GFRS Index

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0 1 FRAMEWORK FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

0 2 1.1 Learning Outcomes
0 3 1.2 Chapter Overview
0 4 1.3 1 Introduction
0 5 1.4 2 Framework and its purpose
0 6 1.4 3 Scope of the “Framework”
0 7 1.6 4 Important facts-about “Framework”
0 8 1.6 5 Users of financial statements
0 9 1.6 1 Investors
0 10 1.7 2 Employees
0 11 1.7 3 Lenders
0 12 1.7 4 Supplier and other trade creditors
0 13 1.7 5 Customers
0 14 1.7 6 Government and related agencies
0 15 1.7 7 Public
0 16 1.8 6 Objectives to prepare financial statements
0 17 1.9 7 Underlying assumptions
0 18 1.9 1 Accrual basis
0 19 1 Accrual basis
0 20 1.10 2 Going concern
0 21 E Not assuming going concern
0 22 1.12 8 Qualitative aspects of financial statements
0 23 1.13 1 Understandability
0 24 1.13 2 Relevance
0 25 2 Materiality
0 26 1.14 3 Reliability
0 27 3 Reliability
0 28 4 Substance over form
0 29 1.16 4 Comparability
0 30 1.17 9 Constraints on relevant and reliable information
0 31 1.17 1 Timeliness
0 32 1.18 2 Cost and its benefit comparison
0 33 1.18 3 Balance between qualitative characteristic
0 34 1.18 10 Elements of financial statements [+ Definitions of all elements]
0 35 1.21 11 Recognition of the elements of financial statements
0 36 1.22 1 Recognition of assets
0 37 1.22 2 Recognition of liabilities
0 38 1.22 3 Recognition of income
0 39 1.23 4 Recognition of expenses
0 40 1.24 12 Measurement of the elements of financial statements
0 41 1.25 13 Financial capital maintenance vs. Physical capital maintenance
0 42 1.26 1 Major differences between Physical Capital & Financial Capital
0 43 E Financial capital maintenance vs. Physical capital maintenance
1 1 INDIAN ACCOUNTING STANDARD 1: PRESENTATION OF FINANCIAL STATEMENTS
1 2 2.3 1 1 INTRODUCTION TO INDIAN ACCOUNTING STANDARD (IND AS)
1 3 2.3 1 Government of India - Commitment to IFRS Converged Ind AS
1 4 2.4 1 2 WHAT ARE INDIAN ACCOUNTING STANDARDS (INDAS)?
1 5 2.4 1 3 WHAT ARE CARVE OUTS/INS IN IND AS?
1 6 2.5 1 4 ROADMAP FOR IMPLEMENTATION OF THE INDIAN ACCOUNTING STANDARDS (IND AS)
1 7 2.5 1 For Companies other than banks, NBFCsand Insurance Companies
1 8 2.6 2 For Scheduled Commercial Banks (Excluding RRBs), Insurers/Insurance Companies and Non-Banking Financial Companies (NBFC’s)
1 9 2.7 1 5 DIVISION II OF THE SCHEDULE III TO THE COMPANIES ACT, 2013
1 10 2.8 1 Applicability
1 11 2.8 2 Balance Sheet
1 12 2.8 3 Statement of Profit and Loss
1 13 2.8 4 Statement of changes in Equity
1 14 2.9 5 Statement of Cash Flows
1 15 2.9 6 Notes
1 16 2.9 7 Compliance with Ind AS and the Companies Act, 2013
1 17 2.9 8 Conflict of requirements of Ind AS and Schedule III
1 18 2.10 9 General Instruction
1 19 2.10 1 6 GUIDANCE NOTE ON DIVISION II- IND AS SCHEDULE III TO THE COMPANIES ACT 2013
1 20 2.11 1 7 LIST OF INDIAN ACCOUNTING STANDARDS
1 21 2.12 1 8 IND AS 1 ‘PRESENTATION OF FINANCIAL STATEMENTS’ - INTRODUCTION
1 22 2.13 1 9 OBJECTIVE
1 23 2.13 1 1 SCOPE
1 24 2.13 1 11 DEFINITIONS
1 25 2.16 1 12 PURPOSE OF FINANCIAL STATEMENTS
1 26 2.17 1 13 COMPLETE SET OF FINANCIAL STATEMENTS
1 27 2.18 1 14 GENERAL FEATURES OF FINANCIAL STATEMENTS
1 28 2.18 1 Presentation of True and Fair view and compliance with IND AS
1 29 2.18 1 An explicit and unreserved statement
1 30 2.19 2 Inappropriate Accounting Policies
1 31 2.19 3 Departure from the requirements of an IND AS-Whether Permissible?
1 32 1 Departure from the requirements of an IND AS-Whether Permissible?
1 33 2.20 2 Going Concern
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1 34 2 Going Concern
1 35 2.22 3 Accrual basis of accounting
1 36 2.23 4 Materiality and aggregation
1 37 2.23 E 5 Offsetting
1 38 3 Departure from the requirements of an IND AS-Whether Permissible?
1 39 2.24 6 Frequency of reporting
1 40 2.25 7 Comparative information
1 41 2.25 1 Minimum comparative information
1 42 2.26 E 2 Additional comparative information
1 43 4 Additional comparative information
1 44 2.26 E 3 Change in accounting policy, retrospective restatement or reclassification
1 45 2.27 8 Consistency of presentation
1 46 2.27 1 15 STRUCTURE AND CONTENT
1 47 2.28 1 Identification of Financial Statements
1 49 2.29 1 Distinction between Current / Non-current
1 50 2.30 2 Current Assets
1 51 2.31 E 3 Operating Cycle
1 52 5 Operating Cycle
1 55 2.33 4 Current Liabilities
1 56 8 Current Liabilities
1 64 2.39 5 Information to be provided in the Balance Sheet or in the notes
1 65 F Illustrative Format: Balance Sheet
1 66 2.42 3 Statement of Profit and Loss
1 67 2.42 1 Information to be presented in the profit or loss section of the Statement Of Profit and Loss
1 68 2.43 2 Information to be presented in the Other Comprehensive Income section
1 69 2.43 3 Profit or loss for the period
1 70 F Illustrative Format: Statement of Profit and Loss
1 71 2.44 4 Other comprehensive income for the period
1 72 2.46 F Illustrative Format: Statement of Other comprehensive income
1 73 2.47 5 Information to be presented in the Statement of Profit and Loss or in the Notes
1 74 2.48 4 Statement of Changes in Equity
1 75 2.49 1 Information to be presented in the statement of changes in equity or in the notes.
1 76 2.49 F Illustrative Format: Statement of Changes in Equity
1 77 2.50 5 Statement of Cash Flows
1 78 2.50 6 Notes
1 79 2.50 1 Structure
1 80 2.51 2 Disclosure of accounting policies
1 81 2.51 3 Sources of estimation uncertainty
1 82 2.51 E 4 Capital
1 83 2.53 5 Puttable financial instruments classified as equity
1 84 2.54 6 Other disclosures
1 85 16 Prepare Ind-AS Balance Sheet
1 86 2.57 1 16 SIGNIFICANT DIFFERENCES IN IND AS 1 VIS-À-VIS AS 1
1 87 2.59 1 17 CARVE OUT IN IND AS 1 FROM IAS 1
1 88 Q1 Will the inventory and the trade receivables be current in nature?
1 89 Q2 Classify the loan?
1 90 Q3 Advise on the classification of the LOAN as current / non –current.
1 91 Q4 Identify and present the transactions in P&L and OCI
2 1 INDIAN ACCOUNTING STANDARD 2 : INVENTORIES
2 2 7.3 1 1 OBJECTIVE
2 3 7.3 1 2 SCOPE
2 4 7.3 1 3 RELEVANT DEFINITIONS
2 5 7.4 1 Packing material and publicity material
2 6 7.5 1 4 MEASUREMENT OF INVENTORIES
2 7 7.5 1 Cost of Inventories
2 8 7.6 2 Cost of purchase
2 9 7.6 E 3 Cost of conversion
2 10 7.8 4 Other costs
2 11 7.9 2 Cost of Inventory
2 12 7.9 3 Distribution costs would now be included in the cost of inventories?
2 13 7.10 5 Allocation of cost to joint products and by-products
2 14 7.11 4 Value of closing stock main products & by products
2 15 7.13 6 Cost of agricultural produce harvested from biological assets
2 16 7.13 7 Techniques for the measurement of cost
2 17 7.14 5 Measurement techniques of Cost
2 18 7.15 7 Cost Formulas
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2 19 7.15 8 Inventory not ordinarily interchangeable

2 20 7.15 9 Inventory ordinarily interchangeable
2 21 7.16 6 Different cost formulae for inventories?
2 22 7.16 7 Calculate ending inventory value and cost of sales: FIFO & WA
2 23 7.17 10 Net realisable value
2 24 7.17 8 Costs should be considered while determining the Net Realisable Value (NRV)
2 25 7.19 9 Value of Inventories: (a)On an item by item basis (b)On a group basis
2 26 7.20 E 1 5 RECOGNITION AS AN EXPENSE
2 27 7.21 1 6 DISCLOSURE
2 28 7.22 1 7 SIGNIFICANT DIFFERENCES IN IND AS 2 VIS-À-VIS AS2
2 29 7.24 Q1 Replacement cost of raw material
2 30 7.24 Q2 Provision to be made Sundry Debtors, Finished goods and work-in-progress
7 1 INDIAN ACCOUNTING STANDARD 7: STATEMENT OF CASH FLOWS
7 2 2.89 3 1 INTRODUCTION
7 3 2.89 3 2 MEANING OF STATEMENT OF CASH FLOWS
7 5 2.90 1 To provide information about historical changes in cash and cash equivalents
7 6 2.90 2 To assess the ability to generate cash and cash equivalents
7 7 2.90 3 To understand the timing and certainty of their generation
7 8 2.91 3 4 BENEFITS OF CASH FLOW STATEMENT
7 9 2.91 1 Provides information enabling evaluation of changes in net assets and financial structure (Liquidity and solvency)
7 10 2.91 2 Assesses the ability to manage the cash
7 11 2.91 3 Assess and compare the present value of future cash flows
7 12 2.91 4 Compares the efficiency of different entities
7 13 2.91 3 5 SCOPE
7 15 2.92 3 7 CASH AND CASH EQUIVALENTS
7 16 2.94 3 8 PRESENTATION OF STATEMENT OF CASH FLOWS
7 17 2.94 1 Operating Activities
7 18 2 Identify which transactions will be qualified for the calculation of operating cash flows
7 19 2.97 1 Certain Specific Issues
7 20 2.97 2 Investing Activity
7 21 3 Identify which transactions will be classified as operating and which would be classified as Investing activity
7 22 2.99 3 Financing Activity
7 23 4 Identify which transactions will be classified as operating, Investing & financing activity
7 24 2.101 3 9 REPORTING CASH FLOWS FROM OPERATING ACTIVITY
7 25 5 Find out the cash from operations by direct method and indirect method
7 26 2.105 3 1 REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES
7 27 2.106 3 11 REPORTING CASH FLOWS ON A NET BASIS
7 28 2.107 3 12 FOREIGN CURRENCY CASH FLOWS
7 29 2.107 3 13 INTEREST AND DIVIDENDS
7 30 6 How the interest income will be treated? On maturity what happens to bond?
7 31 2.108 3 14 TAXES ON INCOME
7 32 7 Advance tax & capital gain paid classify
7 33 2.109 3 15 INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
7 34 2.109 3 16 CHANGES IN OWNERSHIP INTERESTS IN SUBSIDIARIES AND OTHER BUSINESSES
7 35 2.109 1 Classification of Cash Flows as Investing Activity
7 36 2.110 2 Classification of Cash Flows as Financing Activity
7 37 2.110 3 17 NON-CASH TRANSACTIONS
7 38 8 Purchase of fixed asset + Liability + Balance in cash
7 39 2.111 1 Changes in liabilities arising from financing activities
7 40 2.111 3 18 COMPONENTS OF CASH AND CASH EQUIVALENTS
7 41 9 Exchange gain on the bank balance
7 42 2.113 3 19 OTHER DISCLOSURES
7 43 10 Construct CFS under indirect method using balance sheet: Interim dividend, Intangibles, Tax
7 45 Q1 Construct CFS under indirect method: Interim Dividend
7 46 Q2 Summary cash account of XYZ Ltd, prepare cash flow statement
7 47 Q3 Foreign bank balance > CFS
8 1 INDIAN ACCOUNTING STANDARD 8 : ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
8 4 4.3 1 To prescribe the criteria for selecting and changing accounting policies
8 5 4.4 2 To prescribe the accounting treatment and disclosure of changes in Accounting policies
8 6 4.4 3 To prescribe the accounting treatment and disclosure of changes in accounting estimates
8 7 4.4 4 To prescribe the accounting treatment and disclosure of corrections of errors
8 8 4.4 5 To provide better base for inter-firm and intra-firm comparison
8 9 4.5 1 3 SCOPE
8 11 4.7 1 5 ACCOUNTING POLICIES
8 12 4.7 1 Selection and Application of Accounting Policies
8 13 4.8 2 Is it Compulsory to apply accounting policies?
8 14 4.8 E 3 How to select and apply an accounting policy when specific Ind AS is not available on the particular transaction/condition/event?
8 15 4.10 E 4 Consistency of accounting policies
8 16 4.11 E2 5 Changes in accounting policies
8 17 1 Voluntarily change one or more of its accounting policies?
GFRS INDEX 3 of 26
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8 18 2 Change in the usage of the building

