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DEPARTMENT - COMMERCE

Course Pack
FOR
ACCOUNTING STANDARDS - I-COH533

COH533 - ACCOUNTING STANDARDS - I

Total Teaching Hours For Semester : 60 Total Teaching Hours For Semester : 4

Max Marks : 100 Credits : 3

Course Objectives/Course Description:


The basic objective of Accounting Standards is to have standardization in the presentation of financial statements. This course in Accounting Standards-I is offered as a

core paper in fifth semester. This paper enables the students to have a deep understanding to the theoretical framework of Accounting and also helps the students to

have an in-depth knowledge of Accounting Standards to be followed while disclosing the books of accounts. It also familiarizes the students with the standards and

procedures to be followed while valuing the various items of the Balance sheet. Accounting standards 1 to Accounting standards 17 are discussed. As a prerequisite,

students should have a thorough understanding of various accounting concepts.

Learning Outcome
To enable the students to have a deep understanding to the theoretical framework of Accounting.
To help the students to have an in-depth knowledge of Accounting Standards to be followed.
To motivate students for research in accounting area.

Unit-1 Teaching Hours:12

Accounting Theory
Concept of theory and accounting theory; Role of Accounting theory, Classification of Accounting theory.
Accounting concepts and principles. Accounting Standards: Meaning, Objectives, Advantages,
disadvantages, Procedure for issuing Accounting Standards by the ICAI, Scope of Accounting Standards.
IFRS-Background, Meaning, International and Indian scenario, specific issues- Product Classification and
Significant risks, Investment Accounting and Valuation under IFRS, Deferred Acquisition Costs, Estimation
of Actuarial Liability, Disclosure Requirements.
Unit-2 Teaching Hours:8

Accounting Standards1-2
AS -1 Disclosure of Accounting Policies: Scope, Need, Various areas where disclosure is mandatory,
Change in Accounting Policies. AS -2 Valuation of Inventories: Objective, Definition, Measurement of
Inventory , Cost inventories, Exclusion from the cost of inventories, Valuation of inventory , Specific
identification method, First-in First- out method, Weighted Average cost, Standard cost, Retail inventory
method, Net realizable value, Valuation of containers and empties, Corporate Accounting practices.
Unit-3 Teaching Hours:17

Accounting Standards4-9
AS-4 Contingencies and events occurring after the Balance Sheet Date: Nature of Contingency, treatment
of Proposed Dividend, Approving authority, Adjusting and non adjusting Events, Disclosures required. AS-
5 Net profit or loss for the period, prior period items and change in accounting policies: Objective and
scope, Change in accounting policy and change in accounting estimate- treatment. AS-6 Accounting for
Depreciation: Methods of Depreciation, change in methods, wasting assets, useful life of asset, treatment
of disposed or discarded depreciable asset. AS-7 Construction Contracts: Objective and Scope, allocation
of Revenues and related costs to accounting period, method of recognition of revenue, AS -9 Revenue
Recognition: Revenue definition- Exclusions- Revenue from sale of goods, Revenue from rendering
services, Revenue from use of resources by others- Disclosure requirements- Timing of revenue
recognition.
Unit-4 Teaching Hours:14

Accounting Standards10-13
AS -10 Accounting for Fixed assets: Definition, Gross and net book value, Composition of cost,
components of cost, Improvements and repairs to fixed assets, Retirement and disposal. Revaluation,
Principles governing the revaluation. Disclosure; Corporate practices. AS- 11 Effects of changes in
Foreign Exchange Rates: Need and objective, Scope and applicability, foreign currency transactions,
Definitions, Classification for accounting treatment - Category- I-Foreign currency transactions; Category-
II-Foreign operations; Category- III-Forward exchange contracts. Accounting treatments and disclosure.
AS- 12 Accounting for Government Grants: Recognition of government Grants, kinds of Grants, Grants
related to Revenue, refund of Government grants, Contingency related to Government to grants. AS-13
Accounting for Investments: Investment defined, Exception, Classification of investment, Cost of
investments, and Valuation of investments. Disposal of investments, Re-classification of investment,
Disclosure of investment in the financial statements.
Unit-5 Teaching Hours:9

