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ADVANCED FINANCIAL ACCOUNTING & REPORTING

FINAL. GROUP - IV. PAPER - 16. ADVANCED . FINANCIAL . ACCOUNTING . & REPORTING . The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016. First Edition : January 2008. Revised Edition : March 2009. Second Revised Edition : June 2010. Published by: Directorate of Studies The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016. Printed at : India Limited, 50/2, TTC MIDC Industrial Area, Mahape, Navi Mumbai - 400 710, India Copyright of these Study Notes is reserved by the Institute of Cost and Works Accountants of India and prior permission from the Institute is necessary for reproduction of the whole or any part thereof.

ADVANCED FINANCIAL ACCOUNTING & REPORTING The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016 FINAL GROUP - IV

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Transcription of ADVANCED FINANCIAL ACCOUNTING & REPORTING

1 FINAL. GROUP - IV. PAPER - 16. ADVANCED . FINANCIAL . ACCOUNTING . & REPORTING . The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016. First Edition : January 2008. Revised Edition : March 2009. Second Revised Edition : June 2010. Published by: Directorate of Studies The Institute of Cost and Works Accountants of India 12, SUDDER STREET, KOLKATA - 700 016. Printed at : India Limited, 50/2, TTC MIDC Industrial Area, Mahape, Navi Mumbai - 400 710, India Copyright of these Study Notes is reserved by the Institute of Cost and Works Accountants of India and prior permission from the Institute is necessary for reproduction of the whole or any part thereof.

2 CONTENTS. Page No. Study Note - 1. Introduction to IAS, USGAAP, Indian ACCOUNTING Standard .. 1. Framework of ACCOUNTING .. 2. Introduction .. 2. Meaning of ACCOUNTING .. 2. Objectives and Functions of ACCOUNTING .. 3. Fundamental ACCOUNTING Assumptions .. 3. Limitations of ACCOUNTING .. 4. FINANCIAL Statements .. 4. Qualitative Characteristics of FINANCIAL Statements .. 5. ACCOUNTING Standards - Applicability, Interpretation, Scope and Compliance .. 7. US GAAPS .. 10. Established ACCOUNTING Principles in the US .. 10.

3 Other ACCOUNTING Literature .. 11. AICPA .. 11. FASB .. 11. Components of US 11. International ACCOUNTING Standards .. 13. Introduction .. 13. Extract of the International ACCOUNTING Standards .. 13. International FINANCIAL REPORTING Standards .. 29. A Comparison IGAAP - US GAAP - IFRS .. 39. Study Note - 2. Preparation of Company Accounts under Various Circumstances .. 49. Merger and Acquisitions .. 50. Introduction .. 50. What is Merger? .. 50. Varieties of Mergers .. 51. 51. Types of Acquisitions .. 52. Distinction Between Mergers and Acquisitions.

4 52. ACCOUNTING for Mergers and 54. Methods of ACCOUNTING .. 55. Pooling of Interest Method .. 55. Purchase 56. How to Value an Acquisition .. 60. Page No. Sources of Gains from Acquisitions .. 60. Valuation Procedures .. 61. External 62. 66. I Computation and Discharge of Purchase Consideration .. 66. II Basics of Amalgamation and Absorption .. 73. III Purchasing Company holding shares in Selling Company .. 118. IV Selling Company holding shares in Purchasing Company .. 142. V Cross Holding .. 146. VI Chain Holding.

5 155. VII Internal Reconstruction .. 158. VIII Reverse Merger .. 171. IX External Reconstruction .. 176. X Surrender of Shares .. 179. XI Demerger .. 182. XII Sales of Division .. 205. XIII Impact of Reconstruction over Wealth of Investor and Company .. 208. XIV Buy back of Shares .. 211. XV Conversion .. 217. Study Note - 3. Group FINANCIAL Statements .. 225. Holding 226. Methods of Combination .. 226. ACCOUNTING Treatment .. 227. Preparation of Group Cash Flow Statement .. 299. Statement of Cash Flows .. 300. Illustrations on Cash Flow 304.

6 Study Note - 4. Segmental REPORTING .. 359. 360. Need for Segmental REPORTING .. 360. Arguments against Segmental REPORTING .. 361. International Scenario .. 362. Page No. The Indian 370. Definitions .. 370. Disclosure Requirements .. 373. ACCOUNTING and Auditing Issues .. 373. Segmental REPORTING Problems & Difficulties .. 375. Specific Issues Relating to Management Accountants .. 377. Segmental Disclosure A Practical Example .. 381. Illustrations on Segmental REPORTING .. 385. Study Note - 5. Development in External REPORTING .

7 389. Indian ACCOUNTING Standards .. 390. Companies ( ACCOUNTING Standards) Rules, 390. Applicability of ACCOUNTING Standard to Non-corporate Entities .. 392. ACCOUNTING Standards .. 395. FINANCIAL REPORTING across the world .. 473. Post Balance Sheet Events .. 477. External REPORTING under Capital Market Regulations .. 479. Value Added Statement .. 494. Economic Value Added Statement .. 507. Human Resource 512. Environmental ACCOUNTING .. 512. Guidance Notes on ACCOUNTING for Tax Matters .. 516. Guidance Notes on 533.

8 Guidance Notes for Special Businesses / Reports .. 556. Study Note - 6. Government ACCOUNTING in India .. 571. Government ACCOUNTING in India .. 572. General Principles of Government ACCOUNTING .. 572. Methods of Government ACCOUNTING .. 573. Comparison with Commercial 573. Comptroller and Auditor General of India .. 574. Audit of Government Companies (Commercial Audit) .. 574. Audit Board Setup in Commercial Audit .. 574. Page No. Section - 11 Comptroller and Auditor General to Prepare and Submit Accounts to the President, Governors of State and Administrators of Union Territories having Legislative 576.

9 Public Accounts 576. Role of Public Accounts Committee .. 581. Committee on Public Undertakings .. 582. Specimen Report .. 583. STUDY NOTE - 1. Introduction to IAS, USGAAP, Indian ACCOUNTING Standard This Study Note includes: Framework of ACCOUNTING Indian ACCOUNTING Standard US GAAP. International ACCOUNTING Standards International FINANCIAL REPORTING Standards Comparative Analysis of the Indian ACCOUNTING Standard, IFRS and USGAAP. Framework of ACCOUNTING Framework of ACCOUNTING Introduction Most of the world's work is done through organizations - g roups of people who work together to accomplish one or more objectives.

10 In doing its work, an organization uses resources - l abor, materials, various services, buildings, and equipment. These resources need to be nanced, or paid for. To work effectively, the people in an organization need information about the amounts of these resources, the mean of nancing them and the results achieved through using them. Parties outside the organization need similar information to make judgments about the organization. ACCOUNTING is a system that provides such information. Organizations can be classi ed broadly as either for-pro t or nonpro t.


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