8 19 3 Change in functional currency of an entity ?
8 20 4.15 1 How to apply the changes in accounting policies?
8 21 4 Change policy to reflect a subsequent amendment in that pronouncement
8 22 4.16 E 2 Retrospective application
8 23 4.17 E3 3 Limitations on retrospective application
8 24 5 Revaluation model to cost model
8 25 4.21 6 Disclosure regarding the Changes in Accounting Policies
8 26 6 Impact of any new Ind AS which is issued but not yet effective
8 27 4.23 1 6 CHANGE IN ACCOUNTING ESTIMATES
8 28 4.23 1 Meaning
8 29 4.24 2 Can changes in estimates be related to prior periods?
8 30 4.24 3 Change in the basis of measurement – Whether a change in accounting policy or change in estimate?
8 31 7 Change in inventory cost formula
8 32 4.24 E2 4 Accounting treatment for a change in estimate
8 33 4.26 5 Disclosure of changes in estimates
8 34 4.26 1 7 ERRORS
8 35 4.26 1 Meaning
8 36 4.27 E 2 Common types of Errors
8 37 4.27 3 Treatment of Errors
8 38 4.28 E 1 Potential Errors of Current Period
8 39 4.28 E3 2 Prior period errors discovered subsequently
8 40 8 Reclassification of liabilities from non-current to current in the comparative amounts
8 41 4.30 4 Limitations on retrospective restatement
8 42 4.30 1 8 DISCLOSURE OF PRIOR PERIOD ERRORS
8 43 4.31 1 9 IMPRACTICABILITY IN RESPECT OF RETROSPECTIVE APPLICATION AND RETROSPECTIVE RESTATEMENT
8 44 4.32 1 10 SIGNIFICANT DIFFERENCES IN IND AS 8 AND AS 5
8 45 Q1 Changed its accounting policy for depreciating PPE
8 46 Q2 Need to present a third balance sheet?
8 47 Q3 Require retrospective restatement of comparatives considering that the error was material?
8 48 Q4 No need to correct the error in the interim financial statements?
8 49 Q5 Original cost of ₹ 1,00,000 which it inadvertently omitted to depreciate in PY
10 1 INDIAN ACCOUNTING STANDARD 10: EVENTS AFTER THE REPORTING PERIOD
10 3 4.41 2 2 OBJECTIVE
10 4 4.41 2 3 SCOPE
10 5 4.41 2 4 DEFINITIONS AND EXPLANATIONS
10 6 4.41 E 1 Events after the Reporting Period
10 7 4.42 E2 2 Approval of Financial statements
10 8 4.43 E 3 When date of approval is after the public announcement of some other financial information
10 9 1 Date of approval for issue of the financial statements
10 10 2 Events occurring between end of the interim financial report and date of approval
10 11 3 Major fraud and decided to reopen the books of account
10 12 4.45 4 Should the company report only unfavourable events?
10 13 4.45 2 5 TYPES OF EVENTS
10 14 4.45 E3 2 6 RECOGNITION AND MEASUREMENT OF ADJUSTING EVENTS
10 15 4 The court verdict on 15th April, 20X2 and rejected the claim of the company
10 16 5 Suffered heavy loss due to an earthquake
10 17 6 New government rules for vehicles > Loss of demand
10 18 7 Not yet submitted the final bills
10 19 4.50 2 7 ACCOUNTING TREATMENT AND DISCLOSURE OF NON- ADJUSTING EVENTS AFTER THE REPORTING PERIOD
10 20 4.50 2 8 SPECIAL CASES
10 21 4.50 E 1 Long-term Loan Arrangements
10 22 4.51 E 2 Going Concern
10 23 8 Failed to secure the tenders floated > Going concern
10 24 9 Fire
10 25 4.54 2 9 DIVIDENDS
10 26 10 The dividend is declared in next year
10 27 11 Declared dividend before approval
10 28 4.55 2 10 DISCLOSURE
10 29 4.55 1 Date of approval for issue
10 30 4.55 2 Updating disclosure about conditions at the end of the reporting period
10 31 4.56 3 Disclosure of Non-adjusting events after the reporting period
10 32 4.57 2 11 DISTRIBUTION OF NON-CASH ASSETS TO OWNERS
10 34 4.57 2 Non-applicability
10 35 4.58 3 Accounting Principles
10 36 4.58 1 When to recognise a dividend payable
10 37 4.58 2 Measurement of a dividend payable
10 38 4.58 3 Presentation and disclosures
10 39 4.59 2 12 SIGNIFICANT DIFFERENCES BETWEEN IND AS 10 AND AS 4
10 41 Q1 Interim results
10 42 Q2 The court verdict on favourable
10 43 Q3 calculation of closing inventory valuation
10 44 Q4 Found later contract cost would go up
GFRS INDEX 4 of 26
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10 45 Q5 Pay penalty for a breach in the performance of a contract

10 46 Q6 Application is not filed within stipulated time
10 47 Q7 Discount will be adjusted from the sales at the end of the reporting period
10 48 Q8 Fraud related to PY discovered after the end of the reporting period but before the date of approval
10 49 Q9 Value of investment was fraudulently inflated by committing a computation error
12 1 INDIAN ACCOUNTING STANDARD 12: INCOME TAXES
12 2 10.4 E 1 1 INTRODUCTION
12 3 10.6 1 2 SCOPE
12 5 10.9 1 4 PART A: TAX EXPENSE (TAX INCOME)
12 6 10.10 1 5 PART B: CURRENT TX, ITS RECOGNITION, MEASURMENT AND PRESENTATION
12 7 10.10 1 Current Tax
12 8 10.10 2 Recognition
12 9 10.10 3 Measurement
12 10 10.11 4 Accounting of Current Tax Effects
12 11 10.12 5 Offsetting Current Tax Assets and Current Tax Liabilities
12 12 10.12 1 6 PART C: DEFERRED TAX,ITS RECOGNITION, MEASUREMENT AND PRESENTATION
12 13 10.13 E 1 Step 1: Compute carrying amount
12 14 10.13 E16 2 Step 2: Compute tax base
12 15 10.18 E7 3 Step 3: Compute temporary differences
12 16 10.21 E32 4 Step 4: Classify temporary differences
12 17 10.28 E2 5 Step 5: Identify exceptions
12 18 10.34 E4 6 Step 6: Assess (also reassess) deductible temporary differences, tax losses and tax credits
12 19 10.39 E3 7 Step 7: Determine the tax rate (law)
12 20 10.42 8 Step 8: Calculate and recognise deferred tax
12 21 10.42 9 Step 9: Accounting of deferred tax
12 22 10.44 10 Step 10: Offsetting deferred tax assets and deferred tax liabilities
12 23 10.44 1 7 PART D: PRACTICAL APPLICATION
12 24 10.44 1 Deferred tax arising from a business combination
12 25 10.45 2 Current and deferred tax arising from share-based payment transactions
12 26 10.46 3 Change in tax status of an entity or its shareholders
12 27 10.47 1 8 PART E: DISCLOSURES
12 28 10.47 1 Disclosure 1: Disclose components of tax expenses (income)
12 29 10.48 2 Disclosure 2: Tax related to items charged directly to equity
12 30 10.48 3 Disclosure 3: Tax related to items recognised in statement of other comprehensive income
12 31 10.48 E2 4 Disclosure 4: Explanation of the relationship between tax expense (income) and accounting profit
12 32 10.50 5 Disclosure 5: Change in tax rates
12 33 10.50 6 Disclosure 6: Unrecognised deductible temporary differences, unused tax losses and unused tax credits
12 34 10.51 7 Disclosure 7: Temporary differences associated with investments in subsidiaries etc.
12 35 10.51 8 Disclosure 8: Amount of deferred tax liabilities (assets) or income (expense)
12 36 10.51 9 Disclosure 9: Discontinued operations
12 37 10.52 10 Disclosure 10: Dividend tax
12 38 10.52 11 Disclosures 11: In case of business combination
12 39 10.52 12 Disclosure 12: Deferred tax asset and evidence thereto where based on future taxable profits
12 40 10.52 13 Disclosure 13: Tax consequences of distribution of dividends
12 41 10.53 14 Disclosure 14: Tax related contingencies
12 42 10.53 15 Disclosure 15: Change in tax rates or tax laws
12 43 10.53 1 Compute the deferred tax asset that should be recognised.
12 44 10.54 2 Treatment of deferred tax
12 45 10.54 1 9 SIGNIFICANT CHANGES IN IND AS 12 VIS-À-VIS AS 22
12 46 10.58 Q1 Tax Base
12 47 10.58 Q2 Calculate Deferred Tax Asset
12 49 10.58 Q4 Calculate the Book Value as per financial and tax purposes and then DTL.
12 51 10.59 Q6 Discuss the treatment of deferred tax as on 31st March, 20X1
16 1 INDIAN ACCOUNTING STANDARD 16 : PROPERTY, PLANT AND EQUIPMENT
16 2 7.28 2 1 OBJECTIVE
16 3 7.28 2 2 SCOPE
16 5 7.30 2 4 RECOGNITION
16 6 7.30 1 General recognition criteria
16 7 7.31 2 Spare parts, stand-by equipment and servicing equipment
16 8 7.31 3 Aggregation of individually insignificant items
16 9 7.31 4 Initial Cost
16 10 7.32 5 Subsequent costs
16 11 7.32 1 Repair and maintenance
16 12 7.32 2 Replacement parts
16 13 7.32 E 3 Major inspections or overhauls
16 14 7.34 2 5 MEASUREMENT AT RECOGNITION
16 15 7.34 1 Measurement at cost
16 16 7.34 2 Element of cost
16 17 7.34 1 Cost of an acquired asset
16 18 7.34 1 Component of cost
16 19 7.34 2 Cost of self-constructed asset
16 20 7.36 3 Cost of dismantling, removal and site restoration
GFRS INDEX 5 of 26
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16 21 7.36 4 Incidental operations

16 22 7.36 E 5 Cessation of capitalisation
16 23 7.37 3 Measurement of cost
16 24 7.37 1 Payment deferred beyond normal credit terms
16 25 7.37 1 Deferred Payment Credit
16 26 7.39 2 Exchange of assets
16 27 7.37 2 Exchange of Assets
16 28 7.41 2 6 MEASUREMENT AFTER RECOGNITION
16 29 7.41 1 Alternative bases available for measurement after recognition
16 30 7.41 2 Cost model
16 31 7.41 3 Revaluation model
16 32 7.42 1 Frequency of revaluations
16 33 7.42 2 Accumulated depreciation at the date of revaluation
16 34 7.43 3 Accumulated depreciation at the date of revaluation
16 35 7.43 3 Revaluation to be made for entire class of assets
16 36 7.44 4 Revaluation model for entire class
16 37 7.45 4 Treatment of surplus or deficit arising on revaluation
16 38 7.46 5 Utilisation of Revaluation Surplus
16 39 7.46 4 Depreciation
16 40 7.47 1 Residual Value
16 41 7.47 6 Revision of Useful Life
16 42 7.48 2 Commencement of depreciation
16 43 7.48 3 Cessation of depreciation
16 44 7.48 4 Factors affecting the useful life of an asset
16 45 7.49 5 Impact of an entity’s asset management policy
16 46 7.49 6 Depreciation method
16 47 7.49 7 Change in Depreciation Method
16 48 7.51 5 Impairment
16 49 7.51 1 Identification of an impairment loss
16 50 7.51 2 Compensation for impairment
16 51 7.52 2 7 DERECOGNITION
16 52 7.52 1 Derecognition- general: It applies to disposal by a sale and leaseback.
16 54 7.52 1 Disclosure- general
16 55 7.53 2 Items stated at revalued amounts
16 56 7.54 3 Additional recommended disclosure
16 57 7.54 8 Cost of the new turbine be recognised as an asset
16 58 7.55 9 Initial recognition
16 59 7.56 10 Value of leasehold improvements to be capitalised
16 60 7.56 11 Initial recognition
16 61 7.57 12 Total life is revised
16 62 7.58 13 Carrying amount of the factory: Initial & subsequent
16 64 7.61 Q1 Initial recognition
16 65 7.61 Q2 Revaluation Entries
16 66 7.61 Q3 Changes in estimates
16 67 7.61 Q4 Machine which got damaged, insurance proceeds on way
16 68 7.61 Q5 Decommissioning liability
16 69 7.62 Q6 Changes in decommissioning liability if it adopts revaluation model
19 1 INDIAN ACCOUNTING STANDARD 19: EMPLOYEE BENEFITS
19 2 9.4 1 1 OBJECTIVE OF IND AS 19
19 3 9.4 1 2 SCOPE
19 4 9.4 1 3 EMPLOYEE BENEFITS
19 6 9.6 1 Definitions of employee benefits
19 7 9.6 2 Definitions relating to classification of plans
19 8 9.7 3 Definitions relating to the net defined benefit liability (asset)
19 9 9.8 4 Definitions relating to defined benefit cost
19 10 9.9 1 5 SHORT-TERM EMPLOYEE BENEFITS
19 11 9.10 1 Recognition and Measurement of Short-term Benefits
19 12 9.10 2 Short -term paid absences
19 13 9.11 1 Accumulating Paid Absences
19 14 9.11 2 Non-accumulating Paid Absences:
19 15 9.12 3 Profit-sharing and Bonus Plans
19 16 9.13 4 Disclosure
19 17 9.14 1 6 POST-EMPLOYMENT BENEFITS
19 18 9.14 1 Classification of Post-employment Benefit Plans into Defined Contribution Plan vs Defined Benefit Plans
19 19 9.14 1 Under defined contribution plans
19 20 9.15 2 Under defined benefit plans
19 21 9.16 2 Multi-employer Plans
19 22 9.18 3 Defined Benefit Plans that Share Risks between Various Entities under Common Control
19 23 9.18 4 State Plans
19 24 9.19 5 Insured Benefits
19 25 9.20 1 7 ACCOUNTING FOR DEFINED CONTRIBUTION PLANS
19 26 9.20 1 Recognition and Measurement
GFRS INDEX 6 of 26
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19 28 9.20 1 8 ACCOUNTING FOR DEFINED BENEFIT PLANS

19 30 9.21 1 Steps involved in Accounting by an entity for defined benefit plans
19 31 9.23 2 Accounting for the Constructive Obligation
19 33 9.24 1 9 RECOGNITION AND MEASUREMENT: PRESENT VALUE OF DEFINED BENEFIT OBLIGATIONS AND CURRENT SERVICE COST
19 34 9.24 1 Actuarial Valuation Method
19 35 9.27 2 Attributing Benefit to Periods of Service
19 36 9.31 3 Actuarial Assumptions
19 37 9.32 1 Actuarial Assumptions: Mortality and Discount Rate
19 38 9.33 2 Actuarial Assumptions: Salaries, Benefits and Medical Costs
19 39 9.35 3 Past Service Cost and Gains and Losses on Settlement
19 40 9.36 1 Past Service Cost
19 41 9.37 2 Gains and losses on settlement
19 42 9.37 1 1 RECOGNITION AND MEASUREMENT: PLAN ASSETS
19 43 9.37 1 Fair Value of Plan Assets
19 44 9.37 2 Reimbursements
19 45 9.38 1 11 COMPONENTS OF DEFINED BENEFIT COST
19 46 9.39 1 Net interest on the net defined benefit liability (asset)
19 47 9.40 2 Remeasurements of the net defined benefit liability (asset)
19 48 9.43 1 12 PRESENTATION
19 49 9.43 1 Offset
19 50 9.43 2 Current/Non-current Distinction
19 51 9.43 3 Components of Defined Benefit Costs
19 52 9.43 1 13 DISCLOSURE
19 53 9.43 1 General
19 54 9.44 2 Characteristics of defined benefit plans and risks associated with them
19 55 9.45 3 Explanation of amounts in the financial statements
19 56 9.47 4 Amount, timing and uncertainty of future cash flows
19 57 9.47 5 Multi-employer plans
19 58 9.48 6 Disclosure requirements in other Ind AS
19 59 9.48 1 14 OTHER LONG-TERM EMPLOYEE BENEFITS
19 62 9.49 1 15 TERMINATION BENEFITS
19 64 9.50 2 Measurement
19 66 9.51 1 16 IND AS 19 — THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING REQUIREMENTS AND THEIR INTERACTION
19 67 9.51 1 Background
19 68 9.52 2 Scope
19 69 9.52 3 Issues
19 70 9.52 4 Principles
19 71 9.52 1 Availability of a refund or reduction in future contributions
19 72 9.53 2 The economic benefit available as a refund
19 73 9.54 3 The economic benefit available as a contribution reduction
19 74 9.54 4 The effect of a minimum funding requirement on the economic benefit available as a reduction in future contributions.
19 75 9.55 6 When a minimum funding requirement may give rise to a liability
20 1 INDIAN ACCOUNTING STANDARD 20 : ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE
20 3 5.3 1 2 SCOPE
20 5 5.3 E 2 Non-applicability
20 6 5.4 E2 1 3 DEFINITIONS
20 7 5.5 1 4 RECOGNITION OF GOVERNMENT GRANTS
20 8 1 There is no condition attached to the grant
20 9 2 Condition attached to the grant
20 10 3 Rehabilitation for EE who devastated because of an earthquake
20 11 5.7 1 Forgivable loan
20 12 5.7 2 Loans at less than market rate of interest
20 13 4 Govt a loan @ 5% payable after 5 years in a bulleted payment
20 14 5.8 1 5 ACCOUNTING OF GOVERNMENT GRANT
20 15 5 Same as 4> Under different scenerios
20 16 5.9 1 Whether receipts basis permissible
20 17 5.9 E 2 Grants related to non-depreciable assets
20 18 5.10 3 Conditional Grants received as part of a package of financial or fiscal aids
20 19 5.10 4 Grant for expenses or losses already incurred and grant as an immediate financial support
20 20 5.10 5 Non-monetary government grants
20 21 6 Government provides the land on a leasehold basis at nominal rate
20 22 5.11 6 Government Assistance – No Specific relation to Operating Activities
20 23 5.11 1 6 PRESENTATION OF GRANTS RELATED TO ASSETS
20 24 5.11 1 Presentation in the Balance Sheet
20 25 7 Subsidy for solar panels to supply solar electricity
20 26 5.12 2 Disclosure in the statement of cash flows
20 27 8 Same as 7 > Effect in Cash Flow Statement
GFRS INDEX 7 of 26
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20 28 5.12 1 7 PRESENTATION OF GRANTS RELATED TO INCOME

