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Certified IFRS Professional

VS-1215

Passing marks: 25 (50%) There is no negative marking in this module. www. Who will benefit from taking this certification? Job seekers looking to find employment in finance or accounting departments of various companies. Companies specializing in consulting or finance are constantly hiring skilled IFRS Professionals. and result in higher earning potential.vskills. Fee Structure Rs. Test Details • • • Duration: 60 minutes No. 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. of questions: 50 Maximum marks: 50. Various public and private companies also need IFRS Professionals for their finance or accounts departments.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. 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.in . 6.(Includes all taxes) Companies that hire Vskills IFRS Professional IFRS Professionals are in great demand.000/. 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. broaden their employment opportunities by displaying their advanced skills.

6 IASB History 1.6 Disclosures 5. IAS 8 5.3 Abbreviations 1.3 Noncash Transactions 4.5 General requirements of IAS 1 2.6 Statement of comprehensive income 2.7 Disclosures 4.3 Key Terms 2.2 Key Terms 3.4 Foreign Currency Cash Flows 4.7 Disclosure of accounting policies 3. IAS 7 4. IAS 2 3.4 Complete set of financial statements 2.3 Basis of valuation 3.1 IASB structure 1.in . IAS 1 2.5 Reporting Cash Flows on a Net Basis 4.vskills.1 Key terms 4.5 Net realizable value 3.2 Presentation of a statement of cash flows 4.4 Cost Measurement 3.5 List of IAS 1.2 Selection and application of accounting policies 5.4 IASB due process 1.Certified IFRS Professional Table of Contents Contents 1.1 Objectives 2.2 Scope 2.7 Use of IFRSs around the world 2.2 IFRS Standards 1.1 Scope 3. Introduction 1.3 Consistency of accounting policies www.1 Key terms 5.6 Expense recognition 3.

1 Key terms 10.5 Accounting for deferred tax 8.5 Recognition of Revenue and Costs 7. IAS 16 9.10 Disclosures 8.8 Outcome of Construction Contract Cannot Be Estimated Reliably 7.4 Recognition of deferred tax liabilities and deferred tax assets 8.7 Stage of Completion 7.6 Outcome of Construction Contract Can Be Estimated Reliably 7. IAS 12 8.2 Tax base 8.2 Adjusting Events after the Reporting Period 6.8 Disclosures 10.4 Elements of cost 9.5 Leases in the financial statement of lessors www. IAS 17 10.5 Measurement of cost 9.vskills.2 Key terms 9.in . IAS 10 6.6 Measurement after recognition 9.3 Dividends 6.9 Effect of Change in Estimate in Construction Contract 7.3 Recognition and measurement of current tax liabilities and current tax assets 8.4 Going Concern 7.1 Scope 9.3 Leases in the financial statement of lesees 10. IAS 11 7.1 Key terms 8.1 Key terms 7.2 Classification of leases 10.Certified IFRS Professional 6.4 Contract cost 7.4 Operating Leases 10.6 Disclosures 9.3 Recognition 9.7 Derecognition 9.2 Contract options 7.1 Key Terms 6.3 Contract revenue 7.

IAS 23 15.vskills.1 Key terms 16.5 Repayment of government grants 14.4 Identification of a transaction 11.8 Disclosures 12. royalties.2 Recognition 15.7 Interest.4 Commencement of capitalization 15.3 Measurement of revenue 11. IAS 19 12. IAS 24 16.1 Scope 14.6 Cessation of capitalization 16. IAS 20 13.4 Presentation of grants related to income 13.in .2 Key terms 14.2 Key terms 12.1 Scope 11.3 Types of employee benefits 12.2 Substance over form 16.5 Suspension of capitalization 15.6 Revenue from rendering of services 11. and dividends 11.3 Recent amendments to the standard www.1 Key terms 15.Certified IFRS Professional 11.1 Scope 12.1 Key terms 13.3 Borrowing costs eligible for capitalization 15.6 Other long-term employee benefits 12.4 Short-term employee benefits 12.7 Termination Benefit 13.4 Net investment in a foreign operation 15. IAS 18 11.2 Recognition of government grants 13.2 Key terms 11.5 Postemployment benefit plans 12.3 Identification of functional currency 14.5 Revenue on sale of goods 11.3 Presentation of grants related to assests 13. IAS 21 14.

