Certified IFRS Professional

VS-1215

Certified IFRS Professional

Certified IFRS Professional

Certification Code VS-1215
Vskills certification for IFRS Professional assesses the candidate as per the companys need
for IFRS Reporting and complying with both IAS and IFRS reporting. The certification
tests the candidates on various areas in IAS and IFRS standards.

Why should one take this certification?

This Course is intended for professionals and graduates wanting to excel in their chosen
areas. It is also well suited for those who are already working and would like to take
certification for further career progression.
Earning Vskills IFRS Professional Certification can help candidate differentiate in today's
competitive job market, broaden their employment opportunities by displaying their
advanced skills, and result in higher earning potential.

Who will benefit from taking this certification?

Job seekers looking to find employment in finance or accounting departments of various
companies, students generally wanting to improve their skill set and make their CV
stronger and existing employees looking for a better role can prove their employers the
value of their skills through this certification.

Test Details

Duration: 60 minutes
No. of questions: 50
Maximum marks: 50, Passing marks: 25 (50%)

There is no negative marking in this module.

Fee Structure
Rs. 6,000/- (Includes all taxes)

Companies that hire Vskills IFRS Professional

IFRS Professionals are in great demand. Companies specializing in consulting or finance
are constantly hiring skilled IFRS Professionals. Various public and private companies also
need IFRS Professionals for their finance or accounts departments.

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Certified IFRS Professional

Table of Contents
Contents
1. Introduction
1.1 IASB structure
1.2 IFRS Standards
1.3 Abbreviations
1.4 IASB due process
1.5 List of IAS
1.6 IASB History
1.7 Use of IFRSs around the world

2. IAS 1
2.1 Objectives
2.2 Scope
2.3 Key Terms
2.4 Complete set of financial statements
2.5 General requirements of IAS 1
2.6 Statement of comprehensive income
2.7 Disclosure of accounting policies

3. IAS 2
3.1 Scope
3.2 Key Terms
3.3 Basis of valuation
3.4 Cost Measurement
3.5 Net realizable value
3.6 Expense recognition
3.7 Disclosures

4. IAS 7
4.1 Key terms
4.2 Presentation of a statement of cash flows
4.3 Noncash Transactions
4.4 Foreign Currency Cash Flows
4.5 Reporting Cash Flows on a Net Basis
4.6 Disclosures

5. IAS 8
5.1 Key terms
5.2 Selection and application of accounting policies
5.3 Consistency of accounting policies

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6. IAS 10
6.1 Key Terms
6.2 Adjusting Events after the Reporting Period
6.3 Dividends
6.4 Going Concern

7. IAS 11
7.1 Key terms
7.2 Contract options
7.3 Contract revenue
7.4 Contract cost
7.5 Recognition of Revenue and Costs
7.6 Outcome of Construction Contract Can Be Estimated Reliably
7.7 Stage of Completion
7.8 Outcome of Construction Contract Cannot Be Estimated Reliably
7.9 Effect of Change in Estimate in Construction Contract
7.10 Disclosures

8. IAS 12
8.1 Key terms
8.2 Tax base
8.3 Recognition and measurement of current tax liabilities and current tax assets
8.4 Recognition of deferred tax liabilities and deferred tax assets
8.5 Accounting for deferred tax
8.6 Disclosures

9. IAS 16
9.1 Scope
9.2 Key terms
9.3 Recognition
9.4 Elements of cost
9.5 Measurement of cost
9.6 Measurement after recognition
9.7 Derecognition
9.8 Disclosures

10. IAS 17
10.1 Key terms
10.2 Classification of leases
10.3 Leases in the financial statement of lesees
10.4 Operating Leases
10.5 Leases in the financial statement of lessors

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11. IAS 18
11.1 Scope
11.2 Key terms
11.3 Measurement of revenue
11.4 Identification of a transaction
11.5 Revenue on sale of goods
11.6 Revenue from rendering of services
11.7 Interest, royalties, and dividends
11.8 Disclosures

12. IAS 19
12.1 Scope
12.2 Key terms
12.3 Types of employee benefits
12.4 Short-term employee benefits
12.5 Postemployment benefit plans
12.6 Other long-term employee benefits
12.7 Termination Benefit

13. IAS 20
13.1 Key terms
13.2 Recognition of government grants
13.3 Presentation of grants related to assests
13.4 Presentation of grants related to income
13.5 Repayment of government grants

14. IAS 21
14.1 Scope
14.2 Key terms
14.3 Identification of functional currency
14.4 Net investment in a foreign operation

15. IAS 23
15.1 Key terms
15.2 Recognition
15.3 Borrowing costs eligible for capitalization
15.4 Commencement of capitalization
15.5 Suspension of capitalization
15.6 Cessation of capitalization