20 29 5.13 1 8 REPAYMENT OF GOVERNMENT GRANTS
20 32 Q1 Multiple grants
20 33 Q2 Govt a loan @ 5% payable after 5 years in a bulleted payment
20 34 Q3 Grant in the nature of exemption of custom duty on capital goods with certain conditions related to export
21 1 INDIAN ACCOUNTING STANDARD 21 : THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES
21 2 10.64 2 1 OBJECTIVE
21 3 10.65 2 2 SCOPE
21 4 10.65 2 3 FUNCTIONAL CURRENCY
21 5 10.67 1 What is the functional currency of Future Ltd.?
21 6 10.67 2 What is Small’s functional currency?
21 7 10.68 3 Since B is located in India can it can presume its functional currency to be INR?
21 8 10.69 4 What would be the functional currency of this company?
21 9 10.70 1 Currency of a Hyperinflationary Economy as a Functional Currency
21 10 10.71 2 4 ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS
21 11 10.71 1 Initial Recognition at the Transaction Date
21 12 10.72 2 Monetary Vs. Non-Monetary Items
21 13 10.72 3 Subsequent Recognition at the end of each Reporting Period
21 14 10.73 4 Recognition of Foreign Exchange Gains and Losses
21 15 10.74 1 Monetary Items
21 16 10.74 E 2 Non-Monetary Items
21 17 10.74 3 Net Investment in a Foreign Operation
21 18 10.75 5 Shall the exchange difference recognised in the profit and loss?
21 19 10.76 6 Where should the exchange difference, if any, be recognised?
21 20 10.76 E 5 Change in Functional Currency
21 21 10.77 2 5 USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY
21 22 10.77 E 1 Translation to the Presentation Currency
21 23 10.78 2 Summary of the Approach in respect of Translation
21 24 10.79 2 6 TRANSLATION OF FOREIGN OPERATIONS
21 25 10.80 2 7 DIFFERENCE IN THE REPORTING DATES
21 26 10.80 E 2 8 INTRA-GROUP TRANSACTIONS
21 27 10.82 7 Should the exchange difference, if any, be accounted for in the CFS?
21 28 10.82 8 Parent - subsidiary transactions
21 29 10.83 2 9 GOODWILL AND FAIR VALUE ADJUSTMENTS ARISING FROM A BUSINESS COMBINATION
21 30 10.83 2 1 DISPOSAL OR PARTIAL DISPOSAL OF FOREIGNOPERATIONS
21 31 10.83 E 1 Full Disposal
21 32 10.84 E 2 Partial Disposal
21 33 10.85 2 11 TAX EFFECT OF ALL EXCHANGE DIFFERENCES
21 34 10.85 2 12 DISCLOSURES
21 36 10.88 Q1 Calculate P’s gain on disposal in its consolidated financial statements
21 37 10.88 Q2 Can the perpetual debt be considered with the exchange gains and losses being recorded in equity?
21 38 10.88 Q3 Prepare a working of the cumulative balance of the foreign currency translation reserve
23 1 INDIAN ACCOUNTING STANDARD 23 : BORROWING COSTS
23 2 7.190 4 1 CORE PRINCIPLE
23 3 7.191 E 4 2 SCOPE
23 5 7.192 E2 1 Exchange difference to be included in borrowing costs
23 6 7.193 1 Borrowing cost to be capitalized for the construction of plant
23 7 7.194 2 Key Note on Qualifying Assets
23 9 7.195 1 Borrowing costs eligible for capitalisation
23 10 7.195 1 Specific Borrowing costs
23 11 7.196 2 Cost of the asset and the borrowing cost to be capitalized.
23 12 7.197 2 General borrowing costs
23 13 7.197 2 Calculation of capitalisation rate
23 14 7.197 3 2 Loans + 1 Debenure > Borrowing cost that can be capitalised for the plant.
23 15 7.198 3 Expenditure to which capitalisation rate is applied
23 16 7.198 4 Excess of the carrying amount over recoverable amount
23 17 7.199 4 5 PERIOD OF CAPITALISATION
23 18 7.199 1 Commencement of capitalisation
23 19 7.200 4 Identify commencement date.
23 20 7.200 E 2 Suspension of capitalisation
23 21 7.201 E2 3 Cessation of capitalisation
23 22 7.202 4 6 DISCLOSURE
23 24 7.204 Q1 Permissible for Marine Transport Limited to capitalise any borrowing costs
23 25 7.204 Q2 Funds for working capital and expansion programs
24 1 INDIAN ACCOUNTING STANDARD 24: RELATED PARTY DISCLOSURES
24 3 11.4 1 2 OBJECTIVE
24 4 11.4 1 3 SCOPE
24 6 11.6 1 Understanding relationship between the reporting entity and a person(s)
GFRS INDEX 8 of 26
[email protected]
24 7 11.6 2 Understanding relationship between the reporting entity and another entity/entities
24 8 11.10 3 Understanding who are not related parties
24 9 11.11 4 Understanding related party transactions
24 10 11.12 5 Other Important Definitions
24 11 11.13 1 5 DISCLOSURES
24 12 11.13 1 Disclosure- Relationships between parent and subsidiaries
24 13 11.14 2 Category 2 Disclosure
24 14 11.14 1 Disclosures of compensation to key management personnel
24 15 11.14 2 Disclosures where there have been related party transactions during the year
24 16 11.16 1 6 EXEMPTION TO GOVERNMENT–RELATED ENTITIES
24 17 11.18 1 7 SIGNIFICANTDIFFERENCES ININDAS 24 VIS-A-VISAS 18
33 1 INDIAN ACCOUNTING STANDARD 33 : EARNINGS PER SHARE
33 3 11.30 2 2 OBJECTIVE
33 4 11.30 1 Limitation of EPS
33 5 11.30 2 3 SCOPE
33 7 11.32 2 5 MEASUREMENT
33 8 11.33 2 6 MEASUREMENT OF BASIC EARNINGS PER SHARE
33 9 11.33 1 Meaning and Formula
33 10 11.33 2 Measurement of Earnings
33 11 11.37 1 Redemption/Repurchase of preference shares at premium
33 12 11.38 2 Early conversion of Preference shares at premium
33 13 11.38 3 Excess payment to Preference share holders
33 14 11.38 3 Shares
33 15 11.38 1 Weighted Average Number of Shares
33 16 11.40 2 Deciding the date for issue of shares
33 17 11.42 3 Contingently issuable shares
33 18 11.42 4 Change in the number of shares without change in value of capital
33 19 11.45 5 Right issues
33 20 11.49 2 7 DILUTED EARNINGS PER SHARE
33 21 11.49 1 Scope, meaning and formula
33 22 11.50 2 Earnings
33 23 11.51 3 Shares
33 24 11.51 1 Base for calculation
33 25 11.51 2 Calculation of Weighted average to be done independently for every period
33 26 11.55 3 Shares of subsidiary, Joint venture or associate
33 27 11.55 4 Options, warrants and their equivalents
33 28 11.58 5 Employee Stock Options
33 29 11.59 6 Convertible instruments
33 30 11.59 7 Contingently issuable shares
33 31 11.62 8 Contracts that may be settled in ordinary shares or cash
33 32 11.64 9 Purchased options
33 33 11.64 10 Written put options
33 34 11.65 2 8 RETROSPECTIVE ADJUSTMENTS
33 35 11.65 2 9 PRESENTATION
33 36 11.66 2 1 DISCLOSURE
33 37 11.67 2 11 ADDITIONAL TOPICS
33 38 11.67 1 Participating equity instruments and two-class ordinary shares
33 39 11.70 2 Partly paid shares
33 40 11.71 2 12 SIGNIFICANTDIFFERENCES IN IND AS 33 VIS-A-VIS AS 20
34 1 INDIAN ACCOUNTING STANDARD 34: INTERIM FINANCIAL REPORTING
34 3 2.67 2 2 OBJECTIVE
34 4 2.67 2 3 SCOPE
34 6 2.68 2 5 CONTENTS OF AN INTERIM FINANCIAL REPORT
34 7 2.68 1 Form and Content of Interim financial report
34 8 2.69 2 Significant events and transactions
34 9 2.70 3 Other disclosures
34 10 2.71 4 Periods for which interim financial statements are required to be presented
34 11 2.72 5 Materiality
34 12 2.72 2 6 DISCLOSURE IN ANNUAL FINANCIAL STATEMENTS
34 13 2.72 E 2 7 RECOGNITION AND MEASUREMENT
34 14 1 Income tax Expense recognition
34 15 2.78 2 8 RESTATEMENT OF PREVIOUSLY REPORTED INTERIM PERIODS
34 16 2.79 2 9 INTERIM FINANCIAL REPORTING AND IMPAIRMENT
34 17 2 Bad debts, Additional Depreciation, Deffered expenditure
34 19 Q1 Amount of Income Tax
34 20 Q2 Calculate expense for each quarter + Tax
34 21 Q3 Amount of Income Tax
36 1 INDIAN ACCOUNTING STANDARD 36 : IMPAIRMENT OF ASSETS
36 2 7.207 5 1 OBJECTIVE
36 3 7.208 5 2 SCOPE
GFRS INDEX 9 of 26
[email protected]
36 5 7.210 5 4 IDENTIFYING AN ASSET THAT MAY BE IMPAIRED

36 6 7.210 1 Identifying an asset that may be impaired - General
36 7 7.210 2 Indications of impairment
36 8 7.210 1 External source of Information
36 9 7.211 2 Internal source of Information
36 10 7.211 3 Dividend from a subsidiary, jointly controlled entity or associate
36 11 7.213 5 5 REQUIREMENT FOR ANNUAL REVIEW
36 12 7.213 1 Items required to be tested for impairment at least annually
36 13 7.213 E 2 Intangible assets required to be tested for impairment at least annually
36 14 7.214 3 Goodwill
36 15 7.214 1 CGUs to which goodwill has been allocated
36 16 7.214 2 Timing of impairment tests
36 17 7.214 3 Individual assets to be tested before CGU to which goodwill has been allocated
36 18 7.215 4 Rolling forward detailed calculations from a preceding period
36 19 7.215 5 CGUs to which it has not been possible to allocate goodwill
36 20 7.215 5 6 MEASUREMENT OF RECOVERABLE AMOUNT
36 21 7.215 1 Recoverable amount
36 22 7.216 1 Calculate the Recoverable Amount.
36 23 7.216 2 Circumstances in which it is not necessary to calculate both an asset’s fair value less costs of disposal and its value in use
36 24 7.216 3 Circumstances in which recoverable amount is determined in the context of CGU
36 25 7.217 5 7 FAIR VALUE LESS COSTS OF DISPOSAL
36 26 7.217 1 Fair value and costs of disposal – definition
36 27 7.217 2 Cost of disposal to be deducted
36 28 7.218 3 Contrasting fair value and value in use
36 29 7.218 5 8 VALUE IN USE
36 30 7.218 1 Value in use – general
36 31 7.218 2 Estimation of expected future cash flows
36 32 7.220 1 Estimates of future cash flows shall include:
36 33 7.221 2 Estimates of future cash flows shall exclude:
36 34 7.222 2 Whether the business segment needs to be Impaired?
36 35 7.223 3 Foreign currency future cash flows
36 36 7.224 3 Discount rate
36 37 7.224 3 Imprirement loss + Revised Carrying Amount
36 38 7.226 5 9 RECOGNISING AND MEASURING AN IMPAIRMENT LOSS
36 39 7.226 1 Recognition and measurement of an impairment loss- Individual Asset
36 40 7.226 4 Impairment Loss
36 41 7.227 5 Impairment losses are not deductible for tax purposes.
36 42 7.228 2 Recognition and measurement of an impairment loss for a cash- generating unit and goodwill
36 43 7.228 1 Identification of cash generating units
36 44 7.229 6 CGU
36 45 7.229 7 CGU
36 46 7.229 2 Relevance of internal management reporting to the identification of CGUs
36 47 7.229 3 Active market exists for the output produced by an asset or group of assets
36 48 7.230 4 Cash-generating units to be identified consistently from period to period
36 49 7.230 5 Allocation of assets and liabilities to CGUs
36 50 7.231 8 Allocation of assets and liabilities to CGUs
36 51 7.232 6 Allocating goodwill to cash-generating units
36 54 7.233 7 Allocating corporate assets to cash-generating units
36 55 7.234 11 Determine whether the carrying values of CGU A and B are impaired
36 56 7.235 8 Recognition and measurement of an impairment loss for a cash-generating
36 57 7.236 12 Recognition and measurement of an impairment loss for a cash-generating
36 58 7.237 3 Two-step approach for goodwill allocated to a group of CGUs
36 59 7.237 5 1 REVERSING AN IMPAIRMENT LOSS
36 60 7.237 1 Reversals of impairment losses – general
36 61 7.238 2 Indications of reversals of impairment loss
36 62 7.238 1 External sources of information
36 63 7.238 2 Internal sources of information
36 64 7.238 3 Reversing an impairment loss for an individual asset
36 65 7.239 4 Reversing an impairment loss for a cash-generating unit
36 66 7.239 5 Reversing an impairment loss for a cash-generating unit
36 67 7.240 13 Reversal of Impairment Loss
36 68 7.241 5 11 DISCLOSURE
36 69 7.241 1 Disclosure – general
36 70 7.242 2 Entities reporting segment information
36 71 7.242 3 Impairment losses recognised or reversed in the period
36 72 7.243 4 Other impairment losses/reversals material in aggregate to the financial statements
36 73 7.244 5 Unallocated goodwill
36 74 7.244 6 Information to be disclosed for CGUs to which significant goodwill or indefinite – life intangible assets have been allocated
36 75 7.245 7 Information to be disclosed for CGUs to which insignificant goodwill or indefinite-life intangible assets have been allocated
36 76 7.247 14 Impairment loss and its treatment + CY Depreciation
36 77 7.248 15 Impairment loss + Entry + BS
36 78 7.249 16 What is the cash-generating unit for an individual magazine title?
36 79 7.249 17 Determine the Recov. A for the private railway or for the mining business as a whole?
36 80 7.250 18 Determine recoverable amount for an individual asset or for a cash generating unit?
GFRS INDEX 10 of 26
[email protected]
36 81 7.250 19 What are the cash-generating units for X and Y?

