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

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JS's Centre of Excellence aims are providing the best in class coaching that would help in IFRS / Ind AS implementation in INDIA.

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

  1. 1. “Introduction to IFRS / Ind AS”
  2. 2. What is IFRS ? Introduction to IFRS / Ind AS 2 International Financial Reporting Standards (IFRS) is a single set of GLOBAL accounting standards, 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 Exchanges 27 4,412 3,550 Totals 85 47,818 25,084 Per cent 100% 52.50% Application of IFRS Globally Facts as on December 2015
  3. 3. What is IFRS ? Introduction to IFRS / Ind AS 3 Standards IAS International Accounting Standards IFRS International Financial Reporting Standards IFRICs IFRS Interpretations SICs Interpretations
  4. 4. What is Ind AS ? Introduction to IFRS / Ind AS 4 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 vide notification 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 NBFCs For banks and Insurance Companies 1 2 3
  5. 5. What is Ind AS ? Introduction to IFRS / Ind AS 5 Standards Ind AS Indian Accounting Standards
  6. 6. Ind AS Applicability For Companies other than banks, NBFCs and Insurance Companies Introduction to IFRS / Ind AS 6 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 PhaseI
  7. 7. Ind AS Applicability For Companies other than banks, NBFCs and Insurance Companies Introduction to IFRS / Ind AS 7 Roadmap PhaseII FY 2016-17 FY 2017-18 Comparative Year 1st Ind AS FY 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. Holding, subsidiary, JV or associate companies of aforesaid companies
  8. 8. Ind AS Applicability For NBFCs Introduction to IFRS / Ind AS 8 Roadmap FY 2017-18 FY 2018-19 Comparative Year 1st Ind AS FY Transition date (1st April 2017) All NBFCs (listed or unlisted) having net worth of more than 500 crores Holding, subsidiary, JV or associate companies of aforesaid companies PhaseI
  9. 9. Ind AS Applicability For NBFCs Introduction to IFRS / Ind AS 9 Roadmap PhaseII FY 2018-19 FY 2019-20 Comparative Year 1st Ind AS FY 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. Holding, subsidiary, JV or associate companies of aforesaid companies
  10. 10. Ind AS Applicability For Scheduled Commercial Banks (Excluding RRBs) & Insurance companies Introduction to IFRS / Ind AS 10 Roadmap All scheduled commercial banks (Excluding RRBs). Holding, subsidiary, JV or associate companies of aforesaid banks. All Insurance Companies / Insurers FY 2017-18 FY 2018-19 Comparative Year 1st Ind AS FY Transition date (1st April 2017)
  11. 11. Introduction to IFRS / Ind AS 11 Is Ind AS / IFRS future of Accounting ?
  12. 12. How is IFRS / Ind AS different from IGAAP? Introduction to IFRS / Ind AS 12 New Concepts Glimpse 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..
  13. 13. What can JS CoE offer you? Introduction to IFRS / Ind AS 13 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
  14. 14. What can JS CoE offer you? Introduction to IFRS / Ind AS 14 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
  15. 15. 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 Introduction to IFRS / Ind AS 15 Topics Covered Quick 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 EXCELLENCE is not a SKILL it is an ATTITUDE
  16. 16. JS’s CoE – Preparation for ACCA DipIFRS Course Introduction to IFRS / Ind AS 16 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…
  17. 17. How do you contact us ? Introduction to IFRS / Ind AS 17 Contact Us JS’s Centre of Excellence Email – jscentreofexcellence@gmail.com Contact No. – +91 9650 767 751

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