IPCC Accounts Syllabus for May 2015

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IPCC  Accounts Syllabus for May 2015:

The below mentioned article has been exclusively written for the “IPCC  Accounts Syllabus for May 2015”, this article “IPCC  Accounts Syllabus for May 2015” comprises for both the Accounts Paper I and Paper II of the “IPCC  Accounts Syllabus for May 2015”

IPCC  Accounts Syllabus for May 2015:

Group 1: Paper 1 Accounting:

(a)Accounting Standards:

  • AS 1: Disclosure of Accounting Policies
  • AS 2: Valuation of Inventories
  • AS 3: Cash flow Statements
  • AS 6: Depreciation Accounting
  • AS 7: Constructions Contracts (Revised 2002)
  • AS 9: Revenue Recognition
  • AS 10: Accounting for Fixed Assets
  • AS 13: Accounting for Investments
  • AS 14: Accounting for Amalgamations

(b)Company Accounts:

  • Preparation of financial statements – Profit and Loss Account; Balance Sheet and Cash flow statement
  • Profit (loss) prior to incorporation
  • Alteration of share capital; conversion of fully paid shares into stock and stock into shares; accounting for bonus issue.
  • Simple problems on accounting for business acquisition. Amalgamation and reconstruction (excluding problems of amalgamation on inter – company holding)
  • Average Due Date; Account Current; Self – Balancing Ledgers
  • Financial Statement of Not for Profit Organizations
  • Accounts from Incomplete Records
  • Accounting for Special Transactions (Hire purchase & installment sale transactions; investment accounts; Insurance claim for loss of stock and loss of profit)
  • Issue in Partnership Accounts: Final accounts of partnership firms – Admission; retirement and death of a partner including treatment of goodwill.

(c)Accounting in Computerized Environment:

  • An overview of computerized accounting system – Salient features and significance; Concept of grouping of accounts; Codification of accounts; Maintaining the hierarchy of ledger, Accounting packages and consideration for their selection; General Accounting Reports.

Note:
If either Old Accounting Standards (ASs); Announcements and Limited Revisions to ASs are withdrawn or new Ass, Announcements and Limited revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs; Announcements and Limited Revisions to the ASs; the Syllabus will accordingly include/exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute.

Group II: Paper 5: Advanced Accounting:

(a)Conceptual Framework for Preparation and Presentation of Financial Statements

(b)Accounting Standards:

  • AS 4: Contingencies and Events occurring after the Balance Sheet Date
  • AS 5: Net Profit or Loss for the Period, Prior Period Items and changes in Accounting Policies
  • AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
  • AS 12: Accounting for Government Grants
  • AS 16: Borrowing Costs
  • AS 19: Leases
  • AS 20: Earnings Per Share
  • AS 26: Intangible Assets
  • AS 29: Provisions, Contingent Liabilities and Contingent Assets

(c)Advanced Issues in Partnership Accounts:

  • Dissolution of Partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversation into a company and Sale to a company.

(d)Company Accounts:

  • Accounting for employee stock option plan; Buy back of securities; Equity shares with differential rights; Underwriting of shares and debentures; Redemption of debentures
  • Advanced problems for business acquisition; Amalgamation and reconstruction (excluding problems of amalgamation of inter – company holding)
  • Accounting involved in liquidation of companies; Statement of Affairs (including deficiency / surplus accounts) and liquidator’s statement of account of the winding up.
  • Financial statement of Banking; Insurance and Electricity companies

(e)Accounting for Special Transactions:

  • Departmental and branch accounts including foreign branches.

Note:
If either old Accounting Standards (ASs), Announcements and Limited Revisions to ASs are withdrawn or new ASs, Announcements and Limited Revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs, Announcements and Limited Revisions to ASs; the syllabus will accordingly include / exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute.

The above mentioned article has been exclusively written for the “IPCC  Accounts Syllabus for May 2015”, this article “IPCC  Accounts Syllabus for May 2015” comprises for both the Accounts I and Accounts II of the “IPCC  Accounts Syllabus for May 2015”

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