36 82 7.251 20 What are the cash-generating units for Plant 1, Plant 2 and Plant 3?
36 83 7.251 21 Is the mine required to be impaired?
36 84 7.252 22 How the goodwill should be allocated to the operation sold?
36 85 7.252 23 How the goodwill should be reallocated to B, C and D?
36 86 7.253 24 Impairment loss on Plant A. Also, prescribe its allocation as per Ind AS 36.
36 87 7.253 25 Compute the carrying value of the goodwill + Impairment Loss
36 89 7.257 Q1 Determine the CGU of the building.
36 90 7.257 Q2 Calculate the impairment loss
36 91 7.257 Q3 Allocate the impairment loss on 31st March, 20X2.
36 92 7.258 Q4 Calculate the impairment loss
36 93 7.258 Q5 Q4+
36 94 7.258 Q6 Calculate the amount of impairment loss or its reversal,
36 95 7.259 Q7 Calculate expected cash flows
36 98 7.259 Q10 Expected cash flows
37 1 INDIAN ACCOUNTING STANDARD 37 : PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
37 2 9.64 2 1 OBJECTIVE
37 3 9.65 2 2 SCOPE
37 4 9.66 1 Executory Contracts
37 5 9.67 2 Provisions when relate to the recognition of revenue or expense/losses
37 7 9.69 2 4 PROVISIONS AND OTHER LIABILITIES
37 8 9.70 2 5 RELATIONSHIP BETWEEN PROVISIONS AND CONTINGENT LIABILITIES
37 10 9.70 1 Provisions
37 11 9.71 1 Present Obligation
37 12 9.71 2 Past Event
37 13 9.76 1 Overhauling does not arise out of past event
37 14 9.76 2 Possible obligation which exists and will be confirmed upon completion of investigation
37 15 9.78 3 Probable Outflow of Resources Embodying Economic Benefits
37 16 9.79 4 Reliable Estimate of the Obligation
37 17 9.79 3 X Ltd. provide for both base commission and additional commission?
37 18 9.80 2 Contingent Liabilities
37 19 9.81 3 Contingent Assets
37 20 9.82 4 Insurance proceeds amount is collectible, subject to the deductible clause
37 21 9.83 2 7 MEASUREMENT
37 22 9.83 1 Best Estimate
37 23 9.84 5 Assesses the probability of an outflow for the warranty obligations as a whole.
37 24 9.85 2 Risks and Uncertainties
37 25 9.85 3 Present Value
37 26 9.86 6 Present obligation to dismantle its plant after 35 years of useful life
37 27 9.86 4 Future Events
37 28 9.87 7 Possible to arrive at best estimated cost for the cleanup activity.
37 29 9.87 5 Expected Disposal of Assets
37 30 9.87 2 8 REIMBURSEMENTS
37 31 9.89 8 Liable for any damage claims
37 32 9.89 2 9 CHANGES IN PROVISIONS
37 33 9.89 9 Calculate the amount of borrowing cost
37 34 9.90 2 1 USE OF PROVISIONS
37 35 9.90 2 11 APPLICATION OF THE RECOGNITION AND MEASUREMENT RULES
37 36 9.90 1 Future Operating Losses
37 37 9.90 10 Can Co. include these operating losses in a provision for restructuring?
37 38 9.91 2 Onerous contracts
37 39 9.92 11 Onerous contract.
37 40 9.92 3 Restructuring
37 41 9.95 12 Actions of the board of directors create a constructive obligation that needs a provision?
37 42 9.96 2 12 DISCLOSURE
37 43 9.97 2 13 LEVIES (APPENDIX C OF IND AS 37)
37 44 9.97 1 Appendix C deals with
37 45 9.97 13 Warranties
37 46 9.98 2 Appendix C does not deal with
37 47 9.98 3 What is a Levy?
37 48 9.98 4 Accounting Principles
37 49 9.99 2 14 SIGNIFICANT DIFFERENCES IN IND AS 37 VIS-A-VIS AS 29
37 50 9.102 Q1 Provision for decommissioning
37 51 9.102 Q2 Dispute with a competitor
37 52 9.102 Q3 Scrutiny assessment notice
37 53 9.102 Q4 Restore the sea bed at the end of the contract period
37 54 9.102 Q5 At the time of sale of the first washing machine recognise any provision?
38 1 INDIAN ACCOUNTING STANDARD 38 : INTANGIBLE ASSETS
38 2 7.267 6 1 OBJECTIVE
38 3 7.267 6 2 SCOPE
GFRS INDEX 11 of 26
[email protected]
38 5 7.268 2 Intangible assets contained in or on a physical substance

38 6 7.268 3 Intangible assets on leases
38 7 7.268 4 Intangible assets used in the extractive and insurance industries
38 8 7.268 5 Amortisation method specified in this standard not to apply to intangible assets arising from service concession arrangements in respect of toll roads
38 10 7.270 6 4 IDENTIFICATION OF INTANGIBLE ASSETS
38 11 7.270 1 Meaning of Intangible asset
38 12 7.274 2 Identifiability
38 13 7.275 3 Asset
38 14 7.275 1 Control
38 15 7.275 1 Identifiability
38 16 7.276 2 Control
38 17 7.277 2 Future economic benefits
38 18 7.277 3 Identifiability of Intangible assets
38 19 7.278 6 5 RECOGNITION OF INTANGIBLE ASSET
38 20 7.278 1 Recognition of Intangible assets – general principles
38 21 7.279 4 Amounts should appear as intangible assets as per Ind AS 38 & Ind AS 36
38 22 7.280 6 6 MEASUREMENT OF INTANGIBLE ASSET
38 23 7.280 1 Separate acquisition
38 24 7.280 1 Recognition criteria for intangible assets acquired separately
38 25 7.280 2 Measurement of cost for intangible assets acquired separately
38 26 7.282 5 Separate Acquisition
38 27 7.283 2 Acquisition as part of a business combination
38 28 7.283 1 Recognition criteria for intangible assets acquired as part of a business combination
38 29 7.284 6 Business Combination
38 30 7.285 3 Acquisition by way of a government grant
38 31 7.285 4 Exchange of assets
38 32 7.286 7 Exchange of Asset
38 33 7.286 5 Internally generated goodwill
38 34 7.287 6 Internally generated intangible assets
38 35 7.290 8 Internally generated intangible assets
38 36 7.291 9 Development Phase
38 37 7.292 6 7 RECOGNITION OF AN EXPENSE
38 39 7.293 1 Cost model
38 40 7.294 2 Revaluation model
38 41 7.297 10 Revaluation Model
38 42 7.297 6 9 USEFUL LIFE
38 43 7.300 6 1 INTANGIBLE ASSETS WITH FINITE USEFUL LIVES
38 44 7.300 1 Depreciable amount to be amortised over the asset’s useful life
38 45 7.300 2 Residual Value
38 46 7.301 3 Amortisation period
38 47 7.302 E9 4 Amortisation method
38 48 7.306 6 11 INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES
38 49 7.306 6 12 IMPAIRMENT
38 50 7.306 6 13 RETIREMENTS AND DISPOSALS
38 51 7.307 6 14 DISCLOSURE
38 52 7.310 11 How will X Limited amortise the technical know-how fees
38 53 7.310 12 Determine the value of intangible asset at the end of each financial year?
38 54 7.311 13 Pharmaceutical Ltd?
38 56 7.317 Q1 Acquired 50% stake in Y Ltd
38 57 7.317 Q2 Can the franchise rights be treated as an intangible asset under Ind AS 38?
38 58 7.317 Q3 Can the customer list be treated as an intangible asset under Ind AS 38?
38 59 7.317 Q4 New software for the telecom industry
38 60 7.317 Q5 Telecom license from Government
38 61 7.317 Q6 Standardised finance software
38 62 7.318 Q7 Net assets acquired from Y Limited
38 63 7.318 Q8 Research project
38 64 7.318 Q9 At what value patent right should be initially recognised
38 65 7.318 Q10 How the entity should account for cost incurred on promoting show?
38 66 7.319 Q11 Impirement
38 67 7.319 Q12 Computer Software
38 68 7.319 Q13 Development expenditure
38 69 7.319 Q14 Revaluation
40 1 INDIAN ACCOUNTING STANDARD 40 : INVESTMENT PROPERTY
40 2 7.324 7 1 OBJECTIVE
40 3 7.324 7 2 SCOPE
40 5 7.325 7 4 CLASSIFICATION OF PROPERTY AS INVESTMENT PROPERTY OR OWNER-OCCUPIED PROPERTY
40 7 7.330 1 Building which is used to earn rentals.
40 8 7.330 7 6 MEASUREMENT AT RECOGNITION
40 9 7.332 2 What is the cost of building at initial recognition?
40 10 7.333 3 What should be the cost of the building under both the payment methods?
GFRS INDEX 12 of 26
[email protected]
40 12 7.335 7 8 TRANSFERS
40 13 7.336 4 Cost model for accounting of its investment property.
40 14 7.336 7 9 DISPOSALS
40 15 7.337 7 1 DISCLOSURE
40 16 7.339 Q1 What is the carrying amount of the building on 31st March, 20X2
40 17 7.339 Q2 During the year stopped letting out the building and used it as its office premise
40 18 7.339 Q3 Co. uses one of the six houses for office and accommodation of its few staffs.Others rented
41 1 INDIAN ACCOUNTING STANDARD 41: AGRICULTURE
41 2 8.2 1 INTRODUCTION AND OBJECTIVE
41 3 8.3 2 SCOPE
41 4 8.4 3 RELEVANT DEFINITIONS
41 5 8.6 4 RECOGNITION OF ASSETS
41 6 8.6 5 MEASUREMENT
41 7 8.7 2 Measurement of group of cattle
41 8 8.7 3 Fair value on the date of purchase and the reporting date
41 9 8.9 6 GAINS AND LOSSES
41 10 8.10 7 GOVERNMENT GRANTS
41 11 8.11 8 DISCLOSURE
41 12 8.13 3 Balance Sheet and Statement of Profit & Loss
41 13 8.16 Q1 Value of such plantation as on 31st March, 20X1 and 20X2 and the gain or loss
101 1 INDIAN ACCOUNTING STANDARD 101: FIRST-TIME ADOPTION OF IND AS
101 2 6.3 1 INTRODUCTION
101 3 6.3 2 OBJECTIVE
101 4 6.4 E 3 DEFINITIONS
101 5 1 Previous GAAP of the foreign subsidiary for its FS prepared for consolidation with Parent
101 6 6.6 4 SCOPE
101 7 2 Disagreement on application of one Ind AS.
101 8 6.6 5 RECOGNITION AND MEASUREMENT
101 9 6.6 5 1 Opening Ind AS Balance Sheet
101 10 6.7 E 5 2 Accounting policies
101 11 3 Date of transition
101 12 4 Cost model to FV Model on transition
101 13 6.8 6 EXCEPTIONS/ EXEMPTIONS
101 14 6.8 6 1 Mandatory (Exceptions to the retrospective application of other Ind AS)
101 15 1 Estimates
101 16 6.9 5 Contingent consideration [Not probable], t/f of CA ofinvestment as its deemed cost
101 17 6.10 E 2 Derecognition of financial assets and liabilities
101 18 6.10 3 Hedge accounting
101 19 6.10 4 Non-controlling interests
101 20 6.11 6 Debit balance in non-controlling interests, Retrospective adj required?
101 21 6.11 5 Classification and measurement of financial assets
101 22 6.12 6 Impairment of financial assets
101 23 6.12 7 Embedded derivatives
101 24 6.13 8 Government loans
101 25 6.13 6 2 Optional(exemptions from application of other IND AS)
101 26 6.13 E 1 Business combination
101 27 6.14 7 Opted to avail the exemption from retrospective restatement of past bus. Comb.
101 28 6.15 8 Decided to restate all its past business combinations
101 29 6.16 2 Insurance contracts
101 30 6.16 3 Share based payment transactions
101 31 6.16 9 Options available to X Ltd. at the date of transition
101 32 6.16 4 Deemed cost for PPE and intangible assets
101 33 6.17 10 Whether different entities in a group can use different basis for arriving at deemed cost
101 34 6.18 11 Which carrying value is to be considered as deemed cost: original cost or Net Book Value
101 35 6.18 12 Allocate cost as per the previous GAAP
101 36 6.18 13 Acceptable time gap of such revaluation from the date of transition
101 37 6.19 5 Cumulative translation difference
101 38 6.19 14 Account for the translation differences in respect of item under Ind AS 101?
101 39 6.20 15 Wants to continue the same accounting policy
101 40 6.20 6 Investment in subsidiaries, joint ventures and associates
101 41 6.20 16 Does the carrying amount of investment required to be adjusted?
101 42 6.21 7 Compound financial instruments
101 43 6.21 17 Account for compound financial instrument on the date of transition.
101 44 6.22 8 Fair value measurement of financial assets or financial liabilities
101 45 6.22 9 Decommissioning liabilities included in Property Plant Equipment
101 46 6.23 10 Designation of previously recognised financial instruments
101 47 6.23 11 Existing financial liabilities with equity instruments
101 48 6.23 12 Severe Hyperinflation
101 49 6.23 13 Leases
101 50 6.24 14 Financial asset or intangible assets accounted for service concession arrangements
101 51 6.24 15 Designation of contracts to buy or sell a non-financial item
101 52 6.24 16 Striping costs in the production of surface mine
101 53 6.25 17 Non-current assets held for sale and discounted operations
101 54 6.25 18 Assets and liabilities of subsidiaries, associates and joint ventures
101 55 6.25 19 Revenue from Contract with Customers
101 56 6.26 20 Joint arrangements
GFRS INDEX 13 of 26
[email protected]
101 57 6.26 7 PRESENTATION AND DISCLOSURE

