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Corporate and Management Accounting - Icsi Study Material
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About this ebook
Corporate and Management Accounting- Icsi Study Material, is prepared exclusively for the Executive Level of Company Secretary Examination requirement. It covers the questions (topic-wise) & detailed answers strictly as per the new syllabus of ICSI.
The features of this book are;
- Fully-Solved Questions of Past Exams, including the Dec. 2023 Exam
- [Arrangement of Questions] Topic-wise arrangement of past exam questions
- [Chapter-wise Marks Distribution] from June 2018 onwards
- [Previous Exam Trend Analysis] is provided from Dec. 2023 onwards
- [Comparison with ICSI Study Material] is provided chapter-wise
- [Amended & Updated] as per the provisions of the Companies Act 2013
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Corporate and Management Accounting - Icsi Study Material - Pitz
Image 1E-mail
STUDY MATERIAL
EXECUTIVE PROGRAMME
CORPORATE
AND MANAGEMENT
ACCOUNTING
MODULE 2
PAPER 5
i
© THE INSTITUTE OF COMPANY SECRETARIES OF INDIA TIMING OF HEADQUARTERS
Monday to Friday
Office Timings – 9.00 A.M. to 5.30 P.M.
Public Dealing Timings
Without financial transactions – 9.30 A.M. to 5.00 P.M.
With financial transactions – 9.30 A.M. to 4.00 P.M.
Phones
011-41504444, 45341000
Fax
011-24626727
Website
www.icsi.edu
info@icsi.edu
Laser Typesetting by MP Printers, Phase-II, Noida 201305, and
Printed at MP Printers, Noida/November 2021
ii
EXECUTIVE PROGRAMME
CORPORATE AND MANAGEMENT ACCOUNTING
In In today’s business world accounting is considered as ‘the universal language of all business’, because it is the medium for reporting financial information about a business entity to users, such as shareholders, banks and managers. A proper accounting system is essential to any business, whether big or small, in order to manage its daily functions and run it successfully. The main obligation of any business is to maximize profits, minimize losses and at the same time maintain its position as a responsible entity within the society.
So, in the current business world, everybody should have the knowledge of accounting discipline irrespective of the job one is doing. Due to the rapid advancement in business activities due to industrialization and globalization, the need for people having knowledge of accounts have increased manifold. It is impossible to survive in today’s advanced business environment without adequate knowledge of basic accountancy.
Especially all business students should have some background in accounting to understand, interpret and present the results of business. Keeping this objective in alignment, this study material is prepared to augment the basic as well as advanced understanding of students in the related aspects of Corporate and Management Accounting.
The Study Material which is divided in two parts covers in the details the concepts of Corporate Accounting in Part – I and discusses Management Accounting and Valuation in detail under Part-II.
Besides, as per the Company Secretaries Regulations, 1982, students are expected to be conversant with the amendments to the law made up to six months preceding the date of examination.
The legislative changes made upto July 30, 2021 have been incorporated in the study material. However, it may so happen that some developments might have taken place during the printing of the study material and its supply to the students. The students are therefore advised to refer e-bulletin and other publications for updation of the study material.
In the event of any doubt, students may write to the Directorate of Academics of the Institute for clarification at academics@icsi.edu.
Although due care has been taken in publishing this study material, the possibility of errors, omissions and /or discrepancies cannot be rules out. This publication is released with an understanding that the Institute shall not be responsible for any errors, omissions and/or discrepancies or any action taken in that behalf.
Should there be any discrepancies, errors or omissions noted in the study material, the Institute shall be obliged, if the same is brought to its notice for issue of corrigendum in the e-Bulletin ‘Student Company Secretary’.
The Institute has decided that the examination for this paper under new syllabus from December 2019 session onwards to be held in Optical Mark Recognition (OMR) format.
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CORPORATE AND MANAGEMENT ACCOUNTING
Accounting helps organization in taking management decisions, formation of planning and control system. It also helps expert advice in financial reporting with formulation and implementation of organizational strategies.
A proper accounting system is essential to any business, whether big or small, in order to manage its daily functions and run it successfully. The main obligation of any business is to maximize profits, minimize losses and at the same time maintain its position as a responsible entity within the society.
So, in the current business world, everybody should have the knowledge of accounting discipline irrespective of the job one is doing. Due to the rapid advancement in business activities due to industrialization and globalization, the need for people having knowledge of accounting, especially, Corporate and Management Accounting have increased manifold in light of the rise in the magnitude of financial transactions and its complexities. Moreover, the business scene is now getting dominated by more of corporate sector than sole proprietorship form of business exposed to stringent regulatory framewok, which in turn, calls for more scientific approach towards the critical financial facets of the business. It is impossible to survive in today’s advanced business environment without adequate knowledge of basic accountancy.
Accounting
Financial
Cost
Manageme
Accounting
Accounting
nt
Accounting
External
Internal
Users
Users
Owners
Government
Creditors
Trade
Directors &
Investors
Agencies
Lenders
Association
CEOs
Employees
Line
Manager
iv
Accounting
Principles
Accounting
Accounting
Accounting
Accounting
Assumptions
Concepts
Constraints
Standards
–Money
– Materiality
Measurement
– Revenue
Realisation
– Prudence
Issued By Country
–Business –Entity
– Matching
– Consistency
Regulatory Body
–Going Concern
– Full Disclosure
– Cost Benefit
–Time Period
– Historical Cost
– Dual Aspects
– Variable and
Objective Evidence
The financial statements are the end products of accounting process. They are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organizations operate. These statements are the outcome of the summarizing process of accounting and therefore, are the sources of information on the basis of which conclusions are drawn about the profitability, and the financial position of a company. Hence, they need to be arranged in a proper form with suitable contents so that the shareholders and other users of financial statements can easily understand and use them in their economic decisions in a meaningful way.
The objective of this subject is to make the students understand the statutory provisions regarding preparation of final accounts of companies. After going through this lesson, one should be able to – Familiarize and understand with the requirements of preparation of statement of Profit and Loss and Balance Sheet and how to form a true and fair view of the financial statements.
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Step 1
Analysis of
Business
Transactions
Step 9 Post
Step 2
Closing Trial
Make Journal
Balance
Entries
Step 3
Step 8 Close
Post to
Accounts
Ledger
Accounts
Step 7
Step 4
Prepare
Prepare Trial
Financial
Balance
Statements
Step 6
Step 5 Make
Adjusted Trial
Adjusting
Balancce
Entries
Cash flow statement is additional information to the user of financial statement. This statement exhibits cash inflows and outflows and cash equivalents. It assesses the ability of the enterprise to generate cash and utilize cash. Cash Flow Statement is one of the tools for assessing the liquidity and solvency of the enterprise.
Accounting Standards (AS) are written policy documents by expert accounting body or by government or other regulatory body covering the aspects of recognition, measurement, presentation and disclosure of accounting transactions in the financial statements. The ostensible purpose of the standard-setting bodies is to promote the dissemination of timely and useful financial information to investors and certain other parties having an interest in the company’s economic performance. Accounting standards reduce the accounting alternatives in the presentation of financial statements within the bounds of rationality, thereby ensuing comparability of financial statements of different enterprises.
Cost is a measurement, in monetary terms, of the amount of resources used for the purpose of production of goods or rendering services. Cost in simple words means the total of all expenses. Cost is also defined as the amount of expenditure (actual or notional) incurred on or attributable to a given thing or to ascertain the cost of a given thing. Cost is a generic term and it is always advisable to qualify the word cost to show exactly what it means, e.g., prime cost and factory cost. Cost is also different from value as cost is measured in terms of money, whereas value in terms of usefulness or utility of an article. Marginal costing is a principle whereby variable costs are charged to cost units and the fixed costs attributable to the relevant period is written off in full against the contribution for that period. Marginal costing is the ascertainment of marginal cost and the effect on profit of changes in volume or type of output by differentiating between fixed costs and variable cost.
