Indian Accounting Standards (Ind AS)Get knowledge of Indian Accounting Standards converged with International Financial Reporting Standards.
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The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation.
Accounting standards have been developed in India over time. It is also called Ind As. Such standards need to be adopted by various corporate form and NBFCs in India under the supervision of the Accounting Standards Board (ASB). The Accounting Standards Board was established in 1977 as a regulator and body. Indian Accounting Standards means the standard of accounting recommended by the ICAI and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards (NACAs) constituted under section 210(1) of Companies Act, 1956.
Accounting is the art of collecting, analyzing, recording, publishing and cooperating financial information that reflects the financial standing of a company at a given point in time. It can be treated like a language with its own set of semantics and lingo. As such, it is a complex procedure and understanding it fully involves understanding a lot of inter-related parameters. More importantly, it is of paramount importance that accounting follow specific standardization. If a proper convention is not followed there is a high probability that financial statements become uninterpretable. This is why an accounting course generally has modules on accounting standards.
Purpose of Indian Accounting Standards (Ind AS) include: Ensure companies in India adopt these standards to implement internationally recognized best practices, ensure that compliance is maintained worldwide, have a single framework for a single accounting system, serves as a guide for the implementation of the standard, Accounting systems used in India can be analyzed and understood by global companies, this will make the annual financial statements and company accounts transparent. These standards are harmonized to ensure that companies comply with global requirements, A wider scope is acceptable through this Indian accounting standard as Indian companies have expanded their global scope as compared to the past.
This Ind AS course by Uplatz has been designed to provide individuals and qualified accountants detailed knowledge of Indian Accounting Standards converged with International Financial Reporting Standards ie IND AS. It has become pertinent for professional accountants to acquire in depth knowledge of IND AS.
Course/Topic - Indian Accounting Standards (Ind AS) - all lectures
Introduction to Indian Accounting Standards - IND AS- In this lecture session we learn about basic introduction to indian accounting standard and also talk about factors of indian accounting.
In this lecture session we learn about phase and list of IND AS in indian accounting standards and also talk about features of list of IND AS.
In this lecture session we learn about first time adoption of indian accounting and also talk about factors of first time adoption in brief.
In this lecture session we learn about IND AS 102 share based payment in indian accounting and also talk about features of share based payment.
In this lecture session we learn IND AS 103 business combinations and also talk about features of business combinations in INDIAN accounting.
In this lecture session we learn about IND AS 104 insurance contracts and also talk about important insurance contracts.
In this lecture session we learn about Non- current assets held for sale and discontinued and also talk about features of non current assets.
In this lecture session we learn about IND AS 106 Exploration for and evaluation of mineral and also talk about Exploration for and evaluation of mineral.
In this lecture session we learn about IND AS 107 financial instruments disclosures and also talk about features of financial instruments.
In this lecture session we learn about financial instruments disclosures and also talk about functions of financial instruments disclosures.
In this lecture session we learn about the nature and extent of risks arising from financial instruments in financial accounting.
In this lecture session we learn about IND AS 108 operating segments in indian accounting and also talk about features of operating segments.
In this lecture session we learn about Indian accounting and also talk about financial instruments.
In this lecture session we learn about objects and scope of hedge accounting in Indian accounting.
In this lecture session we learn about objects of financial instruments in brief and also talk about features of these standards.
In this lecture session we learn about consolidated financial statements in indian accounting standards and also talk about objects of consolidated financial statements in brief.
In this lecture session we learn about IND AS 11 joint arrangements in Indian accounting and also talk about features of joint arrangements.
In this lecture session we learn about disclosure of interest in other entities in brief and also talk about features of disclosure of interest.
In this lecture session we learn about disclosure of interest in other entities and also talk about features of disclosure.
In this lecture session we learn about fair value measurement in Indian accounting and also talk about features of fair value measurement.
In this lecture session we learn about factors of fair value measurement in brief and also talk about functions of fair value measurement.
In this lecture session we learn about IND AS 144 regulatory deferral accounts in indian accounting and also talk about the importance of regulatory deferral accounts.
In this lecture session we learn about revenue from contracts with customers and also talk about features of revenue from contracts with customers.
In this lecture session we learn about how we create a presentation of a financial statement and also talk about factors of presentation of financial statement.
In this lecture session we learn about features of presentation of financial statements and also talk about functions of presentation.
In this lecture session we learn about the statement of loss and profit of comprehensive income sections.
In this lecture session we learn about inventories in financial accounting and also talk about how we manage inventories.
In this lecture session we learn about IND AS 7 statement of cash flow in indian financial accounting and also talk about features of cash flow in brief.
In this lecture session we learn about IND AS 8 accounting policies changes in accounting and also talk about estimates and errors.
