Professional Documents
Culture Documents
VS-1215
Test Details
Duration: 60 minutes
No. of questions: 50
Maximum marks: 50, Passing marks: 25 (50%)
Fee Structure
Rs. 6,000/- (Includes all taxes)
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Table of Contents
Contents
1. Introduction
1.1 IASB structure
1.2 IFRS Standards
1.3 Abbreviations
1.4 IASB due process
1.5 List of IAS
1.6 IASB History
1.7 Use of IFRSs around the world
2. IAS 1
2.1 Objectives
2.2 Scope
2.3 Key Terms
2.4 Complete set of financial statements
2.5 General requirements of IAS 1
2.6 Statement of comprehensive income
2.7 Disclosure of accounting policies
3. IAS 2
3.1 Scope
3.2 Key Terms
3.3 Basis of valuation
3.4 Cost Measurement
3.5 Net realizable value
3.6 Expense recognition
3.7 Disclosures
4. IAS 7
4.1 Key terms
4.2 Presentation of a statement of cash flows
4.3 Noncash Transactions
4.4 Foreign Currency Cash Flows
4.5 Reporting Cash Flows on a Net Basis
4.6 Disclosures
5. IAS 8
5.1 Key terms
5.2 Selection and application of accounting policies
5.3 Consistency of accounting policies
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7. IAS 11
7.1 Key terms
7.2 Contract options
7.3 Contract revenue
7.4 Contract cost
7.5 Recognition of Revenue and Costs
7.6 Outcome of Construction Contract Can Be Estimated Reliably
7.7 Stage of Completion
7.8 Outcome of Construction Contract Cannot Be Estimated Reliably
7.9 Effect of Change in Estimate in Construction Contract
7.10 Disclosures
8. IAS 12
8.1 Key terms
8.2 Tax base
8.3 Recognition and measurement of current tax liabilities and current tax assets
8.4 Recognition of deferred tax liabilities and deferred tax assets
8.5 Accounting for deferred tax
8.6 Disclosures
9. IAS 16
9.1 Scope
9.2 Key terms
9.3 Recognition
9.4 Elements of cost
9.5 Measurement of cost
9.6 Measurement after recognition
9.7 Derecognition
9.8 Disclosures
10. IAS 17
10.1 Key terms
10.2 Classification of leases
10.3 Leases in the financial statement of lesees
10.4 Operating Leases
10.5 Leases in the financial statement of lessors
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12. IAS 19
12.1 Scope
12.2 Key terms
12.3 Types of employee benefits
12.4 Short-term employee benefits
12.5 Postemployment benefit plans
12.6 Other long-term employee benefits
12.7 Termination Benefit
13. IAS 20
13.1 Key terms
13.2 Recognition of government grants
13.3 Presentation of grants related to assests
13.4 Presentation of grants related to income
13.5 Repayment of government grants
14. IAS 21
14.1 Scope
14.2 Key terms
14.3 Identification of functional currency
14.4 Net investment in a foreign operation
15. IAS 23
15.1 Key terms
15.2 Recognition
15.3 Borrowing costs eligible for capitalization
15.4 Commencement of capitalization
15.5 Suspension of capitalization
15.6 Cessation of capitalization
16. IAS 24
16.1 Key terms
16.2 Substance over form
16.3 Recent amendments to the standard
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18. IAS 27
18.1 Key terms
18.2 Presentation and scope of consolidated financial statements
18.3 Process of consolidation
18.4 Loss of control
19. IAS 29
19.1 Scope
19.2 Key terms
19.3 Restatement of financial statements
19.4 Restatement of comprehensive income
19.5 Statement of cash flows
20. IAS 32
20.1 Scope
20.2 Financial assets
20.3 Financial liabilities
20.4 Equity instruments
20.5 Presentation of liabilities and equity
20.6 Treasury shares
20.7 Purchased and written option to buy/sell own equity
20.8 Puttable instruments
20.9 Offsetting financial assets and liabilities
20.10 Interest, dividends, losses, and gains
20.11 Transaction cost of an equity issue
21. IAS 33
21.1 Scope
21.2 Key terms
21.3 Measurement
21.4 Diluted Earnings Per Share
21.5 Antidilution
21.6 Rights issue
21.7 Increasing rate preference shares
21.8 Presentation
21.9 Disclosures
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23. IAS 36
23.1 Scope
23.2 Exclusions
23.3 Key terms
23.4 Identification of assets that may be impaired
23.5 Calculation of recoverable amount
23.6 Calculation of fair value less costs to sell
23.7 Calculation of value in use
23.8 Selection of discount rate
23.9 Recognition of an impairment loss
23.10 Cash-generating units
23.11 Impairment of goodwill
23.12 Reversal of an impairment loss
23.13 Disclosures
24. IAS 37
24.1 Scope
24.2 Key terms
24.3 Recognition of a provision
24.4 Measurement of provisions
24.5 Remeasurement of provisions