Accounting Standards15-17
AS- 15 Accounting for Retirement Benefits: Meaning, Accrual system of accounting for retirement benefits,
Types of retirement benefits , Defined contribution scheme, Defined benefit scheme and their accounting
principles and accounting treatment, Employee Stock Option and its accounting treatment. AS- 16
Borrowing cost: Meaning and coverage, Qualifying asset, Recognition of borrowing cost, Eligible items for
borrowing cost, Specific borrowing, General borrowing, Capitalization ceiling, Commencement of
capitalization, Conditions for capitalization, Suspension of capitalization, Cessation of capitalization. AS-
17 Segment reporting: Meaning, Objective, and Need for segment reporting. Types: Business segment,
Geographical segment, Segment revenue, Segment expenses, Segment result, Segment assets,
Segment liabilities, Primary and secondary segments. Corporate practices.
Text Books And Reference Books:
1. Jawaharlal,(2011). Accounting Theory. Bombay: Himalaya publishing House.

2. Rawat (2013) Accounting Standards New Delhi: Taxman Publications.

3. Jain and Narang (2011). Accounting Theory New Delhi: Kalyani Publishers.

4. Porwal, L.S. (2011) Accounting Theory. New Delhi: TMH.

5. Vijayakumar MP (2012) First Lessons on Accounting Standards, Mumbai: Snow White Publications.

Essential Reading / Recommended Reading:


