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Advanced Certificate Program on International Financial

Reporting Standards
(IFRS) – Implementation and Compliance

KPMG IN INDIA
Content

About the program

Program Modules

Know your Program Faculty

About KPMG IFRS practice

Synchronous Learning - NIIT Imperia

How to apply

This program is jointly provided by KPMG in India and NIIT Imperia

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 2
About the program

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 3
About the program

Faculty  Professional from KPMG in India with significant IFRS conversion experience
 Trainer of International Repute

 Focused toward challenges to be faced by each stakeholder in


Program Design IFRS conversion
 Practical inputs on carrying out a conversion exercise

 Mix of Experience Sharing Real Life Case Discussion


Pedagogy
 Use of Illustrative Financial Statements Industry Disclosure
Requirements, etc.

Certification  Certification of completion on successful assessment clearance from KPMG in India and NIIT Imperia

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 4
About the program

Program Faculty: Ram Iyer, Sandip Khetan and Pravin Tulshyan

Duration: 6 weeks

Eligibility: Graduate min 2yrs. Work experience are eligible to join the program [Experience requirement are
waived off for CA, CS, CWA’s, MBA (Finance) and corporate nomination]

Schedule: Wednesday 9:00 AM – 5:30 PM

Fees: INR 40,000/- inclusive of tax

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 5
Who should attend?

This program should be of value to you if you are:


 CFO & Finance Director
 Analysts, Accountant
 Investment Banker
 Corporate Banker
 Strategic Planner
 Auditor
 Private Equity & Merger & Acquisition specialist
 Tax Director
 Consultant
 Practicing CA, CS, CWA, and professionals from Indian companies with a global presence

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 6
Program
Modules

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 7
Module Coverage

 Overview/Roadmap and IFRS Framework


 Presentation of financial statements
 Revenue recognition
 Business combinations
 Financial instruments
 Consolidation
 The effect of change in Foreign exchange rates
 Income taxes
 Property, plant and equipment, intangible assets and investment property
 Impairment and Provisions/contingencies
 Employee benefits, Share based payment, Non-current assets held for sale and
discontinued operations
 Leases, borrowing costs, operating segments, events after the balance sheet date, change
in accounting policies and errors
 Approach to IFRS conversion

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 8
Overview/Roadmap and IFRS Framework

 Upon completion you should understand


– The purpose, status and scope of the Framework
– The fundamental concepts and definitions upon which IFRS’s are
based
– The history and objectives of IASB
– IASB as an organisation
– IFRS’s around the world
– IASB’s work programme
– The concept paper of ICAI and current environment on transition
to IFRS
 Topics covered in the module
– IFRS’s issued by the IASB including IFRS 1
– IAS’s issued by the IASC or revisions thereof issued by the IASB
– Interpretations issued by the IFRIC and approved by IASB
– SIC interpretations approved by the IASB or the IASC

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 9
Presentation of financial statements

 Upon completion you should understand


– The required components of financial statements
– How to apply overall financial statement concepts
and assumptions
– The structure of financial statements
 Topics covered in the module
– Statement of financial position
– Statement of comprehensive income
– Statement of changes in equity
– Statement of cash flows
– Notes

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 10
Revenue recognition

 Upon completion you should understand


– The types of income that exist and what the applicable standards and
interpretations are (e.g., IAS 18, IAS 11 or other)
– When revenue should be recognised
– How revenue is measured
–The steps that should be followed for revenue recognition
– When to separate components of a contract
– The presentation and disclosure requirements
 Topics covered in the module
– IAS 18- Revenue recognition
– IAS 11- Construction contracts
– IFRIC 13 –Customer royalty programme

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 11
Business Combination

 Upon completion you should understand


– Business combination and identify transactions qualifying as
business combination
– How to identify the effective date, transactions that meet the
definition of business and control
– How to identify the acquirer in a business combination
– How to determine the date of business combination/acquisition
and the date on which the acquirer obtains control of the
acquiree
– How to recognise all assets acquired, all liabilities, and any
non- controlling interest in the acquiree at their acquisition date
fair values
– How to determine the consideration transferred and goodwill or
bargain purchase in a business combination
– How to determine the amount of contingent consideration to be
accounted as part of consideration transferred
– The presentation and disclosure requirements related to
business combinations and non-controlling interest
 Topics covered in the module
– IFRS 3
– IFRIC 17 Distributions of Non-cash Assets to Owners