16. IAS 24
16.1 Key terms
16.2 Substance over form
16.3 Recent amendments to the standard

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17. IAS 26
17.1 Scope
17.2 Key terms
17.3 Defined contribution plans vs. Defined benefit plans
17.4 Disclosures

18. IAS 27
18.1 Key terms
18.2 Presentation and scope of consolidated financial statements
18.3 Process of consolidation
18.4 Loss of control

19. IAS 29
19.1 Scope
19.2 Key terms
19.3 Restatement of financial statements
19.4 Restatement of comprehensive income
19.5 Statement of cash flows

20. IAS 32
20.1 Scope
20.2 Financial assets
20.3 Financial liabilities
20.4 Equity instruments
20.5 Presentation of liabilities and equity
20.6 Treasury shares
20.7 Purchased and written option to buy/sell own equity
20.8 Puttable instruments
20.9 Offsetting financial assets and liabilities
20.10 Interest, dividends, losses, and gains
20.11 Transaction cost of an equity issue

21. IAS 33
21.1 Scope
21.2 Key terms
21.3 Measurement
21.4 Diluted Earnings Per Share
21.5 Antidilution
21.6 Rights issue
21.7 Increasing rate preference shares
21.8 Presentation
21.9 Disclosures

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22. IAS 34
22.1 Scope
22.2 Key terms
22.3 Contents of an interim financial report
22.4 Periods for which interim financial reports are required
22.5 Accounting policies
22.6 Measurement of interim financial report income tax expense

23. IAS 36
23.1 Scope
23.2 Exclusions
23.3 Key terms
23.4 Identification of assets that may be impaired
23.5 Calculation of recoverable amount
23.6 Calculation of fair value less costs to sell
23.7 Calculation of value in use
23.8 Selection of discount rate
23.9 Recognition of an impairment loss
23.10 Cash-generating units
23.11 Impairment of goodwill
23.12 Reversal of an impairment loss
23.13 Disclosures

24. IAS 37
24.1 Scope
24.2 Key terms
24.3 Recognition of a provision
24.4 Measurement of provisions
24.5 Remeasurement of provisions
24.6 Restructurings
24.7 Contingent liabilities
24.8 Contingent assets
24.9 Disclosures

25. IAS 38
25.1 Scope
25.2 Key terms
25.3 Intangible assets
25.4 Recognition
25.5 Initial measurement
25.6 Intangible assets with finite lives
25.7 Intangible assets with indefinite lives
25.8 Subsequent expenditure
25.9 Disclosures

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26. IAS 39
26.1 Classification of financial assets
26.2 Financial asset or financial liability at fair value through profit or loss
26.3 Recognition principles
26.4 Measurement principles
26.5 Regular-way purchase or sale contract
26.6 Accounting for financial liabilities
26.7 Loan commitments
26.8 Financial guarantee
26.9 Derivatives
26.10 Reclassification
26.11 Impairment and uncollectibility of financial assets
26.12 Hedge accounting
26.13 Embedded derivatives

27. IAS 40
27.1 Key terms
27.2 Scope
27.3 Measurement of investment property
27.4 Transfers to and from investment property
27.5 Disposals
27.6 Disclosures
27.7 Fair value and cost model

28. IAS 41
28.1 Scope
28.2 Key terms
28.3 Recognition and measurement
28.4 Gains and losses
28.5 Government grants

29. IFRS 1
29.1 Scope
29.2 Key Terms
29.3 Exceptions to the first-time adoption rule
29.4 Opening IFRS statement of financial position
29.5 Adjustments required in preparing
29.6 Mandatory Exceptions
29.7 Presentation and disclosure

30. IFRS 2
30.1 Scope
30.2 Key Terms
30.3 Accounting for equity-settled share-based payments
30.4 Vesting
30.5 Accounting for cash-settled transactions
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30.6 Accounting for transactions that can be settled through cash or issuance of shares
30.7 Disclosure

31. IFRS 3
31.1 Scope
31.2 Key Terms
31.3 Identifying a business combination
31.4 Date of Acquisition
31.5 Acquisition Method of Accounting
31.6 Recognizing Assets and Liabilities
31.7 Fair value of consideration
31.8 Measurement period
31.9 Disclosures

32. IFRS 4
32.1 Scope
32.2 Insurance contract
32.3 Contract that are not classified as insurance contracts
32.4 Embedded derivatives
32.5 Unbundling of deposits
32.6 Temporary exemption from application of IAS 8
32.7 Business Acquisitions
32.8 Deferred acquisition costs
32.9 Liability adequacy test
32.10 Change in accounting policies
32.11 Discretionary Participation Features
32.12 Disclosures

