Certified IFRS ProfessionalVS-1215 Certified IFRS Professional Certified IFRS Professional Certification Code VS-1215 Vskills certification for IFRS Professional assesses the candidate as per the company’s need for IFRS Reporting and complying with both IAS and IFRS reporting. The certification tests the candidates on various areas in IAS and IFRS standards. Why should one take this certification? This Course is intended for professionals and graduates wanting to excel in their chosen areas. It is also well suited for those who are already working and would like to take certification for further career progression. Earning Vskills IFRS Professional Certification can help candidate differentiate in today's competitive job market, broaden their employment opportunities by displaying their advanced skills, and result in higher earning potential. Who will benefit from taking this certification? Job seekers looking to find employment in finance or accounting departments of various companies, students generally wanting to improve their skill set and make their CV stronger and existing employees looking for a better role can prove their employers the value of their skills through this certification. Test Details • • • Duration: 60 minutes No. of questions: 50 Maximum marks: 50, Passing marks: 25 (50%) There is no negative marking in this module. Fee Structure Rs. 6,000/- (Includes all taxes) Companies that hire Vskills IFRS Professional IFRS Professionals are in great demand. Companies specializing in consulting or finance are constantly hiring skilled IFRS Professionals. Various public and private companies also need IFRS Professionals for their finance or accounts departments. www.vskills.in Certified IFRS Professional Table of Contents Contents 1. Introduction 1.1 IASB structure 1.2 IFRS Standards 1.3 Abbreviations 1.4 IASB due process 1.5 List of IAS 1.6 IASB History 1.7 Use of IFRSs around the world 2. IAS 1 2.1 Objectives 2.2 Scope 2.3 Key Terms 2.4 Complete set of financial statements 2.5 General requirements of IAS 1 2.6 Statement of comprehensive income 2.7 Disclosure of accounting policies 3. IAS 2 3.1 Scope 3.2 Key Terms 3.3 Basis of valuation 3.4 Cost Measurement 3.5 Net realizable value 3.6 Expense recognition 3.7 Disclosures 4. IAS 7 4.1 Key terms 4.2 Presentation of a statement of cash flows 4.3 Noncash Transactions 4.4 Foreign Currency Cash Flows 4.5 Reporting Cash Flows on a Net Basis 4.6 Disclosures 5. IAS 8 5.1 Key terms 5.2 Selection and application of accounting policies 5.3 Consistency of accounting policies www.vskills.in Certified IFRS Professional 6. IAS 10 6.1 Key Terms 6.2 Adjusting Events after the Reporting Period 6.3 Dividends 6.4 Going Concern 7. IAS 11 7.1 Key terms 7.2 Contract options 7.3 Contract revenue 7.4 Contract cost 7.5 Recognition of Revenue and Costs 7.6 Outcome of Construction Contract Can Be Estimated Reliably 7.7 Stage of Completion 7.8 Outcome of Construction Contract Cannot Be Estimated Reliably 7.9 Effect of Change in Estimate in Construction Contract 7.10 Disclosures 8. IAS 12 8.1 Key terms 8.2 Tax base 8.3 Recognition and measurement of current tax liabilities and current tax assets 8.4 Recognition of deferred tax liabilities and deferred tax assets 8.5 Accounting for deferred tax 8.6 Disclosures 9. IAS 16 9.1 Scope 9.2 Key terms 9.3 Recognition 9.4 Elements of cost 9.5 Measurement of cost 9.6 Measurement after recognition 9.7 Derecognition 9.8 Disclosures 10. IAS 17 10.1 Key terms 10.2 Classification of leases 10.3 Leases in the financial statement of lesees 10.4 Operating Leases 10.5 Leases in the financial statement of lessors www.vskills.in Certified IFRS Professional 11. IAS 18 11.1 Scope 11.2 Key terms 11.3 Measurement of revenue 11.4 Identification of a transaction 11.5 Revenue on sale of goods 11.6 Revenue from rendering of services 11.7 Interest, royalties, and dividends 11.8 Disclosures 12. IAS 19 12.1 Scope 12.2 Key terms 12.3 Types of employee benefits 12.4 Short-term employee benefits 12.5 Postemployment benefit plans 12.6 Other long-term employee benefits 12.7 Termination Benefit 13. IAS 20 13.1 Key terms 13.2 Recognition of government grants 13.3 Presentation of grants related to assests 13.4 Presentation of grants related to income 13.5 Repayment of government grants 14. IAS 21 14.1 Scope 14.2 Key terms 14.3 Identification of functional currency 14.4 Net investment in a foreign operation 15. IAS 23 15.1 Key terms 15.2 Recognition 