101 58 6.27 18 Comprehensive illustration
101 59 6.31 8 CARVE OUT IN IND AS 101 FROM IFRS 1
101 60 6.35 Q1 intends to restate its past business combinations
101 61 6.35 Q2 Use of FV as deemed cost on the date of transition and use of revaluation model first Ind AS FS
101 62 6.35 Q3 Recognition of foreign exchange differences
101 63 6.35 Q4 Adjust the foreign exchange fluctuation already capitalised to the cost of PPE
101 64 A.1 ANNEXURE: SCHEDULE III: DIVISION II
102 1 INDIAN ACCOUNTING STANDARD 102 : ACCOUNTING FOR SHARE BASED PAYMENT
102 3 5.21 2 2 DEFINITION
102 4 5.23 1 Share-based payment arrangement
102 5 5.23 E6 2 Share Based Payment Transaction
102 6 5.25 2 3 SCOPE
102 7 5.25 E 1 What is covered within Ind AS 102?
102 8 5.26 E3 2 What is not covered in Ind AS 102?
102 9 5.27 E 2 4 RECOGNITION
102 10 5.28 2 5 TYPES OF SHARE BASED PAYMENTS
102 11 5.28 E 1 Equity Settled- Share Based Payments
102 12 1 Equity Settled Shared Based Payment- Service conditions
102 13 5.30 E 2 Cash Settled- Share Based Payments
102 14 2 Cash Settled Shared Based Payment-Service conditions
102 15 5.32 E2 3 Share Based Payment Transactions with Cash Alternatives
102 16 3 Share-based payment with cash alternative
102 17 4 Share-based payment - Purchase of goods
102 18 5 Share-based payment - Services
102 19 6 Share-based payment - Cash & equity alternatives
102 20 5.40 2 6 DETERMINING TYPES OF CONDITIONS-
102 21 5.40 1 Vesting conditions
102 22 E 1 Service condition
102 23 2 Performance condition
102 24 E 1 Market related condition
102 25 E 2 Non-market related condition
102 26 5.42 E 2 Non-vesting conditions
102 27 5.42 E 2 7 DETERMINING IMPACT OF CONDITIONS ON SHARE BASED VALUATION
102 28 5.44 E 2 8 GRANT DATE
102 29 5.45 7 Equity Settled – Non market conditions
102 30 5.47 8 Equity Settled – Non market conditions (Reversals)
102 31 5.48 9 Equity Settled – Market based conditions
102 32 5.49 2 9 SUBSEQUENT MEASUREMENT
102 33 5.49 E 1 Equity settled Share Based Payment
102 34 5.49 E 2 Cash-settled Share Based Payment
102 35 5.50 2 10 MODIFICATION, CANCELLATION AND SETTLEMENTS
102 38 5.54 E 2 11 FAIR VALUE CALCULATION
102 39 5.55 2 12 GROUP SHARE BASED PAYMENT PLAN
102 40 5.57 2 13 DISCLOSURE
102 41 Q1 Expense
102 42 Q2 Expense: Settlement in cash
102 43 Q3 Parent to EE of Sub
102 44 Q4 Purchase setlled in cash based on share
102 45 Q5 Acquirer replace the existing award for the employees of combined entity.
102 46 Q6 Market condition fulfilment senerios
102 47 Q7 Remain in service & entity’s profit after tax (PAT) shall reach to ` 100 million
102 48 Q8 Option to take either cash amount equivalent to 800 shares or 990 shares.
102 49 Q9 SARs will be settled in cash
103 1 BUSINESS COMBINATION AND CORPORATE RESTRUCTURING
103 3 13.3 2 MERGERS AND DEMERGERS
103 4 13.3 2 1 Mergers
103 5 13.3 2 2 Demergers
103 6 13.4 3 BUSINESS COMBINATION AS PER IND AS 103 ‘BUSINESS COMBINATION’
103 7 13.5 1 Asset acquisition
103 8 13.6 4 SCOPE UNDER IND AS 103
103 9 13.6 5 DEFINITION OF BUSINESS COMBINATION
103 10 13.7 6 DEFINITION AND ELEMENTS OF BUSINESS
103 11 13.7 6 1 Definition of Business
103 12 13.7 6 2 Elements of Business
103 13 13.7 E1 Input
103 14 13.8 E2 Process
103 15 13.8 E3 Simple-business combination
103 16 13.8 E4 Investment in a development stage entity
103 17 13.9 E5 Acquisition of an entity holding investment properties
103 18 13.9 E6 Acquisition of an entity holding investment properties
103 19 13.9 E7 Seller retains some activities and assets
GFRS INDEX 14 of 26
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103 20 13.10 E8 Acquisition of a shell company

103 21 13.10 2 Does Company A constitute a business in accordance with Ind AS 103?
103 22 13.11 3 Definition of the business is met in accordance with Ind AS 103?
103 23 13.11 7 THE ACQUISITION METHOD
103 24 13.11 8 IDENTIFYING ACQUIRING ENTERPRISE
103 25 13.11 8 1 The Acquiring Enterprise
103 26 13.12 4 Potential voting rights
103 27 13.13 8 2 Acquisitions through payment of cash or incurring of liability
103 28 13.13 E2 8 3 Acquisitions through issue of equity instrument
103 29 13.15 5 Can Super Ltd. be identified as the acquirer in this business combination?
103 30 13.16 E 8 4 Acquisition involving Shell Company and Reverse Acquisition
103 31 13.17 E 9 DETERMINING THE ACQUISITION DATE
103 32 13.18 6 Non- binding Letter of Intent (LOI) does not effectively transfer control
103 33 13.18 7 SH don’t approve the shares, consideration will be settled through cash
103 34 13.18 8 Business Combination without a Court approved scheme
103 35 13.19 9 Acquisition date- Regulatory approval
103 36 13.20 10 STEP ACQUISITIONS
103 37 13.20 11 DETERMINATION OF THE PURCHASE CONSIDERATION
103 38 13.21 E 11 1 A Business Combination achieved in Stages (Step Acquisition)
103 39 13.22 10 Acquired the remaining 70% of XYZ Ltd. for cash
103 40 13.23 11 2 A Business Combination achieved without the transfer of consideration
103 41 13.24 11 3 Direct Cost of Acquisition
103 42 13.24 11 Stamp duty paid on acquisition of land
103 43 13.25 12 Whether such additional payment to the regulator is an acquisition-related cost?
103 44 13.26 E 11 4 Contingent Consideration
103 45 13.27 12 PURCHASE PRICE ALLOCATION
103 46 13.27 12 1 Recognition of Assets and Liabilities of the Acquired Entity
103 48 13.28 12 2 Measurement Principle
103 49 13.28 E3 1 Exception to the recognition or measurement principle
103 50 13.30 13 Account for the contingent liability and the indemnification asset?
103 51 13.31 14 How should indemnification asset be accounted for
103 52 13.34 12 3 Intangible Assets
103 53 13.34 1 Contractual Legal criterion
103 54 13.34 E 2 Separability criteria
103 55 13.35 15 Should customer list be recorded as an intangible in a business combination?
103 56 13.36 16 R&D on either of the drugs be recognised as an intangible asset
103 57 13.37 2 Assembled workforce and other items that are not identifiable
103 58 13.38 12 4 Reacquired Rights
103 59 13.38 17 Franchisee right as an intangible asset (reacquired right)
103 60 13.38 18 How is the license accounted for as part of the business combination?
103 61 13.40 12 5 Goodwill – Recognition and Measurement
103 62 13.40 E 12 6 Bargain Purchase
103 63 13.41 19 How should A Ltd. recognise the above bargain purchase?
103 64 13.42 12 7 Measurement Period
103 65 13.43 20 Losses can be adjusted with the Goodwill recorded based on the preliminary purchase price allocation?
103 66 13.43 21 Adjustment to the provisional amounts be made in the FS during and after the measurement period?
103 67 13.44 12 8 Determining what is part of the Business Combination Transaction
103 68 13.45 22 Loss on settlement of the litigation
103 69 13.46 12 9 Contingent Payments to Employee Shareholders
103 70 13.47 23 Contingent consideration is accounted as employee cost
103 71 13.48 24 Contingent consideration- Payments to employees who are former owners of acquiree
103 72 13.48 12 1 Acquirer Share Based Payment Awards Exchanged for Awards held by the Acquiree’s Employees
103 73 13.51 25 SBP before & after combination
103 74 13.51 12 11 Non-replacement Awards
103 75 13.52 26 SBP market-based measure of the award
103 76 13.52 12 12 Non-controlling Interest in an Acquiree
103 77 13.53 27 How will the non-controlling interest be measured?
103 78 13.54 13 SUBSEQUENT MEASUREMENT AND ACCOUNTING
103 79 13.54 13 1 Reacquired Rights
103 80 13.54 13 2 Contingent Liabilities
103 81 13.55 13 3 Indemnification Assets
103 82 13.55 13 4 Contingent Consideration
103 83 13.56 14 DISCLOSURES
103 84 13.60 15 COMMON CONTROL TRANSACTIONS INCLUDING MERGERS
103 85 13.60 15 1 Definitions
103 86 13.60 15 2 Common Control Business Combinations
103 87 13.61 28 Reorganisation
103 88 13.62 29 Whether ABC Ltd. and XYZ Ltd. are under common control?
103 89 13.63 30 Whether ABC Ltd. and XYZ Ltd. are under common control?
103 90 13.64 31 T/f of Y Ltd. into X Ltd. be accounted for in CFS of X Ltd.?
103 91 13.65 15 3 Method of Accounting for Common Control Business Combinations
103 92 13.66 16 SIGNIFICANT DIFFERENCES BETWEEN IND AS 103 AND AS 14
103 93 13.71 32 Demerger: Entries, CFS of both
103 94 13.74 33 Demerger: Entries, CFS of both, Net asset Value, Share holders wealth impact
103 95 13.78 34 ABX Ltd. take over the businesses of the AX Ltd & BX Ltd
GFRS INDEX 15 of 26
[email protected]
103 96 13.84 35 What is the acquisition date and what is purchase consideration (Based on share)
103 97 13.85 36 Opening consolidated balance sheet of Professional Ltd who acquired 70% of D ltd
103 99 13.91 18 CARVE-IN IN IND AS 103 FROM IFRS 3
103 100 13.92 Q1 Acquisition method + Contigent Con + Transaction Cost + NCI + Prev NCI
103 101 13.92 Q2 CFS + EPS + Goodwill + FV of Consideration
103 102 13.93 Q3 Fair value of an acquired loan: Bank
103 103 13.94 Q4 Distress sale: NCI?
103 104 13.94 Q5 A obtains control of B by acquiring the remaining 95 percent of B.
103 105 13.94 Q6 BC? + bargain purchase gain in the process
105 1 INDIAN ACCOUNTING STANDARD 105 : NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
105 2 7.343 8 1 OBJECTIVE
105 3 7.343 8 2 SCOPE
105 5 7.345 8 4 CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR SALE OR AS HELD FOR DISTRIBUTION TO OWNERS
105 6 7.346 1 Available for Immediate Sale
105 7 7.346 2 Sale must be highly probable
105 8 7.347 3 Other Key Points
105 9 7.347 1 Loss of Control in Subsidiary
105 10 7.347 2 Exception to the period of One year
105 11 7.348 3 Sale includes exchange
105 12 7.348 4 Asset acquired exclusively with a view to subsequent disposal
105 13 7.348 5 Criteria met after reporting period
105 14 7.348 6 Classification as held for distribution
105 15 7.348 7 Non-current assets to be abandoned
105 16 7.349 8 5 MEASUREMENT OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) CLASSIFIED AS HELD FOR SALE
105 17 7.349 1 Measurement at the lower of carrying amount and fair value less cost to sell
105 18 7.350 1 Measurement prior to classification as held for sale
105 19 7.350 E Classification as held for sale
105 20 7.351 2 Recognition of impairment losses and reversals
105 21 7.353 3 Changes to a plan of sale
105 22 7.354 8 6 PRESENTATION AND DISCLOSURES OF A NON- CURRENT ASSET (OR DISPOSAL GROUP) CLASSIFIED AS HELD FOR SALE
105 23 7.354 1 Non – current assets and disposal groups classified as held for sale
105 24 7.354 2 Presentation
105 25 7.355 P Presentation of Disposal group
105 26 7.356 3 Disclosures
105 27 7.356 2 Value the property at the end of 20X3 and 20X4.
105 28 7.357 8 7 DISCONTINUED OPERATIONS
105 29 7.357 1 Discontinued operation – definition
105 30 7.358 3 Discontinued operation
105 31 7.358 2 Separate presentation of discontinued operations
105 32 7.358 3 Presentation in the statement of profit and loss
105 33 7.359 4 Disclosures in the statement of cash flows
105 34 7.359 5 Adjustment to prior period disposals
105 35 7.360 6 Change to a plan of sale
105 36 7.360 7 Loss of Control in Subsidiary
105 37 7.360 P Presentation of Discontinued Operations in the Statement of profit and loss
105 38 7.361 8 8 SIGNIFICANT DIFFERENCES IN IND AS 105 VIS-À-VIS AS24
105 39 7.363 1 Can the property be classified as held for sal
105 40 7.363 2 Believed that the market will recover and thus did not reduce the price of the factory
105 41 7.363 3 Manufacturing unit can be classified as held for sale
108 1 INDIAN ACCOUNTING STANDARD 108 : OPERATING SEGMENTS
108 2 11.82 3 1 CORE PRINCIPLE
108 3 11.82 3 2 SCOPE
108 4 11.82 3 3 OPERATING SEGMENTS
108 5 11.86 3 4 REPORTABLE SEGMENTS
108 6 11.86 3 5 AGGREGATION CRITERIA
108 7 11.87 3 6 QUANTITATIVE THRESHOLDS
108 8 11.90 3 7 DISCLOSURE
108 9 11.90 1 General Information
108 10 11.91 1 Factors that management used to identify the entity’s reportable segments
108 11 11.91 2 Description of the types of products and services from which each reportable segment derives its revenues
108 12 11.91 2 Information about profit or loss, assets and liabilities
108 13 11.93 3 8 MEASUREMENT
108 14 11.94 1 Reconciliations
108 15 11.96 3 9 RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION
108 16 11.97 3 1 ENTITY-WIDE DISCLOSURES
108 17 11.97 1 Information about products and services
108 18 11.97 2 Information about geographical areas
108 19 11.98 3 Information about major customers
109 1 FINANCIAL INSTRUMENTS: SCOPE AND DEFINITIONS
109 3 12.6 1 2 WHAT ARE FINANCIAL INSTRUMENTS?
109 4 12.7 1 3 WHAT IS A FINANCIAL ASSET?
109 5 12.9 1 Trade receivables
GFRS INDEX 16 of 26
[email protected]
109 6 12.9 2 Deposits

