Certification Course IND AS and IFRS Masterclass by CA Rakshit Mittal

Session Plan

Introduction to IND AS MasterClass
Practical & applied learning of IND AS & IFRS in real world
Faculty Introduction

Amortized Cost Business Model (Hold to Collect)
FVOCI Business Model (Hold to Collect & Sell)
FVTPL Business Model
Contractual Cash Flow Model
Reclassification
Subsequent Measurement

Identification of Derivatives
Scope of Non-Financial Item Contracts
Hedging: Scope & Types of Hedges
Practical use cases of Hedging
DCF Intro

Expected Credit Loss Model
Operational Simplifications In Assessing Significant Increases In Credit Risk
Loss Allowance Recognition
Provision Matrix
Credit Impaired Financial Asset
Derecognition of Financial Asset

Scope and Key Definitions
Five-Step Revenue Recognition Model
Special Topics and Adjustments
Timing and Methods of Revenue Recognition
Transition, Practical Expedients, and Case Studies

IND AS 115: Practical
Distance mapping
Revenue Contract Sample
Revenue Calculations & revenue recognition journal entries
Template to follow to apply IND AS 115 in practical life

Introduction and Scope
Identification of a Lease
Lease Components and Term
Recognition, Measurement, and Modification
Presentation and Transition

Template to apply IND AS 116 in practical life → lease identification
Sample Lease Agreement
Lease schedule preparation

Objective & scope of IND AS 24
Key Definitions & Relationship between reporting entity & person
Disclosures for IND AS 24 in Financial Statements
Extract of Financials for Related Party Transactions & Disclosures

Scope & Key Concepts of IND AS 12: Income Taxes
Understanding tax Base of Assets & Liabilities
Case Study & Detailed Analysis of Deferred Tax Recognition
Practical Examples for IND AS 12
MS Excel Application → Step by step calculation of Deferred Tax & journal entries

Acquisition Method of Accounting
Determining whether acquired set of assets & activities is a business
Development stage entities
Case Study: Outsourcing Arrangement
Identifying the acquirer
Recognising & measuring the identifiable assets acquired & liabilities assumed
Step Acquisition
Common Control Business Combination

Understanding the scope of IND AS 110
Exemption for consolidating Financial Statements
Definition of Control: Power Over an Investee
Substantive Vs Protective Rights
Case Studies: Potential Voting Rights
Exposure to Variable Returns
Understanding Link between Power & Returns
Defacto Agents
Template: Control Assessment - IND AS 110
Steps in preparing Consolidated Financial Statements

Understanding significant Influence & lack of significant influence
Overview & Application of Equity Method
Treatment of Impairment Losses
Scope, Accounting & Examples of Joint Operation

Understanding of Accounting Policies
Changes in Accounting Policies
Practical Scenarios & Case Studies
Understanding of Accounting Estimates
Prior Period Errors & Case Studies

Scope & Objective of IND AS 19
Post Employment Benefits - 2 Types
Present Value of Obligation Vs Plan Assets
Key Components of Defined Cost
Actuarial Assumptions Required
Termination Benefits
Practical - Actuary Assumption

Introduction & Objective of IND AS 113
Understanding Definition of Fair Value
Fair Value Hierarchy: Level 1, Level 2, Level 3
Valuation Techniques
Fair Value of Liabilities & Own Equity Instruments

Scope & Applicability of IND AS 102
Understanding the concept of Grant Date & Why it's important
How Companies Do it in practice?
Impact of Conditions on measuring share based payments
Cash Settled Award & It's Accounting
Group Share Based Payment Arrangements

Objective of IND AS 23
What is included & not included in Borrowing Costs?
When to capitalise Borrowing Costs?
When to expense Borrowing Costs?
Capitalisation Period
Specific Vs General Borrowings
Exchange differences on foreign currency borrowings

Key Definitions & Recognition Criteria
Measurement of Provisions
Changes in Provisions & Use of Provisions
Practical Examples & Case Studies

Basics: Who has to follow IND AS
Objective of IND AS 101
Opening IND AS Balance Sheet and Single Transition
Key Adjustments on Transitions
First IND AS Financial Statements Must Include
Adoption of Board Policy for first time adoption of IND AS
Practical Working on MS Excel - Schedule III, Trial Balance, IND AS Adjustments and Balance Sheet Preparation as per IND AS

Preparation of Complete IND AS Financial Statements in Excel for Listed Entities
Preparation of Profit & Loss, Balance Sheet, Cash Flow Statements, Notes to Accounts with Explanatory Information from Trial Balance and Formatting as per Latest Schedule III
Disclosure Requirements and Notes to Accounts as per respective IND AS
Latest changes in Schedule III

IND AS 16: Key Concepts, Cost Model, Revaluation Model, Depreciation (Important)
Component Accounting (Mandatory in IND AS 16) → Spare Parts & Servicing Equipment With MS Excel Practical Working
Practical Case Studies on IND AS 16
IND AS 38: Key Concepts and Measurement
Internally Generated Intangible Assets
Subsequent Measurement, Amortisation & Impairment of Intangible Assets

IND AS 1: Presentation of Financial Statements → Key Principles
IND AS 7: Statement of Cash Flows → Key concepts
IND AS 10: Events after the Reporting Period
IND AS 27: Separate Financial Statements
IND AS 36: Impairment of Assets
IND AS 105: Non-Current Assets Held for Sale and Discontinued Operations
IND AS 108: Operating Segments

Summary of Important IND AS
Tips on Interview Preparation

Templates for approaching IND AS
Illustration for Schedule II, Division II
IND AS Transition Checklist
Schedule II Reclassification Division I to II
Practical Workings for IND AS 115, IND AS 116, Component Accounting and more

MCQs Based Exam Online - Practical Exam based on Course Module - IND AS MasterClass

Meet Your Instructor

CA Rakshit Mittal

A Chartered Accountant with over a decade of diverse experience, CA Rakshit Mittal has worked with some of the top global firms including EY, PwC, and Mazars. Currently serving as a Senior Manager at EY FAAS, he has consistently led audit and advisory mandates for large corporates across sectors. Rakshit�s core expertise lies in Statutory Audit, Internal Audit, and Risk Advisory, where he has played a pivotal role in process institutionalization, cost optimization, and regulatory compliance. A passionate trainer and mentor, he actively shares his knowledge to empower the next generation of finance professionals.