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 12
Financial instruments

 Upon completion you should understand


– The definition of financial instruments and different categories
of financial instruments
– The accounting for each of the categories of financial
instruments
– The definition of derivatives and an introduction to plain vanilla
derivative products (options, swaps etc.) and the overall
accounting framework for derivatives
– The concept of embedded derivatives (hybrid instruments)
– The concept of ‘Hedging’ by learning the three different
types of hedging relationships and the key accounting
differences in those three different hedging relationships
– The classification and disclosure of financial instruments
 Topics covered in the module
– IAS 39- Financial instruments: recognition and measurement
– IAS 32- Financial instruments: disclosure and presentation
– IFRS 7- Financial instruments: disclosure

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 13
Consolidation

 Upon completion you should understand


– How to distinguish different kinds of entities (subsidiaries, associates and joint
ventures)
– How to account for them
– The principles of consolidation, equity accounting and proportionate consolidation
– The consolidation disclosure requirements
 Topics covered in the module
– IAS 27- Consolidation and separate financial statements
– IAS 28- Investment in associates
– IAS 31- Interest in joint ventures
– SIC 12- Consolidation – Special purpose entities

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 14
The effect of change in foreign exchange rates

 Upon completion you should understand


– How to determine a company’s functional currency
– How foreign currency transactions and balances are translated into a company’s
functional currency
– How foreign currency financial statements are translated for consolidation purposes
– The presentation and disclosure requirements
– The indicators of a hyperinflationary economy
 Topics covered in the module
– IAS 21- The effect of change in foreign exchange rates
– IAS 29- Financial reporting in hyperinflationary economies

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 15
Income taxes

 Upon completion you should understand


– The concepts of current and deferred income taxes
– How income taxes are accounted for by the asset / liability method
– The concept of ‘temporary differences’ and ascertain how these differences arise and
how they need to be accounted for
– How to evaluate the appropriateness of recording valuation allowance against deferred
tax assets
– The presentation and disclosure requirements relating to current and deferred income
taxes
 Topics covered in the module
– IAS 12- Income taxes

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 16
Property plant and equipment, intangible assets and investment property

 Upon completion you should understand


– How to identify and account for intangible assets
– How to identify and account for investment properties
– The revaluation and cost models of accounting for property, plant and equipment
(PPE), intangible assets and investment property
– How to account for changes in depreciation methods / useful life / residual value
– The differences between repairs and maintenance, replacements and major inspections
– How to account for changes in existing decommissioning, restoration and similar
liabilities
– The presentation and disclosure requirements
 Topics covered in the module
– IAS 16- Property plant and equipment
– IAS 38- Intangible assets
– IAS 40- Investment property

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 17
Impairment and provisions/contingencies

 Upon completion you should understand


– The procedures that an entity applies to help ensure that its assets are carried at no
more than their recoverable amount
– The practical difficulties in applying this standard
– The definition of a provision, contingent liability and contingent asset
– The recognition and measurement criteria for provisions, contingent liabilities and
contingent assets
– The application of IAS 37 to specific circumstances
– The presentation disclosure requirements
– About the current developments – IASB & IFRIC – regarding
IAS 37
 Topics covered in the module
– IAS 36- Impairment of assets
– IAS 37- Provision contingent liabilities and contingent assets

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 18
Employee benefits, Share based payment, Non-current assets held for sale and
discontinued operations

 Upon completion you should understand


– The key application issues on employee benefits
– The key application issues on share based payments
– The key application issues on non current assets held for sale
– The key application issues on discontinued operations
– The key differences on the above topics with reference to Indian GAAP
 Topics covered in the module
– IAS 19- Employee benefits
– IFRS 2- Share based payments
– IFRS 5- Non current assets held for sale and discontinued operations

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 19
Leases, borrowing costs, operating segments, events after the balance sheet date,
change in accounting policies and errors

 Upon completion you should understand


– The key application issues on leasing including right to use
– The key application issues on borrowing costs
– The key application issues on operating segments
– The key application issues on event occurring after the balance sheet date
– The key application issues on change in accounting policies and errors
– The key differences on the above topics with reference to Indian GAAP
 Topics covered in the module
– IAS 17 and IFRIC 4- Leases and Determining whether an arrangement contains a
lease
– IAS 23- Borrowing costs
– IFRS 8- Operating Segments
– IAS 8 – Accounting policies, change in accounting estimates and errors
– IAS 10 – Events after the reporting period

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 20
Approach to IFRS Conversion

 Upon completion you should understand


– How and when to start IFRS conversion
– The different steps involved in IFRS conversion
– The role of different stakeholders in the IFRS conversion
– How to assess the impact of IFRS conversion on company existing financial reporting
and practices
– IFRS 1 – First time adoption of IFRS
 Topics covered in the module
– IFRS 1 – First time adoption of IFRS
– KPMG approach to IFRS conversion

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 21
Know your Program
Faculty

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 22
Ram Iyer

Name  Ram Iyer


Position  Director, Accounting Advisory Services, KPMG in India
Education and  Chartered Accountant
Qualifications
Experience  Ram is experienced in the fields of audits and accounting including Indian GAAP, US GAAP, IFRS and training.

