Syllabus of M4 – Financial Accounting & Corporate Reporting

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syllabus of M4 Financial Accounting and Corporate Reporting

Syllabus GRID:

Here is the grid for Syllabus of M4 Financial Accounting and Corporate Reporting.

GRIDWEIGHTAGE
REGULATORY AND CONCEPTUAL FRAMEWORK
1     The regulatory framework
2     The Conceptual Framework
5%
SINGLE COMPANY FINANCIAL ACCOUNTS
3     IAS 1 (Revised) Presentation of Financial statements
4     Reporting Financial Performance
5     Other Reporting
6     Accounting for non-current assets
7     Intangible non-current assets
8     Impairment of Assets
9     Leases
10  Statements of Cash Flows
11  IAS 2 Inventories and Short term WIP
12  Share Based Transactions and Financial instruments
85%
ACCOUNTING FOR TAXATION
13  IAS 12: Income taxes
10%
TOTAL100%

Detailed Syllabus Contents:

The detailed Syllabus of Financial Accounting & Corporate Reporting for upcoming attempt is given below.

PART – A

REGULATORY AND CONCEPTUAL FRAMEWORK

1. The regulatory framework

  • The International Accounting Standard Board (IASB)
  • Setting of International Financial Reporting Standards

2. The Conceptual Framework

  • Conceptual Framework and GAAP
  • The IASB’s Conceptual Framework
  • Qualitative Characteristics of Financial Statements
  • The elements of Financial Statements

PART – B

SINGLE COMPANY FINANCIAL ACCOUNTS

3.  IAS 1 (Revised) Presentation of Financial statements

  • General Features
  • Structure and Detail Contents
  • Preparation of Financial Statements

4. Reporting Financial Performance

  • IFRS 5: Non-Current Assets held for Sale and discontinued operations.

o Scope and definitions:

o Conditions of IFRs 5:

o Transfer from IAS 16 to IFRS 5

  • IAS  8  Accounting  Policies,  Changes  in Accounting Estimates and Errors
  • IFRS 8 Operating Segments.
  • IFRS  15  Revenue  from  Contracts  with Customers.

o Five steps of Revenue Recognition.

o Construction contacts.

  • IAS 24 Related Part Disclosures

5. Other Reporting

  • IAS 10 Events after the Reporting Period
  • IAS  37  Provisions,  Contingent  Liabilities and Contingent Assets

6. Accounting for non-current assets

  • IAS 16 Property, Plant and Equipment

o Scope and definitions

o Cost of NCA:

o Cost model.

o Disposal of NCA

o Exchange of NCA.

o Revaluation model.

o Different movements in Revaluation.

o Excess depreciation.

o Disposal of Revalued Assets.

  • IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.

o Scope and definitions :

o Government grants and assistance :

o Revenue grant:

o Treated as income

o Deducted from respective expense

o Capital grants:

o Treated  as  deferred  income  and deducted from Non-current assets IAS 23 Borrowing Costs

  IAS 40 Investment Properties.

o Scope and definitions :

o Investment properties.

o Transfer from IAS 16 to IAS 40

7. Intangible non-current assets

  • IAS 38 Intangible Assets.

o Internally  and  externally  generated intangibles.

o Infinite and indefinite intangible

  Research & Development Cost

  IFRS 3 Business Combinations

o Describe the concept of a group as a single economic unit

o Define subsidiary, parent and control by identifying simple examples

o Describe  situations  when  control  is presumed to exist

o Identify   and   describe   the circumstances in which an entity is required  to  prepare  and  present consolidated financial statements

o Prepare  and  present  simple consolidated  statements  of  financial position and simple consolidated statement  of  comprehensive  income involving a single subsidiary

8. Impairment of Assets

  • IAS 36 Impairment of Assets
  • Cash Generating Units
  • Goodwill and the Impairment of Assets
  • Accounting  treatment  of  an  Impairment Loss.
  • Reversal of impairment losses.

9. Leases

  • Characteristics of Leases
  • IFRS 16 Lease
  • Operating leases
  • Finance leases

10. Statements of Cash Flows

  • IAS 7 Statement of Cash Flow
  • Preparing a Statement of Cash Flow
  • Interpretation of Statements of Cash Flows

11. IAS 2 Inventories

  • Definitions
  • Measurement of Inventories
  • Inventory Valuation Method
  • Net  Realizable Value
  • Recognition as an Expense
  • Disclosures

12. Share based Transactions and Financial instruments

  • Definitions
  • Types of Transaction
  • Equity-Settled   Share-Based   Payment Transactions Disclosures.
  • Financial Assets and Financial Liabilities:

o Scope  and  definitions  of  financial assets and financial liabilities:

o Financial liabilities (Short term, Long term, Convertible loan notes)

o Indicate for the following categories of financial instruments how they should be measured and how any gains and losses from subsequent measurement should  be  treated  in  the  financial statements:

i. Amortized cost

ii. Fair  value  through  other comprehensive  income (including where an irrevocable election  has  been  made  for equity instruments that are not held for trading)

iii. Fair value through profit or loss

PART – C

ACCOUNTING FOR TAXATION

IAS 12 Income taxes

  • Current Tax
  • Deferred Tax
  • Taxation in Company Accounts
  • Presentation and Disclosure of Taxation                

syllabus of M4 Financial Accounting and Corporate Reporting syllabus of M4 Financial Accounting and Corporate Reporting syllabus of M4 Financial Accounting and Corporate Reporting syllabus of M4 Financial Accounting and Corporate Reporting syllabus of M4 Financial Accounting and Corporate Reporting syllabus of M4 Financial Accounting and Corporate Reporting

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