109 7 12.10 3 Perpetual debt instruments
109 8 12.10 1 4 WHAT IS A FINANCIAL LIABILITY?
109 9 12.11 4 Creditors for sale of goods
109 10 12.11 5 Contract for exchange on unfavorable conditions
109 11 12.12 6 Derivative contract
109 12 12.13 7 Settlement in variable number of shares
109 13 12.11 8 Contract for exchange on unfavorable conditions
109 14 12.14 1 5 WHAT IS AN EQUITY INSTRUMENT?
109 15 12.19 8 Preference shares with non-cumulative dividend
109 16 12.20 9 Non-derivative contract to be settled in own equity instruments
109 17 12.21 10 Derivative contract to be settled in own equity instruments
109 18 12.21 1 6 SCOPE OF FINANCIAL INSTRUMENTS
109 19 12.23 E 1 7 CONTRACTS TO BUY OR SELL NON-FINANCIAL ITEMS (‘OWN USE EXEMPTION’)
109 21 FINANCIAL INSTRUMENTS: EQUITY AND FINANCIAL LIABILITIES
109 23 12.25 E 2 2 DEFINITIONS – FINANCIAL LIABILITY AND EQUITY
109 24 12.28 2 3 OBLIGATION TO DELIVER CASH
109 25 12.28 1 Redeemable preference shares with mandatory dividend
109 26 12.28 2 Redeemable debentures with discretionary dividend
109 27 12.29 3 Perpetual loan with mandatory interest
109 28 12.29 4 Restriction on the ability of an entity to satisfy a contractual obligation
109 29 12.29 5 Optionally convertible redeemable preference shares
109 30 12.30 6 Settlement alternative is non-financial obligation
109 31 12.30 1 Puttable instruments and obligations arising on liquidation – Exceptions to classification as ‘financial liability’ for instruments settled in cash or another f
109 32 12.31 7 Cap on amount payable on liquidation
109 33 12.31 8 Investment manager’s share in a mutual fund
109 34 12.32 9 Differential voting rights
109 35 12.33 10 Conversion into a variable number of equity instruments
109 36 12.33 11 Management fee contract between issuer and puttable instrument holder
109 37 12.34 1 Reclassification
109 38 12.35 2 Obligation to purchase own equity instruments
109 39 12.35 12 Written put option on own equity instruments
109 40 12.36 3 Contingent settlement provisions
109 41 12.37 4 Written put options over non-controlling interests
109 42 12.37 13 Written put option over non-controlling interests
109 43 12.37 2 4 SETTLEMENT IN ENTITY’S OWN EQUITY INSTRUMENTS
109 44 12.38 14 Conversion into a number of equity instruments equivalent to a fixed value
109 45 12.38 15 Conversion into a fixed number of equity instruments
109 46 12.40 16 Written option for a fixed or variable number of equity instruments
109 47 12.41 17 Written option with multiple exercise prices
109 48 12.41 18 Share swap arrangements
109 49 12.41 19 Conversion ratio changes with time
109 50 12.42 20 Conversion ratio changes to protect rights of convertible instrument holders
109 51 12.42 21 Conversion ratio changes if issuer subsequently issues shares to others at a lower price
109 52 12.42 22 Conversion ratio is variable in a narrow range
109 53 12.43 23 Instrument convertible only at the option of issuer
109 54 12.44 24 Conversion ratio changes under independent scenarios
109 55 12.44 25 Conversion ratio changes under inter-dependent scenarios
109 56 12.45 1 Settlement Options
109 57 12.45 2 Settlement by delivery of instruments that meet conditions for exceptions to classification as financial liability
109 58 12.45 3 Rights issues, options or warrants to acquire entity’s own equity instruments for any currency
109 59 12.46 ! Carve out from IFRS: Equity conversion option embedded in a foreign currency convertible bond
109 60 12.46 26 Foreign currency convertible bond
109 61 12.46 2 5 COMPOUND FINANCIAL INSTRUMENTS
109 62 12.47 27 Redeemable debentures with discretionary dividend (continued from Illustration 2)
109 63 12.47 28 Perpetual loan with mandatory interest (continued from Illustration 3)
109 64 12.47 29 Optionally convertible redeemable preference shares (continued from Illustration 5)
109 65 12.48 1 Split accounting for compound financial instruments
109 66 12.49 30 Perpetual loan with mandatory interest (continued from Illustration 3)
109 68 12.50 2 Separation of non-equity embedded derivatives
109 69 12.50 32 Optionally convertible preference shares with issuer’s redemption option
109 70 12.51 3 Conversion or early settlement of compound financial instruments
109 71 12.51 1 Conversion
109 72 12.51 2 Early settlement
109 74 12.53 2 6 TREASURY SHARES
109 75 12.53 2 7 INTEREST, DIVIDENDS, LOSSES AND GAINS
109 76 12.54 2 8 OFFSETTING A FINANCIAL ASSET AND A FINANCIAL LIABILITY
109 77 CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
109 79 12.57 3 2 FINANCIAL ASSETS CONCEPTS:CLASSIFICATION-OVERALL CONCEPT
109 80 12.60 3 3 FINANCIAL ASSETS: KEY ELEMENTS TO DETERMINE CLASSIFICATION
109 81 12.60 1 Business model (BM) test
GFRS INDEX 17 of 26
[email protected]
109 82 12.62 1 Evaluate business model

109 88 12.66 2 Contractual cash flows characteristics test
109 89 12.69 7 Evaluate the Contractual cash flows characteristics test
109 94 12.71 3 4 FINANCIAL ASSETS: MEASUREMENT
109 95 12.73 11 Fair value upon initial recognition of the loan + Processing fee
109 96 12.74 3 5 FINANCIAL ASSETS: INITIAL MEASUREMENT
109 97 12.78 12 Deposits carrying off-market rate of interest
109 98 12.78 3 6 FINANCIAL ASSETS: SUBSEQUENT MEASUREMENT
109 99 12.78 1 Assets measured at amortised cost
109 100 12.79 2 Assets measured at fair value
109 101 12.79 1 Measured at fair value through other comprehensive income (FVOCI)
109 102 12.79 2 Measured at fair value through profit or loss (FVTPL)
109 103 12.80 3 Equity instruments – where FV not determinable
109 104 12.80 13 Transaction costs on initial and subsequent measurement of a FA [FVTOCI]
109 105 12.81 14 Determining fair value upon initial measurement
109 106 12.82 15 Use of cost v/s fair value determination for equity instruments
109 107 12.82 16 Accounting for assets at amortised cost
109 108 12.84 17 Accounting for assets at FVTPL
109 109 12.85 18 Accounting for assets at FVOCI
109 110 12.85 3 7 FINANCIAL LIABILITIES: CLASSIFICATION
109 111 12.87 19 Trade creditors at market terms
109 112 12.87 20 Purchased 100 ounces of gold payable: Variable ES
109 113 12.88 21 Fixed rate assets that will be financed by fixed rate debentures.
109 114 12.88 3 8 FINANCIAL LIABILITIES: MEASUREMENT
109 115 12.89 22 Issue of borrowings with fixed rate of interest
109 116 12.90 23 Issue of variable number of shares against issue of CCPS
109 117 12.91 3 9 RECLASSIFICATION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
109 118 12.92 24 Amortised cost to FVTPL
109 119 12.93 25 Amortised cost to FVOCI
109 120 12.93 26 FVTPL to Amortised cost
109 121 12.94 27 FVTPL to FVOCI
109 122 12.94 28 FVOCI to Amortised cost
109 123 12.95 29 FVOCI to FVTPL
109 124 12.96 3 1 IMPAIRMENT
109 125 12.99 30 12 month expected credit loss – Probability of default approach
109 126 12.100 31 12 month expected credit loss – Loss rate approach
109 127 12.101 32 Life time expected credit losses (provision matrix for short term receivables)
109 128 RECOGNITION AND DERECOGNITION OF FINANCIAL INSTRUMENTS
109 129 12.103 4 1 INITIAL RECOGNITION
109 130 12.104 4 2 REGULAR WAY PURCHASE OR SALE OF FINANCIAL ASSETS
109 131 12.105 1 Regular way contracts: forward contracts
109 132 12.105 2 Regular way contracts: option contracts
109 133 12.106 3 Regular way purchase of financial asset
109 134 12.107 4 3 DERECOGNITION OF FINANCIAL ASSETS
109 135 12.108 4 Part of a financial asset
109 136 12.109 5 Part of a financial asset
109 137 12.111 6 Proportionate “pass through” arrangement
109 138 12.114 7 Repurchase agreements
109 139 12.115 8 Put options on transferred financial assets
109 140 12.115 9 Call options on transferred financial assets
109 141 12.116 10 Amortising interest rate swaps
109 142 12.116 1 Accounting treatment of transfers
109 143 12.116 1 Transfers that qualify for derecognition
109 144 12.117 11 Assignment of receivables
109 145 12.117 2 Transfers that do not qualify for derecognition
109 146 12.117 3 Continuing involvement in transferred assets (partial de-recognition)
109 147 12.118 12A Debt factoring with recourse – continuing involvement asset
109 148 12.119 12B Debt factoring with recourse – associated liability
109 149 12.119 12C Debt factoring with recourse – gain or loss on derecognition
109 150 12.120 4 4 DERECOGNITION OF FINANCIAL LIABILITIES
109 151 12.120 1 General principles
109 152 12.120 1 Timing of derecognition
109 153 12.120 2 Accounting treatment for extinguishment
109 154 12.121 2 Exchange of financial liability instruments
109 155 12.121 1 Accounting treatment
109 156 12.123 E Extinguishment accounting
109 157 12.125 E Modification accounting
GFRS INDEX 18 of 26
[email protected]
109 158 12.126 3 Debt for equity swaps

