Advanced Certificate Program on International Financial Reporting Standards

Transcription

1 Advanced Certificate Program on International Financial Reporting Standards (IFRS) Implementation and Compliance KPMG IN INDIA

2 Content About the program Program Modules Know your Program Faculty About KPMG IFRS practice Synchronous Learning - NIIT Imperia How to apply This program is jointly provided by KPMG in India and NIIT Imperia 2

3 About the program 3

4 About the program Faculty Professional from KPMG in India with significant IFRS conversion experience Trainer of International Repute Program Design Focused toward challenges to be faced by each stakeholder in IFRS conversion Practical inputs on carrying out a conversion exercise Pedagogy Mix of Experience Sharing Real Life Case Discussion Use of Illustrative Financial Statements Industry Disclosure Requirements, etc. Certification Certification of completion on successful assessment clearance from KPMG in India and NIIT Imperia 4

5 About the program Program Faculty: Ram Iyer and Sandip Khetan Duration: 6 weeks Eligibility: Graduate min 2yrs. Work experience are eligible to join the program [Experience requirement are waived off for CA, CS, CWA s, MBA (Finance) and corporate nomination] Schedule: Wednesday 9:00 AM 5:30 PM Fees: INR 40,000/- inclusive of tax 5

6 Who should attend? This program should be of value to you if you are: CFO & Finance Director Analysts, Accountant Investment Banker Corporate Banker Strategic Planner Auditor Private Equity & Merger & Acquisition specialist Tax Director Consultant Practicing CA, CS, CWA, and professionals from Indian companies with a global presence 6

7 Program Modules 7

8 Module Coverage Overview/Roadmap and IFRS Framework Presentation of financial statements Revenue recognition Business combinations Financial instruments Consolidation The effect of change in Foreign exchange rates Income taxes Property, plant and equipment, intangible assets and investment property Impairment and Provisions/contingencies Employee benefits, Share based payment, Non-current assets held for sale and discontinued operations Leases, borrowing costs, operating segments, events after the balance sheet date, change in accounting policies and errors Approach to IFRS conversion 8

9 Overview/Roadmap and IFRS Framework Upon completion you should understand The purpose, status and scope of the Framework The fundamental concepts and definitions upon which IFRS s are based The history and objectives of IASB IASB as an organisation IFRS s around the world IASB s work programme The concept paper of ICAI and current environment on transition to IFRS Topics covered in the module IFRS s issued by the IASB including IFRS 1 IAS s issued by the IASC or revisions thereof issued by the IASB Interpretations issued by the IFRIC and approved by IASB SIC interpretations approved by the IASB or the IASC 9

10 Presentation of financial statements Upon completion you should understand The required components of financial statements How to apply overall financial statement concepts and assumptions The structure of financial statements Topics covered in the module Statement of financial position Statement of comprehensive income Statement of changes in equity Statement of cash flows Notes 10

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

12 Business Combination Upon completion you should understand Business combination and identify transactions qualifying as business combination How to identify the effective date, transactions that meet the definition of business and control How to identify the acquirer in a business combination How to determine the date of business combination/acquisition and the date on which the acquirer obtains control of the acquiree How to recognise all assets acquired, all liabilities, and any non- controlling interest in the acquiree at their acquisition date fair values How to determine the consideration transferred and goodwill or bargain purchase in a business combination How to determine the amount of contingent consideration to be accounted as part of consideration transferred The presentation and disclosure requirements related to business combinations and non-controlling interest Topics covered in the module IFRS 3 IFRIC 17 Distributions of Non-cash Assets to Owners 12

13 Financial instruments Upon completion you should understand The definition of financial instruments and different categories of financial instruments The accounting for each of the categories of financial instruments The definition of derivatives and an introduction to plain vanilla derivative products (options, swaps etc.) and the overall accounting framework for derivatives The concept of embedded derivatives (hybrid instruments) The concept of Hedging by learning the three different types of hedging relationships and the key accounting differences in those three different hedging relationships The classification and disclosure of financial instruments Topics covered in the module IAS 39- Financial instruments: recognition and measurement IAS 32- Financial instruments: disclosure and presentation IFRS 7- Financial instruments: disclosure 13

14 Consolidation Upon completion you should understand How to distinguish different kinds of entities (subsidiaries, associates and joint ventures) How to account for them The principles of consolidation, equity accounting and proportionate consolidation The consolidation disclosure requirements Topics covered in the module IAS 27- Consolidation and separate financial statements IAS 28- Investment in associates IAS 31- Interest in joint ventures SIC 12- Consolidation Special purpose entities 14

15 The effect of change in foreign exchange rates Upon completion you should understand How to determine a company s functional currency How foreign currency transactions and balances are translated into a company s functional currency How foreign currency financial statements are translated for consolidation purposes The presentation and disclosure requirements The indicators of a hyperinflationary economy Topics covered in the module IAS 21- The effect of change in foreign exchange rates IAS 29- Financial reporting in hyperinflationary economies 15

16 Income taxes Upon completion you should understand The concepts of current and deferred income taxes How income taxes are accounted for by the asset / liability method The concept of temporary differences and ascertain how these differences arise and how they need to be accounted for How to evaluate the appropriateness of recording valuation allowance against deferred tax assets The presentation and disclosure requirements relating to current and deferred income taxes Topics covered in the module IAS 12- Income taxes 16