Management accounting is an applied discipline used in various industries. The specific functions and principles they applied vary based on the industry. Management accounting principles in banking are specialized yet do have some common fundamental concepts which are used whether the industry is manufacturing-based or service-oriented. For example, transfer pricing is a concept used in manufacturing, but is also applied in banking.
It is a fundamental principle used in assigning value and revenue attribution to various business units.
Company secretaries, due to their excellence and depth of knowledge in various corporate and related laws, as well as in finance and management disciplines and due to their professional training, are entrusted with several vi
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The role of a Company Secretary in different management hierarchy varies from the positions held in the organization and the functions looked after by him/her. Company Secretary’s functions encompass a wide spectrum of duties and responsibilities, which, if laid down, would be a never ending list. However, for the sake of brevity, some of the important tasks, generally entrusted to a Company Secretary and satisfactorily discharged by him/her in the Corporate world, are enumerated below.
Adherence
to
Regulatory
Guidelines
Formulation
Compliance
of Corporate
Officer
Management
Policies
Advice to
Conducting
the Board of
Corporate
Directors
Meetings
L
Active
Liaison in
t
Contributory
the Audit
P
to Corporate
Process
Governance
Company Secretaries also play an important role in the process of conforming to the different statutory/
regulatory requirements as prescribed by different authorities. Company Secretaries generally take part in the formulation of various corporate policies for approval by the Board of Directors. Threadbare discussions are held by the Corporate Management Team including the Company Secretary, before any policy is firmed up.
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EXECUTIVE PROGRAMME
MODULE 2
PAPER 5
CORPORATE AND MANAGEMENT ACCOUNTING
(Max Marks 100)
Syllabus
Objective:
Part I : To provide knowledge and understanding of the concepts, principles and practices in Corporate Accounting and Indian and International Accounting Standards.
Part II: To acquire knowledge and understanding of the concepts, techniques and practices of management accounting and to develop skills for decision-making and to acquire knowledge of the concepts, principles and methods of valuation.
PART I
CORPORATE ACCOUNTING (60 MARKS)
Detailed Contents
1. Introduction to Financial Accounting.
2. Introduction to Corporate Accounting : Records of accounts to be maintained by a company.
3. Accounting for Share Capital : Issue of Shares; Forfeiture and Reissue of Shares, Accounting Treatment of Premium, Buy-back of Shares; Redemption and Conversion; Capital Redemption Reserve, Bonus Shares; Rights Issue, ESOPs, ESPS, Sweat Equity Shares; and Underwriting; Book Building.
4. Accounting for Debentures : Accounting Treatment, Debenture Redemption Reserve, Redemption of Debentures and Conversion of Debentures into Shares. Deferred Tax.
5. Related Aspects of Company Accounts : Accounting for ESOP, Buy-back, Equity Shares with differential rights, Underwriting and Debentures.
6. Financial Statements Interpretation: Preparation and Presentation of Financial Statements; Quarterly, Halfyearly and Annual Financial Statement pursuant to Listing Regulations;Depreciation provisions and Reserves; Determination of Managerial Remuneration, Corporate Social Responsibility spend, various disclosures under the Companies Act, 2013, LODR & applicable accounting standards; Related party and segment reporting, Audit Queries; How to Read and interpret Financial Statements.
7. Consolidation of Accounts as per Companies Act, 2013 : Holding Company, Subsidiary Companies, Associate Companies and Joint Venture; Accounting Treatment and disclosures.
8. Corporate Financial Reporting : Requirements of Corporate Reporting; Recent trends in Financial Reporting.
9. Cash Flow Statements : Preparation and their analysis.
10. Accounting Standards (AS) : Applicability, Interpretation, Scope and Compliance; International Financial Reporting Standards ; Overview of AS, AS vs. Ind AS vs. IFRS.
11. National and International Accounting Authorities.
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12. Adoption, Convergence and Interpretation of International Financial Reporting Standards (IFRS) and Accounting Standards in India.
Case Studies & Practical Aspects.
PART II
MANAGEMENT ACCOUNTING AND VALUATION (40 MARKS)
13. An Overview of Cost: Importance and relevance of Cost Accounting Material Cost, Labour Cost, Direct Expenses and Overheads, Cost Sheet.
14. Cost Accounting Records & Cost Audit under Companies Act, 2013.
15. Budget, Budgeting and Budgetary Control: Preparation of various types of Budgets; Budgetary Control System; Zero Based Budgeting; Performance Budgeting.
16. Ratio Analysis: Financial Analysis through Ratios.
17. Management Reporting (Management Information Systems).
18. Decision Making Tools: Marginal Costing; Transfer Pricing.
19. Valuation Principles & Framework: Conceptual Framework of Valuation, Valuation rules; Valuation of securities or financial assets; Approaches of Valuation - Assets Approach, Income Approach; Market Approach; Registered Valuer; IND AS Valuation.
20. Valuation of Shares, Business and Intangible Assets: Regulatory Valuations; Companies Act; Insolvency and Bankruptcy Code; Income Tax Act; SEBI law; FEMA and RBI guidelines.
21. Accounting for Share-Based Payments (Ind AS 102).
22. Methods of Valuation: Net Assets Valuation: Relative Valuation (Comparable Companies/Transactions); Discounted Cash Flow Valuation; Other Methods.
Case Studies & Practical Aspects.
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23. Mega Firms: Concept of mega firms; Benefits of mega firms, Eligibility criteria for partner, Agreement LESSON WISE SUMMARY
between partners; management of Firm; Collective multidisciplinary expertise; Public Relation and Brand Building. CORPORATE & MANAGEMENT ACCOUNTING
1. Introduction to Financial Accounting
Accounting is a very old concept – as old as money. A description of proper keeping of accounts is also found in
‘Arthashastra" written by Kautilya. However, it has developed with the passage of time to meet the requirements and challenges of ever – growing society. The modern-day accounting concept based on double entry system was originated by Luco Pacioli in Italy. Though the act of accounting is very old, in recent times it has acquired special significance because of rapidly growing economy, cut-throat competition, expanding markets and increasing production and changes in technology.
In this lesson, we will throw light on the basic concepts of accounting, types of accounts, accounting principles, conventions, concepts & accounting standards, meaning of double entry system and the rules of debit & credit on which the entire concept of accounting is based.
Accounting process involves identification and analysis of financial transactions. These transactions are recorded, classified and summarised in a systematic manner to give useful information. Thus, accounting process starts with the recording of business transactions in monetary terms, in the primary books of accounts.
For recording business transactions, it is necessary that these transactions are evidenced by proper source documents like cash memoes, purchase bills, sales bills, counterfoils of cheques issued, salary slips etc. From these source documents, transactions are recorded in the books of accounts which are the first and major step in accounting. It is the basis of accounting as entire future process would depend upon this recording of transactions. In this lesson, we will know about recording transactions in primary books like Journal and other subsidiary books, posting in ledger and then preparation of trial balance.