109 159 12.128 E Extinguishment of part of a financial liability through issue of equity instruments
109 160 DERIVATIVES AND EMBEDDED DERIVATIVES
109 161 12.129 5 1 INTRODUCTION
109 162 12.129 5 2 DEFINITION
109 163 12.129 E 1 Derivatives
109 164 12.131 1 Prepaid interest rate swap (fixed rate payment obligation prepaid at inception)
109 165 12.132 2 Prepaid pay-variable, receive-fixed interest rate swap
109 166 12.133 3 Prepaid forward
109 167 12.133 2 Embedded derivatives
109 168 12.134 1 Separation of embedded derivatives from host contract
109 169 12.135 2 Economic characteristics and risks of the embedded derivative – whether closely related to those of the host?
109 170 12.135 1 Underlying indices
109 171 12.135 4 Debt instrument with indexed repayments
109 172 12.135 2 Prepayment options in debt instruments
109 173 12.136 5 Debt instrument with prepayment option
109 174 12.138 3 Foreign currency derivative embedded in contract for purchase or sale of non-financial items
109 175 12.139 6 Purchase contract settled in a foreign currency
109 176 12.140 4 Option and non-option based derivatives
109 177 12.142 3 Accounting for embedded derivatives
109 178 DISCLOSURES
109 179 12.144 6 1 INTRODUCTION
109 180 12.144 6 2 SIGNIFICANCE OF FINANCIAL INSTRUMENTS
109 181 12.144 6 3 BALANCE SHEET
109 182 12.149 6 4 STATEMENT OF PROFIT AND LOSS
109 183 12.150 6 5 OTHER DISCLOSURES
109 184 HEDGE ACCOUNTING
109 185 12.158 7 1 INTRODUCTION
109 186 12.159 7 2 IDENTIFYING THE HEDGED ITEM AND DESIGNATION OF HEDGED ITEMS
109 187 12.160 7 3 QUALIFYING INSTRUMENTS FOR HEDGE ACCOUNTING AND DESIGNATION OF HEDGING INSTRUMENTS
109 188 12.161 7 4 QUALIFYING CRITERIA FOR HEDGE ACCOUNTING
109 189 12.162 7 5 ACCOUNTING FOR QUALIFYING HEDGING RELATIONSHIPS
110 1 INTRODUCTION TO CONSOLIDATED FINANCIAL STATEMENTS
110 3 14.6 1 2 PURPOSE
110 4 14.6 1 3 FROM AS TO IND AS
110 5 14.7 1 4 SIGNIFICANT DIFFERENCES IN IND AS VIS-À-VIS AS
110 6 14.7 1 Ind AS 27 on ‘Separate Financial Statements’ vs AS
110 7 14.8 2 Ind AS 110 on ‘Consolidated Financial Statements’ vs AS 21 on ‘Consolidated Financial Statements’
110 8 14.10 3 Ind AS 28 on ‘Investments in Associates and Joint Ventures’ vs AS 23 on ‘Accounting for Investment in Associates in Consolidated Financial Statemen
110 9 14.12 4 Ind AS 111 on ‘Joint Arrangements’ vs. AS 27 on ‘Financial Reporting of Interests in Joint Ventures’
110 11 E3 IMPORTANT DEFINITIONS
110 12 SEPARATE FINANCIAL STATEMENTS
110 13 14.70 E 3 1 INTRODUCTION
110 14 14.80 E 3 2 PREPARATION OF SEPARATE FINANCIAL STATEMENTS
110 15 CONSOLIDATED FINANCIAL STATEMENTS
110 16 14.20 4 1 OBJECTIVE
110 17 14.20 E 4 2 SCOPE
110 18 14.22 1 CFS required?
110 19 14.23 2 CFS required?
110 20 14.25 4 3 CONCEPT OF CONTROL
110 21 14.27 4 4 ASSESSMENT OF CONTROL
110 22 14.27 1 Step 1: Purpose of the investee
110 23 14.27 2 Step 2: Design of the investee
110 24 14.28 3 Step 3: Relevant activities of the investee that significantly affect its returns
110 25 14.28 3 Identification of relevant activities
110 26 14.28 E 4 Step 4: Examining the decision making process for the relevant activities
110 27 14.28 4 The relevant activity that may have significant impact on the returns of an investee
110 28 14.28 5 Q4+
110 29 14.30 5 Step 5 : Whether the decision maker is empowered and has the right to take those decisions?
110 30 14.30 6 Investor holds a majority of the voting rights in the investee
110 31 14.31 7 Investor is party to a forward contract to acquire the majority of shares
110 32 14.31 8 Q7+
110 33 14.31 9 Whether AB Limited has control over XY Limited
110 34 14.36 10 Does A Limited have sufficiently dominant voting interest to meet power criterion?
110 35 14.37 11 Investor A Limited has power over the investee?
110 36 14.37 12 Who has power to take decisions?
110 37 14.37 13 Investor has rights sufficient to give it power
110 38 14.38 14 Does the investor have ability to direct the relevant activities of the investee unilaterally?
110 39 14.38 15 Option strike price is 5 times the value of entity’s share price. Is the option substantive?
110 40 14.39 16 Investor CD has been exercising its votes and is actively directing the relevant activities of the investe
110 41 14.39 17 Debt instruments were converted into ordinary shares: Power transferred?
110 42 14.40 6 Step 6 : Whether investor has exposure, or rights, to variable returns from an investee?
110 43 14.41 E 7 Step 7: Is there a link between power & returns?
110 44 14.41 18 Does the fund manager have control over the fund
GFRS INDEX 19 of 26
[email protected]
110 50 14.45 4 5 COMPARISON OF IND AS WITH THE COMPANIES ACT, 2013
110 51 14.47 4 6 CONSOLIDATED FINANCIAL STATEMENTS INVESTMENT ENTITIES
110 52 14.47 1 Identification
110 53 14.47 1 As per Ind AS 110, Investment entity is an entity:
110 54 14.47 2 Documents that indicate entity’s objective are:
110 55 14.47 3 Entity may also participate in many investment related activities:
110 56 14.47 4 In order to demonstrate that it meets this element of the definition, an investment entity:
110 57 14.47 5 For assessing ‘Investment entity’, an entity also has to consider some typical characteristics as declared below (however absence of any characteris
110 58 14.49 24 Is the fund an investment entity?
110 59 14.50 25 Is the fund an investment entity? account for its interest in the fund?
110 60 14.51 26 Whether X Limited meet the definition of an investment entity as per Ind AS 110?
110 61 14.52 E 2 Reassessing Status of an entity (investment entity or not)
110 62 14.53 3 Consolidation not required
110 63 CONSOLIDATED FINANCIAL STATEMENTS : ACCOUNTING OF SUBSIDIARIES
110 64 14.54 5 1 STATUTORY REQIUIREMENTS
110 65 14.54 1 The Companies Act, 2013 requirements
110 66 14.54 2 The Companies (Accounts) Rules, 2014
110 67 14.55 5 2 COMPONENTS OF CONSOLIDATED FINANCIAL STATEMENTS
110 68 14.56 5 3 CONSOLIDATION PROCEDURES
110 69 14.56 1 Process
110 70 14.56 E3 2 Calculation of goodwill / capital reserve
110 71 14.58 1 Goodwill recognised depends on how NCI is measured.
110 72 14.60 2 Gain on a bargain purchase when NCI is measured at fair value
110 73 14.60 3 Gain on a bargain purchase when NCI is measured at proportionate share of identifiable net assets
110 74 14.61 4 Measurement of goodwill when there is no non-controlling interest
110 75 14.62 5 Measurement of goodwill when there is non-controlling interest
110 76 14.62 E 3 Acquisition of interest in subsidiaries at different dates
110 77 14.63 6 Step acquisition when control is obtained
110 78 14.64 4 Acquisition of interest in subsidiaries without consideration
110 79 14.64 5 4 UNIFORM ACCOUNTING POLICIES
110 80 14.65 7 How will PPE be depreciated in the CFS
110 81 14.65 8 Group having different inventory cost formulas
110 82 14.67 5 5 MEASUREMENT
110 83 14.67 1 Profit or loss of subsidiary companies
110 84 14.67 9 Show the non- controlling interests and goodwill
110 85 14.69 2 Potential Voting Rights
110 86 14.69 3 Dividend received from subsidiary companies
110 87 14.69 10 How the dividend should be recorded + NCI + Entry @ DOA
110 88 14.71 11 Q10: NCI using proportionate share method
110 89 14.71 12 Q11: Change in fair value of net identifiable assets: Use FV Method
110 90 14.72 13 Q11: Change in fair value of net identifiable assets: Use PS Method
110 91 14.72 14 Determine NCI, Goodwill/GBP
110 92 14.74 4 Preparation of consolidated balance sheet
110 93 14.74 5 Elimination of intra – group transactions
110 94 14.75 1 Unrealised profit in inventories:
110 95 14.75 2 Unrealised profit on transfer of non-current asset:
110 96 14.75 3 Unrealised losses:
110 97 14.75 15 Elimination of intra-group profit on sale of assets by a subsidiary to its parent
110 98 14.76 16 Elimination of intra-group profit on sale of assets by a parent to its subsidiary
110 99 14.76 17 Inventories of subsidiary out of purchases from the parent
110 100 14.76 18 Inventories of the parent out of purchase from subsidiary
110 101 14.77 6 Preparation of consolidated profit & loss
110 102 14.77 7 Preparation of consolidated cash flows
110 103 14.77 10 Most Comprehensive CFS: BS + CE+ PS + CFS
110 104 14.89 8 Reporting date
110 105 14.89 20 Parent and subsidiary have different reporting dates? Classification issue
110 106 14.89 21 Loan classification
110 107 14.91 9 Non–controlling interests
110 108 14.91 1 Changes in the proportion held by non-controlling interests:
110 109 14.92 22 Treatment of goodwill and non-controlling interest where a parent holds an indirect interest in a subsidiary.
110 110 14.92 23 Sale of 20% interest in a wholly- owned subsidiary
110 111 14.92 24 Acquisition of 20% interest in a subsidiary
110 112 14.93 25 Prepare note showing adjustment for change of non-controlling interest + Goodwill
110 113 14.94 26 Change in non-controlling interest: Show SFS & CFS
110 114 14.95 27 Reduce interest in subsidiary
110 115 14.96 28 Sells 30% out of 100%
110 116 14.97 10 Loss of control
110 117 14.99 29 Subsidiary issues shares to a third party and parent loses control
110 118 14.99 30 Calculation of gain on outright sale of subsidiary
110 119 14.101 31 Partial disposal where subsidiary becomes an associate
110 120 14.102 32 Partial disposal where 10% investment in former subsidiary is retained.
GFRS INDEX 20 of 26
[email protected]
110 121 14.103 11 Chain-holding under consolidation

110 122 14.103 1 Meaning of chain-holding
110 123 14.103 2 Consolidation procedures in case of chain-holding
110 124 14.106 33 Consolidation procedures in case of chain-holding
110 125 CONSOLIDATED FINANCIAL STATEMENTS : JOINT ARRANGEMENTS
110 126 14.110 6 1 INTRODUCTION
110 127 14.110 6 2 SCOPE
110 128 14.110 6 3 CONCEPT OF JOINT CONTROL
110 129 14.111 1 Do A & B have joint control over the arrangement?
110 130 14.111 2 Do Ram & Shyam have joint control over the arrangement?
110 131 14.111 3 Different combinations of joint control that can affect the decision making
110 132 14.112 4 Implicit joint control
110 133 14.112 5 Implicit joint control
110 134 14.112 6 Equal number of directors
110 135 14.113 7 Board of directors and operating committee
110 136 14.113 8 Contractual arrangement to buy a two storied music store, which they will lease to other parties.
110 137 14.114 9 Whether company AB and CD have joint control over the arrangement?
110 138 14.114 10 Agreements established by informal decisions
110 139 14.115 6 4 FEATURES OF JOINT ARRANGEMENTS
110 140 14.115 1 Contractual Arrangement
110 141 14.116 2 Joint Control
110 142 14.116 11 Clause in CD’s AOA is sufficient to meet the definition of joint arrangement?
110 143 14.116 12 Impact of managing an arrangement
110 144 14.116 13 Chairman with casting vote
110 145 14.117 6 5 TYPES OF JOINT ARRANGEMENTS
110 146 14.117 1 Joint Operations
110 148 14.118 2 Joint Ventures
110 149 14.118 6 6 CLASSIFICATION OF JOINT ARRANGEMENTS
110 150 14.118 1 Structure of the Joint Arrangement
110 151 14.118 15 Identify the type of arrangement?
110 152 14.119 16 Legal form may not provide separation
110 153 14.119 2 Assessing the terms of the contractual arrangement
110 154 14.120 17 Joint Construction and use of a pipeline
110 155 14.120 3 Assessing other facts and circumstances
110 156 14.120 18 What type of joint arrangement would entity D be?
110 157 14.123 6 7 FINANCIAL STATEMENT OF PARTIES TO A JOINT ARRANGEMENT
110 159 14.123 19 P account for its rights and obligations in its JA with Q, PQ
110 160 14.124 20 AB Limited present its interest in PQR in its financial statements?
110 161 14.125 21 Entity X is owned by three institutional investors
110 162 14.126 2 Joint Venture
110 163 CONSOLIDATED FINANCIAL STATEMENTS : INVESTMENT IN ASSOCIATES & JOINT VENTURES
110 164 14.127 7 1 INTRODUCTION
110 165 14.127 7 2 SCOPE
110 166 14.127 E 7 3 SIGNIFICANT INFLUENCE
110 167 14.128 1 Y Ltd an associate of X Ltd?
110 168 14.128 1 Representation on the board of directors or equivalent governing body of the investee
110 169 14.128 2 Representation on the board of directors or equivalent governing body of the investee
110 170 14.129 E2 2 Participation in policy-making processes, including participation in decisions aboutdividends or other distributions
110 171 14.129 3 Material transactions between the entity and its investee
110 174 14.130 4 Interchange of managerial personnel
110 175 14.130 5 Interchange of managerial personnel
110 176 14.130 5 Provision of essential technical information
110 177 14.130 6 Provision of essential technical information
110 178 14.130 7 4 POTENTIAL VOTING RIGHTS
110 179 14.131 7 5 EQUITY METHOD
110 180 14.132 7 Calculate Carrying Amount of Investment as per Equity Method
110 181 14.133 7 6 APPLICATION OF EQUITY METHOD
110 182 14.133 1 Exemptions from applying the equity method
110 183 14.135 2 Discontinuing of equity Method
110 184 14.135 E2 3 Equity method procedures
110 185 14.137 8 Use equity method to account for its investment in Entity B?
110 186 14.138 E3 4 Impairment losses
110 187 CONSOLIDATED FINANCIAL STATEMENTS : DISCLOSURES
110 188 14.140 8 1 IN SEPARATE FINANCIAL STATEMENTS
110 189 14.141 8 2 IN CONSOLIDATED FINANCIAL STATEMENT
110 190 14.146 Q1 CFS: 100% Acqusition
110 191 14.147 Q2 CFS: 60% Acqusition
110 192 14.148 Q3 CFS: 100% Acqusition
110 193 14.149 Q4 Q3: 75% Acqusition
110 194 14.149 Q5 CFS: Goodwill impaired
110 195 14.150 Q6 CFS: 100% Disposal
110 196 14.151 Q7 Reliance group sold 90% shares of Jio: Prepare CFS
GFRS INDEX 21 of 26
[email protected]
110 197 14.152 Q8 PPE

110 198 14.152 Q9 Accounting treatment on loss of control
113 1 INDIAN ACCOUNTING STANDARD 113: FAIR VALUE MEASUREMENT
113 2 4.67 3 1 WHAT IS FAIR VALUE?
113 3 4.67 3 2 OBJECTIVE
113 4 4.68 E 3 3 SCOPE
113 5 4.69 1 What is not covered?
113 6 4.69 1 Measurement and Disclosure exclusion
113 7 4.69 2 Disclosure exclusion
113 8 4.69 3 4 DEFINITION
113 9 4.70 E2 3 5 ASSET OR LIABILITY SPECIFIC FAIR VALUE
113 10 4.71 3 6 UNIT OF ACCOUNT
113 11 4.72 3 7 THE TRANSACTION
113 12 4.72 E 1 Principal market
113 13 4.72 E 2 Most advantageous market
113 14 4.73 3 8 MARKET PARTICIPANTS
113 15 4.73 E 1 What are market participants?
113 16 4.74 3 9 THE PRICE
113 17 4.74 E 1 Transaction cost
113 18 4.74 2 Transport cost
113 19 4.75 3 1 APPLYING FAIR VALUE RULES ON NON-FINANCIAL ASSETS
113 20 4.76 E 1 Highest and best use
113 21 4.77 E 2 Valuation premise
113 22 4.78 3 11 APPLYING FAIR VALUE RULES TO LIABILITIES AND AN ENTITY’S OWN EQUITY INSTRUMENTS
113 23 4.78 1 When liability and equity Instruments are held by other parties as assets
113 24 4.78 2 When liability and equity Instruments are not held by other parties as assets
113 25 4.79 E3 3 12 APPLYING FAIR VALUE RULES TO FINANCIAL ASSET & FINANCIAL LIABILITY WITH OFFSETTING POSITION IN MARKET RISK OR COUNTERP
113 26 4.80 3 13 FAIR VALUE AT INITIAL RECOGNITION
113 27 4.81 E 3 14 VALUATION TECHNIQUES
113 28 E 1 Market Approch
113 29 E 2 Income Approch
113 30 3 Cost Approch
113 31 4.84 E 3 15 INPUTS TO VALUATION TECHNIQUES
113 32 4.85 E 1 Level 1 Inputs
113 33 4.86 E2 2 Level 2 Inputs
113 34 4.86 E3 3 Level 3 Inputs
113 35 4.88 3 16 DISCLOSURES
113 36 Q1 Fair value of the asset if its principal market or else
113 37 Q2 The highest and best use of the land
113 38 Q3 FV of ABC Ltd.’s investment in XYZ Ltd. as on the balance sheet date
113 39 Q4 Value per share of PT Ltd. as per Income Approach
113 40 Q5 Equity value as on the measurement date on the basis of above details
115 1 INDIAN ACCOUNTING STANDARD 115: REVENUE FROM CONTRACTS WITH CUSTOMERS
115 2 3.3 1 SCOPE
115 3 3.4 2 DEFINITIONS
115 4 3.5 3 OVERVIEW
115 5 3.6 4 TRANSITION
115 6 3.6 5 STEP 1: IDENTIFYING THE CONTRACT
115 7 3.7 5 1 Criteria for recognizing a contract
115 8 3.8 1 Criteria 1: The parties have approved the contract and are committed to perform
115 9 3.9 2 Criteria 2: The entity can identify each party’s rights
115 10 3.9 3 Criteria 3: The entity can identify the payment terms for the goods or services
115 11 3.9 4 Criteria 4: The contract has commercial substance
115 12 3.9 5 Criteria 5: It is probable the entity will collect substantially all of the consideration
115 13 1 Need to assesses whether collectability is probable.
115 14 3.10 5 2 Contracts that do not pass Step 1: Reassessing the Step 1 criteria
115 15 3.10 5 3 Contract term
115 16 3.10 1 Termination provisions
115 17 2 Specify the contract term
115 18 3.11 5 4 Combining contracts
115 19 3 Contracts be combined?
115 20 3.12 5 5 Contract Modifications
115 21 3.12 1 Identifying a modification
115 22 3.12 2 Accounting for the modification
115 23 3.13 1 Modifications that constitute separate contracts
115 24 4 Accounting for the modified contract
115 25 3.14 2 Modifications that do not constitute separate contracts
115 26 5 Effect of change in the contract
115 27 6 Effect of change in the contract
115 28 3.16 6 STEP 2: IDENTIFYING PERFORMANCE OBLIGATIONS
115 29 3.16 E 6 1 Criteria for identifying performance obligation
115 30 3.19 1 Customer can benefit either alone or with other readily available resources
115 31 3.19 2 Separately identifiable from other promises in the contract
115 32 3.19 1 Significant integration service
115 33 3.19 2 Significant modification or customization
115 34 3.20 3 Highly interdependent or highly interrelated
GFRS INDEX 22 of 26
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115 35 7 Single or multiple performance obligations under the contract?

