Advanced Certificate Program on IFRS. August 2012

Transcription

1 Advanced Certificate Program on IFRS August 2012

2 Contents 1 Regulatory developments 2 About the program 3 Upcoming programs 4 Program director and trainer pool 5 About KPMG In India - AAS 6 Synchronous Learning NIIT Imperia 7 Other details 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 2012 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 2

3 Agenda Regulatory developments 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 3

4 Regulatory developments updates Converged Indian accounting standards (Ind AS) notified by the Ministry of Corporate Affairs (MCA) in February Timeline for Ind-AS convergence is yet to be notified by MCA. Several carve-outs (deviations) from IFRS issued internationally. Revised Schedule VI notified in February Timeline for applicability of AS 30, 31 and 32 (Indian standards on financial instruments) deferred. Separate records for tax purposes - Position paper by Institute of Chartered Accountants of India (ICAI); Committee formed by Ministry of Finance. MCA notification dated 31 March 2011 mandates filing of financial statements in XBRL format from KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 4

5 Agenda About the program 2012 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 5 5

6 Information session Why should I attend the information session? To evaluate the programs rigorously and in depth before taking the final decision on the programs to be pursued. Who will host the Information Session? Mr. Sandeep Khetan (Director Accounting Advisory Services, KPMG in India) who is also the program director of the IFRS programs will be hosting the information session and answer your queries about the program. How can I register for the information session? To attend information session for the program Register Here or call (Or) Write to imperia@niit.com 2012 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 6

7 Agenda Advanced certificate program on IFRS 2012 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG 7 7

8 About the program (1/2) Faculty Professionals from KPMG in India with significant IFRS conversion experience. Trainers of International repute. Program Design Understanding the practical issues related to application of IFRS 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. 8

9 About the program (2/2) Program director Sandeep Khetan, Director, Accounting Advisory Services, KPMG in India Duration 8 Weeks Eligibility Graduates, Students majoring in finance, CA s, CS, CWA s, MBA (Finance). Schedule (Tentative) Batch 19 Wednesday and Sunday 6:30 PM 9:30 PM Oct 3, 7, 10, 14, 17, 21, 28, 31, Nov 4, 7, 21, 25 Fees Batch 19 - INR 38,500/ % Service Tax- INR 43,259/- 9

10 Who should attend? This program should be of value to you if you are: Graduate who is a part of Finance/ Accounting team Student of CA/ CS/ ICWA/ CFA Final level CFO & Finance Director Analysts, Accountants 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 10

11 Module Coverage Overview/Roadmap and IFRS Framework The effect of change in Foreign exchange rates Income taxes Presentation of financial statements Revenue recognition Property, plant and equipment, intangible assets and investment property Impairment and Provisions/contingencies Business combinations Financial instruments 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 Consolidation

12 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 IFRSs are based. The history and objectives of IASB. IASB as an organization. IFRS around the world. IASB s work program. 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. IASs 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.

13 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 IAS 1 Presentation of Financial Statements. Comparison with corresponding converged Ind-AS standard Ind-AS 1.

14 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 program. Comparison with corresponding converged Ind-AS standards Ind-AS 11 & 18.

15 Business Combination Upon completion you should understand Business combination and be able to 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 Business Combinations. Comparison with corresponding converged Ind-AS standard Ind-AS 103.

16 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. Comparison with corresponding converged Ind-AS standards Ind-AS 32, 39 and 107.

17 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. Comparison with corresponding converged Ind-AS standards Ind-AS 27, 28 and 31.

18 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. Comparison with corresponding converged Ind-AS standard Ind-AS 21.

19 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. Comparison with corresponding converged Ind-AS standard Ind-AS 12.

20 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. Comparison with corresponding converged Ind-AS standards Ind-AS 16, 38 and 40.

21 Impairment and Provisions & contingencies Upon completion you should understand The procedures that an entity applies to help determine 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. IAS 37 Provision, contingent liabilities and contingent assets. Comparison with corresponding converged Ind-AS standards Ind-AS 36 and 37.

22 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 payment. IFRS 5 Non-current assets held for sale and discontinued operations. Comparison with corresponding converged Ind-AS standards Ind-AS 19, 102 and 105.

23 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. Comparison with corresponding converged Ind-AS standards Ind-AS 17, 23, 108, 8 and 10.

24 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. Comparison with corresponding converged Ind-AS standard Ind-AS 101. KPMG approach to IFRS conversion.