2. Introduction to Corporate Accounting
There is no legal obligation for sole proprietorship and partnership firm to prepare final accounts, but companies have statutory obligations to keep proper books of account and to prepare its final accounts every year in the manner as prescribed in the Companies Act. Chapter IX, Sections 128 to 138 of the Companies Act, 2013 deals with the legal provisions relating to the Accounts of Companies. Final accounts of a company consist of balance sheet as at the end of the accounting period and profit and loss account for that period. Section 129 of the Companies Act, 2013 prescribes the form and contents of balance sheet and profit and loss account of a company.
Balance sheet of a company shall be prepared according to Schedule III of the Companies Act, 2013. The Schedule III sets out the minimum requirements for disclosure on the face of the Balance Sheet, and the Statement of Profit and Loss (hereinafter referred to as Financial Statements
) and Notes. Statement of Profit & Loss of a company shall be prepared according to Part II of Schedule III of the Companies Act, 2013. Section 129(1) of the Companies Act 2013, states that the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section 133 and shall be in the form provided for different class or classes of companies in Schedule III.
3. Accounting for Share Capital
The most striking feature of a company is its ownership structure. The capital in a company is divided into small shares of fixed value. The shares of a company may be equity shares or preference shares. The objective of this lesson is to make students aware about accounting of different aspects of share capital. After studying this lesson one should be able to: – Understand the share capital structure in the balance sheet of a company.
– Discuss the methods and accounting procedure of issue of shares.
– Specify the accounting treatment when shares are issued at par, premium and at discount.
– Explain the meaning and accounting treatment of forfeiture of shares and reissue thereof.
– Understand the accounting procedure of buy-back of shares.
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– Enumerate the steps for redemption of preference shares.
– Appreciate the purpose of issuing Right shares & Bonus shares.
– Understand the accounting treatment for ESOPs, ESPS, Sweat Equity Shares.
– Understand the meaning of underwriting.
– Familiarize with various types of underwriting.
– Distinguish between marked application and unmarked applications.
– Determine the liability of underwriters.
4. Accounting for Debentures
Equity sources of financing are however not always sufficient to meet the ever growing needs of the corporate expansion and growth. Hence, corporates turn to debt financing through financial institutions, commercial banks or by issuing debt instruments either through the route of private placement or by offering the same for public subscription. Owing tax shield provided by debt instruments, the debt financing not only helps in reducing the cost of capital but also helps in designing appropriate capital structure of the company. This lesson deals with the accounting treatment of different aspects of debenture and bond especially with issue, redemption including conversion of debenture.
5. Related Aspects of Company Accounts
The objective of this lesson is to make students aware about accounting of different aspects of share capital and deals with the accounting treatment of different aspects of debenture and bond especially with issue, redemption including conversion of debenture. Understand the share capital structure in the balance sheet of a company.
Discuss the methods and accounting procedure of issue of shares. Understand the accounting procedure of buyback of shares. Understand the accounting treatment for ESOPs and ESPS. Understand the meaning of underwriting Familiarize with various types of underwriting. Distinguish between marked application and unmarked applications. Determine the liability of underwriters. State the meaning of debenture and bonds; Describe the methods for the issue of debenture for cash and for consideration other than cash; Explain the issue of debenture as a collateral security; Explain the sources and record transaction relating to redemption of debenture; Discuss the methods of redemption of debenture; Record the Sinking Fund Investment transactions; Deal with cum-interest and ex-interest, open market operations.
6. Financial Statements Interpretation
Financial statements are compilation of financial data, collected and classified in a systematic manner according to the accounting principles, to assess the financial position of an enterprise as regards to its profitability, operational efficiency, long and short – term solvency and growth potential.
Financial statements are basic and formal means through which management of an enterprise make public communication of financial information along with select quantitative details. They are structured financial representation of the financial position, performance and cash flows of an enterprise. Many users rely on the general purpose financial statements as the major source of financial information and therefore, financial statements should be prepared and presented in accordance with their requirement. That does not undermine the dependence of the general users on the information contents of the financial statements.
7. Consolidation of Accounts as per Companies Act, 2013
A holding company is one which acquires all or a majority of the equity shares of any other company called subsidiary company in order to have control over the subsidiary company. In order to understand the financial position of holding company, consolidations of accounts become very vital. After studying this lesson you will be able to: – Understand the concept of holding company and subsidiary company.
– Familiarize the legal requirements for preparation of final accounts of holding company.
– Prepare consolidated balance sheet and statement of profit and loss.
xi
– Make appropriate accounting adjustments required for the preparation of consolidated balance sheet.
– Understand the concept of minority interest in consolidation of accounts.
– Appreciate the treatment of pre-acquisition profits and losses of the subsidiary company. Make adjustment regarding profit and loss on revaluation of assets of subsidiary company.
– Understand the calculation of goodwill or cost of control.
– Make adjustment for inter-company unrealized profits and inter-company transactions.
– Understand the treatment of bonus issue on consolidation of accounts.
– Make adjustment on dividend received from subsidiary company.
8. Corporate Financial Reporting
Accounting is a process to identify measure and communicate economic information to form informed judgments and decisions by the user of the information. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions and related choice among alternative course of actions. Financial reporting may be defined as communication of published financial statement and related information from a business enterprise to all its users. It contains both qualitative and quantitative information.
The Financial Report made to the management is generally known as Internal Reporting, while financial reporting made to the shareholder investors/management is known as external reporting. The internal reporting is a part of management information system and uses MIS reporting for the purpose of analysis as an aid in decision making process.
The management of a corporate is ultimately responsible for the generation of accounting information. The accountability of a company has two distinct aspects – legal and social. Under legal requirements a company has to supply certain information to the various users through annual reports and under the social obligation, a company has to provide additional information to various user groups 9. Cash Flow Statements Cash flow statement is additional information to user of financial statement. This statement exhibits the flow of incoming and outgoing cash and cash equivalent. It assesses the ability of the enterprise to generate cash and utilize cash. Cash Flow Statement is one of the tools for assessing the liquidity and solvency of the enterprise.
Cash Flow Statement is considered to be a summarized statement showing sources of Cash Inflows and application of cash outflows of an enterprise during a particular period of time. It is prepared on the basis of the published data as disclosed by the Financial Statement of two different financial periods. It is an essential tool for managerial decision-making. Cash Flow reports the management Net Cash Flow (i.e. cash inflow less cash outflow or vice versa) from each activity of the enterprise as well as of the overall business of the enterprise.
The management of the enterprise gets a picture of movement of cash resources from the Cash Flow Statement and can assess the stronger and weaker area of movement of cash for different activities of the business for drawing up the future planning.
10. Accounting Standards (AS)
Accounting Standards (AS) are written policy documents by expert accounting body or by government or other regulatory body covering the aspects of recognition, measurement, presentation and disclosure of accounting transactions in the financial statements. The ostensible purpose of the standard setting bodies is to promote the dissemination of timely and useful financial information to investors and certain other parties having an interest in the company’s economic performance. Accounting standards reduce the accounting alternatives in the presentation of financial statements within the bounds of rationality, thereby ensuing comparability of financial statements of different enterprises.
11. National and International Accounting Authorities
Under this unit we will study various national and international accounting authorities. Under national accounting authorities will study The Institute of Company secretaries of India (ICSI), The Institute of Chartered xii
Accountants of India (ICAI), The Institute of Cost Accountants of India. Under International Accounting authorities we will study: IFRS Foundation/ International Accounting Standards Board (IASB) , The International Public Sector Accounting Standards Board (IPSASB), Financial Reporting Council (FRC) (UK), European Financial Reporting Advisory Group (EFRAG), Financial Accounting Standards Board (FASB), American Institute of Certified Public Accountants (AICPA), Australian Accounting Standards Board (AASB), The Chartered Accountants Australia and New Zealand, Financial Reporting & Assurance Standards Canada, Canadian Institute of Chartered Accountants (CICA), Accounting Standards Board of Japan (ASBJ), External Reporting Board (XRB), New Zealand, New Zealand Institute of Chartered Accountants.
