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Best Dip IFRS Certification Course held by ConTeTra in Mumbai

If you are interested in building a career in the accounting domain, you need to enroll in ConTeTra Universal <br>IFRS certificate program. One of the important tasks of an accountant is preparing financial statements based on the <br>latest accounting standards.Batch Starts from 3 August Onwards.

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Best Dip IFRS Certification Course held by ConTeTra in Mumbai

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  1. ConTeTra Universal LLP PRESENTATION OF FINANCIAL STATEMENTS IAS 1 Consulting, Content, Technology, Training

  2. Agenda 1 Objective and scope 2 General features and considerations 3 GAAP Differences

  3. Objective and scope

  4. Objective and scope The Standard sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content Objective of IAS 1 is: To ensure comparability With entity’s financial statements of previous periods; and With the financial statements of other entities Scope: Applicable for general purpose financial statements in accordance with IFRS: To all profit oriented entities All financial statements including interim financial statements EXCEPT condensed financial statements (Covered by IAS 34) Consolidated financial statements Separate financial statements

  5. General features and considerations

  6. General features Going concern Accrual basis of accounting Fair presentation FINANCIAL STATEMENT Materiality and aggregation Compliance with IFRSs Comparative information Offsetting Consistency

  7. Accrual basis of accounting Financial statements except for cash flow statements should be prepared on accrual basis Assets, liabilities, equity, income and expenses recognized when the definitions and recognition criteria in the Framework are met

  8. Materiality and aggregation Separate presentation • Separate presentation of material items of dissimilar nature or function Aggregation • Immaterial items need not be presented separately, aggregate with amounts of similar nature or function Separate presentation after aggregation • If sufficiently material after Aggregation, separate presentation in notes required

  9. Offsetting Offsetting Items of income and expense – not to be offset unless: Assets and liabilities - not to be offset unless: Required or permitted by IFRS Gains, losses and related expenses arising from the similar items are not material Required or permitted by IFRS

  10. Consistency in presentation Retain the same presentation unless: Change will result in more appropriate presentation Change required by an IFRS

  11. Compliance with IFRS “Explicit and unreserved statement of compliance” Compliance with allIFRSs Disclose application of IFRSs before effective date Inappropriate accounting treatments cannot be rectified by disclosure

  12. Fair presentation Achieved by appropriate application of IFRS • It means ‘faithful representation’ of: • effects of transactions • events and conditions • in accordance with recognition criteria set out in the framework. in extremely rare scenario: “Departure from IFRS is permitted, when compliance with an IFRS is misleading" Requires comprehensive disclosures for such deviation Only if local regulator allows

  13. Differences between Indian GAAP, IFRS & Ind AS

  14. Differences between Indian GAAP, IFRS & Ind AS

  15. Differences between Indian GAAP, IFRS & Ind AS

  16. Differences between Indian GAAP, IFRS & Ind AS

  17. Differences between Indian GAAP, IFRS & Ind AS

  18. Program Schedule DATE: Weekendbatch starting from 03AUG2019 9.00 AM – 6.00 PM (10 days) Venue: PICK YOUR PREFFERED LOCATION 165, Satra Plaza, Palm Beach Road, Sector 19D, Vashi, Navi Mumbai – 400703 101 Silver Metropolis, 1st Floor, Western Express Highway, Goregaon, Mumbai

  19. Visit Us:- • Phone: +91 8291862829 • Email: tausif.sayyed@contetra.com • Website: http://contetra.com/home/training/diploma-in-ifrs- training/ • YouTube Channel: https://goo.gl/6wEF3H Thank You…!!!

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