 He has served several prominent Indian corporates, including financial institutions, with US GAAP and IFRS
conversion. Ram also has significant project management and training experience.

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 23
Sandip Khetan

Name  Sandip Khetan

Position  Director, Accounting Advisory Services

Qualifications  Member of the Institute of Chartered Accountants of India (14th Rank Holder all India)

Experience  Sandip Khetan is a director in the Accounting Advisory Services of KPMG and is based out of Delhi. He has
more than 10 year of auditing and accounting experience. Sandip is a member of the Institute of Chartered
Accountants of India as well as an alumnus of IIM Ahmedabad
 Sandip has extensive audit experience spanning across a sector of industries including IT/ITES, Media, Auto and
Telecom dealing with US GAAP/GAAS and IFRS. He has worked with both large Indian business houses and
multinationals. He is the engagement manager on a largest BPO company in India which is only domestic SEC
registrant from India. Sandip has gained significant experience of US GAAP and US Capital market while
managing the entire US IPO process of Genpact as engagement manager.
 Sandip experience includes clients such as Genpact, Global Vantedge, Money control. com, Cadence design
systems, Freescale semiconductor, Hindalco, Apollo Tyres, Ericssion, SRF etc among many more. Sandip is an
active participant in firm training initiatives and have conducted many training session on US GAAP/ IFRS for
clients and for different member firms (Dubai, Moscow, Egypt) in the past.
 Sandip has also worked with HCL Technologies for a period of 4 years during which he was leading the
corporate finance MIS team and has worked closely with the top management of HCL corporate team. Sandip
was leading the overall US GAAP reporting of HCL Technologies.

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 24
About KPMG IFRS
practice

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 25
KPMG IFRS practice in India

 Established IFRS practice in India with more than 100 engagements and more than
200 resources. Integrated teams to address technology and process issues related to
IFRS adoption.
 Committed to providing thought leadership in IFRS.
 Significant experience of carrying out large IFRS conversion projects.
 Professional staff having international experience implementing IFRS (including IAS 39)
and are extremely well networked within core IFRS practices in Europe, Canada and
Australia.
 Dedicated centralized IFRS technical group which works closely with KPMG's International
Financial Reporting Group in London.

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 26
Synchronous Learning –
NIIT Imperia

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 27
NIIT IMPERIA - Technology Edge

 18 Classrooms in 17 cities
 Direct one-to-one interaction is fostered through individual ICT systems for
each student:
– High-performance PCs
– Webcam
– Audio system and microphone at each workstation, connected directly to
faculty at institutes
 Classroom interactions & ambience are facilitated by clusters of student-stations
and camera & projection systems that can span the full classroom.
STUDIO VIEW
 6 Synchronous Learning Centers created within corporate premises
 Learning Management System (LMS):
– supplementary e-learning
– program-specific notices
– online submission of assignments
– reminder services
– online testing
– student records

CLASSROOM VIEW

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 28
Synchronous Learning

REPLICATION OF LIVE CLASSROOM

Full features of face-to-face


teaching

Raised-hand-seeking-
teacher's-attention

Tabulation of responses

Quizzes randomly created by


the teacher

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 29
How to Apply

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 30
How to Apply

 Application forms

– Application forms can be obtained from www.niitimperia.com or at local NIIT IMPERIA


Centres

 Documents Required for Application


– 1 Passport size photo affixed [Latest photo with light backdrop]
– Proof of Graduation Completion [Provisional / Degree Certificate]
– Proof of Experience [Experience Certificates as supporting documents for all the jobs
mentioned in the form]

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 31
For any Queries Or Doubts,

Contact us
Call Us At 18001806060 (MTNL/BSNL) or 011-60006448 (Others)
(Or)
Write to imperia@niit.com

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there
can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice
after a thorough examination of the particular situation.

KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.

© 2009 KPMG, an Indian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 32