Professional Documents
Culture Documents
Course Pack
FOR
ACCOUNTING STANDARDS - I-COH533
Total Teaching Hours For Semester : 60 Total Teaching Hours For Semester : 4
core paper in fifth semester. This paper enables the students to have a deep understanding to the theoretical framework of Accounting and also helps the students to
have an in-depth knowledge of Accounting Standards to be followed while disclosing the books of accounts. It also familiarizes the students with the standards and
procedures to be followed while valuing the various items of the Balance sheet. Accounting standards 1 to Accounting standards 17 are discussed. As a prerequisite,
Learning Outcome
To enable the students to have a deep understanding to the theoretical framework of Accounting.
To help the students to have an in-depth knowledge of Accounting Standards to be followed.
To motivate students for research in accounting area.
Accounting Theory
Concept of theory and accounting theory; Role of Accounting theory, Classification of Accounting theory.
Accounting concepts and principles. Accounting Standards: Meaning, Objectives, Advantages,
disadvantages, Procedure for issuing Accounting Standards by the ICAI, Scope of Accounting Standards.
IFRS-Background, Meaning, International and Indian scenario, specific issues- Product Classification and
Significant risks, Investment Accounting and Valuation under IFRS, Deferred Acquisition Costs, Estimation
of Actuarial Liability, Disclosure Requirements.
Unit-2 Teaching Hours:8
Accounting Standards1-2
AS -1 Disclosure of Accounting Policies: Scope, Need, Various areas where disclosure is mandatory,
Change in Accounting Policies. AS -2 Valuation of Inventories: Objective, Definition, Measurement of
Inventory , Cost inventories, Exclusion from the cost of inventories, Valuation of inventory , Specific
identification method, First-in First- out method, Weighted Average cost, Standard cost, Retail inventory
method, Net realizable value, Valuation of containers and empties, Corporate Accounting practices.
Unit-3 Teaching Hours:17
Accounting Standards4-9
AS-4 Contingencies and events occurring after the Balance Sheet Date: Nature of Contingency, treatment
of Proposed Dividend, Approving authority, Adjusting and non adjusting Events, Disclosures required. AS-
5 Net profit or loss for the period, prior period items and change in accounting policies: Objective and
scope, Change in accounting policy and change in accounting estimate- treatment. AS-6 Accounting for
Depreciation: Methods of Depreciation, change in methods, wasting assets, useful life of asset, treatment
of disposed or discarded depreciable asset. AS-7 Construction Contracts: Objective and Scope, allocation
of Revenues and related costs to accounting period, method of recognition of revenue, AS -9 Revenue
Recognition: Revenue definition- Exclusions- Revenue from sale of goods, Revenue from rendering
services, Revenue from use of resources by others- Disclosure requirements- Timing of revenue
recognition.
Unit-4 Teaching Hours:14
Accounting Standards10-13
AS -10 Accounting for Fixed assets: Definition, Gross and net book value, Composition of cost,
components of cost, Improvements and repairs to fixed assets, Retirement and disposal. Revaluation,
Principles governing the revaluation. Disclosure; Corporate practices. AS- 11 Effects of changes in
Foreign Exchange Rates: Need and objective, Scope and applicability, foreign currency transactions,
Definitions, Classification for accounting treatment - Category- I-Foreign currency transactions; Category-
II-Foreign operations; Category- III-Forward exchange contracts. Accounting treatments and disclosure.
AS- 12 Accounting for Government Grants: Recognition of government Grants, kinds of Grants, Grants
related to Revenue, refund of Government grants, Contingency related to Government to grants. AS-13
Accounting for Investments: Investment defined, Exception, Classification of investment, Cost of
investments, and Valuation of investments. Disposal of investments, Re-classification of investment,
Disclosure of investment in the financial statements.
Unit-5 Teaching Hours:9
Accounting Standards15-17
AS- 15 Accounting for Retirement Benefits: Meaning, Accrual system of accounting for retirement benefits,
Types of retirement benefits , Defined contribution scheme, Defined benefit scheme and their accounting
principles and accounting treatment, Employee Stock Option and its accounting treatment. AS- 16
Borrowing cost: Meaning and coverage, Qualifying asset, Recognition of borrowing cost, Eligible items for
borrowing cost, Specific borrowing, General borrowing, Capitalization ceiling, Commencement of
capitalization, Conditions for capitalization, Suspension of capitalization, Cessation of capitalization. AS-
17 Segment reporting: Meaning, Objective, and Need for segment reporting. Types: Business segment,
Geographical segment, Segment revenue, Segment expenses, Segment result, Segment assets,
Segment liabilities, Primary and secondary segments. Corporate practices.