1. Anthony, R.N. James, (2012).Accounting Principles. New Delhi: AITIBS

2. Gupta N.D., (2011) Accounting Standards. New Delhi: Sultan Chand and Sons.

Course Plan
Class Name : 5BCOMH D Subject Name : ACCOUNTING STANDARDS

-I

Subject Code : COH533 Teacher Name : GEETANJALI.PURSWANI


No of
Planned Date Unit Heading Details Method Reading/Ref
Hours
Concept of theory and
accounting theory; Role
of Accounting theory, Power Point
29/05/2017 Jawaharlal. (2014). Accounting Theory. Bombay:
03/06/2017 2.00 Unit-1 Accounting Theory Classification of Presentation /Lecture
Himlaya Publishing House.
Accounting theory. Method
Accounting concepts
and principles.
Classification of
05/06/2017 Accounting theory. Jain., Narang. (2014). Accounting Theory. New
10/06/2017 4.00 Unit-1 Accounting Theory Discussion and PPT
Accounting concepts Delhi: Kalyani Publishers.
and
principles.Accounting
Standards: Meaning,
Objectives, Advantages,
disadvantages,
Procedure for issuing.
Accounting Standards
by the ICAI, Scope of
12/06/2017 Accounting Standards Jain., Narang. (2014). Accounting Theory. New
17/06/2017 4.00 Unit-1 Accounting Theory PPT and Discussion
IFRS-Background, Delhi: Kalyani Publishers.
Meaning, International
and Indian scenario .
IFRS-specific issues-
Product Classification
and Significant risks AS
Accounting -1 Disclosure of
19/06/2017 Unit-2, Case study D.S, Rawat. (2015). Accounting Standards. New
24/06/2017 4.00 Standards1-2, Accounting Policies:
Unit-1 Discussion / PPT Delhi: Taxmann Allied Services (p) Ltd.
Accounting Theory Scope, Need, Various
areas where disclosure
is mandatory, Change in
Accounting Policies
AS -2 Valuation of
Inventories: Objective,
Definition, Measurement
26/06/2017 Accounting of Inventory ? Cost Case study D.S, Rawat. (2015). Accounting Standards. New
01/07/2017 4.00 Unit-2
Standards1-2 inventories, Exclusion Discussion / PPT Delhi: Taxmann Allied Services (p) Ltd.
from the cost of
inventories, Valuation of
inventory ?.
AS -2 Valuation of
Inventories: Specific
identification method,
First-in First- out
method, Weighted
Average cost, Standard
cost, Retail inventory
method, Net realizable
value, Valuation of
Accounting containers and empties,
Interactive lecture /
03/07/2017 Unit-2, Standards1-2, Corporate Accounting D.S, Rawat. (2015). Accounting Standards. New
08/07/2017 4.00 PPT/Case study
Unit-3 Accounting practices AS-4 Delhi: Taxmann Allied Services (p) Ltd.
analysis
Standards4-9 Contingencies and
events occurring after
the Balance Sheet Date:
Nature of
Contingency,treatment
of Proposed Dividend,
Approving authority,
Adjusting and non
adjusting Events,
Disclosures required
AS-5 Net profit or loss
for the period, prior
period items and change
in accounting policies:
Objective and scope,
Change in accounting
policy and change in
accounting estimate- Interactive lecture /
10/07/2017 Accounting D.S, Rawat. (2015). Accounting Standards. New
15/07/2017 4.00 Unit-3 treatment.AS-6 PPT/Case study
Standards4-9 Delhi: Taxmann Allied Services (p) Ltd.
Accounting for analysis
Depreciation: Methods
of Depreciation, change
in methods, wasting
assets, useful life of
asset, treatment of
disposed or discarded
depreciable asset
AS-7 Construction
Contracts: Objective and
Scope, allocation of Interactive lecture /
17/07/2017 Accounting D.S, Rawat. (2015). Accounting Standards. New
22/07/2017 4.00 Unit-3 Revenues and related PPT/Case study
Standards4-9 Delhi: Taxmann Allied Services (p) Ltd.
costs to accounting analysis
period, method of
recognition of revenue
AS -9 Revenue
Recognition: Revenue Interactive lecture /
24/07/2017 Accounting D.S, Rawat. (2015). Accounting Standards. New
29/07/2017 4.00 Unit-3 definition- Exclusions- PPT/Case study
Standards4-9 Delhi: Taxmann Allied Services (p) Ltd.
Revenue from sale of analysis
goods,
31/07/2017 0.00 MSE
05/08/2017
D.S, Rawat. (2015). Accounting Standards. New
Interactive lecture /
07/08/2017 Accounting Revenue from rendering Delhi: Taxmann Allied Services (p) Ltd. Saini A.,
12/08/2017 2.00 Unit-3 PPT/Case study
Standards4-9 services, (2014). Accounting Standards for students.
analysis
Bombay: Himlaya Publishing House
14/08/2017 Unit-3, Accounting Revenue from use of Interactive lecture / D.S, Rawat. (2015). Accounting Standards. New
19/08/2017 3.00
Unit-4 Standards4-9, resources by others- PPT/Case study Delhi: Taxmann Allied Services (p) Ltd. Saini A.,
Disclosure
requirements- Timing of
revenue recognition. AS
-10 -13Accounting for
Fixed assets: Definition,
Gross and net book
value, Composition of
Accounting (2014). Accounting Standards for students.
cost, components of analysis
Standards10-13 Bombay: Himlaya Publishing House
cost, Improvements and
repairs to fixed assets,
Retirement and
disposal.Revaluation,Pri
nciples governing the
revaluation. Disclosure;
Corporate practices.
AS- 11 Effects of
changes in Foreign
Exchange Rates: Need
and objective, Scope
and applicability, foreign
currency transactions,
Definitions Classification Interactive lecture /
21/08/2017 Accounting Saini A., (2014). Accounting Standards for
26/08/2017 4.00 Unit-4 for accounting treatment PPT/Case study
Standards10-13 students. Bombay: Himlaya Publishing House
category I, II, III analysis
Accounting treatment
valuation at the balance
sheet date Working out
problems based on
category I, II, III
transactions
AS- 12 Accounting for
Government Grants:
Recognition of
government Grants,
Interactive lecture /
28/08/2017 Accounting kinds of Grants, Grants Saini A., (2014). Accounting Standards for
02/09/2017 4.00 Unit-4 PPT/Case study
Standards10-13 related to Revenue, students. Bombay: Himlaya Publishing House
analysis
refund of Government
grants, Contingency
related to Government to
grants.
AS-13 Accounting for
Investments: Investment
defined, Exception,
Classification of
D.S, Rawat. (2015). Accounting Standards. New
investment, Cost of Interactive lecture /
04/09/2017 Accounting Delhi: Taxmann Allied Services (p) Ltd. Saini A.,
09/09/2017 2.00 Unit-4 investments, and PPT/Case study
Standards10-13 (2014). Accounting Standards for students.
Valuation of analysis
Bombay: Himlaya Publishing House
investments. Disposal of
investments, Re-
classification of
investment,
AS-13- Disclosure of
investment in the
financial
statements.Valuation of
investment working out
problems AS- 15
Accounting for
Retirement Benefits,
Meaning, Accrual
Accounting D.S, Rawat. (2015). Accounting Standards. New
system of accounting for Interactive lecture /
11/09/2017 Unit-5, Standards15-17, Delhi: Taxmann Allied Services (p) Ltd. Saini A.,
16/09/2017 4.00 retirement benefits, PPT/Case study
Unit-4 Accounting (2014). Accounting Standards for students.
Types of retirement analysis
Standards10-13 Bombay: Himlaya Publishing House
benefits ? Defined
contribution scheme,
Defined benefit scheme
and their accounting
principles and
accounting treatment,
Employee Stock Option
and its accounting
treatment.
AS- 16 Borrowing cost:
Meaning and coverage,
Qualifying asset,
Recognition of borrowing
cost, Eligible items for
borrowing cost, Specific
D.S, Rawat. (2015). Accounting Standards. New
borrowing, General Interactive lecture /
18/09/2017 Accounting Delhi: Taxmann Allied Services (p) Ltd. Saini A.,
23/09/2017 4.00 Unit-5 borrowing, Capitalization PPT/Case study
Standards15-17 (2014). Accounting Standards for students.
ceiling, Commencement analysis
Bombay: Himlaya Publishing House
of capitalization,
Conditions for
capitalization,
Suspension of
capitalization, Cessation
of capitalization.
25/09/2017 3.00 Unit-5 Accounting AS- 17 Segment Interactive lecture / D.S, Rawat. (2015). Accounting Standards. New
reporting: Meaning,
Objective, and Need for
segment reporting.
Types: Business
segment, Geographical
segment, Segment Delhi: Taxmann Allied Services (p) Ltd. Saini A.,
PPT/Case study
30/09/2017 Standards15-17 revenue, Segment (2014). Accounting Standards for students.
analysis
expenses, Segment Bombay: Himlaya Publishing House
result, Segment assets,
Segment liabilities,
Primary and secondary
segments. Corporate
practices.

