FR (new vs. old)

New FR Syllabus:

1. Application of Existing Accounting Standards 15, 21, 23, 25, 27 and 28. (The students will also be required to apply other Accounting Standards if applicable in any of the questions).

2. Application of Guidance Notes issued by ICAI on specified accounting aspects.

3. Framework for Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards (Ind AS).

4. Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements

5. Consolidated and Separate Financial Statements (as per Ind AS)

6. Application of Industry specific and Transaction Specific Indian Accounting Standards (other than Business Combination, Financial Instruments and Share Based Payment)

7. Business Combinations and Accounting for Corporate Restructuring (including demerger) (as per Ind AS)

8. Accounting and Reporting of Financial Instruments (as per Ind AS)

9. Accounting for Share Based Payment (as per Ind AS)

10. Analysis of Financial Statements Common defects in financial statements of corporate entities

11. Accounting for Carbon Credits

12. Accounting for E-commerce

13. Emerging trends in Reporting

      (i) Integrated Reporting

      (ii) Corporate Social Responsibility Reporting

      (iii) Human Resource Reporting

      (iv) Value Added Statement

Old FR syllabus:

1. Accounting Standards and Guidance Notes on various accounting aspects issued by the ICAI and their applications.

2. Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs).

3. Corporate Financial Reporting - Issues and problems with special reference to published financial statements.

4. Accounting for Corporate Restructuring (including inter-company holdings).

5. Consolidated Financial Statements of Group Companies Concept of a Group, purposes of consolidated financial statements, minority interest, Goodwill , Consolidation procedures – Minority interests, Goodwill, Treatment of pre- acquisition and postacquisition profit . Consolidation with two or more subsidiaries, consolidation with foreign subsidiaries. Consolidated profit and loss account, balance sheet and cash flow statement. Treatment of investment in associates in consolidated financial statements. Treatment of investments in joint ventures in consolidated financial statements.

6. Accounting and reporting of financial instruments Meaning, recognition, derecognition and offset, compound financial instruments Measurement of financial instruments Hedge accounting Disclosures

7. Share based payments Meaning, Equity settled transactions, Transaction with employees and non- employees Determination of fair value of equity instruments Vesting conditions 3 Modification, cancellation and settlement Disclosures

8. Financial Reporting by Mutual funds, Non-banking finance companies, Merchant bankers, Stock and commodity market intermediaries.

9. Valuation (a) Concept of Valuation (b) Valuation of Tangible Fixed Assets (c) Valuation of Intangibles including brand valuation and valuation of goodwill (d) Valuation of liabilities (e) Valuation of Shares (f) Valuation of Business

10. Developments in Financial Reporting (a) Value Added Statement (b) Economic Value Added, Market Value Added, Shareholders’ Value Added (c) Human Resource Reporting

Note:Valuation has been included in SFM new sylabus