CMA Final Syllabus ,Updates & Structure
Paper 17: Corporate Financial Reporting
There will be written examination paper of three hours.
OBJECTIVES - To understand the recognition, measurement, disclosure and analysis of information in an entity’s financial statements to cater the needs of the stakeholders.
Learning Aims - The syllabus aims to test the student’s ability to: Demonstrate the financial statements for understanding of stakeholders ; Analyze the impact of GAAP and its application for reporting and compliance ; Evaluate financial statements for strategic decision-making ; Interpret and apply the ongoing developments for financial reporting.
Skill set required Level: Requiring skill levels of knowledge, comprehension, application, analysis, synthesis and evaluation.
GAAP AND ACCOUNTING STANDARDS[20 MARKS ]
1. Accounting Standards (a) Generally Accepted Accounting Principles in India (b) Overview of Accounting Standards (AS) (c) International Financial Reporting Standards (d) Over View of Ind AS
ACCOUNTING OF BUSINESS COMBINATIONS & RESTRUCTURING [20 MARKS ]
2. Accounting of Business Combinations & Restructuring (as per Ind AS that is Ind AS 103)
(a) Relevant Terms, Types of merger, methods of accounting, treatment of Goodwill arising on merger, Purchase consideration and settlement
(b) Accounting in books of vendor/ transferor and transferee
(c) Accounting for investment in subsidiary
(d) Accounting for Mergers / Acquisitions (including chain holdings, cross holdings, multiple holdings)
(e) Corporate Financial restructuring, Reconstruction Schemes, De- merger, Reverse merger
(g) Notes to Accounts & related disclosures under amalgamation
CONSOLIDATED FINANCIAL STATEMENTS [20 MARKS ]
As per Ind AS 110 , 111, 112, 28
3. Group Financial Statements (a) Concept of a group, Purposes of consolidated financial statements, Consolidation procedures, Non- controlling interest, Goodwill, Treatment Pre-acquisition profit and Post- acquisition profit and concept of Fair value at the time of acquisition. (b) Consolidation with two or more subsidiaries, consolidation with foreign subsidiary. (c) Consolidated Income Statement, balance Sheet and Cash Flow Statements for Group of companies. (d) Impact on group financial statements at the point of acquisition (e) Treatment of investment in associates in consolidated financial statements. Compare and contrast acquisition and equity methods of accounting (f) Treatment of investment in joint ventures in consolidated financial statements
DEVELOPMENTS IN FINANCIAL REPORTING AND OTHER ITEM OF REPORTING [25 MARKS ]
4. Recent trends in Financial Reporting
(a) Sustainability Reporting (b) Tripple Bottom Line Reporting (c) Corporate Social Responsibility Reporting (CSR Reporting)
(d) Fair Value Measurement ( Ind AS 113) (e) Integrated Reporting (IR) (f) Business Responsibility Reporting
5. Valuation, Accounting and Reporting of Financial Instruments and others
(a) Recognition & Valuation Financial Instruments (Ind AS) - Ind AS 107, 109, 32
(b) GST Accounting
(c) NBFC – Provisioning Norms and Accounting
(d) Valuation of Shares
(e) Valuation of Goodwill
6. Share Based payments transactions (Ind AS) - Ind AS 102
7. Reporting Through XBRL (Extended Business Reporting Language)
GOVERNMENT ACCOUNTING IN INDIA [15 MARKS]
8. Government Accounting (a) General Principles and comparison with commercial accounting (b) Role of Comptroller and Auditor General of India (c) Role of Public Accounts Committee, Review of Accounts (d) Government Accounting Standards issued by Government Accounting Standards Advisory Board (GASAB) (e) Government Accounting and Reporting
3. Study Plan and Strategy CMA Final CFR Subject
Do the chapters in following sequence:
1. Consolidated Accounts as per Ind AS 110 ; Do all the lectures
2. Business Combination as per Ind AS 103: Do all the lectures
3. Valuation of goodwill: Do at least 10 lectures out of 12 provided
4. Valuation of shares : Do only 10 Lectures out of total 17 provided.
5. Share based Payments ( Ind AS 102) : Do all the lectures
6. Financial Instruments ( Ind AS 107, 109 and 32): Do all lectures. Please Note also that we have not provided any separate notes for this topic as Questions have been dictated in the lecture itself and entire theory too has been dictated over there.
7. Government accounting : Do all the lectures. separate notes too have been given.
8. GST : all Lectures.
9. Do only Ind AS 110, 103, 111, 112, 113 , 105, 27, 28
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