity instrument of another entity. Examples of financial Instruments –

Loans from Banks, Security deposits, Loans to Employees, Loans to directors, any other assets /

liabilities which give contractual right to receive cash / pay cash.. etc.

Investment Property:Investment property is property (land or a building—or part of a building—or both) held (by the

owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both,

rather than for: (a) use in the production or supply of goods or services or for administrative

purposes; or (b) sale in the ordinary course of business. Examples of Investment property – land

held for long-term capital appreciation rather than for short-term sale in the ordinary course of

business, … etc

Provision for Constructive obligation:A constructive obligation is an obligation that derives from an entity’s actions where: (a) by an

established pattern of past practice, published policies or a sufficiently specific current statement,

the entity has indicated to other parties that it will accept certain responsibilities; and (b) as a

result, the entity has created a valid expectation on the part of those other parties that it will

discharge those responsibilities..

What can JS CoE offer you?


Our Courses JS’s Foundation to IFRS / Ind AS (Online live batch):

Appropriate for those who are looking for basics understanding of IFRS / Ind

AS.

Fees – Rs. 6,000

Duration – 48 Hrs (12 Days – 4 Hrs each day)

Mode – Online Live Batch

Class days – Saturday

Class timings – 9:30 AM to 1:30 PM

JS’s Foundation to IFRS / Ind AS (Live face to face batch):

Appropriate for those who are looking for basics understanding of IFRS / Ind

AS.

Fees – Rs. 10,000

Duration – 48 Hrs (12 Days – 4 Hrs each day)

Mode – Live face to face Batch

Class days – Saturday

Class timings – 5:00 PM to 9:00 PM

What can JS CoE offer you?


Our Courses JS’s Preparation for ACCA DipIFRS Course (Online Live Batch):

Appropriate for those who want to appear for ACCA DipIFRS course.

Fees – Rs. 12,000 /-

Duration – 80 Hrs

Mode – Online Live Batch

Class days – Sunday

Class timings – 9:30 AM to 1:30 PM

JS’s Preparation for ACCA DipIFRS Course (Live Face to Face Batch):

Appropriate for those who want to appear for ACCA DipIFRS course.

Fees – Rs. 18,000 /-

Duration – 80 Hrs

Mode – Live face to face Batch

Class days – Sunday

Class timings – 4:00 PM to 9:00 PM

Detailed understanding on following topics

Introduction to IFRS / Ind AS

IAS 1- Presentation of Financial Statements

IAS 8- Accounting policies, changes in accounting estimates and

errors

IAS 16- Property, plant and equipment

IAS 38- Intangible assets

IAS 40- Investment property

IAS 23- Borrowing costs

IAS 36- Impairment of assets

IFRS 5- Non current assets held for sale and discontinued

operations

IAS 12- Income Taxes

IAS 37- Provisions, Contingent Liabiliies and Contingent Assets

Financial Instruments

Consolidation

IAS 21- The effects of changes in foreign exchange rates

IAS 19- Employee benefits

IFRS 13- Fair Value measurement

IFRS 15- Revenue from Contracts with Customers

IAS 17- Leases

IAS 2- Inventories

JS’s CoE – Foundation to IFRS / Ind AS


Topics CoveredQuick Differences between existing Indian GAAP

and IFRS for following topics

IAS 20- Accounting for government grants and

Disclosure of government assistance

IFRS 2- Shared Based payment

IAS 34- Interim financial reporting

IFRS 8- Operating segments

IAS 24 Related Party

IAS 33- Earnings per share

IAS 10- Events after the reporting period

EXCELLENCEis not a SKILL

it is an

ATTITUDE

JS’s CoE – Preparation for ACCA DipIFRS Course


Topics Covered Detailed study of following topics with practical application questions

Introduction to IFRS IAS 37- Provisions, Contingent Liabiliies and Contingent

Assets

IAS 1- Presentation of Financial Statements IAS 38- Intangible assets

IAS 2- Inventories IAS 40- Investment property

IAS 8- Accounting policies, changes in accounting estimates

and errors

IAS 41- Agriculture

IAS 10- Events after the reporting period Consolidation (including Practice session on

consolidation)

IAS 12- Income Taxes Financial Instruments

IAS 16- Property, plant and equipment IFRS 1- First time adoption of IFRS

IAS 17- Leases IFRS 2- Shared Based payment

IAS 19- Employee benefits IFRS 5- Non current assets held for sale and discontinued

operations

IAS 20- Accounting for government grants and Disclosure

of government assistance

IFRS 6- Exploration for and evaluation of mineral

resources

IAS 21- The effects of changes in foreign exchange rates IFRS 8- Operating segments

IAS 23- Borrowing costs IFRS 13- Fair Value measurement

IAS 24 Related Party IFRS 15- Revenue from Contracts with Customers

IAS 33- Earnings per share IFRS for SME's

IAS 34- Interim financial reporting

IAS 36- Impairment of assets Journey to

EXCELLENCE begins…

How do you contact us ?


Contact Us

JS’s Centre of Excellence

Email – [email protected]

Contact No. – +91 9650 767 751

mailto:[email protected]

Education

IFRS IS FUTURE OF ACCOUNTING IN INDIA. LEARN IND AS / IFRS THROUGH JS's COE