Course Title: Comparative Accounting System

Course Code: ACCT306

Credit Units: 3
Course Level: UG

P/
S

SW/F
W

TOTAL
CREDIT
UNITS
2 1
3
Course Objectives: To gain understanding and to provide working knowledge of Accounting Standards, IFRS, GAAP and their Comparative Analysis.

Pre-requisites: The prerequisites are knowledge of Indian Accounting System and International Accounting System.

Course Contents/Syllabus:
Weightage (%)
Module I : Glimpses of Accounting System
Descriptors/Topics

25

Introduction to Accounting, Meaning, Nature, Functions and Usefulness of Accounting, Basic Accounting terminology,
Branches of Accounting, Types of accounting, Accounting equation, Concepts and Conventions, The meaning of
Accounting theory; Relationship with Accounting Research and Practice.
Module II GAAP
Descriptors/Topics
Framework to GAAP, Understanding of GAAP, Applications of GAAP. Interpretation of Generally Accepted Accounting
Principles, Comparisons with US GAAP and Chinese GAAP. Financial Statements in compliance with US GAAP,
Statement of Comprehensive Income under US GAAP, Notes to Financial Statements under US GAAP, comparison with
common wealth countries, china and japan

25

Module III IFRS

Descriptors/Topics

30

Framework to IFRS. Overview of International Accounting Standards (IAS) / International Financial Reporting Standards

(IFRS), Applications of IFRS, Financial Statements in compliance with IFRS. Statement of Comprehensive Income under
IFRS: Notes to Financial Statements under IFRS
Module IV Accounting disclosures
Descriptors/Topics
Recent developments in the area of Financial Reporting, Significant difference vis-a-vis Indian Accounting Standards,
Indian Accounting Standards Converged with IFRS, Futuristic Comparative Approach Indian Accounting System and
International Accounting System. Accounting disclosures prepared under IFRS and GAAP

Student Learning Outcomes:

Upon successful completion of this course, students will be able to:
Understand the framework of accounting systems and the Generally Accepted Accounting Principles.
- Understand and to analyse basic financial statements and associated disclosures prepared according to GAAP;
- Use the real-life examples, to determine and to explain the differences between IFRS and GAAP financial statements;
- Related disclosures prepared under IFRS and GAAP.

Pedagogy for Course Delivery:

Lab/ Practicals details, if applicable:

List of Experiments:

Assessment/ Examination Scheme:

20

Theory L/T (%)

Lab/Practical/Studio (%)

End Term Examination

Theory Assessment (L&T):

Continuous Assessment/Internal Assessment

End Term
Examination

Components (Drop
down)
Weightage (%)

Lab/ Practical/ Studio Assessment:

Continuous Assessment/Internal Assessment
Components (Drop
down
Weightage (%)

CT

15

10

End Term
Examination
70

Text Reading:
Shukla & Grewal 2004 -Advanced accountancy- S. Chand & C., New Delhi 3rd Edition
Van Horne J C- 2003 Fundamentals of financial Management -Pearson Education 3rd Edition
Grewal T.S. 2004 - Introduction to Accounting-S. Chand & C., New Delhi 2nd Edition
Tulsin, P.C. Financial Accounting - Pearson Education 2006 Edition
Gupta R.L. & Radhaswami M. 2004 - Advanced Accountancy Volume (1) S. Chand & Co. New 5th Edition
A Guide through International Financial Reporting Standards July 2008- Published by IASB.
Wiley IFRS 2008: Interpretation and application of International
Accounting and Financial Reporting Standards 2008 by Eva K. Jermakowicz
International GAAP 2009 by Ernst and Young, published by Wiley.
Accounting Policies and Procedures Manual: A Blueprint for Running an Effective and Efficient Department by Steven M. Bragg