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INTRODUCTION TO IFRS
- 1. ConTeTra Universal LLP Consulting, Content, Technology, Training INTRODUCTION TO IFRS
- 2. Agenda IFRS and ACCA Dip IFRS1 Dip IFRS exam details2 Ind AS roadmap3
- 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 Know your syllabus • ACCA Syllabus • Examination documents • Excluded topics Exam 100 marks paper All questions are compulsory 1st question Consolidation Marks 40 Next 3 questions: Scenario / case study based 20 marks each
- 6. IFRS Scope IFRS includes IFRS and IAS as issues by IASB / IASC Bold and plain-type paragraphs have equal authority IFRCI / SIC issued by IFRS interpretations committee and approved by IASB / IASC IFRSs are for general purpose financial reporting by profit- oriented entities. IFRSs do not apply to items that are “immaterial”
- 7. IFRS Scope IFRS Foundation Approve budget, appoint members, oversee, raise fund IFRS Interpretations committee IFRS Advisory Council Monitoring Board IASB Approve standards, promote use of IFRS, work with national standard setters Reports to Appoints Advises
- 8. Ind AS Convergence in India
- 9. Ind AS convergence in India Regulatory 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 India Ind AS road map MANADTORY ADOPTION • 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 VOLUNTARY ADOPTION • Companies can voluntarily converge with Ind AS from 1 April 2015 with comparatives for 31 March 2015 • 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 PHASE IIPHASE I • 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 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 KEY CONSIDERATION
- 11. Ind AS convergence in India Regulatory update • 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. 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 >= INR 500 crores All NBFCS listed or in the process of being listed b) Unlisted NBFCs All NBFCs with net worth >= INR 500 crores NBFCs having a net worth >= 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
- 12. Ind AS scope IFRS and IAS as issued by IASB / IASC IFRSincludes All IASs and IFRSs are incorporated in Ind AS IFRIC / SIC issued by IFRS Interpretations committee and approved by IASB / IASC 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@contetra.com • Website: http://contetra.com/home/training/diploma-in-ifrs- training/ • YouTube Channel: https://goo.gl/6wEF3H Thank You…!!!