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Class:5BCOMHB
CourseCode:COH533

CourseName:ACCOUNTINGSTANDARDSI

Syllabus
TotalTeachingHoursForSemester:60
MaxMarks:100

NoofLectureHours/Week:4
Credits:3

CourseObjective
ThebasicobjectiveofAccountingStandardsistohavestandardizationinthepresentationoffinancialstatements.This
courseinAccountingStandardsIisofferedasacorepaperinfifthsemester.Thispaperenablesthestudentstohavea
deep understanding to the theoretical framework of Accounting and also helps the students to have an indepth
knowledge of Accounting Standards to be followed while disclosing the books of accounts. It also familiarizes the
students with the standards and procedures to be followed while valuing the various items of the Balance sheet.
Accountingstandards1toAccountingstandards17arediscussed.Asaprerequisite,studentsshouldhaveathorough
understandingofvariousaccountingconcepts.

LearningOutcome
ToenablethestudentstohaveadeepunderstandingtothetheoreticalframeworkofAccounting.
TohelpthestudentstohaveanindepthknowledgeofAccountingStandardstobefollowed.
Tomotivatestudentsforresearchinaccountingarea.

Unit1

TeachingHours:12

AccountingTheory
ConceptoftheoryandaccountingtheoryRoleofAccountingtheory,ClassificationofAccountingtheory.Accounting
conceptsandprinciples.AccountingStandards:Meaning,Objectives,Advantages,disadvantages,Procedureforissuing
AccountingStandardsbytheICAI,ScopeofAccountingStandards.IFRSBackground,Meaning,InternationalandIndian
scenario,specificissuesProductClassificationandSignificantrisks,InvestmentAccountingandValuationunderIFRS,
DeferredAcquisitionCosts,EstimationofActuarialLiability,DisclosureRequirements.

Unit2

TeachingHours:8

AccountingStandards12
AS1DisclosureofAccountingPolicies:Scope,Need,Variousareaswheredisclosureismandatory,ChangeinAccounting
Policies.AS2ValuationofInventories:Objective,Definition,MeasurementofInventory,Costinventories,Exclusion
fromthecostofinventories,Valuationofinventory,Specificidentificationmethod,FirstinFirstoutmethod,Weighted
Averagecost,Standardcost,Retailinventorymethod,Netrealizablevalue,Valuationofcontainersandempties,Corporate
Accountingpractices.

Unit3

TeachingHours:17

AccountingStandards49
AS4 Contingencies and events occurring after the Balance Sheet Date: Nature of Contingency, treatment of Proposed
Dividend,Approvingauthority,AdjustingandnonadjustingEvents,Disclosuresrequired.AS5Netprofitorlossforthe
period, prior period items and change in accounting policies: Objective and scope, Change in accounting policy and
change in accounting estimate treatment. AS6 Accounting for Depreciation: Methods of Depreciation, change in
methods, wasting assets, useful life of asset, treatment of disposed or discarded depreciable asset. AS7 Construction
Contracts:ObjectiveandScope,allocationofRevenuesandrelatedcoststoaccountingperiod,methodofrecognitionof
revenue, AS 9 Revenue Recognition: Revenue definition Exclusions Revenue from sale of goods, Revenue from
renderingservices,RevenuefromuseofresourcesbyothersDisclosurerequirementsTimingofrevenuerecognition.

Unit4

TeachingHours:14

AccountingStandards1013
AS 10 Accounting for Fixed assets: Definition, Gross and net book value, Composition of cost, components of cost,
Improvements and repairs to fixed assets, Retirement and disposal. Revaluation, Principles governing the revaluation.
Disclosure Corporate practices. AS 11 Effects of changes in Foreign Exchange Rates: Need and objective, Scope and
applicability, foreign currency transactions, Definitions, Classification for accounting treatment Category IForeign
currencytransactionsCategoryIIForeignoperationsCategoryIIIForwardexchangecontracts.Accountingtreatments
and disclosure. AS 12 Accounting for Government Grants: Recognition of government Grants, kinds of Grants, Grants
relatedtoRevenue,refundofGovernmentgrants,ContingencyrelatedtoGovernmenttogrants.AS13Accountingfor
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Investments: Investment defined, Exception, Classification of investment, Cost of investments, and Valuation of
investments.Disposalofinvestments,Reclassificationofinvestment,Disclosureofinvestmentinthefinancialstatements.