CIA 1
Component/Task 1
CIA Details
MOODLE BASED OBJECTIVE TYPE TESTIt will be a test to check individual students knowledge. The
test will be based on Unit 1. The questions will relate to various aspects of Accounting theory, its
formulation, roots and approaches.Also, some questions will relate to Accounting principles, Accounting
Standards, their scope and setting procedures, IFRS and their implementation.
CIA Details will display form 26/06/2017
Learning Objective
Assignment Learning Objectives: By the end of this Assignment, you will be able to: List various
Accounting Standards applicable in India.2. Recall different Accounting Theories3. Match different
researches with the type of approaches needed.4. Contrast between AS, IFRS, IAS & Ind AS.5. Draw
relationships between existing Accounting Principles and their application in accounting world.6. Assess
the benefits and the shortcomings of the changes in accounting procedures to bring them in line with
accounting practices.Assessment Strategies aligned to LO: Different MCQs will deal with evaluating
students on all the above-mentioned criteria. Technology Tools used along with their Purpose:
Moodle or Kahoot
Evaluation Rubrics
20 questions of 1 mark each will be given to the students. Overall score will be converted for 10 marks.
Component/Task 2
CIA Details
Report Submission: Class will be divided in the group of 6-7 students each. The groups will be required
to choose any Company listed in India (Preferably the companies who opted for voluntary adoption on Ind
AS). The group will be required to understand and evaluate the Annual reports of that company; also they
should collect more information on the company through different sources and give their observations on:
1. Accounting Policies followed by the organization.2. The progress that the company has made over
the years based on Profitability, market captalisation, and any other aspects that they deem fit.1. Holding
of the Promoters in the organization, the salary of the promoters and any loans taken by them.2. Any
upcoming projects of the Company and SWOT analysis of those projects.3. Investment patterns of the
company.4. If the company has opted for voluntary adoption, the differences in their financial reports
based on AS and Ind AS.5. Different segments that the Company earns its revenues from and
performance of those segments.
CIA Details will display form 26/06/2017
Learning Objective
Assignment Learning Objectives:By the end of this Assignment, you will be able to:1. Identify different
components of a Financial Statement.2. List various accounting policies used by the organization.3.
Compare the performance of an organization before and after the usage of Ind AS.4. Critically analyse
the investment patterns and future plans of the company.5. Analyse the progress made by the company
over the years.Assessment Strategies aligned to LO:Report to be submitted shall have a mention of the
aspects mentioned in the description.Technology Tools used along with their Purpose:
Evaluation Rubrics
Criteria 4 3 2 1
All policies clearly All policies Very few
mentioned and identified but Some policies policies
defined as per the usage not identified and identified and
Accounting Polices usage defined for all defined defined
All aspects
relating to
profitability and
Market
Capitalisation
covered and Bothe
explained, also Profitability and
additional growth market Only one of the
prospects capitalisation aspects covered Very few details
Progress included. well explained properly provided.