dividends.1 Scope 17.6 Treasury shares 20.5 Statement of cash flows 20.1 Key terms 18.2 Presentation and scope of consolidated financial statements 18.Certified IFRS Professional 17.3 Measurement 21.2 Key terms 17.1 Scope 19.5 Presentation of liabilities and equity 20.4 Disclosures 18.1 Scope 21. Defined benefit plans 17.in . IAS 26 17.10 Interest. IAS 27 18.5 Antidilution 21. IAS 33 21. IAS 32 20.9 Disclosures www.2 Key terms 19.4 Restatement of comprehensive income 19.4 Equity instruments 20.9 Offsetting financial assets and liabilities 20.11 Transaction cost of an equity issue 21.7 Purchased and written option to buy/sell own equity 20.4 Diluted Earnings Per Share 21.6 Rights issue 21.2 Financial assets 20.2 Key terms 21. IAS 29 19. losses.3 Process of consolidation 18.3 Financial liabilities 20.3 Defined contribution plans vs.4 Loss of control 19.8 Presentation 21.vskills.8 Puttable instruments 20.3 Restatement of financial statements 19.7 Increasing rate preference shares 21.1 Scope 20. and gains 20.

IAS 36 23.1 Scope 25.4 Identification of assets that may be impaired 23.in .9 Recognition of an impairment loss 23.12 Reversal of an impairment loss 23.4 Measurement of provisions 24.Certified IFRS Professional 22.1 Scope 22.4 Periods for which interim financial reports are required 22.2 Key terms 24.5 Remeasurement of provisions 24.7 Contingent liabilities 24.8 Subsequent expenditure 25.3 Recognition of a provision 24.1 Scope 23.6 Calculation of fair value less costs to sell 23.2 Key terms 25.5 Accounting policies 22.6 Restructurings 24. IAS 38 25.8 Selection of discount rate 23. IAS 34 22.9 Disclosures www.7 Intangible assets with indefinite lives 25.3 Contents of an interim financial report 22. IAS 37 24.7 Calculation of value in use 23.vskills.2 Key terms 22.5 Initial measurement 25.5 Calculation of recoverable amount 23.4 Recognition 25.2 Exclusions 23.9 Disclosures 25.6 Intangible assets with finite lives 25.13 Disclosures 24.1 Scope 24.3 Key terms 23.10 Cash-generating units 23.6 Measurement of interim financial report income tax expense 23.11 Impairment of goodwill 23.3 Intangible assets 25.8 Contingent assets 24.

3 Exceptions to the first-time adoption rule 29.6 Accounting for financial liabilities 26.2 Key terms 28.vskills.7 Fair value and cost model 28. IFRS 1 29.3 Recognition and measurement 28.1 Scope 28.5 Accounting for cash-settled transactions www.5 Adjustments required in preparing 29.5 Regular-way purchase or sale contract 26.6 Disclosures 27.2 Financial asset or financial liability at fair value through profit or loss 26.in . IAS 39 26.1 Key terms 27. IFRS 2 30.4 Transfers to and from investment property 27.10 Reclassification 26.9 Derivatives 26.4 Gains and losses 28.1 Scope 30.8 Financial guarantee 26.4 Vesting 30.3 Accounting for equity-settled share-based payments 30.6 Mandatory Exceptions 29.5 Disposals 27.3 Recognition principles 26.7 Presentation and disclosure 30.11 Impairment and uncollectibility of financial assets 26.4 Opening IFRS statement of financial position 29.2 Key Terms 30.2 Key Terms 29. IAS 40 27.1 Scope 29.12 Hedge accounting 26.7 Loan commitments 26.3 Measurement of investment property 27. IAS 41 28.2 Scope 27.5 Government grants 29.13 Embedded derivatives 27.Certified IFRS Professional 26.4 Measurement principles 26.1 Classification of financial assets 26.

1 Key Terms 33.3 Accounting for E&E costs 34.4 Date of Acquisition 31.6 Discounted operations 33.6 Temporary exemption from application of IAS 8 32.5 Impairment 34.1 Scope 32.9 Disclosures 34.5 Acquisition Method of Accounting 31.10 Change in accounting policies 32.3 When to reclassify 33.7 Measurement of noncurrent assets held for sale or disposal group 33.8 Measurement period 31.in .5 Unbundling of deposits 32. IFRS 4 32.4 Measurement after initial recognition and presentation 34.11 Discretionary Participation Features 32.7 Disclosure 31.8 Deferred acquisition costs 32.6 Accounting for transactions that can be settled through cash or issuance of shares 30.2 Scope 33.12 Disclosures 33.9 Liability adequacy test 32.1 Selection and application of accounting policies 34.3 Identifying a business combination 31. IFRS 6 34.5 Disposal group assets 33.7 Business Acquisitions 32.8 Changes in classification of held for sale 33.3 Contract that are not classified as insurance contracts 32.2 Insurance contract 32.2 Key Terms 31.9 Disclosures 32.Certified IFRS Professional 30.7 Fair value of consideration 31.2 Key Terms 34.4 Assets held for sale 33.vskills.6 Recognizing Assets and Liabilities 31.1 Scope 31.6 Disclosures www. IFRS 5 33. IFRS 3 31.4 Embedded derivatives 32.