Text Books And Reference Books:
1. Jawaharlal,(2011). Accounting Theory. Bombay: Himalaya publishing House.
3. Jain and Narang (2011). Accounting Theory New Delhi: Kalyani Publishers.
5. Vijayakumar MP (2012) First Lessons on Accounting Standards, Mumbai: Snow White Publications.
2. Gupta N.D., (2011) Accounting Standards. New Delhi: Sultan Chand and Sons.
Course Plan
Class Name : 5BCOMH D Subject Name : ACCOUNTING STANDARDS
-I
CIA 1
Component/Task 1
CIA Details
MOODLE BASED OBJECTIVE TYPE TESTIt will be a test to check individual students knowledge. The
test will be based on Unit 1. The questions will relate to various aspects of Accounting theory, its
formulation, roots and approaches.Also, some questions will relate to Accounting principles, Accounting
Standards, their scope and setting procedures, IFRS and their implementation.
CIA Details will display form 26/06/2017
Learning Objective
Assignment Learning Objectives: By the end of this Assignment, you will be able to: List various
Accounting Standards applicable in India.2. Recall different Accounting Theories3. Match different
researches with the type of approaches needed.4. Contrast between AS, IFRS, IAS & Ind AS.5. Draw
relationships between existing Accounting Principles and their application in accounting world.6. Assess
the benefits and the shortcomings of the changes in accounting procedures to bring them in line with
accounting practices.Assessment Strategies aligned to LO: Different MCQs will deal with evaluating
students on all the above-mentioned criteria. Technology Tools used along with their Purpose:
Moodle or Kahoot
Evaluation Rubrics
20 questions of 1 mark each will be given to the students. Overall score will be converted for 10 marks.
Component/Task 2
CIA Details
Report Submission: Class will be divided in the group of 6-7 students each. The groups will be required
to choose any Company listed in India (Preferably the companies who opted for voluntary adoption on Ind
AS). The group will be required to understand and evaluate the Annual reports of that company; also they
should collect more information on the company through different sources and give their observations on:
1. Accounting Policies followed by the organization.2. The progress that the company has made over
the years based on Profitability, market captalisation, and any other aspects that they deem fit.1. Holding
of the Promoters in the organization, the salary of the promoters and any loans taken by them.2. Any
upcoming projects of the Company and SWOT analysis of those projects.3. Investment patterns of the
company.4. If the company has opted for voluntary adoption, the differences in their financial reports
based on AS and Ind AS.5. Different segments that the Company earns its revenues from and
performance of those segments.
CIA Details will display form 26/06/2017
Learning Objective
Assignment Learning Objectives:By the end of this Assignment, you will be able to:1. Identify different
components of a Financial Statement.2. List various accounting policies used by the organization.3.
Compare the performance of an organization before and after the usage of Ind AS.4. Critically analyse
the investment patterns and future plans of the company.5. Analyse the progress made by the company
over the years.Assessment Strategies aligned to LO:Report to be submitted shall have a mention of the
aspects mentioned in the description.Technology Tools used along with their Purpose:
Evaluation Rubrics
Criteria 4 3 2 1
All policies clearly All policies Very few
mentioned and identified but Some policies policies
defined as per the usage not identified and identified and
Accounting Polices usage defined for all defined defined
All aspects
relating to
profitability and
Market
Capitalisation
covered and Bothe
explained, also Profitability and
additional growth market Only one of the
prospects capitalisation aspects covered Very few details
Progress included. well explained properly provided.
CIA 3
Component/Task 1
CIA Details
Group Presentation Class will be divided in the group of 6-7 students each. Topics will be assigned to
them and the students have to prepare a PPT for presenting different standards in the class.The
presentation should include following information:1. Introduction, measurement and disclosure
requirements of the standards.2. Real companies information on the applicability of the standards.3.
Changes in the accounting standards because of implementation of Ind AS.4. Small case discussions on
various aspects of the standard5. Activity to involve the class in discussion or participation to check their
understanding of the standard.
CIA Details will display form 26/06/2017
Learning Objective
Assignment Learning Objectives:By the end of this Assignment, you will be able to:Define the given
standards clearly.2. Illustrate the different ways the companies use that accounting standard.3. Identify
the loopholes which the companies can make misuse of.4. Elaborate on the changes brought about due
to applicability of corresponding Ind AS.Assessment Strategies aligned to LO:The presentation should
touch upon all the learning objectives and the activity will ensure that the audience is optimally engaged
and benefited. Technology Tools used along with their Purpose:PPT presentation
Evaluation Rubrics
4 3 2 1
Information relating
to Introduction,
measurement,
All the information relating to applicability and
Introduction, measurement, disclosure Some of the
Information on applicability and disclosure requirements given Information Very vague
Standard requirements clearly given but not clear missing presentation
Abstracts from
Abstracts from the the company's
Abstracts from the company's annual annual report not Slight mention of
Real Company company's annual report report shown but shown but some the company
Information shown and explained well explanation not clear instances stated information
All differences
Differences All differences clearly not clearly stated
between AS & All differences clearly stated stated but no real life and no real life Only a mention of
Ind AS with real life examples examples examples some differences.