15.3 Borrowing costs eligible for capitalization 15.4 Commencement of capitalization 15.5 Suspension of capitalization 15.6 Cessation of capitalization 16. IAS 24 16.1 Key terms 16.2 Substance over form 16.3 Recent amendments to the standard www.vskills.in Certified IFRS Professional 17. IAS 26 17.1 Scope 17.2 Key terms 17.3 Defined contribution plans vs. Defined benefit plans 17.4 Disclosures 18. IAS 27 18.1 Key terms 18.2 Presentation and scope of consolidated financial statements 18.3 Process of consolidation 18.4 Loss of control 19. IAS 29 19.1 Scope 19.2 Key terms 19.3 Restatement of financial statements 19.4 Restatement of comprehensive income 19.5 Statement of cash flows 20. IAS 32 20.1 Scope 20.2 Financial assets 20.3 Financial liabilities 20.4 Equity instruments 20.5 Presentation of liabilities and equity 20.6 Treasury shares 20.7 Purchased and written option to buy/sell own equity 20.8 Puttable instruments 20.9 Offsetting financial assets and liabilities 20.10 Interest, dividends, losses, and gains 20.11 Transaction cost of an equity issue 21. IAS 33 21.1 Scope 21.2 Key terms 21.3 Measurement 21.4 Diluted Earnings Per Share 21.5 Antidilution 21.6 Rights issue 21.7 Increasing rate preference shares 21.8 Presentation 21.9 Disclosures www.vskills.in Certified IFRS Professional 22. IAS 34 22.1 Scope 22.2 Key terms 22.3 Contents of an interim financial report 22.4 Periods for which interim financial reports are required 22.5 Accounting policies 22.6 Measurement of interim financial report income tax expense 23. IAS 36 23.1 Scope 23.2 Exclusions 23.3 Key terms 23.4 Identification of assets that may be impaired 23.5 Calculation of recoverable amount 23.6 Calculation of fair value less costs to sell 23.7 Calculation of value in use 23.8 Selection of discount rate 23.9 Recognition of an impairment loss 23.10 Cash-generating units 23.11 Impairment of goodwill 23.12 Reversal of an impairment loss 23.13 Disclosures 24. IAS 37 24.1 Scope 24.2 Key terms 24.3 Recognition of a provision 24.4 Measurement of provisions 24.5 Remeasurement of provisions 24.6 Restructurings 24.7 Contingent liabilities 24.8 Contingent assets 24.9 Disclosures 25. IAS 38 25.1 Scope 25.2 Key terms 25.3 Intangible assets 25.4 Recognition 25.5 Initial measurement 25.6 Intangible assets with finite lives 25.7 Intangible assets with indefinite lives 25.8 Subsequent expenditure 25.9 Disclosures www.vskills.in Certified IFRS Professional 26. IAS 39 26.1 Classification of financial assets 26.2 Financial asset or financial liability at fair value through profit or loss 26.3 Recognition principles 26.4 Measurement principles 26.5 Regular-way purchase or sale contract 26.6 Accounting for financial liabilities 26.7 Loan commitments 26.8 Financial guarantee 26.9 Derivatives 26.10 Reclassification 26.11 Impairment and uncollectibility of financial assets 26.12 Hedge accounting 26.13 Embedded derivatives 27. IAS 40 27.1 Key terms 27.2 Scope 27.3 Measurement of investment property 27.4 Transfers to and from investment property 27.5 Disposals 27.6 Disclosures 27.7 Fair value and cost model 28. IAS 41 28.1 Scope 28.2 Key terms 28.3 Recognition and measurement 28.4 Gains and losses 28.5 Government grants 29. IFRS 1 29.1 Scope 29.2 Key Terms 29.3 Exceptions to the first-time adoption rule 29.4 Opening IFRS statement of financial position 29.5 Adjustments required in preparing 29.6 Mandatory Exceptions 29.7 Presentation and disclosure 30. IFRS 2 30.1 Scope 30.2 Key Terms 30.3 Accounting for equity-settled share-based payments 30.4 Vesting 30.5 Accounting for cash-settled transactions www.vskills.in Certified IFRS Professional 30.6 Accounting for transactions that can be settled through cash or issuance of shares 30.7 Disclosure 31. IFRS 3 31.1 Scope 31.2 Key Terms 31.3 Identifying a business combination 31.4 Date of Acquisition 31.5 Acquisition Method of Accounting 31.6 Recognizing Assets and Liabilities 31.7 Fair value of consideration 31.8 Measurement period 31.9 Disclosures 32. IFRS 4 32.1 Scope 32.2 Insurance contract 32.3 Contract that are not classified as insurance contracts 32.4 Embedded derivatives 32.5 Unbundling of deposits 32.6 Temporary exemption from application of IAS 8 32.7 Business Acquisitions 32.8 Deferred acquisition costs 32.9 Liability adequacy test 32.10 Change in accounting policies 32.11 Discretionary Participation Features 32.12 Disclosures 33. IFRS 5 33.1 Key Terms 33.2 Scope 33.3 When to reclassify 33.4 