17 Property plant and equipment, intangible assets and investment property Upon completion you should understand How to identify and account for intangible assets How to identify and account for investment properties The revaluation and cost models of accounting for property, plant and equipment (PPE), intangible assets and investment property How to account for changes in depreciation methods / useful life / residual value The differences between repairs and maintenance, replacements and major inspections How to account for changes in existing decommissioning, restoration and similar liabilities The presentation and disclosure requirements Topics covered in the module IAS 16- Property plant and equipment IAS 38- Intangible assets IAS 40- Investment property 17

18 Impairment and provisions/contingencies Upon completion you should understand The procedures that an entity applies to help ensure that its assets are carried at no more than their recoverable amount The practical difficulties in applying this standard The definition of a provision, contingent liability and contingent asset The recognition and measurement criteria for provisions, contingent liabilities and contingent assets The application of IAS 37 to specific circumstances The presentation disclosure requirements About the current developments IASB & IFRIC regarding IAS 37 Topics covered in the module IAS 36- Impairment of assets IAS 37- Provision contingent liabilities and contingent assets 18

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

20 Leases, borrowing costs, operating segments, events after the balance sheet date, change in accounting policies and errors Upon completion you should understand The key application issues on leasing including right to use The key application issues on borrowing costs The key application issues on operating segments The key application issues on event occurring after the balance sheet date The key application issues on change in accounting policies and errors The key differences on the above topics with reference to Indian GAAP Topics covered in the module IAS 17 and IFRIC 4- Leases and Determining whether an arrangement contains a lease IAS 23- Borrowing costs IFRS 8- Operating Segments IAS 8 Accounting policies, change in accounting estimates and errors IAS 10 Events after the reporting period 20

21 Approach to IFRS Conversion Upon completion you should understand How and when to start IFRS conversion The different steps involved in IFRS conversion The role of different stakeholders in the IFRS conversion How to assess the impact of IFRS conversion on company existing financial reporting and practices IFRS 1 First time adoption of IFRS Topics covered in the module IFRS 1 First time adoption of IFRS KPMG approach to IFRS conversion 21

22 Know your Program Faculty 22

23 Ram Iyer Name Ram Iyer Position Director, Accounting Advisory Services, KPMG in India Education and Qualifications Chartered Accountant Experience Ram is experienced in the fields of audits and accounting including Indian GAAP, US GAAP, IFRS and training. He has served several prominent Indian corporates, including financial institutions, with US GAAP and IFRS conversion. Ram also has significant project management and training experience. 23

24 Sandip Khetan Name Position Sandip Khetan Director, Accounting Advisory Services Qualifications Member of the Institute of Chartered Accountants of India (14 th Rank Holder all India) Experience Sandip Khetan is a director in the Accounting Advisory Services of KPMG and is based out of Delhi. He has more than 10 year of auditing and accounting experience. Sandip is a member of the Institute of Chartered Accountants of India as well as an alumnus of IIM Ahmedabad Sandip has extensive audit experience spanning across a sector of industries including IT/ITES, Media, Auto and Telecom dealing with US GAAP/GAAS and IFRS. He has worked with both large Indian business houses and multinationals. He is the engagement manager on a largest BPO company in India which is only domestic SEC registrant from India. Sandip has gained significant experience of US GAAP and US Capital market while managing the entire US IPO process of Genpact as engagement manager. Sandip experience includes clients such as Genpact, Global Vantedge, Money control. com, Cadence design systems, Freescale semiconductor, Hindalco, Apollo Tyres, Ericssion, SRF etc among many more. Sandip is an active participant in firm training initiatives and have conducted many training session on US GAAP/ IFRS for clients and for different member firms (Dubai, Moscow, Egypt) in the past. Sandip has also worked with HCL Technologies for a period of 4 years during which he was leading the corporate finance MIS team and has worked closely with the top management of HCL corporate team. Sandip was leading the overall US GAAP reporting of HCL Technologies. 24

25 About KPMG IFRS practice 25

26 KPMG IFRS practice in India Established IFRS practice in India with more than 100 engagements and more than 200 resources. Integrated teams to address technology and process issues related to IFRS adoption. Committed to providing thought leadership in IFRS. Significant experience of carrying out large IFRS conversion projects. Professional staff having international experience implementing IFRS (including IAS 39) and are extremely well networked within core IFRS practices in Europe, Canada and Australia. Dedicated centralized IFRS technical group which works closely with KPMG's International Financial Reporting Group in London. 26

27 Synchronous Learning NIIT Imperia 27

28 NIIT IMPERIA - Technology Edge STUDIO VIEW 18 Classrooms in 17 cities Direct one-to-one interaction is fostered through individual ICT systems for each student: High-performance PCs Webcam Audio system and microphone at each workstation, connected directly to faculty at institutes Classroom interactions & ambience are facilitated by clusters of student-stations and camera & projection systems that can span the full classroom. 6 Synchronous Learning Centers created within corporate premises Learning Management System (LMS): supplementary e-learning program-specific notices online submission of assignments reminder services online testing student records CLASSROOM VIEW 28

29 Synchronous Learning REPLICATION OF LIVE CLASSROOM Full features of face-to-face teaching Raised-hand-seekingteacher's-attention Tabulation of responses Quizzes randomly created by the teacher 29

30 How to Apply 30

31 How to Apply Application forms Application forms can be obtained from or at local NIIT IMPERIA Centres Documents Required for Application 1 Passport size photo affixed [Latest photo with light backdrop] Proof of Graduation Completion [Provisional / Degree Certificate] Proof of Experience [Experience Certificates as supporting documents for all the jobs mentioned in the form] 31

32 For any Queries Or Doubts, Contact us Call Us At (MTNL/BSNL) or (Others) (Or) Write to The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. 32