24.6 Restructurings
24.7 Contingent liabilities
24.8 Contingent assets
24.9 Disclosures
25. IAS 38
25.1 Scope
25.2 Key terms
25.3 Intangible assets
25.4 Recognition
25.5 Initial measurement
25.6 Intangible assets with finite lives
25.7 Intangible assets with indefinite lives
25.8 Subsequent expenditure
25.9 Disclosures
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27. IAS 40
27.1 Key terms
27.2 Scope
27.3 Measurement of investment property
27.4 Transfers to and from investment property
27.5 Disposals
27.6 Disclosures
27.7 Fair value and cost model
28. IAS 41
28.1 Scope
28.2 Key terms
28.3 Recognition and measurement
28.4 Gains and losses
28.5 Government grants
29. IFRS 1
29.1 Scope
29.2 Key Terms
29.3 Exceptions to the first-time adoption rule
29.4 Opening IFRS statement of financial position
29.5 Adjustments required in preparing
29.6 Mandatory Exceptions
29.7 Presentation and disclosure
30. IFRS 2
30.1 Scope
30.2 Key Terms
30.3 Accounting for equity-settled share-based payments
30.4 Vesting
30.5 Accounting for cash-settled transactions
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31. IFRS 3
31.1 Scope
31.2 Key Terms
31.3 Identifying a business combination
31.4 Date of Acquisition
31.5 Acquisition Method of Accounting
31.6 Recognizing Assets and Liabilities
31.7 Fair value of consideration
31.8 Measurement period
31.9 Disclosures
32. IFRS 4
32.1 Scope
32.2 Insurance contract
32.3 Contract that are not classified as insurance contracts
32.4 Embedded derivatives
32.5 Unbundling of deposits
32.6 Temporary exemption from application of IAS 8
32.7 Business Acquisitions
32.8 Deferred acquisition costs
32.9 Liability adequacy test
32.10 Change in accounting policies
32.11 Discretionary Participation Features
32.12 Disclosures
33. IFRS 5
33.1 Key Terms
33.2 Scope
33.3 When to reclassify
33.4 Assets held for sale
33.5 Disposal group assets
33.6 Discounted operations
33.7 Measurement of noncurrent assets held for sale or disposal group
33.8 Changes in classification of held for sale
33.9 Disclosures
34. IFRS 6
34.1 Selection and application of accounting policies
34.2 Key Terms
34.3 Accounting for E&E costs
34.4 Measurement after initial recognition and presentation
34.5 Impairment
34.6 Disclosures
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36. IFRS 8
36.1 Scope
36.2 Core principle
36.3 Chief operating decision maker (CODM)
36.4 Identifying segment using IFRS 8
36.5 Identifying operating segments
36.6 Reportable segments
36.7 Measurement of segment information
36.8 Disclosures
37. IFRS 9
37.1 Classification Issues
37.2 Classification at a glance
37.3 Business Model
37.4 Nature of contractual cash flows
37.5 Prepayments
37.6 Extension of the contractual term of debt instruments
37.7 Change in timing and amount of the contractual cash flows
37.8 Recognition of financial assets
37.9 Measurement of financial assets
37.10 Measurement subsequent to initial recognition
37.11 Embedded derivatives
37.12 Optionally convertible debenture in the hands of investor
37.13 Compulsory convertible debentures
37.14 Reclassification
37.15 Gains or losses on financial assets
37.16 Investment in unquoted equity shares
37.17 Transition Provisions
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39. IFRS 11
39.1 Scope
39.2 General requirements
39.3 Understanding joint control
39.4 Accounting for sales or contributions of assets to a joint operation
39.5 Presentation and disclosure
40. IFRS 12
40.1 Scope
40.2 Key Terms
40.3 Disclosure information required under IFRS 12
41. IFRS 13
41.1 Scope
41.2 The process of performing fair value measurements
41.3 Approaches to valuation
41.4 Market approach
41.5 Income approach
41.6 Adjusted net asset method
42. IFRS 14
42.1 Scope
42.2 Recognition and measurement
42.3 Impairment considerations
42.4 Presentation
42.5 Disclosures
42.6 Effective dates and transition
43. IFRS 15
43.1 Scope
43.2 Key Definitions
43.3 Summary
43.4 Disclosures
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Sample Questions
1. When did ICAI setset-up the plan for the efficient implementation of IFRS in India
A. 2009
B. 2010
C. 2011
D. None of the above
4. Which term refers to one's right to receive cash, other assets, or equity instrument
when preexistence conditions are met
A. Share-based payment transaction
B. equity-settled share-based payments
C. Vesting
D. None of the above
Answers:
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