In this lecture session we learn about IND as 8 accounting policies and also talk about changes in accounting.
In this lecture session we learn about IND AS 10 events after the reporting periods and also talk about features of reporting periods.
In this lecture session we learn about IND as 11 construction contracts and also talk about functions of construction contracts.
In this lecture session we learn about IND AS 12 income taxes in indian accounting and also talk about features of income taxes in brief.
In this lecture session we learn about IND AS property plant and equipment in indian accounting and also talk about features of plant and equipment.
In this lecture session we learn about IND AS 17 lease in indian accounting and also talk about features of lease.
In this lecture session we learn about employee benefits and also talk about features of employee benefits.
In this lecture session we learn about IND AS 19 employee benefits and also talk about functions of employee benefits.
In this lecture session we learn about indian accounting standards and employee benefits and also talk about other long type term benefits.
In this lecture session we learn about accounting for government grants and disclosure of government assistance and also talk about features of government grants.
In this lecture session we learn about the effects of changes in foreign exchange rates in indian accounting standards and also talk about features of foreign exchanges.
In this lecture session we learn about IND borrowing cost in indian accounting standards and also talk about functions of borrowing costs.
In this lecture session we learn about IND AS related party disclosure and also talk about functions of related party disclosure.
In this lecture session we learn about separate financial statements and also talk about features of separate financial statements.
In this lecture session we learn about investments in associated and joint ventures and also talk about features of investment in associates and joint ventures.
In this lecture session we learn about financial reporting in hyperinflationary economies and also talk about features of hyperinflationary economies.
In this lecture session we learn about financial instruments presentation and also talk about features of financial instruments presentation in indian accounting.
In this lecture session we learn about liabilities and equity and financial instruments presentation and also talk about puttable financial instruments.
In this lecture session we learn about earnings per share and also talk about features of earnings per share in indian accounting standards.
In this lecture session we learn about IND as 33 earning per share in financial accounting and also talk about factors of earning per share.
In this lecture session we learn about interim financial reporting and also talk about features of interim financial reporting.
In this lecture session we learn about interim financial reporting and also talk about functions of interim reporting in indian accounting standards.
In these lecture sessions we learn about impairment of assets and also talk about features of impairment of assets.
In this lecture session we learn about impairment of assets and also talk about features of impairment of assets in indian accounting standards.
In this lecture session we learn about provisions contingent liabilities and also talk about contingent in indian accounting standards.
In this lecture session we learn about intangible assets and also talk about types of intangible assets in indian accounting standards.
In this lecture session we learn about the importance of intangible assets and also talk about features of intangibles.
In this lecture session we learn about investment property in indian accounting standards and also talk about investment property features.
In this lecture session we learn about india accounting standards agriculture and also talk about features of importance agriculture in indian accounting standards.
• To understand the structure of the framework of international accounting.
• Identifying and applying disclosure requirements for companies in financial reports and financial notes.
• Applying relevant financial reporting standards to key elements of financial reports.
• Preparing group financial statements (excluding group cash-flow statements), including subsidiaries, associates and Joint Arrangements.
· Introduction of Ind AS
· Applicability of Ind AS
· List of Ind AS
· Thorough discussion on all the IND AS (Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures, etc.)
· Ind AS 101 - First-time Adoption of Indian Accounting Standards
· Ind AS 102 - Share-based Payment
· Ind AS 103 - Business Combinations
· Ind AS 104 - Insurance Contracts
· Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations
· Ind AS 106 - Exploration for and Evaluation of Mineral Resources
· Ind AS 107 - Financial Instruments: Disclosures
· Ind AS 108 - Operating Segments
· Ind AS 109 - Financial Instruments
· Ind AS 110 - Consolidated Financial Statements
· Ind AS 111 - Joint Arrangements
· Ind AS 112 - Disclosure of Interests in Other Entities
· Ind AS 113 - Fair Value Measurement
· Ind AS 114 - Regulatory Deferral Accounts
· Ind AS 115 - Revenue from Contracts with Customers
· Ind AS 1 - Presentation of Financial Statements
· Ind AS 2 - Inventories
· Ind AS 7 - Statement of Cash Flows
· Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
· Ind AS 10 - Events after the Reporting Period
· Ind AS 12 - Income Taxes
· Ind AS 16 - Property, Plant, and Equipment
· Ind AS 17 - Leases
· Ind AS 19 - Employee Benefits
· Ind AS 20 - Accounting for Government Grants and Disclosure of Government Assistance
· Ind AS 21 - The Effects of Changes in Foreign Exchange Rates
· Ind AS 23 - Borrowing Costs
· Ind AS 24 - Related Party Disclosures
· Ind AS 27 - Separate Financial Statements
· Ind AS 28 - Investments in Associates and Joint Ventures
· Ind AS 29 - Financial Reporting in Hyperinflationary Economies
· Ind AS 32 - Financial Instruments: Presentation
· Ind AS 33 - Earnings per Share
· Ind AS 34 - Interim Financial Reporting
· Ind AS 36 - Impairment of Assets
· Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets
· Ind AS 38 - Intangible Assets
· Ind AS 40 - Investment Property
· Ind AS 41 - Agriculture
IFRS course by the Association of Chartered Certified Accountants is one of the most appreciated and respectable qualifications in International Financial Reporting Standards across the globe. The diploma course by ACCA is designed to develop your knowledge and understanding of IFRS.