Unit5

TeachingHours:9

AccountingStandards1517
AS 15 Accounting for Retirement Benefits: Meaning, Accrual system of accounting for retirement benefits, Types of
retirementbenefits,Definedcontributionscheme,Definedbenefitschemeandtheiraccountingprinciplesandaccounting
treatment, Employee Stock Option and its accounting treatment. AS 16 Borrowing cost: Meaning and coverage,
Qualifying asset, Recognition of borrowing cost, Eligible items for borrowing cost, Specific borrowing, General
borrowing, Capitalization ceiling, Commencement of capitalization, Conditions for capitalization, Suspension of
capitalization, Cessation of capitalization. AS 17 Segment reporting: Meaning, Objective, and Need for segment
reporting.Types:Businesssegment,Geographicalsegment,Segmentrevenue,Segmentexpenses,Segmentresult,Segment
assets,Segmentliabilities,Primaryandsecondarysegments.Corporatepractices.

EssentialTextBooks
1.Jawaharlal,(2011).AccountingTheory.Bombay:HimalayapublishingHouse.
2.Rawat(2013)AccountingStandardsNewDelhi:TaxmanPublications.
3.JainandNarang(2011).AccountingTheoryNewDelhi:KalyaniPublishers.
4.Porwal,L.S.(2011)AccountingTheory.NewDelhi:TMH.
5.VijayakumarMP(2012)FirstLessonsonAccountingStandards,Mumbai:SnowWhitePublications.

RecommendedReading
1.Anthony,R.N.James,(2012).AccountingPrinciples.NewDelhi:AITIBS
2.GuptaN.D.,(2011)AccountingStandards.NewDelhi:SultanChandandSons.

CoursePlan
Planned
date

01/06/2016
04/06/2016

06/06/2016
11/06/2016

13/06/2016
18/06/2016

Noof
Unit
hours

Heading

Details

Method

Reading/Ref

Jawaharlal.
(2014).
Accounting
Theory.
Bombay:
Himlaya
Publishing
House.

Unit Accounting
2.00
1
Theory

Conceptoftheoryand
accountingtheoryRoleof
Accountingtheory,
ClassificationofAccounting
theory.Accountingconcepts
andprinciples.

Interactive
lecture/
PPT

Unit Accounting
1
Theory

AccountingStandards:
Meaning,Objectives,
Advantages,disadvantages,
Procedureforissuing
AccountingStandardsbythe
ICAI,ScopeofAccounting
Standards.

Jain.,
Narang.
(2014).
PPTsand
Accounting
Discussions Theory.
NewDelhi:
Kalyani
Publishers.

IFRSBackground,Meaning,
InternationalandIndian
scenario,specificissues
ProductClassificationand
Significantrisks.

Jain.,
Explanation Narang.
And
(2014).
Discussion Accounting
Self
Theory.
Learning
NewDelhi:
Module
Kalyani
Publishers.

4.00

4.00

Unit Accounting
1
Theory

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Interactive
lecture/
PPT

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

27/06/2016
02/07/2016

AS2ValuationofInventories:
Objective,Definition,
MeasurementofInventory?
Costinventories,Exclusion
fromthecostofinventories,
Valuationofinventory?
Unit Accounting Specificidentificationmethod,
4.00
2
Standards12 FirstinFirstoutmethod,
WeightedAveragecost,
Standardcost,Retailinventory
method,Netrealizablevalue,
Valuationofcontainersand
empties,CorporateAccounting
practices.