33. IFRS 5
33.1 Key Terms
33.2 Scope
33.3 When to reclassify
33.4 Assets held for sale
33.5 Disposal group assets
33.6 Discounted operations
33.7 Measurement of noncurrent assets held for sale or disposal group
33.8 Changes in classification of held for sale
33.9 Disclosures

34. IFRS 6
34.1 Selection and application of accounting policies
34.2 Key Terms
34.3 Accounting for E&E costs
34.4 Measurement after initial recognition and presentation
34.5 Impairment
34.6 Disclosures
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35. IFRS 7
35.1 Scope
35.2 Significant accounting policies relating to financial instruments
35.3 Disclosures for Reclassification
35.4 Disclosures for de-recognition of financial assets
35.5 Collateral
35.6 Impairment allowance
35.7 Disclosures in the statement of comprehensive income
35.8 Hedge accounting disclosures
35.9 Disclosures in lieu of fair value disclosure
35.10 Fair value hierarchy-based disclosures
35.11 Risk disclosures
35.12 Liquidity risk disclosure through maturity analysis
35.13 Quantitative liquidity risk disclosures
35.14 Disclosure of market risk sensitivity analysis
35.15 Risk disclosures of insurance contracts

36. IFRS 8
36.1 Scope
36.2 Core principle
36.3 Chief operating decision maker (CODM)
36.4 Identifying segment using IFRS 8
36.5 Identifying operating segments
36.6 Reportable segments
36.7 Measurement of segment information
36.8 Disclosures

37. IFRS 9
37.1 Classification Issues
37.2 Classification at a glance
37.3 Business Model
37.4 Nature of contractual cash flows
37.5 Prepayments
37.6 Extension of the contractual term of debt instruments
37.7 Change in timing and amount of the contractual cash flows
37.8 Recognition of financial assets
37.9 Measurement of financial assets
37.10 Measurement subsequent to initial recognition
37.11 Embedded derivatives
37.12 Optionally convertible debenture in the hands of investor
37.13 Compulsory convertible debentures
37.14 Reclassification
37.15 Gains or losses on financial assets
37.16 Investment in unquoted equity shares
37.17 Transition Provisions

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38. IFRS 10
38.1 Scope
38.2 Key terms
38.3 Presentation of consolidated financial statements
38.4 Consolidation procedures
38.5 Control
38.6 Exposure or rights to variability in returns
38.7 Link between power and returns
38.8 Relationship with other parties ("de facto agents")
38.9 Changes in the ownership interests
38.10 Loss of control
38.11 Disclosure

39. IFRS 11
39.1 Scope
39.2 General requirements
39.3 Understanding joint control
39.4 Accounting for sales or contributions of assets to a joint operation
39.5 Presentation and disclosure

40. IFRS 12
40.1 Scope
40.2 Key Terms
40.3 Disclosure information required under IFRS 12

41. IFRS 13
41.1 Scope
41.2 The process of performing fair value measurements
41.3 Approaches to valuation
41.4 Market approach
41.5 Income approach
41.6 Adjusted net asset method

42. IFRS 14
42.1 Scope
42.2 Recognition and measurement
42.3 Impairment considerations
42.4 Presentation
42.5 Disclosures
42.6 Effective dates and transition

43. IFRS 15
43.1 Scope
43.2 Key Definitions
43.3 Summary
43.4 Disclosures
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44. Issues in IFRS
44.1 Form and components of financial statements
44.2 Statement of financial position
44.3 Statement of profit or loss and other comprehensive income

45. Difference between IFRS and US GAAP

45.1 Way forward with GAAP

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Sample Questions
1. When did ICAI setset-up the plan for the efficient implementation of IFRS in India
A. 2009
B. 2010
C. 2011
D. None of the above

2. What does the cost of goods comprises of as per ASAS-2

A. cost of purchase
B. cost of conversion
C. other cost necessary to bring the inventory in present location
D. All of the above

3. What circumstances are provided exemptions under IFRS 1

A. A subsidiary becomes a first-time adopter later than its parent
B. An entity becomes a first-time adopter later than its subsidiary
C. Both of the above
D. None of the above

4. Which term refers to one's right to receive cash, other assets, or equity instrument
when preexistence conditions are met
A. Share-based payment transaction
B. equity-settled share-based payments
C. Vesting
D. None of the above

5. What are the key elements

elements of a business as per the application guidance to IFRS
3
A. Input
B. Output
C. Process applied to inputs that together can be used to create
D. All of the above

Answers:

1 (B), 2 (D), 3 (C), 4 (C), 5 (D)

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