This program helps you prepare you for Diploma In IFRS (DipIFR) examination. While preparing you for DipIFR examination, also cover the differences with Ind-AS.
If you are an auditor or a professional accountant who works in business or practice and are qualified according to national accounting standards, you are eligible to take the ACCA financial reporting qualification. And if you are working in practice but not qualified yet, you may still be eligible for DipIFR, one of the following needs to be proved to be eligible for Diploma In IFRS By ACCA:
• Two years of relevant accounting experience and a degree, attracting at least ACCA qualification exemptions F1-F4.
• Two years of relevant accounting experience and an ACCA Certificate in International Financial Reporting
• Three years of relevant accounting experience
• ACCA affiliate status.
The Diploma in International Financial Reporting (DipIFR) is assessed by a single three-hour, 15 minutes written exam. You will need to achieve a 50 percent mark or above to complete the paper. The exam is held twice a year – in June and December at ACCA’s exam centers.
In every business, daily journals, ledgers, Bank Reconciliation statements, Profit and Loss statements and income and balance sheets present an unbiased picture of the financial position of an organization. They tell the true position with regard to its liabilities, cash sources, viability of managerial and investor decisions and compliance with taxation and corporate laws. Thus, good Accountants are a need everywhere.
The top salary for an accountant, not being a Chartered Accountant, could go up to Rs. 4,87,303 a year.
There is steady and assured growth for an accountant over the progression of her career. Experience affects accountant salaries markedly. The highest growth can take place during the middle to late-career milestones.
Most accountants become record-keepers, especially at the entry-level. However, they are supposed to check and maintain calculations, create sales and cash flow reports, administer payrolls, prepare balance sheets, carry out billing activity, manage budgets and inventory. At a mid to senior level, the accountant may also be expected to file taxes or go through historical reports to create turnover forecasts.
Following are the job titles for an Accountant:
·Financial Analyst. Analyzes past and present financial data; trends and costs; estimated and realized revenues; and administrative commitments. Evaluates and analyzes capital expenditures, depreciation, proposals, and investment opportunities, rate of return, profit plans, operating records and financial statements.
· Treasury Manager. Manages cash and increases the profitability of an organization by working on periodic liquidity requirement. Determines fund resources and then invests excess cash in capital markets. Also prepares financial statements according to regulations.
· Cash Manager. Oversees daily cash application of payments made. Continually evaluates the effectiveness of operational procedures and controls to maximize departmental productivity and minimize errors. Assists in daily and monthly cash reconciliation process.
· Accountant. Projects accounting data to show the effects of proposed plans on capital investments, income, cash position, and overall financial condition. Analyzes financial information detailing assets, liabilities, and capital, and prepares balance sheet, profit and loss statement, and other reports to summarize an organization’s current and projected financial position.
· Cost Accountant. Measures the cost of producing products or services by determining the fixed and variable expenses. Presents cost information to management to aid in determining profit and loss. Also may be responsible for taking inventory, installing and maintaining cost systems, analyzing variances, forecasting, and budgeting.
· Medical Biller. Handles patient billing, including verification of invoice information, maintenance of third party billing records, resolution of problems, and following up on submitted claims. Verifies medical insurance coverage for patient and extent of benefits.
· Tax Accountant. Is typically responsible for preparing and filing taxes for individuals and organizations, financial planning, interpreting tax law, and reviewing past tax filings. Creates strategies to reduce taxes owed while complying with generally accepted accounting principles and the law.
· Controller. Leads accounting operations, including the production of periodic financial reports, maintenance of an adequate records system, and a comprehensive set of controls and budgets to mitigate risk and enhance the accuracy and compliance of financial reports.
· Treasury Analyst. Ensures an efficient banking structure to support an organization’s overall operations by overseeing operational and strategic projects. Assists with the development of cash management banking solutions for all segments of an organization and supports the cash forecasting process.
· Senior Accountant. Prepares and reconciles financial statements, analyzes accounting processes and closes the books after yearly audits are complete. Is often responsible for the general ledger and balance sheet, as well as income statement analysis and performance analysis. May lead a team of accountants.