IFRS 7 35.12 Liquidity risk disclosure through maturity analysis 35.2 Core principle 36.Certified IFRS Professional 35.4 Nature of contractual cash flows 37.vskills.1 Scope 36.8 Hedge accounting disclosures 35.13 Compulsory convertible debentures 37.11 Embedded derivatives 37.15 Risk disclosures of insurance contracts 36.13 Quantitative liquidity risk disclosures 35.10 Measurement subsequent to initial recognition 37.1 Scope 35. IFRS 9 37.14 Disclosure of market risk sensitivity analysis 35.9 Disclosures in lieu of fair value disclosure 35.17 Transition Provisions www.15 Gains or losses on financial assets 37.2 Classification at a glance 37.6 Reportable segments 36.8 Recognition of financial assets 37.in .4 Disclosures for de-recognition of financial assets 35.7 Disclosures in the statement of comprehensive income 35.3 Chief operating decision maker (CODM) 36.16 Investment in unquoted equity shares 37.4 Identifying segment using IFRS 8 36.5 Identifying operating segments 36.1 Classification Issues 37.5 Prepayments 37.11 Risk disclosures 35.14 Reclassification 37.2 Significant accounting policies relating to financial instruments 35.3 Business Model 37.12 Optionally convertible debenture in the hands of investor 37.6 Impairment allowance 35.3 Disclosures for Reclassification 35.7 Measurement of segment information 36.9 Measurement of financial assets 37.5 Collateral 35.6 Extension of the contractual term of debt instruments 37.8 Disclosures 37. IFRS 8 36.10 Fair value hierarchy-based disclosures 35.7 Change in timing and amount of the contractual cash flows 37.

in .2 General requirements 39. IFRS 13 41.11 Disclosure 39.4 Accounting for sales or contributions of assets to a joint operation 39.10 Loss of control 38.1 Scope 38.6 Adjusted net asset method 42.8 Relationship with other parties ("de facto agents") 38.1 Scope 39.1 Scope 43.9 Changes in the ownership interests 38.4 Disclosures www.5 Control 38.5 Income approach 41. IFRS 15 43.3 Impairment considerations 42.vskills.3 Understanding joint control 39. IFRS 11 39.2 Key Definitions 43.4 Presentation 42.3 Presentation of consolidated financial statements 38.5 Disclosures 42. IFRS 14 42.6 Effective dates and transition 43.5 Presentation and disclosure 40.Certified IFRS Professional 38.2 Key terms 38.1 Scope 40.1 Scope 41.6 Exposure or rights to variability in returns 38.2 Recognition and measurement 42.7 Link between power and returns 38.3 Disclosure information required under IFRS 12 41. IFRS 12 40. IFRS 10 38.2 The process of performing fair value measurements 41.1 Scope 42.3 Approaches to valuation 41.4 Consolidation procedures 38.4 Market approach 41.2 Key Terms 40.3 Summary 43.

1 Form and components of financial statements 44.2 Statement of financial position 44. Difference between IFRS and US GAAP 45.in .3 Statement of profit or loss and other comprehensive income 45.Certified IFRS Professional 44. Issues in IFRS 44.1 Way forward with GAAP www.vskills.

What circumstances are provided exemptions under IFRS 1 A. What does the cost of goods comprises of as per ASAS-2 A. cost of conversion C. equity-settled share-based payments C. A subsidiary becomes a first-time adopter later than its parent B. other assets. Share-based payment transaction B. or equity instrument when preexistence conditions are met A. Process applied to inputs that together can be used to create D. None of the above 5. 4 (C). An entity becomes a first-time adopter later than its subsidiary C. 5 (D) www. Vesting D. All of the above 3.in . None of the above 4. All of the above Answers: 1 (B). None of the above 2. 3 (C).vskills. 2011 D. Input B. 2010 C. 2009 B. What are the key elements elements of a business as per the application guidance to IFRS 3 A. other cost necessary to bring the inventory in present location D.Certified IFRS Professional Sample Questions 1. cost of purchase B. When did ICAI setset-up the plan for the efficient implementation of IFRS in India A. Which term refers to one's right to receive cash. Output C. 2 (D). Both of the above D.