Semester III Specialization Finance

Course Code 308 FIN Type Subject - Elective

Course Title Corporate & International Financial Reporting

Course Objectives:
1 To acquaint the students with the framework of financial reporting and emerging trends.

2 To make students familiar with the analytical tools used for financial analysis.

3 To understand the accounting aspects.

4 To get acquainted with the concept of IFRS

5 To have knowledge of convergence of Indian Accounting Standards with IFRS.

6 To know the comparative analysis of Indian GAAP and IFRS.

Syllabus:
Unit Contents Number
Number of
Sessions
1 1.1: Financial Reporting: Financial Reporting – meaning and importance – 5+1
concept of capital and capital maintenance.

1.2: Financial Statements As Per Indian Companies Act: Various forms of

Corporate Financial Reporting – Understanding of Financial Statements as per
Indian Companies Act – Cash Flow Statements- director’s report – management
outlook and analysis-notes to accounts.

2 2.1: Regulatory Framework: Regulatory framework of Financial Reporting – 5+1

Overview of Accounting Standards – Indian and International – GAAP –

Introduction to IFRS.

2.2: Corporate Governance: Corporate Governance and Financial Reporting –

SEBI norms regarding interim reporting.

3 Preparation and presentation of financial statements for single companies: 5+1

Income statement, Balance sheet, Statement of changes in equity, Reporting

comprehensive income, Segmental reporting, Accounting policies, Fair view
treatment, Cash flow statements, Preparation of published accounts complying
with accounting standards.

4 4.1: Basic Concept of Accounting Standards, GAAP for UK, USA and India. 5+1
International Accounting Standards, Financial Statements - Role of Financial
Reporting, Emergence of International Financial Reporting Standards.

Savitribai Phule Pune University – MBA Revised Syllabus 2016 – 17 Page 188
 4.2: IFRS Composition: Major areas in IFRS and their role in Financial Reporting –
Presentations, Cash Flows, Inventory, Foreign Currency, Joint Ventures,
Insurance Contracts, Financial Instruments, Compatibility with IAS Regulatory
Framework and Agencies involved, Formation and role in IFRS - Standing
Interpretations Committee, International Financial Reporting Interpretations
Committee, International Accounting Standards Committee, International
Standards Accounting Board, Standards Advisory Council, Institute of Chartered
Accountants of India, Institute of Cost Accounts of India,Institute of Company
Secretaries of India.

5 Joining IFRS – Indian Perspective – A path to convergence, various deadlines and 5+1
required amendments in Indian Accounting Standards, Problems faced, different
deadline dates for different sectors to join IFRS, Uniformity in Financial Reporting –
Benefits and detriments to Indian and Foreign Companies Comparative Analysis
between Indian GAAP& IFRS.

Note:

1 Case study approach is recommended for better understanding of financial reporting

2 Problems on preparation of financial statements.

Learning Sources:

1 Text Books Advanced Accountancy – ShuklaGrewal – S. Sultan Chand & Co.

Financial Accounting: Reporting And Analysis by Stice

Financial Reporting and Management Accounting by

Understanding IFRS Fundamentals: International Financial Reporting
Standards – Dr. T.P. Ghost, Nandkumar Ankarath, Kalpesh Mehta, Dr.
Yass A.Alkafaji -

John Wiley & Sons Global Financial Reporting and Analysis by Alexander

2 Reference Books Financial Management: Prasanna Chandra, Indian Accounting

Standards& GAAP Books– Dolphy D’Souza – Snow White Publications
Accounting Standards – Rustagi R.P. – Galgotia Publications, Advanced
BooksFinancial Accounting & Software – Jayaprakash Reddy – APH
Publication

3 Supplementary E Learning Modules developed by Deloitte, The Management Accountant

Reading Material Reading Material

4 Websites www.ifrs.org, www.ifrs.com

5 Journals Journal of Accountancy, The Chartered Accountant

Savitribai Phule Pune University – MBA Revised Syllabus 2016 – 17 Page 189