Diploma in IFRS Course Held by ACCA in Mumbai at ConTeTra

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ConTeTra Universal LLP

• Consulting, Content, Technology, Training

INTRODUCTION TO IFRS
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Agenda
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IFRS ad ACCA Dip IFRS

• IFRS status in India
• On 16 February 2015, the Ministry of Corporate
  Affairs (MCA) issued a notification announcing a
  roadmap for implementation of Indian Accounting
  Standards (Ind AS) converged with International
  Financial Reporting Standards (IFRS).
• Ind AS are required to be adopted in a phased
  manner for the financial year beginning on or
  after 1 April 2016 with comparatives for the year
  ending 31 March 2016 for certain class of Indian
  companies.
• About ACCA Dip IFRS
• The Association of Chartered Certified
  Accountants (ACC)A is the global body for
  professional accountants based in UK
• ACCC Dip IFRS is an international qualification
  in IFRS
• Dip IFR course is designed to develop working
  knowledge on IFRS, providing an in-depth
  understanding of the concept an principles of
  IFRS and heir practical application in the
  multinational corporates.
• Dip IFRS qualification raises your professional
  knowledge of IFRS to the next level and gives you
  competitive edge in the international marketplace.

• Objective of Dip IFR program
• On completion of this program the participants
  will acquire
• In-depth understanding of key IFRS principles and
  rules.
• Skills necessary for preparing financial
  statements under IFRS
• Experience in developing professional judgment on
  practical application of IFRS
• Training program details
• The program covers seventy five (75) hours of
  interactive classroom training and approximately
  thirty (30) hours of video tutorials.
• The sessions will be held on Saturday / Sunday
  from 9.00 AM to 6.00 PM
• Each session will cover theoretical aspects of
  each standard and relevant practical issues.
• Mock exam and interim test shall be conducted to
  help participants prepare well for the
  examinations.
• The program will assist participants to appear
  for Dip IFRS exam conducted in Jun 2019 and
  December 2019.

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Dip IFRS exam details

• Eligibility
• Professional accountant / auditor who works in
  practice or business and are qualified according
  to national accounting standards.
• If you are a working professional, but not yet
  qualified, then you may still be eligible. You
  will need to prove that you have one of the
  following
• Three years relevant accounting experience (by
  submitting a letter from your employer)
• A relevant degree plus two years work experience
• An ACCA certificate in IFRS plus 2 years work
  experience.
• Exam Dates for the year 2019
• June and December 2019
• Course Material
• Training Slides
• Study text
• Practice and revision kit

• Assessment
• Single paper based 3.5 hours written exam
• December 2016 onwards, ACCA removed restriction
  relating to 15 minutes reding and planning time.
• Step based marking methodology
• The pass mark is 50
• Assessed twice in a year June / December

Exam 100 marks paper All questions are compulsory
1st question Consolidation Marks 40
Next 3 questions Scenario / case study based 20
marks each

• Know your syllabus
• ACCA Syllabus
• Examination documents
• Excluded topics

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Overview of IFRS
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IFRS Scope
IFRS includes
IFRS and IAS as issues by IASB / IASC
IFRCI / SIC issued by IFRS interpretations
committee and approved by IASB / IASC
Bold and plain-type paragraphs have equal
authority
IFRSs are for general purpose financial reporting
by profit-oriented entities.
IFRSs do not apply to items that are immaterial
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IFRS Scope
Monitoring Board
IFRS Foundation Approve budget, appoint members,
oversee, raise fund
IFRS Advisory Council
IASB Approve standards, promote use of IFRS, work
with national standard setters
IFRS Interpretations committee
Reports to Appoints Advises
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Ind AS Convergence in India
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Ind AS convergence in IndiaRegulatory update
On 16 February 2015, the MCA issued a
notification for implementation of Ind AS
converged with IFRS. Ind AS to be adopted in a
phased manner for the financial year beginning on
or after 1 April 2016 with comparatives for the
year ending 31 March 2016 for certain class of
companies.
Banks, Insurance Companies and NBFCs are excluded
from corporate roadmap (2015 notification). On 30
March 2016, the MCA notified the Companies
(Indian Accounting Standards) (Amendment) Rules,
2016, which include roadmap for implementation of
Ind AS by banks and NBFCs
RBI issued circular providing directions to all
scheduled commercial banks, (excluding regional
rural banks) to submit their pro-forma Ind AS
financial statements for the half-year ended 30
September 2016, latest by 30 November
2016. Guidance note on Schedule III Division II
issued by ICAI
Working group on implementation of Ind AS by
banks in India submitted a recommendations report
to RBI. New revenue standards Ind AS 18 Revenue
and Ind AS 11 Construction contract notified on
30 March 2016 vide Companies (Indian Accounting
Standards) Amendments Rules, 2016
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Ind AS convergence in IndiaInd AS road map
MANADTORY ADOPTION