25 Course & reference material Name of the book Transitions to Ind AS- Practical Insights Reporting Standards Edition 2011/12 - MRP: 155 Reference book Presentation of Financial Statements, Consolidation, Business Combination, Common Control Transactions, Foreign Currency Translation KPMG Publications - Common IFRS: An Overview Disclosure Checklist Illustrative Financial Statements - The purpose of this publication is to assist you in preparing financial statements in accordance with International Financial Reporting Standards (IFRSs). IFRS Developing Roadmap to Convergence

26 Industry specific reference material Industry Mining Airline Consumer Goods Pharma Telecom Banks Media Technology Oil & Gas Power Infrastructure Retail Reference Material Mining Executive Summary Accounting for Leases of Aircraft Fleet Assets in the Global Airline Industry Components of Aircraft Acquisition Cost Associated Depreciation and Impairment Testing in the Global Air The Application of IFRS on Consumer Good Sector IFRS - KPMG's Pharmaceutical and Life Sciences IFRS Conversion Guide IFRS and Pharmaceuticals Companies IFRS Accounting in the Telecoms Industry IFRS Convergence for the Indian banking sector IFRS-Illustrative-financial-statements IFRS Practical Issues Accounting Strategies for the Media and Publishing Industries The Application of IFRS for Technology Companies IFRS-application on oil-gas IFRS-application-power-utilities Impact of IFRS on Infrastructure companies Impact of IFRS on Retail Sector 26

27 Sample Certificate 27

28 Agenda Program Director and Trainer Pool 28

29 Sandip Khetan Program Director Name Sandip Khetan Position 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 with the AAS team of KPMG in India and carries with him an experience of 10 years of auditing and accounting. He 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 US IPO process of a large global company as based out of India. Sandip is an active participant in 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. 29

30 Agenda About KPMG in India Accounting Advisory Services 30

31 Overview of KPMG in India KPMG was established in India in September 1993 and today operates from nine offices across the country Youngest and one of the fastest growing Big 4 in India. KPMG was established in India in September 1993 and today operates from nine offices across the country The combined revenue of member firms of KPMG International for the fiscal year ending September 30, 2009 was USD billion KPMG member firms combine 140,000 people across 144 countries led by 7953 Partners CHANDIGARH NEW DELHI Training is a focus area in KPMG and it is mandatory for all professionals to complete prescribed minimum training hours KPMG India has been providing US GAAP trainings to a number of KPMG Offices across Europe and Asia. Over 15 trainings conducted in 2008 We also rotate staff to our overseas offices to enhance their knowledge and utilize their experience in providing value added services to clients in India Provide services to over 5000 clients spanning multinationals and local public and private sector companies MUMBAI PUNE HYDERABAD BANGALORE CHENNAI KOCHI KOLKATA 31

32 KPMG in India Accounting Advisory Services A profile People Solutions Practice highlights Profile Qualifications: CA, CPA, Graduates Special skills Professionals with industry experience in all sectors and experience on accounting advisory, training, audit, due diligence and securities offering assignments in India and abroad. Global Conversion Services IPO Reporting Advisory Post Deal Accounting Advisory Accounting Advisory (Including Loan Staff) Carve outs Restatement Training Solutions Book keeping services Due Diligence Support Fully accredited AAS practice Fully aligned with global initiatives Engaged with more than 100 IFRS projects across sectors completed and ongoing Multi-service line IFRS resource pool in place (More than 130 IFRS resources) Integrated IFRS Conversion Services practice with professionals with experience in accounting, processes and IT advisory Leaders in providing training services under IFRS and US GAAP Successfully completed the largest accounting restatement project in India Leaders in assisting clients in implementing new and complex accounting standards (for example, AS-30) Accounting advisory retainer arrangements with several clients 32

33 Agenda Synchronous Learning NIIT Imperia 33

34 NIIT Imperia Technology Edge STUDIO VIEW CLASSROOM VIEW 35 Classrooms in 23 cities across India 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 34

35 Synchronous Learning REPLICATION OF LIVE CLASSROOM Full features of face to face teaching Raised-hand-seeking-teacher's-attention Link- Virtual Tour of Synchronous Learning Tabulation of responses Quizzes randomly created by the teacher 35

36 Agenda Other details 36 36

37 What our earlier batch participants had to say about the program? "The program has helped me in getting a detailed knowledge about the application of IFRS Standards its application and treatment of accounting records." - Ajay Mukherjee, Divisional Controller F&A, Tata Steel Processing & Distribution Ltd. "Well organized, effective learning, all the speakers were good, Specially Mr. Iyer, Mr. Khetan & Mr. Kankani were very good." - Ms. Yogini Medadkar, Manager,Finance & Accounts, Soham Surface Coatings Pvt. Ltd. "The content is adequate and very informative. The faculty is experienced and teachers give lot of practical examples, thereby the program is not monotonous." - Anil Lamba, Head,Finance & Accounting, Max Bupa Health Insurance Company Limited "A well-structured program to give a holistic view of the IFRS on a macro level and some relevant aspects of the workings of IFRS in the Indian context." - Apurv Relan, Partner, Apurv Relan & Co., Chartered Accountant 37

38 How to apply Application Period Application for the batch will commence from August, Limited seats available. Application Forms Application forms can be obtained from or at local NIIT Imperia centers Documents Required for Application 1 Passport size photo affixed [Latest photo with light backdrop] Information Session To attend information session about the program Register Here 38

39 Important Points All fees are non-refundable; however if the program is delayed for more than 3 weeks, the candidate is eligible to apply for a refund The class dates shared above are tentative and are subject to selection of threshold number of candidates NIIT Imperia controls the extension or foreclosure of the applications for the program subject to seat availability in our centres. 39

40 For further information Contact us Call Us At (Or) Write to 40

41 Thank You 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, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. KPMG s participation and contribution in this regard is not an endorsement, sponsorship or implied backing of NIIT and its other products.