Interactive
lecture/
PPT
Problem
solving

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

04/07/2016
09/07/2016

AccountingStandards49AS4
Contingenciesandevents
occurringaftertheBalance
SheetDate:Natureof
Interactive
Unit Accounting
4.00
Contingency,treatmentof
lecture/
3
Standards49
ProposedDividend,Approving PPT
authority,Adjustingandnon
adjustingEvents,Disclosures
required

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

11/07/2016
16/07/2016

AS5Netprofitorlossforthe
period,priorperioditemsand
changeinaccountingpolicies:
Objectiveandscope,Change
inaccountingpolicyand
changeinaccountingestimate
Unit Accounting
4.00
treatment.AS6Accounting
3
Standards49
forDepreciation:Methodsof
Depreciation,changein
methods,wastingassets,useful
lifeofasset,treatmentof
disposedordiscarded
depreciableasset

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

20/06/2016
25/06/2016

AccountingStandards12AS
1DisclosureofAccounting
Unit Accounting Policies:Scope,Need,Various
4.00
2
Standards12 areaswheredisclosureis
mandatory,Changein
AccountingPolicies

18/07/2016
23/07/2016

AS7ConstructionContracts:
ObjectiveandScope,
Unit Accounting allocationofRevenuesand
4.00
3
Standards49 relatedcoststoaccounting
period,methodofrecognition
ofrevenue

Interactive
lecture/
PPT/Chalk
andtalk
Problem
solving

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied

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Services(p)
Ltd.

25/07/2016
30/07/2016

AS9RevenueRecognition:
Revenuedefinition
ExclusionsRevenuefromsale
ofgoods,Revenuefrom
Unit Accounting
4.00
renderingservices,Revenue
3
Standards49
fromuseofresourcesby
othersDisclosure
requirementsTimingof
revenuerecognition.

01/08/2016
06/08/2016

AccountingStandards1013AS
10AccountingforFixed
assets:Definition,Grossand
netbookvalue,Composition
Accounting ofcost,componentsofcost,
Unit
4.00
Standards10 Improvementsandrepairsto
4
13
fixedassets,Retirementand
disposal.Revaluation,Principles
governingtherevaluation.
DisclosureCorporate
practices.

08/08/2016
13/08/2016

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

MSE

15/08/2016
20/08/2016

AS11Effectsofchangesin
ForeignExchangeRates:Need
andobjective,Scopeand
applicability,foreigncurrency
transactions,Definitions
Accounting
Unit
Classificationforaccounting
4.00
Standards10
4
treatmentcategoryI,II,III
13
Accountingtreatment
valuationatthebalancesheet
dateWorkingoutproblems
basedoncategoryI,II,III
transactions

22/08/2016
27/08/2016

AS12Accountingfor
GovernmentGrants:
Recognitionofgovernment
Accounting
Unit
Grants,kindsofGrants,Grants
4.00
Standards10
4
relatedtoRevenue,refundof
13
Governmentgrants,
Contingencyrelatedto
Governmenttogrants.

29/08/2016

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

Unit Accounting
Standards10

AS13Accountingfor
Investments:Investment
defined,Exception,
Classificationofinvestment,
Costofinvestments,and
Valuationofinvestments.

Interactive
lecture/

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:

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03/09/2016

4.00

13

Disposalofinvestments,Re
PPT/Chalk
classificationofinvestment,
andtalk
Disclosureofinvestmentinthe
financialstatements.Valuation
ofinvestmentworkingout
problems

05/09/2016
10/09/2016

AccountingStandards1517
AS15Accountingfor
RetirementBenefits,Meaning,
Accrualsystemofaccounting
forretirementbenefits,Types
Accounting
Unit
ofretirementbenefits?
4.00
Standards15
5
Definedcontributionscheme,
17
Definedbenefitschemeand
theiraccountingprinciplesand
accountingtreatment,
EmployeeStockOptionandits
accountingtreatment.

12/09/2016
17/09/2016

AS16Borrowingcost:
Meaningandcoverage,
Qualifyingasset,Recognition
ofborrowingcost,Eligible
itemsforborrowingcost,
Accounting
Unit
Specificborrowing,General
4.00
Standards15
5
borrowing,Capitalization
17
ceiling,Commencementof
capitalization,Conditionsfor
capitalization,Suspensionof
capitalization,Cessationof
capitalization.

19/09/2016
24/09/2016

AS17Segmentreporting:
Meaning,Objective,andNeed
forsegmentreporting.Types:
Businesssegment,
Accounting Geographicalsegment,
Unit
4.00
Standards15 Segmentrevenue,Segment
5
17
expenses,Segmentresult,
Segmentassets,Segment
liabilities,Primaryand
secondarysegments.Corporate
practices.

Taxmann
Allied
Services(p)
Ltd.

