Announcement - Final Elective Paper 6E : Global Financial Reporting Standards (GFRS) - (13-02-2018)
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Final Elective Paper 6E : Global Financial Reporting Standards (GFRS)
In respect of Final Elective Paper 6E : Global Financial Reporting Standards (GFRS), students are advised to read Module 2 (except headings 1.1 to 1.7 of Chapter 4 Unit 1) to Module 5 of Final Paper 1 : Financial Reporting (Revised Nov. 2018 edition) alongwith the ‘Major Differences between Ind AS and IFRS and Reason therefor’ hosted at the BOS Knowledge Portal at https://www.icai.org/post.html?post_id=14444. Reference of Ind AS material has been given because Ind AS alongwith the differences in Ind AS vis-à-vis IFRS is equivalent to IFRS.
The objective of this elective paper is to develop an understanding of the key concepts and principles of International Financial Reporting Standards and to acquire the ability to apply such knowledge to address issues and make computations in practical case scenarios.
Accordingly, the students are expected to keep this objective in mind and read the content based on Ind AS discussed in Modules 2 to 5 of the core Paper 1 on Financial Reporting along with the above referred differences; and apply the same to address issues and make computations on the basis of IFRS.
In addition, the students are also required to develop an understanding of the significant differences between IFRS and US GAAP. The same has also been webhosted at the above link along with the differences between IFRS and Ind-AS.
Students may note that at the end of certain Ind AS, appendix corresponding to relevant IFRIC /SIC has been appended. Since IFRICs/ SICs are part of IFRS, they also form part of the syllabus. Hence, ‘List of IFRICs /SICs included in the corresponding Appendices to Ind AS' has also been uploaded on the website alongwith the 'List of IFRS corresponding to Ind AS' at the above link.
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