Future projects (or Future Projects


investments) identified but Future Projects
identified & SWOT analysis identified but Only Future
Project and Investment Proper SWOT not properly SWOT analysis Projects
Evaluation Analysis done done not done identified
Information on Information on
Clearly defined Promoters Promoters
information on holding and the holding and the
Promoters holding segments segments
included and the included but included but no
segments and clarity on the information on Either one of
Promoters Holding & Segment their performance performance the performance the information
reporting also evaluated missing. given. included.

Report is neatly Report is neatly


presented, presented, Report is neatly Information not
references references presented but clear and no
mentioned and all mentioned but some sequence
the required some information and followed in
information information references presenting the
Other aspects included missing. missing. facts.

CIA 3
Component/Task 1
CIA Details
Group Presentation Class will be divided in the group of 6-7 students each. Topics will be assigned to
them and the students have to prepare a PPT for presenting different standards in the class.The
presentation should include following information:1. Introduction, measurement and disclosure
requirements of the standards.2. Real companies information on the applicability of the standards.3.
Changes in the accounting standards because of implementation of Ind AS.4. Small case discussions on
various aspects of the standard5. Activity to involve the class in discussion or participation to check their
understanding of the standard.
CIA Details will display form 26/06/2017
Learning Objective
Assignment Learning Objectives:By the end of this Assignment, you will be able to:Define the given
standards clearly.2. Illustrate the different ways the companies use that accounting standard.3. Identify
the loopholes which the companies can make misuse of.4. Elaborate on the changes brought about due
to applicability of corresponding Ind AS.Assessment Strategies aligned to LO:The presentation should
touch upon all the learning objectives and the activity will ensure that the audience is optimally engaged
and benefited. Technology Tools used along with their Purpose:PPT presentation
Evaluation Rubrics
4 3 2 1

Information relating
to Introduction,
measurement,
All the information relating to applicability and
Introduction, measurement, disclosure Some of the
Information on applicability and disclosure requirements given Information Very vague
Standard requirements clearly given but not clear missing presentation

Abstracts from
Abstracts from the the company's
Abstracts from the company's annual annual report not Slight mention of
Real Company company's annual report report shown but shown but some the company
Information shown and explained well explanation not clear instances stated information

All differences
Differences All differences clearly not clearly stated
between AS & All differences clearly stated stated but no real life and no real life Only a mention of
Ind AS with real life examples examples examples some differences.

Case is directly Case not directly


Case is directly related to the related to the
related to the standard, standard,
Case is directly related to standard, discussed discussed discussed
the standard, discussed thoroughly with the vaguely with the vaguely with the
Case thoroughly with the class class and outcome class and no class and no
Discussion and outcome explained not clear outcome given outcome given

Engages some Engages few


Fully engages all the Engages majority students of the students of the
students of the class and students of the class class and class and no
improves their and improves their improves their clarity on the
understanding of the understanding of the understanding of standard brought
Activity standard. standard. the standard. about.