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

Interactive
lecture/
PPT/Chalk
andtalk

D.S,Rawat.
(2015).
Accounting
Standards.
NewDelhi:
Taxmann
Allied
Services(p)
Ltd.

CIA1
Component/Task1
CIADetails
WrienAssignmentbasedonSLM

LearningObjective

ToEnhancetheabilitytorecallfacts,Toidentifyandrepeattheinformationprovided.
EvaluationRubrics
10questionsbasedontheassignmentswillbegiventostudents.Eachquestionwouldbe
of2marks.
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Component/Task2
CIADetails
CrosswordPuzzles/Quiz/Objecvetypetest(MoodleBased)

LearningObjective

totestthestudents'abilitytorecallfacts,toidentifyandrepeattheinformationprovided.
EvaluationRubrics
0.5markforeachcorrectanswer.Nonegativemarking.
CIA3
Component/Task1
CIADetails
GroupPresentation
LearningObjective
Enhancingtheabilitytoworkingroups

Toassessandimprovethepresentationskills
EvaluationRubrics

Trait

Criteria
1

Criteria
2
Presentationhad
momentswhere
valuablematerial
waspresentbutas
awholecontent
waslacking.

Content:Did
the
presentation
havevaluable
material?

Presentation
contained
littletono
valuable
material.

Collaboration:
Dideveryone
contributeto
the
presentation?
Dideveryone
seemwell
versedinthe
material?

Theteammates
sometimes
workedfrom
othersideas.
Howeveritseems
asthoughcertain
peopledidnotdo
asmuchworkas
others.

Organization:
Wasthe
presentation
wellorganized
andeasyto
follow?

The
teammates
neverworked
fromothers
ideas.Itseems
asthoughonly
afewpeople
workedonthe
presentation.
The
presentation
lacked
organization
andhadlittle
evidenceof
preparation.

Presentation:
Didthe
presenters
Speakclearly?
Didtheengage
theaudience?
Wasitobvious
thematerial

Presenters
were
unconfident
and
demonstrated
littleevidence
ofplanning

Presenterswere
notconsistent
withthelevelof
confidence/
preparednessthey
showedthe
classroombuthad

Therewere
minimalsignsof
organizationor
preparation.

Criteria
3
Presentationhad
agoodamount
ofmaterialand
benefitedthe
class.
Theteammates
workedfrom
othersideas
mostofthetime.
Anditseems
likeeverydid
somework,but
somepeopleare
carryingthe
presentation.
Thepresentation
hadorganizing
ideasbutcould
havebeenmuch
strongerwith
better
preparation.
Presenterswere
occasionally
confidentwith
their
presentation
howeverthe
presentationwas
notasengaging
asitcouldhave

Criteria
4
Presentationhad
anexceptional
amountofvaluable
materialandwas
extremely
beneficialtothe
class.
Theteammates
alwaysworked
fromothersideas.
Itwasevidentthat
allofthegroup
members
contributedequally
tothe
presentation.
Thepresentation
waswell
organized,well
preparedandeasy
tofollow.

Presenterswereall
veryconfidentin
deliveryandthey
didanexcellent
jobofengaingthe

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hadbeen
rehearsed?

priorto
presentation.
Thepresenter
wasnot
confidentand
hispartdid
notcontribute
totheoverall
theme.

Individual
Contribution

somestrong
moments.
Presenterwasnot
confidentandhas
verylittleto
contributeto
overalltheme.

beenforthe
class.
Presenterwas
ableto
contributeto
overalltheme
butlackedthe
confidenceto
present

class.Preparation
isveryevident.
Presenterwas
extremely
confidentand
contributedwell
foroverall
presentation

Component/Task2
CIADetails
CaseAnalysis
LearningObjective
Toenhancetheapplicationandanalyticalskillsofthestudent
EvaluationRubrics

Criteria
Thereportonlycontainsthe
informationavailableinthecase
Thereportcontainstheprofile
andreasonsbutlacksanalysis
Thereportcontainsprofileand
analysisbutlacksclear
interpretationandconclusion
Thereportcontainsprofileand
analysiswithclearinterpretation
andconclusion

Feedback

Gradesout
of20

Needtobeimproved

010

Satisfactory

1114

Good

1518

Excellent

1920

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