12. Adoption, Convergence and Interpretation of International Financial Reporting Standards (IFRS) and Accounting Standards in India
According to International Accounting Standard Board (IASB) conceptual framework, the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors is making decisions about providing resources to the entity. Consequently, the two important characteristics of financial information that emanates from the above objective relates to relevance and reliability. According to IASB Framework for the Preparation and Presentation of Financial Statement, information is deemed to be relevant when it influences the economic decisions of users by helping them evaluate past, present or future events or confirming or correcting, their past evaluations.
Similarly to be reliable, information must represent faithfull the transactions and other events it either purports to represent or could reasonably be expected to represent.
13. An Overview of Cost
Cost is a measurement, in monetary terms, of the amount of resources used for the purpose of production of goods or rendering services. Cost in simple, words, means the total of all expenses. Cost is also defined as the amount of expenditure (actual or notional) incurred on or attributable to a given thing or to ascertain the cost of a given thing. Thus it is that which is given or in sacrificed to obtain something. The cost of an article consists of actual outgoings or ascertained charges incurred in its production and sale. Cost is a generic term and it is always advisable to qualify the word cost to show exactly what it meant, e.g., prime cost, factory cost, etc. Cost is also different from value as cost is measured in terms of money whereas value in terms of usefulness or utility of an article.
14. Cost Accounting Records & Cost Audit under Companies Act, 2013
Cost Audit involves an examination of cost books, cost accounts, cost statements and subsidiary and prime documents with a view to satisfying the auditor that these represent true and fair view of the cost of production.
This includes the examination of the appropriateness of Cost Accounting system.
Cost Audit is an innovation introduced for the first time in the world and India with a view to regulate industries on healthy and sound lines. It is for cost-effective products and services to customers, proper revenue to government’s treasury and proper returns to other stakeholders of the enterprise. India is the first country in the world introducing the legal provisions for compulsory maintenance of cost records, so that industries become cost conscious and industrial efficiency is increased for the benefit of the society as a whole. It fully conforms to the requirements of planning for ‘sustainable development’. If an enterprise is to work effectively all its assets and liabilities must be used in the most rational manner. This means that the productive areas within the control of the enterprise, its buildings, equipment, machineries etc. must be used to the maximum and this in turn presupposes the economical expenditure of circulating assets or working capital. Efficient use of productive resources for the maximum benefit to the society is an immutable law of economic development and cost accounting system, and its audit is the most significant means of ensuring the same.
15. Budget, Budgeting and Budgetary Control
The literary meaning of the word Budget is a statement of income and expenditure of a certain period. In principle, the meaning is same in the context of business also. An individual will have his own budget, a family, xiii
a local authority, state and country etc. All will have their respective budgets. So also the business concern must have its budget so as to attain their objectives. CIMA defines a budget as, A budget is a financial and/or quantitative statement, prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective.
Also provide types of budgets, meaning of budgetary control, concepts covered under the chapter and finally what students are going to learn.
16. Ratio Analysis
Ratio analysis is the process of determining and interpreting numerical relationships based on financial statements. A ratio is a statistical yard stick that provides a measure of the relationship between variables or figures. This relationship can be expressed as percent (cost of goods sold as a percent of sales) or as a quotient (current assets as a certain number of times the current liabilities). As ratios are simple to calculate and easy to understand there is a tendency to employ them profusely. While such statistical calculations stimulate thinking and develop understanding there is a danger of accumulation of a mass of data that obscures rather than clarifies relationships. The financial analyst has to steer a careful course. His experience and objectives of analysis help him in determining which of the ratios are more meaningful in a given situation.
17. Management Reporting (Management Information Systems)
A management information system (MIS) produces information that supports the management functions of an organisation and facilitates the decision-making process. The MIS is thus an organised approach of collecting, processing, storing and disseminating data to carry out management functions. To transform data into information, processing is needed and it must be done while considering the context of a decision. Good information must have the characteristics of relevance, timeliness, accuracy, cost-effectiveness, reliability, usability, and exhaustiveness. The MIS can play a critical role in the implementation of a programme in terms of monitoring periodic progress. A well designed MIS facilitates the flow of information among various levels and enables setting up of a feedback mechanism for planning and management of a programme, project or a policy.
The MIS must be simple and easy to comprehend by different stakeholders of the programme at national, sub-national and community levels, and it should provide reliable information. The information should be specific, accurate and verifiable; it should facilitate timely management decision in terms of frequency and flow of information (i.e. a two-way feedback system in a decentralised framework). The information generated by the system should be easy to access, process and use; thereby enabling a wider dissemination. Also, it should be amenable to computer software.
18. Decision Making Tools
The term ‘marginal cost’ is defined as the amount at any given volume of output by which aggregate costs are changed if the volume of output is increased or decreased by one unit. It is a variable cost of one unit of a product or a service i.e., a cost which would be avoided if that unit was not produced or provided. Marginal costing is the ascertainment of marginal costs and of the effect on profit of changes in volume or type of output by differentiating between fixed costs and variable costs.
Several other terms in use like direct costing, contributory costing, variable costing, comparative costing, differential costing and incremental costing are used more or less synonymously with marginal costing.
A ‘Transfer Price’ is that notional value at which goods and services are transferred between divisions in a decentralized organisation. Transfer prices are normally set for intermediate products, which are goods, and services that are supplied by the selling division to the buying division. In large organisations, each division is treated as a ‘profit center’ as a part and parcel of decentralization. Their profitability is measured by fixation of ‘transfer price’ for inter divisional transfers.
19. Valuation Principles & Framework
Valuation is a very interesting topic. Valuation becomes very important in choosing investments for a portfolio, in deciding on the appropriate price to pay or receive in a takeover and in making investment, financing and dividend choices when running a business. The premise of valuation is that we can make reasonable estimates of value for most assets, and that the same fundamental principles determine the values of all types of assets, xiv real as well as financial. Some assets are easier to value than others, the details of valuation vary from asset to asset, and the uncertainty associated with value estimates is different for different assets, but the core principles remain the same. The objective of this lesson is to get students aware about different aspects related to valuation of shares, goodwill, trademarks and other intangibles.
After the end of this lesson, you will able to:
– Understand the different methods of valuation of shares.
– Familiarize with the concept of fair value of shares.
– Understand the procedure of valuation of preference shares.
– Understand the meaning of intangible assets.
– Evaluate the identifiability of intangible assets.
– Explain the recognition of intangible assets.
– Appreciate the acquisition of intangible assets by way of government grants.
– Understand the treatment of internally generated goodwill.
– Conceptualize the recognition of an expense on intangible assets.
– Explain the amortization of intangible assets
– Explain the retirement and disposals of intangible assets
20. Valuation of Shares, Business and Intangible Assets:
A share is the smallest unit of ownership of a company. It happens to be one of the sources by which a company raises funds from the market. The value of a share does not remain static over its life-time. Rather it changes over the period due to various circumstances. Thus, knowing the value of share at a particular point of time is of great importance.
Goodwill is an intangible fixed asset of an organisation which has to be reflected in its books of accounts on certain circumstances. For this purpose, a money value is required to be attached to this intangible asset. The process of estimating the value of goodwill using certain accepted methodologies is referred to as valuation of goodwill.
