Accounts

Accounts

1. IFRS

This sections is for complete accounting knowledge to provide expert level knowledge for CA-CPT, IPCC, PCC, Final level as well as for other courses like CS, ICWA and also relevant for other accounting students i.e. B.Com, M.Com, other Finance courses.


Contents


CPT


1. Theoretical Framework
    (i) Meaning and Scope of accounting
    (ii) Accounting Concepts, Principles and Conventions
    (iii) Accounting Standards – concepts, objectives, benefits
    (iv) Accounting Policies
    (v) Accounting as a measurement discipline – valuation principles, accounting estimates

2. Accounting Process
Books of Accounts leading to the preparation of Trial Balance, Capital and revenue expenditures,
Capital and revenue receipts, Contingent assets and contingent liabilities, Fundamental errors
including rectifications thereof.

3. Bank Reconciliation Statement


4. Inventories
Basis of inventory valuation and record keeping.

5. Depreciation accounting
Methods, computation and accounting treatment of depreciation, Change in depreciation
methods.

6. Preparation of Final Accounts for Sole Proprietors


7. Accounting for Special Transactions
    (a) Consignments
    (b) Joint Ventures
    (c) Bills of exchange and promissory notes
    (d) Sale of goods on approval or return basis.

8. Partnership Accounts
Final accounts of partnership firms – Basic concepts of admission, retirement and death of a partner
including treatment of goodwill.

9. Introduction to Company Accounts
Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, redemption of
preference shares.

IPCC, PCC, CA final

• Accounting Standards
• AS 1 : Disclosure of Accounting Policies
• AS 2: Valuation of Inventories
• AS 3: Cash Flow Statements
• AS 6: Depreciation Accounting
• AS 7: Construction Contracts (Revised 2002)
• AS 9: Revenue Recognition
• AS 10: Accounting for Fixed Assets
• AS 12: Accounting for Government Grants
• AS 13: Accounting for Investments
• AS 14: Accounting for Amalgamations
• AS 16: Borrowing Costs
• AS 18: Related Party Disclosures
• AS 19: Accounting for Leases
• AS 20: Earning Per Share
• As 22: Accounting for Taxes on Income
• As 28: Impairment of Assets

GROUP II

Paper 5: Advanced Accounting

(One paper – three hours – 100 marks)

Level of Knowledge: Working Knowledge

Objectives:

(a) To have an understanding of the conceptual framework for the preparation and presentation of financial

statements;

(b) To gain working knowledge of the professional standards and application of accounting principles to

different practical situations; and

(c) To gain the ability to solve advanced problems in the case of different entities.

Contents

1. Conceptual Framework for Preparation and Presentation of Financial Statements

• Average Due Date

2. Accounting Standards

Working knowledge of:

AS 4 : Contingencies and Events occurring after the Balance Sheet Date

AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies

AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)

AS 12: Accounting for Government Grants

AS 16: Borrowing Costs

AS 19: Leases

AS 20: Earnings Per Share

AS 26: Intangible Assets

AS 29: Provisions, Contingent Liabilities and Contingent Assets.

3. Advanced Issues in Partnership Accounts

Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership

firms; Conversion into a company and Sale to a company.

4. Company Accounts

(a) Accounting for employee stock option plan,
Buy back of securities,
 Equity shares with differential rights,

Underwriting of shares and debentures,
Redemption of debentures

(b) Advanced problems for business acquisition, Amalgamation and reconstruction (excluding problems of

amalgamation of inter-company holding)

• Valuation of Business

(c) Accounting involved in liquidation of companies, Statement of Affairs (including deficiency/surplus

accounts) and Iiquidator’s statement of account of the winding up.

(d) Financial Statements of Banking, Insurance and Electricity Companies

5. Accounting for Special Transactions

Departmental and branch accounts including foreign branches

Note :

If either old Accounting Standards (ASs), Announcements and Limited

Revisions to ASs are withdrawn or new ASs,  Announcements and Limited Revisions to ASs are issued by

the Institute of Chartered Accountants of  India in place of existing ASs,  Announcements and LimitedRevisions to ASs, the syllabus will accordingly include/exclude such new developments in place of the

existing ones with effect from the date to be notified by the Institute.