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Diploma in IFRS Course Held by ACCA in Mumbai at ConTeTra

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ACCA's Diploma in IFRS is a well-recognised qualification for participants who wish to learn about IFRS standards and its practical implication on financial statements of the companies globally. ConTeTra Universal will also leverage the firm’s rich experience through our experts who possess expertise in different domains across various industries and ts knowledge base to share practical insights. – PowerPoint PPT presentation

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Title: Diploma in IFRS Course Held by ACCA in Mumbai at ConTeTra


1
ConTeTra Universal LLP
  • Consulting, Content, Technology, Training

INTRODUCTION TO IFRS
2
Agenda
3
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.

4
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

5
Overview of IFRS
6
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
7
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
8
Ind AS Convergence in India
9
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
10
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
11
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.

12
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"
13
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

14
Visit Us-
  • Phone   91 8291862829
  • Email tausif.sayyed_at_contetra.com
  • Website http//contetra.com/home/training/diplom
    a-in-ifrs- training/
  • YouTube Channel https//goo.gl/6wEF3H

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