21. Accounting for Share based payments (Ind AS 102)
A share-based payment is a transaction in which the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity’s shares or other equity instruments of the entity.
Employee share-based payments are incentive payments to employees in form of shares. The expression employee share-based payments also include cash incentives to employees, the size of which is linked with value of shares. The payment in form of shares generally involve grant of options to employees to subscribe shares of employer’s enterprise at a concessional price, called the exercise price. The employees gain the excess of market price of share at the time of exercise over the specified exercise price. In case of employee share-based payments in form of cash incentive, the excess of market price on specified future date and a stated price is paid in cash. In either case, the value of incentive depends on increase in share value, which is the generally accepted indicator financial success of a business. By linking incentives with value of shares, the employee share-based payment plans effectively integrate personal goals of employees with that of the enterprise 22. Methods of Valuation When valuing a company as a going concern there are three main valuation methods used by industry practitioners: (1) DCF Analysis, (2) comparable company analysis, and (3) precedent transactions. These are the most common methods of valuation used in investment banking, Equity Research , Private Equity, Corporate Development, Merger & Acquisitions , Leveraged Buyouts and most areas of finance.
Comparable company analysis (also called trading multiples
or peer group analysis
or equity comps
or
public market multiples
) is a relative valuation method in which you compare the current value of a business to other similar businesses by looking at trading multiples like P/E, EV/EBITDA or other ratios. Multiples of EBITDA are the most common valuation method.
xv
Precedent transactions analysis is another form of relative valuation where you compare the company in question to other businesses that have recently been sold or acquired in the same industry. These transaction values include the take-over premium included in the price for which they were acquired.
These values represent the en bloc value of a business. They are useful for M&A transactions, but can easily become stale-dated and no longer reflective of the current market as time passes. They are less commonly used than Comps or market trading multiples.
Discounted Cash Flow (DCF) analysis is an intrinsic value approach where an analyst forecasts the business’
unlevered cash-flow into the future and discount it back to today at the firm’s Weighted Average Cost of Capital (WACC).
A DCF analysis is performed by building a finance model in Excel and requires an extensive amount of detail and analysis. It is the most detailed of the three approaches, requires the most assumptions and often produces the highest value. However, the effort required for preparing a DCF model will also often result in the most accurate valuation. A DCF model allows the analyst to forecast value based on different scenarios, and even perform a sensitivity analysis.
For larger businesses, the DCF value is commonly a sum-of-the-parts analysis, where different business units are modeled individually and added together.
xvi
LIST OF RECOMMENDED BOOKS
PAPER 5: CORPORATE AND MANAGEMENT ACCOUNTING
S.
Title of the Book
Author/(s)
Volume/
Publisher
No.
Edition
1.
Financial Accounting – A
R. Narayanaswamy
4th 2017
PHI Learning Private
Management Perspective
Limited
2.
Financial Accounting for
Ambrish Gupta
5e 2016
Pearson
Management
3.
Advanced Accounts
M.C. Shukla, T.S.
19/e 2017
S. Chand & Company Ltd
Grewal & S.C. Gupta
4.
Company Accounts
Dr. S N Maheshwari
5/e 2017
S. Chand & Company Ltd
& Dr. Suneet K
Maheshwari
5.
Advanced Accountancy
S.P. Jain & K. L.
21st 2017
Kalyani Publishers
Corporate Accounting Vol-II
Narang
6.
Advanced Accountancy
S. N. Maheshwari &
Vikas Publishing House
S. K. Maheshwari
(Pvt.) Ltd
7.
Fundamentals of Corporate
J. R. Monga
2 Vol 2018
Mayoor Paperbacks
Accounting
8.
Corporate Accounting
Goel, Maheshwari
International Publishers
Gupta
9.
Cost & Management
Ravi M. Kishore
6th
Taxmann
Accounting
10. Advanced Management
Rajesh Makkar
2 Vol
Accounting
11. Students’ Guide to
D S Rawat
32nd
Taxmann
Accounting Standards
(Note: Students are advised to refer to the latest edition of the publication.) xvii
ARRANGEMENT OF STUDY LESSONS
Module-2 Paper-5
CORPORATE AND MANAGEMENT ACCOUNTING
PART I : CORPORATE ACCOUNTING
Sl. No. Lesson Title
1.
Introduction to Financial Accounting
2.
Introduction to Corporate Accounting
3.
Accounting for Share Capital
4.
Accounting for Debentures
5.
Related Aspects of Company Accounts
6.
Financial Statements Interpretation
7.
Consolidation of Accounts as per Companies Act, 2013
8.
Corporate Financial Reporting
9.
Cash Flow Statements
10.
Accounting Standards (AS)
11.
National And International Accounting Authorities
12.
Adoption, Convergence and Interpretation of International Financial Reporting Standards (IFRS) and Accounting Standards In India.
PART II : MANAGEMENT ACCOUNTING AND VALUATION
13.
An Overview of Cost
14.
Cost Accounting Records & Cost Audit Under Companies Act, 2013
15.
Budget, Budgeting and Budgetary Control
16.
Ratio Analysis
17.
Management Reporting (Management Information Systems)
18.
Decision-Making Tools
19.
Valuation Principles & Framework
20.
Valuation of Shares, Business And Intangible Assets
21.
Accounting for Share-Based Payments (Ind AS 102)
22.
Methods of Valuation
Test Paper
xviii
CONTENTS
LESSON 1
INTRODUCTION TO FINANCIAL ACCOUNTING
Introduction 2
Definition of Accounting
2
Objectives of Accounting
3
Function of Accounting
4
Book-Keeping
4
Accounting Cycle
5
Steps/Phases of Accounting Cycle
5
Basic Accounting Terms
5
Single Entry System
8
Double Entry System
9
Genesis
9
Features of Double Entry System
9
Advantages of Double Entry System
9
Limitations of Double Entry System
9
The Concepts of ‘Account’, ‘Debit’ and ‘Credit’
10
The Concept of Account
10
Types of Accounts
10
The Accounting Process
11
Books of Prime Entry
12
Functions of Journal
12
Advantages of Journal
12
Explanation of Journal
13
Sub-division of Journals
13
Importance of Sub-division of Journal
14
Compound Journal
14
Subsidiary Books
14
Recording of Cash and Bank Transactions
15
Types of Cash Book
15
Purchase Day Book
17
Sales Day Book
17
Other Subsidiary Books – Returns Inward, Return Outward, Bills Receivable, Bills Payable 17
Journal Proper
18
xix
Ledger Accounts
18
Ledger Posting
18
Posting to Ledger Accounts from Subsidiary Books
19
Typical Ledger Account Balances
19
Closing Balance and Opening Balance
20
Sub-divisions of Ledger
20
Advantages of sub-division of Ledger:
21
Trial Balance
21
Features of a Trial Balance
21
Preparation of Trial Balance
22
Purpose of a Trial Balance
22
Forms of a Trial Balance
22
Method of Preparation
23
Trial Balance – Utility and Interpretation
24
LESSON ROUND-UP
24
GLOSSARY
25
TEST YOURSELF
26
LESSON 2
INTRODUCTION TO CORPORATE ACCOUNTING
Introduction 28
Preparation and Presentation of Financial Statements
28
Schedule III of the Companies Act, 2013
29
General Instructions for the preparation of Balance Sheet and Profit and Loss Account 30
Presentation of Balance Sheet
31
Part-I – Form of Balance Sheet
33
Disclosure Requirement: Schedules Forming Part of Financial Statements 34
Part II-Form of Statement of Profit and Loss