· Accounting Manager. Develops and maintains accounting principles, practices and procedures to ensure accurate and timely financial statements. Addresses general ledger preparation, financial reporting, year-end audit preparation and the support of budget and forecast activities. May advise management on matters such as effective use of resources and control of expenditures.
Q1. What are the different types of accounting?
Ans. Different types of accounting are –
Financial Accounting – This branch of accounting records, summarises and reports the business transactions that take place over a time period in an organisation. It is required in both the private and public sectors.
Administrative Accounting – Administrative accounting is focused on the administrative aspects of the company and is used above all to assess the fulfilment of the established objectives and improve the implemented strategy. It is very useful for making forecasts and planning the actions and resources to be used.
Tax Accounting -Tax accounting helps to register and prepare reports related to tax returns to the public treasury and payment of taxes.
Cost Accounting – This type of accounting is more focused on companies of an industrial nature. It helps to make a detailed analysis of the unit costs of production, sales, and, in general, of the production process that the company carries out.
Management Accounting – Management accounting has a broader vision than cost accounting since it records all the economic and financial information of the company to be able to make short-term and long-term decisions.
Q2. Which accounting platforms have you worked on? Which one do you prefer the most?
Ans. Describe the accounting platforms (QuickBooks, Microsoft Dynamic GP, etc.) that you have worked with and which one you liked the most.
Show you have a good understanding of the accounting platform you use. You can further specify what type of businesses use them. Generally, small and growing enterprises use the affordable plan of QuickBooks Online for creating invoices, tracking expenses and utilising the software’s built-in reports.
Q3. What is working capital?
Ans. Working capital is calculated as current assets minus current liabilities, which is used in day-to-day trading.
In a simple accounting scheme, the concept of working capital focuses on the capital resources that a given company can count on in the short term to operate. These resources owned by the company are the cash, the portfolio of financial products, and other investments made by the company.
Q4. Give a suggestion to improve the company’s working capital flow.
Ans. In my opinion, the stock on hand can be the key to improving the working capital of the company. Of all the components of working capital, the stock is something we can control. We can pressure our debtors to pay us instantly, but we cannot have direct control over them because they are separate legal entities and, in the end, they are the ones who give us business.
We may tend to delay payments from our suppliers, but it ruins business relationships and hinders goodwill in the industry. Also, if we delay payments, they may not supply goods in the future. Maintaining liquidity in the form of funds in the bank can help the flow of working capital, but it comes at an opportunity cost.
With all of this in mind, I personally believe that inventory management can be of great help in improving the working capital of the company. Over-stock should be avoided and stock turnover rates should be high.
This answer is generic. There are industries that work with negative working capital, such as electronic commerce, telecommunications, etc. So do some research on working capital before answering.
Q5. How do you maintain accounting accuracy?
Ans. Maintaining the accuracy of an organization’s accounting is an important activity as it can result in a huge loss. There are various tools and resources which can be used to limit the potential for errors to creep in and address them quickly if any errors do arise. My favourite is MS Excel.
Some of the most common ways of maintaining accuracy in accounting are:
Identify revenue streams
Keep a close eye on invoices and receipts
Prepare tax returns to avoid penalty
Prepare financial statements
Keep tabs on deductible expenses
Q6. Since you mentioned that MS Excel is your favourite, please give us three cases where Excel will make your life easier.
Mention these three advantages:
Excel saves a lot of time. Automating repetitive and predictable tasks with macros is one example. This allows one to format, filter and analyse vast sets of data within seconds.
Excel is highly customisable. Accountants need to create reports with tables and charts in excel. The same can be re-used for creating other reports without having to use or create new templates.
Excel is convenient in comparing financial datasets. It helps one in tracking financial records and see from which source the cash flow is generating.
Q7. What is TDS? Where do you show TDS on a balance sheet?
Ans. TDS (Tax Deducted at Source) is a concept aimed at collecting tax at every source of income. In a balance sheet, it is shown in the assets section, right after the head current asset.
Q8. What is the difference between a trial balance and a balance sheet?
Ans. A trial balance is the list of all balances in a ledger account and is used to check the arithmetical accuracy in recording and posting. A balance sheet, on the other hand, is a statement that shows the assets, liabilities, and equity of a company and is used to ascertain its financial position on a particular date.
Q9. Is it possible for a company to show positive cash flows and still be in grave trouble?
Ans. Yes, if it shows an unsustainable improvement in working capital and involves a lack of revenue going forward in the pipeline.
Q10. What are the common mistakes in accounting?
Ans. This is one of the most frequently asked accounting interview questions.
The most common mistakes in accounting are –
Mixing personal accounts with that of the company
Little communication between the company and the accountant
Not keeping a backup
Not saving the receipts
Performing manual accounting
Not keeping the accounting books up to date