• VOLUNTARY ADOPTION
• Companies can voluntarily converge with Ind AS
  from 1 April 2015 with comparatives for 31 March
  2015

PHASE I
PHASE II

• Listed Companies or Companies in me process of
  Listing and having net worth of INR 500 crores or
  more (debt or equity listed in or outside India)
• All other unlisted Companies having net worth of
  INR 500 crores or more
• Holding, Subsidiary, Joint venture or Associates
  of companies covered above

• Listed Companies or Companies in the process of
  Listing and having net worth of less than INR 500
  crores (debt or equity listed in or outside
  India)
• All other unlisted Companies having net worth of
  INR 250 crores or more but less than INR 500
  Crates
• Holding, Subsidiary, Joint venture or Associates
  of companies covered above

KEY CONSIDERATION

• Audited standalone financial statements as on 31
  March 2014 to be considered for the calculation
  of net worth
• Net worth does not include revaluation reserves,
  write back of depreciation and amalgamation
  reserve
• Banks, Insurance Companies and NBFCS are not
  required to comply under current scope.

Accounting period beginning from 1 April 2016
with comparatives for 31 March 2016
Accounting period beginning from 1 April 2017
with comparatives for 31 March 2017
Once Ind AS is followed, it shall be followed for
all subsequent years
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Ind AS convergence in IndiaRegulatory update
PHASE I PHASE II
Year of adoption 2018-19 2019-20
Comparative year 2017-18 2018-19
Ind AS transition date 1 April 2017 1 April 2018
Covered NBFCs
a) Listed NBFCs All NBFCS with net worth gt INR 500 crores All NBFCS listed or in the process of being listed
b) Unlisted NBFCs All NBFCs with net worth gt INR 500 crores NBFCs having a net worth gt INR 250 crores
C) Group companies Applicable to holding, subsidiaries, joint ventures, or associates of NBFCs covered in (a) and (b) above other than those already covered under roadmap for other corporates Applicable to holding, subsidiaries, joint ventures, or associates of NBFCs covered in (a) and (b) above other than those already covered under roadmap for other corporates

• Applicability of Ind AS for the banks has been
  deferred by RBI.
• Scheduled commercial banks (Excluding regional
  rural banks and urban co-operative banks)
  expected to apply Ind AS mandatorily from
  accounting periods beginning on or after 1 April
  2019 with comparative information required for
  the period ending 31 March 2019.
• Insurance companies expected to apply Ind AS from
  accounting periods beginning an or after 1 April
  2020.
• Voluntary early adoption not permitted.

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Ind AS scope
IFRS and IAS as issued by IASB / IASC
IFRS includes
IFRIC / SIC issued by IFRS Interpretations
committee and approved by IASB / IASC
All IASs and IFRSs are incorporated in Ind AS
IFRIC and SIC are incorporated in Indian
accounting standards (Ind AS) converged with IFRS
as a part of Annexure in respective standards
Ind AS do not apply to items that are immaterial"
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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

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Visit Us-

• Phone   [phone]
• Email tausif.sayyed_at_contetra.com
• Website http//contetra.com/home/training/diplom
  a-in-ifrs- training/
• YouTube Channel https//goo.gl/6wEF3H

Thank You!!!