51
General Instructions for preparation of Statement of Profit and Loss 52
True and Fair View of Financial Statements
54
LESSON ROUND-UP
56
GLOSSARY
56
TEST YOURSELF
56
LESSON 3
ACCOUNTING FOR SHARE CAPITAL
Meaning of Shares
60
Meaning of Share Capital
60
Kinds of Share Capital
60
xx
Types/Classes of Preference Shares
62
Disclosure of Share Capital
62
Procedure for Issue of Shares
63
Terms of Issue of Share
63
Issue of Shares At Par
63
Issue of Shares At Premium
66
Accounting Treatment of the Issue of Shares At Premium
67
Issue of Shares At Discount
67
Subscription
67
Calls-in-Advance and Interest on Calls-in-Advance
69
Interest on Calls-in-Advance
69
Calls-in-Arrear and Interest on Calls-in-Arrear
70
Issue of Shares for Consideration other than Cash
70
Forfeiture of Shares
71
Procedure for Forfeiture of Shares
72
Accounting Treatment as per below cases
72
Reissue of Forfeited Shares
75
Re-Issue Of Forfeited Shares - At a Premium
75
Buy-Back of Shares
79
Transfer of Certain Sums to Capital Redemption Reserves Account (Section 69) 83
Prohibition on Buy-Back in Following Circumstances: (Section 70) 83
Companies (Share Capital and Debentures) Rules, 2014
83
Issue of Bonus Shares (Section 63)
91
Issue & its related conditions
91
Employee Stock Option Scheme (ESOP)
92
Issue of Sweat Equity Shares (Section 54)
96
Definition
96
Conditions to be fulfilled
96
Quantum of sweat equity share
97
Pricing of sweat equity share
97
Procedure for issue of sweat equity share
97
Disclosure in the directors’ report in respect of sweat equity share 98
Accounting treatment of sweat equity share issued
98
Issue of Right Shares
99
Issue and Redemption of Preference Shares
100
Issue of preference shares
100
Redemption of preference shares
100
Capital Redemption Reserve Account
100
Premium on redemption of preference shares
100
xxi
Underwriting of Shares
105
LESSON ROUND UP
112
TEST YOURSELF
113
LESSON 4
ACCOUNTING FOR DEBENTURES
Introduction 116
Debentures
116
Kinds of Debentures
116
Issue of Debentures
117
Conditions for issue of debentures as per Companies Act, 2013
118
Difference between debentures and shares:
118
Issue of debentures for cash
118
Issue of debentures at premium
121
Issue of debentures at discount
122
Issue of Debentures for Consideration Other Than Cash
124
Debentures Issued As a Collateral Security
125
Accounting Treatment of Collateral Security
125
Debenture Interest
127
Interest accrued and due (outstanding interest)
129
Interest accrued but not due (accrued interest)
129
Accounting entries for issue of debentures (based on conditions of redemption) 129
Treatment of Discount/Loss on the Issue Of Debentures
131
Redemption of Debentures
132
Sources of Redemption
133
Debenture Redemption Reserve (DRR)
135
Accounting Treatment
136
Sinking Fund Method (Debenture Redemption Fund Method)
136
Cumulative Sinking Fund
137
Non-Cumulative Sinking Fund
139
Insurance Policy Method
140
Accounting Treatment
140
Redemption by Conversion
142
Purchase of Debentures in the Open Market
143
Purchase of Debentures before the Specified Date of Payment of Interest [Cum-Interest and Ex-Interest Quotations]
146
LESSON ROUND UP
149
GLOSSARY
149
xxii
TEST YOURSELF
150
LESSON 5
RELATED ASPECTS OF COMPANY ACCOUNTS
Buy-Back of Shares
154
Transfer of certain sums to capital redemption reserves account (Section 69) 156
Prohibition on buy-back in following circumstances (Section 70) 157
SEBI (Buy-back of Securities) Regulations, 2018
157
Modes of buy-back
157
Disclosures, filing requirements and timelines for public announcement and draft letter of offer 157
Additional Conditions for Buyback of Shares or Other Securities 158
Escrow account
158
Advantages of Buy-Back
158
Accounting for Buy-Back
158
Debentures-Issue and Redemption
159
Introduction
159
Requirement
159
Differences between Shares and Debentures
159
Accounting for Debentures
160
Issue of Secured Debenture
161
Accounting Aspects of Issue debentures
161
Issue for Consideration other than Cash
162
Debentures issued as Collateral Security
162
Discount on the issue of Debenture
163
Redemption of Debentures
163
Creation of Debenture Redemption Reserve (DRR) Account
163
Methods of Redemption of Debentures
164
Employee Stock Option Plan (ESOP), Employees Stock Option Scheme (ESOS) 165
Issue of Employee Stock Options
165
Employees Stock Option Scheme (ESOS)
168
Equity Shares with Differential Rights
168
Explanatory Statement Annexed to Notice
169
Underwriting of Shares
170
Underwriting Agreement
172
Sub-Underwriters
172
Underwriting Commission
172
Full and Partial Underwriting
172
Accounting entries
172
Determination of Liability in respect of Underwriting Contract 173
LESSON ROUND-UP
175
TEST YOURSELF
176
xxiii
LESSON 6
FINANCIAL STATEMENTS INTERPRETATION
Introduction 180
How are Financial Statements Prepared
181
Who Issues Financial Statements?
181
Different Types of Financial Statements
181
Interim Statements
181
Annual Statements
181
Who Uses Financial Statements and What Are They Used For?
181
Financial statement template and form
182
Presentation of Financial Statement (Ind AS-1)
182
Ind AS 1, Presentation of Financial Statements
182
Financial Statements
182
Structure and Content
183
Other Comprehensive Income
183
Current/ non-current distinction
184
How to Read and Interpret Financial Statements
185
Types of Financial Statements:
185
Objectives of Financial Statements:
185
Treatment of Special Items during Financial Statements Preparation 186
Depreciation Provisions & Reserves
186
Meaning and Nature of Depreciation:
186
Need or objectives of providing Depreciation
187
Methods of providing depreciation
187
Determination of Managerial Remuneration
191
Remuneration allowed to Managerial personnel
191
Manner of Determination of Managerial Remuneration
193
Maximum amount of Sitting Fees
194
Method of Payment of Managerial remuneration
194
Remuneration not allowed to Independent Directors
194
Recovery of Remuneration received by director in contravention of section 197 of the Companies Act, 2013
194
Fine in case of contravention of provisions of section 197
194
Corporate Social Responsibility Spend
194
Role of Board of Directors
194
CSR Expenditure
195
CSR Reporting
196
Related Party Disclosure
196
xxiv
Fine for Contravention
197
Related party disclosure according to AS 18
197
Segment Reporting (AS 17)
198
Scope
198
Audit Query
200
LESSON ROUND UP
200
TEST YOURSELF
201
LESSON 7
CONSOLIDATION OF ACCOUNTS AS PER COMPANIES ACT, 2013
Introduction 204
Holding Company
204
Subsidiary Company
204
Company Includes Body Corporate
204
Share-Holding of Holding Company by Subsidiary Company
204
Associate company
205
Wholly Owned Subsidiary Company
205
Partly Owned Subsidiary Company
205
Minority Shareholder
205
Legal Requirements for a Holding Company
205
Consolidated Financial Statements
206
Contents and Format of Consolidated Balance Sheet
207
Minority Interest
209
Consolidated Profit & Loss Account
211
Goodwill
214
Pre-acquisition and post-acquisition Profits/Reserves
218
Elimination of inter-company balances and amounts
221
Bonus Shares Issued by Subsidiary Company
227
Dividend
229
Goodwill (Goodwill Appearing in the Balance Sheet of Subsidiary Company) 232
LESSON ROUND UP
235
GLOSSARY
236
TEST YOURSELF
237
LESSON 8
CORPORATE FINANCIAL REPORTING
Introduction
240
Need for Corporate Reporting
240
Disclosure of Significant Accounting Policies
240
xxv
Features of Corporate Financial Reporting
241
Recent trends in Corporate Financial Reporting
241
Why Corporate Financial Reporting?