115 36 8 Are the performance obligations under the contract distinct?
115 37 9 Determine how many performance obligations?
115 38 10 Promise to transfer a series of distinct goods or services
115 39 3.23 6 2 Multiple Element Arrangements/ Goods and services that are not distinct
115 42 13 Significant customisation: Determine how many performance obligations?
115 43 3.26 6 3 Customer options for additional goods or services
115 44 14 How many performance obligations? & Stand-alone selling price and allocated transaction price?
115 45 3.27 6 4 Long term arrangements
115 46 15 How many performance obligations does the cable company have
115 47 3.28 6 5 Consignment Arrangements
115 48 16 State when the control is transferred.
115 49 3.30 6 6 Principal vs agent consideration
115 50 17 Determine whether the entity is a principal or an agent.
115 51 3.32 6 7 Non-refundable upfront fees
115 52 18 Are the performance obligations under the contract distinct?
115 53 3.33 7 STEP 3: DETERMINING THE TRANSACTION PRICE
115 54 3.34 7 1 Variable consideration
115 55 3.35 1 Penalties
115 56 3.35 2 Estimating the amount of variable consideration
115 57 19 Estimating variable consideration
115 58 20 Estimating variable consideration
115 59 3.38 3 Refund liabilities
115 60 3.38 4 Constraining estimates of variable consideration
115 61 3.39 5 Reassessment of variable consideration
115 62 21 Volume discount incentive
115 63 22 Measurement of variable consideration
115 64 23 Management fees subject to the constraint
115 65 3.42 6 Sale with a right of return
115 66 24 Right of return
115 67 3.45 7 Warranties
115 68 3.46 8 Sales-based or usage-based royalties
115 69 3.47 7 2 Significant financing component
115 70 25 Financing component: significant or insignificant?
115 71 26 Accounting for significant financing component
115 72 27 Determining the discount rate
115 73 28 Advance payment and assessment of discount rate
115 74 29 Withheld payments on a long-term contract
115 75 30 Advance payment
115 76 31 Advance payment
115 77 32 Sales based royalty
115 78 33 Payment in arrears
115 79 34 Payment in arrears
115 80 35 Applying practical expedient
115 81 3.55 7 3 Non-cash consideration
115 82 3.55 1 Subsequent measurement of non-cash consideration
115 83 36 Entitlement to non-cash consideration
115 84 37 FV of non-cash consideration varies for reasons other than the form of the consideration
115 85 3.57 2 Customer-provided goods or services
115 86 38 Customer-provided goods or services
115 87 3.57 7 4 Consideration payable to a customer
115 88 39 Consideration payable to a customer
115 89 3.59 8 STEP 4: ALLOCATING THE TRANSACTION PRICE TO PERFORMANCE OBLIGATIONS
115 90 3.60 8 1 Determining stand-alone selling price
115 91 3.62 1 Allocation of a discount
115 92 40 Allocation methodology
115 93 41 Allocating a discount
115 94 3.65 2 Allocation of variable consideration
115 95 42 Allocation of variable consideration
115 96 3.68 8 2 Changes in the transaction price
115 97 43 Allocating a change in transaction price
115 98 3.70 9 STEP 5: SATISFYING PERFORMANCE OBLIGATION
115 99 3.70 9 1 What does transfer of control mean?
115 100 3.71 9 2 Does the customer acquire control over a period of time or at a point in time?
115 101 3.71 1 Transfer of control over a period of time:
115 102 44 Contract to provide monthly payroll processing services
115 103 45 T&L’s performance obligation is met over period of time?
115 104 46 Whether risk advisory firm’s performance obligation is met over period of time?
115 105 47 Contract will qualify for satisfaction of performance obligation over a period of time?
115 106 48 Contract will qualify for satisfaction of performance obligation over a period of time?
115 107 49 Measuring progress on straight line basis
115 108 50 Uninstalled materials
115 109 3.82 2 Transfer of control at a point in time:
115 110 3.84 9 3 Repurchase agreements
GFRS INDEX 23 of 26
[email protected]
115 111 51 Contract includes a call option that gives the entity the right torepurchase
115 112 52 Contract includes a put option that gives the customer the right to sell the asset
115 113 3.87 9 4 Bill-and-hold
115 114 53 Company recognise revenue for sale of machine and spare parts?
115 115 3.90 10 CONTRACT COSTS
115 116 3.91 10 1 Costs to obtain a contract (contract acquisition costs)
115 117 3.92 10 2 Costs to fulfil a contract (contract fulfilment costs)
115 118 54 How should Outsourcing costs be treated
115 119 3.94 10 3 Amortisation and impairment
115 120 55 Amortisation
115 121 3.94 11 PRESENTATION & DISCLOSURE
115 122 3.94 11 1 Presentation
115 123 3.95 11 2 Disclosure
115 124 3.97 12 SERVICE CONCESSION ARRANGEMENTS
115 125 3.97 E 12 1 About Arrangement
115 126 3.97 12 2 Accounting Principles
115 127 3.97 1 Treatment of the operator’s rights over the infrastructure
115 128 3.98 2 Recognition and measurement
115 129 3.98 3 Consideration given by the grantor to the operator
115 130 3.99 4 Contractual obligations to restore the infrastructure to a specified evel of serviceability
115 131 3.99 5 Borrowing costs incurred by the operator
115 132 3.99 6 Financial asset
115 133 3.99 7 Intangible asset
115 134 3.99 8 Items provided to the operator by the grantor
115 135 3.101 12 3 Service Concession Arrangements: Disclosures
115 136 56 Bhilwara-Jabalpur Toll Project & Wind Power
115 137 3.104 13 SIGNIFICANT DIFFERENCES IN IND AS 115 VIS-À-VIS AS 7 AND AS 9
115 139 Q1 Nonmonetary transactions in the area of advertising recognised and measured?
115 140 Q2 Talk time to employees of B Ltd. in exchange for getting power
115 141 Q3 Cost of the Air Cond. in measure of its progress of performance obligation
116 1 INDIAN ACCOUNTING STANDARD 116 : LEASES
116 2 7.69 3 1 OVERVIEW
116 3 7.69 1 Objective
116 4 7.70 2 Scope
116 5 7.70 3 Recognition Exemptions
116 6 7.71 1 Short-term lease
116 7 7.73 3 2 WHAT IS A LEASE?
116 8 7.74 1 Whether an Arrangement Contains Lease?
116 9 7.74 1 Identified Asset
116 10 7.75 2 Asset implicitly specified in a contract
116 11 7.75 3 Asset implicitly specified in a contract
116 12 7.78 4 Substantive Substitution Rights
116 13 7.79 5 Identified Asset – Physically Distinct
116 14 7.79 6 Identified Asset – Not Physically Distinct
116 15 7.80 2 Right to Control
116 16 7.80 7 Right to use for a portion of the term of contract
116 17 7.82 8 Right to obtain substantially all of the economic benefits
116 18 7.86 9 Right to direct the use of an asset
116 21 7.87 2 Separation of Lease and Non-Lease Components
116 22 7.87 1 Identifying and separating lease components of a contract
116 23 7.88 12 Identifying and separating lease components
116 24 7.88 2 Separating lease components from non-lease components:
116 25 7.89 13 Identifying different components in the contract
116 26 7.90 3 Determining and allocating the consideration in the contract – Lessee
116 27 7.90 14 Activities which are not components of a lease contract
116 28 7.91 15 Allocating contract consideration to lease and non-lease components – Lessees
116 29 7.92 4 Determining and allocating the consideration in the contract – Lessors:
116 30 7.92 3 Contract Combinations
116 31 7.92 4 Portfolio Application
116 32 7.93 3 3 KEY CONCEPTS
116 33 7.93 1 Inception and Commencement of Lease
116 34 7.94 2 Lease Term
116 35 7.96 16 Determining the lease term
116 36 7.100 17 Re-assessment of exercise of lease extension option
116 37 7.100 18 Re-assessment of non-cancellable period of lease
116 38 7.101 3 LEASE PAYMENTS
116 39 7.102 1 Fixed lease payments
116 40 7.102 19 Determining the fixed payments
116 41 7.103 20 In substance fixed lease payments
116 42 7.103 21 In substance fixed lease payment
116 43 7.104 22 In substance fixed lease payments
116 44 7.104 2 Variable lease payments that depend on an index or a rate:
116 45 7.105 23 Variable lease payments that depend on an index or rate
GFRS INDEX 24 of 26
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116 46 7.106 24 Variable lease payments that do not depend on an index or rate
116 47 7.106 25 Variable lease payments
116 48 7.107 3 Exercise price of a purchase option
116 49 7.107 4 Penalties for terminating a lease
116 50 7.107 5 Residual value guarantees (lessees):
116 51 7.107 26 Residual value guarantee included in lease payments
116 52 7.108 4 Lessee Involvement before Commencement Date
116 53 7.109 5 Initial Direct Costs
116 54 7.109 6 Discount Rates
116 55 7.111 7 Economic Life
116 56 7.111 3 4 LESSEE ACCOUNTING
116 57 7.111 1 Initial Recognition and Measurement
116 58 7.111 27 Initial measurement of lease liability
116 59 7.113 28 Measuring right-of-use asset
116 60 7.113 29 Dismantling costs to be included in initial measurement of ROU Asset
116 61 7.115 2 Subsequent Measurement
116 62 7.115 1 Right-of-use assets (ROU Asset)
116 63 7.115 2 Lease liability:
116 64 7.115 3 Expense recognition
116 65 7.116 30 Lessee Accounting
116 66 7.118 31 Subsequent measurement using cost model
116 67 7.120 4 Impairment of ROU Assets
116 68 7.121 5 Leases denominated in a foreign currency
116 69 7.121 3 Remeasurement
116 70 7.122 32 Remeasurement of a lease with variable lease payments
116 71 7.124 4 Lease Modifications
116 72 7.126 33 Modification that is a separate lease
116 73 7.129 34 Modification that increases the scope of the lease by extending the contractual lease term
116 74 7.130 35 Modification that decreases the scope of the lease
116 75 7.132 36 Modification that is a change in consideration only
116 76 7.135 37 Modification that both increases and decreases the scope of the lease
116 79 7.141 3 5 LESSOR ACCOUNTING
116 80 7.141 1 Lease Classification
116 81 7.144 2 Finance Leases
116 83 7.144 2 Initial Measurement
116 84 7.145 3 Initial Measurement – Manufacturer or Dealer Lessors
116 85 7.146 4 Subsequent Measurement
116 86 7.146 38 Lessor accounting for a finance lease  dealer-lessor case
116 87 7.149 3 Operating Leases
116 89 7.149 4 Lease Modifications
116 90 7.150 1 Finance Lease Modification
116 91 7.150 2 Operating Lease Modification:
116 94 7.152 3 6 OTHER MATTERS
116 95 7.152 1 Sub-Leases
116 97 7.153 39 Classification of a sublease in case of an Intermediate Lessor
116 98 7.154 40 Intermediate Lessor – Where the sublease is classified as a ‘Finance Lease’
116 99 7.155 41 Intermediate Lessor – Where the sublease is classified as a ‘Operating Lease’
116 101 7.156 3 Disclosure
116 102 7.156 2 Sale and Leaseback Transactions
116 103 7.159 42 Sale and leaseback transaction
116 104 7.162 3 7 TRANSITION APPROACH
116 105 7.162 1 Definition of a Lease
116 106 7.163 2 Transition Options for Lessees
116 107 7.163 3 Modified Retrospective Approach
116 108 7.163 1 Leases Previously Classified as Operating Leases
116 109 7.165 2 Leases Previously Classified as Finance Leases
116 110 7.166 43 Transition Approaches
116 111 7.172 4 Disclosure
116 112 7.174 5 Lessors
116 113 7.174 6 Sale and Leaseback Transactions before the date of Initial Application
116 114 7.175 7 Amounts Previously recognised in respectof Business Combinations
116 115 7.175 3 8 KEY DIFFERENCES BETWEEN IND AS 17 AND IND AS 116
116 116 7.182 3 9 KEY DIFFERENCES BETWEEN IND AS 116 AND AS 19
116 117 7.185 3 1 MAJOR CHANGES UNDER IND AS 116 FROM IFRS 16
116 118 7.186 Q1 Does lessee is having the right to control the use of identified asset?
116 119 7.186 Q2 Transition Approaches
116 120 7.186 Q3 Arrangement contains a lease?
116 121 7.186 Q4 How Lessee allocate the consideration to the lease component?
GFRS INDEX 25 of 26
[email protected]
116 122 7.186 Q5 Lease term for lease accounting

116 123 7.187 Q6 Lease term for lease accounting
116 124 7.187 Q7 Lease payments depend on the number of operating hours
999 1 ANALYSIS OF FINANCIAL STATEMENTS
999 3 15.4 2 FINANCIAL STATEMENTS OF CORPORATE ENTITIES
999 4 15.4 3 CHARACTERISTICS OF GOOD FINANCIAL STATEMENTS
999 5 15.6 E9 4 BEST PRACTICES - APPLICABLE TO ALL COMPANIES
999 6 15.11 5 CASE STUDIES BASED ON IND AS
999 7 15.11 C1 Loan to EE
999 8 15.13 C2 PPE
999 9 15.16 C3 Inventories
999 10 15.17 C4 Impairment
999 11 15.19 Q1 PPE
999 12 15.19 Q2 Customer was taking legal action against the company
999 13 15.20 Q3 Govt grant
999 14 15.20 Q4 Sale of goods: Payment 3 installments
GFRS INDEX 26 of 26

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0 1 FRAMEWORK FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

2 19 7.15 8 Inventory not ordinarily interchangeable

8 18 2 Change in the usage of the building

10 45 Q5 Pay penalty for a breach in the performance of a contract

16 21 7.36 4 Incidental operations

19 28 9.20 1 8 ACCOUNTING FOR DEFINED BENEFIT PLANS

20 28 5.12 1 7 PRESENTATION OF GRANTS RELATED TO INCOME

36 5 7.210 5 4 IDENTIFYING AN ASSET THAT MAY BE IMPAIRED

36 81 7.250 19 What are the cash-generating units for X and Y?

38 5 7.268 2 Intangible assets contained in or on a physical substance

101 57 6.26 7 PRESENTATION AND DISCLOSURE

103 20 13.10 E8 Acquisition of a shell company

109 6 12.9 2 Deposits

109 82 12.62 1 Evaluate business model

109 158 12.126 3 Debt for equity swaps

110 121 14.103 11 Chain-holding under consolidation

110 197 14.152 Q8 PPE

115 35 7 Single or multiple performance obligations under the contract?

116 122 7.186 Q5 Lease term for lease accounting

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