International Financial Reporting Standards (IFRSs) and US GAAP

Corporate Disclosures are essential for good governance. They enhance accountability and also help to appreciate valuation of the company in the capital market. Till recently the track record of Indian Companies as regards disclosures in financial statements was not satisfactory. However, we have seen a number of significant initiatives by Regulators and The Institute of Chartered Accountants of India (ICAI) in improving the quality of Disclosure Practices. On the other hand in recent time more and more Indian Corporates are looking to raise funds from offshore capital markets. This has necessitated the Indian Companies to follow the Generally Accepted Accounting Principles (GAAP) of the country of the investing community. Globalisation had further increased the need of understanding the GAAP of the country in which one have a business interest. The Council of the Institute of Chartered Accountants of India, has also decided to fully converge with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board from the accounting periods commencing on or after 1st April, 2011. Like in other countries such as Australia, New Zealand and countries in the European Union, the IFRSs will be adopted for the listed entities and other public interest entities such as banks, insurance companies and large-sized entities. The decision is an important milestone in achieving full convergence with IFRSs as India will join 102 countries which presently require or permit use of IFRSs in preparation of financial statements in their countries. This will change the face of Corporate Financial Reporting and Disclosure Practices in India. In a way, India is passing through transition as regards Corporate Financial Reporting and Disclosure Practices. Taking stock of this situation, the captioned programme is designed : · To understand Indian Accounting Standards . · To understand the relevance of IFRSs to Indian Corporate Sector. · Hurdles while converging Indian Accounting Standards with IFRSs. · To compare IFRSs and US GAAP corresponding to Indian Accounting Standards. · To analyse Corporate Disclosure Practices in the context of Corporate Governance.

Methodology

Lecture Method, supplemented with live case study, and Interactive Learning with Practitioners.

Programme Contents
The overall coverage of the course will include :
· Changing perspective of Accounting Standards.
· Discussion on Rule Based v/s Principle Based Accounting Policy
· Important Legal and Disclosure requirements of Financial Statements as per Indian Accounting Standards, IFRSs and US GAAP.

· Discussion on US IFRSs
1. IFRS - 1 (First time adoption of International Financial Reporting Standards)
2. IFRS - 2 (Share-based Payments)
3. IFRS - 3 (Business Combinations)
4. IFRS - 4 (Insurance Contracts)
5. IFRS - 5 (Non-current assets held for sale and discontinued operations)
6. IFRS - 6 (Exploration for and Evaluation of Mineral Resources)
7. IFRS - 7 (Financial Instruments : Disclosures)
8. IFRS - 8 (Operating Segments)

· Discussion on convergence of Indian Accounting Standards with IFRSs.
· Discussion on some important and widely used US GAAP.
· Comparative Analysis of Indian Accounting Standards with IFRSs and US GAAP.
· Corporate governance and disclosure practices