241
Auditors Report
242
Requirements of the Companies Act, 2013
242
Boards’ Report
244
Companies (Auditor’s Report) Order, 2020
246
Corporate Governance
250
Definitions of Corporate Governance
250
Need of Corporate governance
250
Corporate Governance under Companies Act, 2013
251
Corporate Governance Report
252
Value Added Statement
256
Introduction
256
Definition and Background of Value-Added and the Value-Added Statement (VAS) 256
Distribution of Gross Value Addition
257
Value-Added Statement
257
Advantages of Value-Added Statement
257
Limitation of Value-Added Statement
257
Difference between Value Added and Profit
257
Format of Value Added Statement
258
Extracts of Value-Added Statement Infosys Annual Report 2011-12
258
Extracts of Value Added Statement of Bharat Petroleum Corporation Limited 2010-2011
259
Economic Value Added
260
How to Calculate Economic Value-Added (EVA)
260
What insight does EVA provide about financial performance of a business?
262
Corrective Action to Improve EVA
262
Advantages of EVA Analysis
262
Market Value Added
263
Market Value-Added = Company’s total Market Value – Capital Invested 263
Shareholder Value Added (SVA)
264
Advantages of Adopting SVA
264
Limitations of Adopting SVA
264
LESSON ROUND UP
265
GLOSSARY
265
TEST YOURSELF
266
xxvi
LESSON 9
CASH FLOW STATEMENT
Introduction to Cash Flow Statement
268
Applicability of AS-3 Cash Flow Statements
268
Meaning of certain terms used in the context of cash Flow Statement 268
Sources of Cash
269
Internal Sources
269
External Sources
269
Classification of Cash Flows Statement
270
Special Items
271
Preparation of A Cash Flow Statement
272
Reporting Of Cash Flows from Operating Activities
273
Direct Method
274
Indirect Method
276
Format of Cash Flow Statement
277
Fund Flow Statement
289
Difference between Cash Flow Analysis and Funds Flow Analysis
290
Utility of Cash Flow Analysis
290
Limitations of Cash Flow Analysis
291
LESSON ROUND-UP
291
TEST YOURSELF
292
LESSON 10
ACCOUNTING STANDARDS (AS)
Meaning of Accounting Standards
298
Applicability of Accounting Standards
299
Standards Setting Process
299
Accounting Standard and Auditors
300
Accounting Standard and Board’s Report
300
Benefits and Limitations
300
Advantages of Accounting Standards
300
Disadvantages of Accounting Standards
301
How many Accounting Standards?
302
List of 27 Accounting Standards as issued by ICAI
302
Applicability of Accounting Standards
303
Requirement to follow Accounting Standards
304
Applicability of Accounting Standards for Companies
305
Applicability of Ind AS to specified companies
305
xxvii
Accounting Standards in brief
305
Need For Convergence with Global Standards
311
International Accounting Standard board (IASB)
312
International Financial Reporting Standards (IFRS) as Global Standards 312
Convergence with IFRS in India
313
Indian GAAP (IGAAP)
314
Differences (IFRS Vs IGAAP)
314
List of 39 IFRS
315
LESSON ROUND UP
317
GLOSSARY
317
TEST YOURSELF
317
LESSON 11
NATIONAL AND INTERNATIONAL ACCOUNTING AUTHORITIES
The Institute Of Chartered Accountants of India
320
The Institute Of Cost Accountants of India
320
IFRS foundation
321
The IFRS Foundation’s three-tier structure
321
Trustees of the IFRS Foundation (Trustees)
321
IFRS Advisory Council (Advisory Council)
322
Advisory Council members
322
How are IFRS Standards set?
322
International Public Sector Accounting Standards Board (IPSASB) 323
Objective of IPSASB
323
Financial Reporting Council (FRC) (UK)
324
European Financial Reporting Advisory Group (EFRAG)
324
Role of the EFRAG General Assembly
325
Financial Accounting Standards Board (FASB)
325
FASB Mission
325
American Institute Of Certified Public Accountants (AICPA)
326
Australian Accounting Standards Board (AASB)
326
AASB Board
327
Chartered Accountants Australia and New Zealand (CA ANZ)
327
Financial Reporting & Assurance Standards Canada (FRAS Canada) 327
Chartered Professional Accountants Canada (CPA Canada)
327
Accounting Standards Board of Japan (ASBJ)
328
External Reporting Board (XRB), New Zealand
328
LESSON ROUND UP
329
TEST YOURSELF
329
xxviii
LESSON 12
ADOPTION, CONVERGENCE AND INTERPRETATION OF INTERNATIONAL FINANCIAL REPORTING
STANDARDS (IFRS) AND ACCOUNTING STANDARDS IN INDIA
Introduction 332
Applicability of Indian Accounting Standards
332
Details of Ind AS
334
Ind AS 41 Agriculture
344
Comparison of Indian GAAP, IFRS and Ind AS
344
Comparison of Ind AS with Existing Indian GAAP
345
Comparison of Ind AS with IFRS (International Accounting Standards) 345
Comparison of Ind AS with Existing Indian GAAP
345
Statement of Cash Flows
346
Accounting Policies Changes in Accounting Estimates and Errors 348
Comparison of Ind AS with IFRS (International Accounting Standards) 348
Income Taxes
348
Property Plant and Equipment
348
Leases
349
Employee Benefits
351
Accounting for Government Grants and Disclosure of Government Assistance 352
The Effects of Change in Foreign Exchange Rates
352
Borrowing Costs
352
Related Party Disclosures
353
Consolidated and Separate Financial Statements
353
Investment in Associates
353
Financial Instruments Presentation
354
Earnings Per Share
354
Interim Financial Reporting
354
Impairment of Assets
355
Provisions, Contingent Liabilities and Contingent Assets
355
Intangible Assets
356
Business Combinations
356
Non-Current Assets Held for Sale and Discontinued Operations
357
Financial Instruments : Disclosures
357
Operating Segments
357
LESSON ROUND UP
358
TEST YOURSELF
358
LESSON 13
OVERVIEW OF COST
Concepts of Cost
362
Key Definitions
362
xxix
Costing
362
Cost Accounting
363
Cost Accountancy
363
Cost Units
363
Cost Centres
363
Cost Centres in a manufacturing concern
364
Cost Objects
364
Cost Drivers
364
Cost Control
364
Cost Reduction
364
Importance & Relevance of Cost Accounting
364
Objectives of Cost & Management Accounting
366
Scope of Cost & Management Accounting
367
Limitations of Cost Accounting
368
Factors to be considered before Installation of a Cost Accounting System 368
Elements of Cost
369
Material Cost
371
Aspects of Material Control
372
Objectives of Material Control
373
Essentials of Material Control
373
Labour Cost
374
Classification of Labour Cost
374
Accounting and Control of Labour Cost
375
Time Recording
376
Time-Keeping
376
Time-Booking
377
Expenses
377
Direct Expenses
377
Accounting Treatment of Direct Expenses
378
Control of Direct Expenses
378
Indirect Expenses
378
Expenses excluded from costs
378
Notional Expenses
378
Accounting Treatment of Indirect Expenses
378
Overheads
378
Collection of Overheads
379