Assets held for sale 33.5 Disposal group assets 33.6 Discounted operations 33.7 Measurement of noncurrent assets held for sale or disposal group 33.8 Changes in classification of held for sale 33.9 Disclosures 34. IFRS 6 34.1 Selection and application of accounting policies 34.2 Key Terms 34.3 Accounting for E&E costs 34.4 Measurement after initial recognition and presentation 34.5 Impairment 34.6 Disclosures www.vskills.in Certified IFRS Professional 35. IFRS 7 35.1 Scope 35.2 Significant accounting policies relating to financial instruments 35.3 Disclosures for Reclassification 35.4 Disclosures for de-recognition of financial assets 35.5 Collateral 35.6 Impairment allowance 35.7 Disclosures in the statement of comprehensive income 35.8 Hedge accounting disclosures 35.9 Disclosures in lieu of fair value disclosure 35.10 Fair value hierarchy-based disclosures 35.11 Risk disclosures 35.12 Liquidity risk disclosure through maturity analysis 35.13 Quantitative liquidity risk disclosures 35.14 Disclosure of market risk sensitivity analysis 35.15 Risk disclosures of insurance contracts 36. IFRS 8 36.1 Scope 36.2 Core principle 36.3 Chief operating decision maker (CODM) 36.4 Identifying segment using IFRS 8 36.5 Identifying operating segments 36.6 Reportable segments 36.7 Measurement of segment information 36.8 Disclosures 37. IFRS 9 37.1 Classification Issues 37.2 Classification at a glance 37.3 Business Model 37.4 Nature of contractual cash flows 37.5 Prepayments 37.6 Extension of the contractual term of debt instruments 37.7 Change in timing and amount of the contractual cash flows 37.8 Recognition of financial assets 37.9 Measurement of financial assets 37.10 Measurement subsequent to initial recognition 37.11 Embedded derivatives 37.12 Optionally convertible debenture in the hands of investor 37.13 Compulsory convertible debentures 37.14 Reclassification 37.15 Gains or losses on financial assets 37.16 Investment in unquoted equity shares 37.17 Transition Provisions www.vskills.in Certified IFRS Professional 38. IFRS 10 38.1 Scope 38.2 Key terms 38.3 Presentation of consolidated financial statements 38.4 Consolidation procedures 38.5 Control 38.6 Exposure or rights to variability in returns 38.7 Link between power and returns 38.8 Relationship with other parties ("de facto agents") 38.9 Changes in the ownership interests 38.10 Loss of control 38.11 Disclosure 39. IFRS 11 39.1 Scope 39.2 General requirements 39.3 Understanding joint control 39.4 Accounting for sales or contributions of assets to a joint operation 39.5 Presentation and disclosure 40. IFRS 12 40.1 Scope 40.2 Key Terms 40.3 Disclosure information required under IFRS 12 41. IFRS 13 41.1 Scope 41.2 The process of performing fair value measurements 41.3 Approaches to valuation 41.4 Market approach 41.5 Income approach 41.6 Adjusted net asset method 42. IFRS 14 42.1 Scope 42.2 Recognition and measurement 42.3 Impairment considerations 42.4 Presentation 42.5 Disclosures 42.6 Effective dates and transition 43. IFRS 15 43.1 Scope 43.2 Key Definitions 43.3 Summary 43.4 Disclosures www.vskills.in Certified IFRS Professional 44. Issues in IFRS 44.1 Form and components of financial statements 44.2 Statement of financial position 44.3 Statement of profit or loss and other comprehensive income 45. Difference between IFRS and US GAAP 45.1 Way forward with GAAP www.vskills.in Certified IFRS Professional Sample Questions 1. When did ICAI setset-up the plan for the efficient implementation of IFRS in India A. 2009 B. 2010 C. 2011 D. None of the above 2. What does the cost of goods comprises of as per ASAS-2 A. cost of purchase B. cost of conversion C. other cost necessary to bring the inventory in present location D. All of the above 3. What circumstances are provided exemptions under IFRS 1 A. A subsidiary becomes a first-time adopter later than its parent B. An entity becomes a first-time adopter later than its subsidiary C. Both of the above D. None of the above 4. Which term refers to one's right to receive cash, other assets, or equity instrument when preexistence conditions are met A. Share-based payment transaction B. equity-settled share-based payments C. Vesting D. None of the above 5. What are the key elements elements of a business as per the application guidance to IFRS 3 A. Input B. Output C. Process applied to inputs that together can be used to create D. All of the above Answers: 1 (B), 2 (D), 3 (C), 4 (C), 5 (D) www.vskills.in