IFRS and Its Application

Course Name IFRS and Its Application Course Code:

Total number of hours: 30 Hours Credits: Certificate

Course Description:
This course will enhance knowledge about IFRS and its application in the accounting world. It
specifies in detail how companies must maintain their records and report their expenses and income. A
solid understanding of IFRS will set you apart from other accounting and finance professionals and
improve your career options both in the United States and worldwide.
Course Objectives:
 To explain and understand the background of IFRS and Its comparison with IND AS
 To understand elements of financial statements
 To understand, presentation of financial statements and additional disclosures
Course Learning Outcomes:
 Explaining the background of IFRS and Its comparison with IND AS
 Understanding elements of financial statements
 Understanding presentation of financial statements and additional disclosures

Syllabus

UNIT: 01 IFRS - History, and Significance. 8 Hrs

Background of IFRS- International sources of authority. The origins of the International Accounting
Standards Board (IASB®, 'the Board') The structure of the IFRS Foundation International Accounting
Standards (IAS® Standards), and International Financial Reporting Standards (IFRS ® Standards) that
are currently in issue. The purpose of financial statements – The Conceptual Framework for Financial
Reporting. Comparison between IFRS and IND AS

UNIT: 02 Understanding elements of financial statements 12 Hrs.

The status and use of IFRS standards around the world, A brief summary of the adoption of
International Financial Reporting Standards (IFRS® Standards) in different jurisdictions. The growth of
the International Accounting Standards Board (IASB ®, 'the Board') and IFRS Standards, IFRS
Standards, and small and medium-sized entities. Elements of financial statements- Revenue
recognition, Impairment of assets, Leases, Intangible assets, and goodwill Inventories. Provisions,
contingent assets, and liabilities Employment and post-employment benefits Tax in financial
statements, agriculture, etc.
UNIT: 03 Understanding presentation of financial statements and additional disclosures

1 0 Hrs

Presentation of the statement of financial position and the statement of profit or loss and other
comprehensive income and the statement of changes in equity, group accounting, disclosure and other
standards. Practical Test- MCQ based on syllabus