Classification of Overheads
379
Functional Analysis
380
Behavioural Analysis
381
xxx
Cost Sheet
381
Preparation of Cost Sheet
382
LESSON ROUND UP
383
GLOSSARY
384
TEST YOURSELF
384
LESSON 14
COST ACCOUNTING RECORDS & COST AUDIT UNDER COMPANIES ACT, 2013
Introduction 386
Rule 1: Short Title and Commencement
386
Rule 2: Definitions
386
Cost Record
387
Rule 3: Application of Cost Records
387
Companies Engaged in the Production of following Goods or providing following Services : 387
Rule 4: Applicability for Cost Audit
391
Rule 5: Maintenance of Cost Records
392
Rule 6: Cost Audit
392
Purpose of Cost Audit
394
Social Purposes of Cost Audit
394
CRA-1: Forms in Which Cost Records Shall Be Maintained
394
CRA-2: Form of Intimation Of Appointment Of Cost Auditor By The Company To Central Government 395
CRA-3: Form of Cost Audit Report
396
Annexure to Cost Audit Report
396
CRA-4: Form For Filing Cost Audit Report With The Central Government 396
LESSON ROUND UP
397
GLOSSARY
398
TEST YOURSELF
398
LESSON 15
BUDGET, BUDGETING AND BUDGETARY CONTROL
Budget 400
Essentials of Budget
400
Forecast and Budget
400
Budgeting
401
Budgetary Control
401
Objectives of Budgetary Control
402
Advantages of Budgetary Control
402
Limitations of Budgetary Control
403
Steps in Budgetary Control
403
xxxi
Preparation & Monitoring Of Various Types Of Budgets 407
Types of Budgets
407
Functional Budgets
408
The Final or Master Budget
415
Fixed Budgets
415
Flexible Budgets
415
Preparation of Flexible Budget
416
Control Ratios
421
Zero-Base Budgeting
422
Performance Budgeting
423
Budget Variance
424
Importance of Budget Variance Analysis
424
Limitations of Budget Variance Analysis
424
LESSON SUM UP
424
GLOSSARY
425
TEST YOURSELF
426
LESSON 16
RATIO ANALYSIS
Introduction 430
Financial Statement Analysis
430
Objective of Financial Statement Analysis
430
Need For Financial Statement Analysis
431
Users of Financial Statements
431
Sources and Techniques of Financial Statement Analysis
432
Comparative Statements
432
Common Size Statement
433
Trend Analysis
433
Fund Flow Analysis
433
Cash Flow Analysis
433
Ratio Analysis
433
Objectives of Ratio Analysis
434
Advantages of Ratio Analysis
434
Limitations of Ratio Analysis
435
Classification of Ratios
435
Functional Classification
435
Financial Ratios
436
Short-Term Solvency Ratios/Liquidity Ratios
436
xxxii
Long-Term Solvency Ratios
437
Profitability Ratios
438
Market Test Ratios
439
Turnover Ratios
440
LESSON ROUND UP
450
GLOSSARY
451
TEST YOURSELF
451
LESSON 17
MANAGEMENT REPORTING (MANAGEMENT INFORMATION SYSTEMS)
Introduction 456
Importance of Reporting
456
Level of Management and Reporting
456
Meaning of Management Reporting
458
The Need for Management Reporting
458
Challenges in Management Reporting systems
459
Essential Components to Management Reporting
459
Developing a Successful Management Reporting Programme
459
General Principles of Report Presentation
460
Forms of Presentation of Information
460
Attributes of Information
461
Classification of reports
461
Forms of Reporting
461
Frequency of Reporting
462
LESSON ROUND UP
463
GLOSSARY
463
TEST YOURSELF
463
LESSON 18
DECISION MAKING TOOLS
Marginal Costing
466
Features of Marginal Costing
466
Formulas Used in Marginal Costing
466
Meaning of Contribution
466
Contribution and Profit: Distinction
467
Advantages of Marginal Costing
467
Limitations of Marginal Costing
468
Cost-Volume-Profit Analysis
468
Cost-Volume-Profit (CVP) Analysis
469
xxxiii
Techniques of CVP Analysis
469
Cost Behaviour and CVP Analysis
469
Marginal Cost Equation
469
Contribution Margin Analysis
470
The Break Even Analysis
471
Profit-Volume Ratio
473
Significance of Profit-Volume (P/V) Ratio
473
Margin of Safety
474
Applications of CVP Analysis
477
Practical Applications of Marginal Costing
479
Key or Limiting Factor Analysis
480
Profit Planning
480
Selection of Profitable Product Mix
480
Make or Buy Decisions
480
Introduction of a New Product
481
Discontinuance to a Product or Closure of a Department
481
Accept or Reject Special Offer and Subcontracting
481
Planning of Activity Level
481
Market Expansion
481
Temporary Cessation of Operations
482
Absorption Costing
482
System of Profit Reporting
482
Stock Valuation
483
Income Determination under Marginal Costing and Absorption Costing 483
Format of Income Statement (Absorption Costing)
483
Absorption Costing and Marginal Costing: Distinction
484
Impact of Inflation on Holding of Large Inventories
485
Behavioural Considerations in Absorption Costing
485
Limiting or Key Factor
488
Transfer Pricing
492
Objectives of Transfer Pricing
492
Transfer Pricing Methods
493
Activity-Based Costing
496
Introduction
496
Meaning of Activity Based Costing (ABC)
496
Basics of ABC
497
Evolution of activity based costing system
497
Distinction between Traditional Absorption Costing and Activity Based Costing 498
Objectives of Activity Based Costing
498
xxxiv
Terminology of Activity Based Costing
498
Stages in Developing Activity Based Costing System
499
Different Types of Activities
500
Identification of activities for ABC
500
Importance of Activity Based Costing (ABC)
501
Uses of Activity Based Costing
502
Limitations of Activity Based Costing
502
LESSON ROUND-UP
507
GLOSSARY
508
TEST YOURSELF
509
LESSON 19
VALUATION, PRINCIPLES AND FRAMEWORK
Introduction 512
Areas where Valuation is Used
512
Generally Acceptable Methodologies of Valuation
513
Conceptual framework of valuation
513
Approaches of valuation
515
1. Asset Approach
515
2. Income or Earning Approach
518
Marginal Cost of Capital
523
3. Market based approach
526
a) Fair Market Value (FMV)
527
Indian Accounting Standard (Ind AS)
530
Procedures for Issuing Accounting Standards
530
Ind AS for valuation
530
Ind AS 33- Earnings per share
530
Ind AS 32 Financial Instrument Presentation
532
What is Financial Instrument?
532
Scope
533
Presentations
533
Puttable Instruments
533
Settlement with Entity’s Own Shares
533
Contingent Settlement Provisions
533
Interest, Dividends, Gains and Losses
533
Offsetting a Financial Asset and a Financial Liability
534
Ind AS 113 - Fair Value Measurement
534
Objectives
534
Scope
534
xxxv
Exclusion
534
Fair Value Measurement
534
Principal Market Vs Most Advantageous Market
535
Fair Value Measurement – Fair Value Hierarchy
535
Disclosures In Financial Statements
536
LESSON ROUND UP
536
TEST YOURSELF
537
LESSON 20
VALUATION OF SHARES, BUSINESS AND INTANGIBLE ASSETS
Need for Valuation
540
Factors Affecting Valuation of Shares
540
Methods of valuation of shares
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