IFRS Detailed Program Content Ver 2.0

Training Solutions on

International Financial

Reporting Standards

(IFRS)

November 2010

© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated

with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.2

Contents

About the training programs

Program Director and Trainer Pool

Recent Developments

About KPMG in India – Accounting Advisory Services

Other details

© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Synchronous Learning – NIIT Imperia

Upcoming programs

To know more call Us At 1800-236-0304 (Or)Write to [email protected].

mailto:[email protected]



IFRS convergence in India – Recent developments

Announcement by the Ministry of Corporate Affairs (MCA) dated November 4, 2010

ICAI had set up a Group including nominees

from Ministry of Finance for identifying tax

issues arising on convergence. The MCA

has instructed it to come up with a specific

proposal which will be revenue neutral and

also compatible with IFRS

Timeline of achieving convergence

Phase 1 – Transition date

April 1, 2011

Companies (listed or unlisted) with net worth in excess of INR 1000 Crores


April 1, 2013

Companies (listed or unlisted) with net worth in excess of INR 500 Crores but less than INR 1000 Crores


April 1, 2014

All other listed Companies

Existing

Indian

Accounting

Standards

IFRS

converged

standards

Based on the transition dates for standard on financial instruments (AS 30, AS 31 and AS 32) as

issued by ICAI, it is most likely to be effective from April 1, 2011.

To know more call Us At 1800-266-0304 (Or)Write to [email protected].




Contents

About the training program


Recent Developments


Other details

© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG

International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.


Upcoming programs

To know more call Us At 1800-266-0304 (MTNL/BSNL) or 040-66124690 (Others) (Or)Write to [email protected].




Information session for the programs

• 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. Ram Iyer, 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 about the program Register Here or call

1800-266-0304 (MTNL/BSNL) or 040-66124690 (Others) (Or)Write to

[email protected].

https://spreadsheets0.google.com/viewform?hl=en&formkey=dHlFX2x0R08xRVZzU1lGWEo1dldhbnc6MQ


© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent

member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

All rights reserved.6

Program 1

Advanced Certificate

Program on IFRS:

Implementation and

Compliance

Back






About the program

Professional from KPMG in India with significant IFRS conversion

experience

Trainers of International Repute

Focused toward challenges to be faced by each stakeholder in

IFRS conversion

Practical inputs on carrying out a conversion exercise

Mix of Experience Sharing Real Life Case Discussion

Use of Illustrative Financial Statements Industry Disclosure

Requirements, etc.

Certification of completion on successful assessment clearance from

KPMG in India and NIIT Imperia

Faculty

Program Design

Pedagogy

Certification

In the first twelve batches, organizations like Wipro Technologies, ICICI Prudential Life Insurance,

Capgemini, Oriental bank of Commerce, Hindustan Motors, NHPC, Reliance Power, Tata Motors, Bank of

Maharashtra, Yahoo, etc. have nominated their employees for the program






About the program (continued)

Ram Iyer, Director, Accounting Advisory Services, KPMG in India

48 hours

Graduates, Students majoring in finance, CA’s, CS’, CWA’s, MBA (Finance).

Batch 13 Wednesday 9:00AM – 5:30 PM Feb 16,23 Mar 2,9,16,23

Batch 14 Fri 6:30 PM-9:30 PM, Sat (9AM-12PM) Feb 18, 19, 25, 26, Mar 4, 5, 11, 12, 18,

19, 25, 26, Apr 1, 2, 8, 9

Batch 15 Wednesday 9:00AM – 5:30 PM Apr 13, 20, 27 May 4, 11, 18

Program director

Duration

Eligibility

Schedule (Tentative)

FeesBatch 13 & 15- INR 38,500/- + 10.3% Service Tax- INR 42,466/-

Batch 14– INR. 47,100/- + 10.3 percent, Service Tax – INR. 51,951/-






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, Accountant

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 presenceTo know more call Us At 1800-266-0304 (MTNL/BSNL) or 040-66124690 (Others) (Or)Write to [email protected].


© (2010) KPMG, an Indian Partnership and a member firm of the KPMG network of independent


All rights reserved.

Module Coverage

Presentation of financial statements

Revenue recognition

Business combinations

Financial instruments

Consolidation

Overview/Roadmap and IFRS Framework

Income taxes

Property, plant and equipment, intangible assets

and investment property

Impairment and Provisions/contingencies

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

The effect of change in Foreign exchange rates






The purpose, status and scope of the Framework

The fundamental concepts and definitions upon which IFRS‟s are based

The history and objectives of IASB

IASB as an organisation

IFRS‟s around the world

IASB‟s work program

The concept paper of ICAI and current environment on transition to IFRS

IFRS‟s issued by the IASB including IFRS 1

IAS‟s 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

Overview/Roadmap and IFRS Framework

Topics covered in the module

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

Presentation of financial statements



Statement of financial position

Statement of comprehensive income

Statement of changes in equity

Statement of cash flows

Notes






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

Revenue recognition



IAS 18- Revenue recognition

IAS 11- Construction contracts

IFRIC 13 –Customer royalty program






Business combination and 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

Business Combination



IAS 18- Revenue recognition

IAS 11- Construction contracts

IFRIC 13 –Customer royalty program






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

Financial instruments



IAS 39- Financial instruments: recognition and measurement

IAS 32- Financial instruments: disclosure and presentation

IFRS 7- Financial instruments: disclosure






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

Consolidation



IAS 27- Consolidation and separate financial statements

IAS 28- Investment in associates

IAS 31- Interest in joint ventures

SIC 12- Consolidation – Special purpose entities






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 indicators of a hyperinflationary economy

The effect of change in foreign exchange rates



IAS 21- The effect of change in foreign exchange rates

IAS 29- Financial reporting in hyperinflationary economies






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

Income taxes



IAS 12- Income taxes






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


Property plant and equipment, intangible assets and investment

property



IAS 16- Property plant and equipment

IAS 38- Intangible assets

IAS 40- Investment property






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

Impairment and provisions/contingencies



IAS 36- Impairment of assets

IAS 37- Provision contingent liabilities and contingent assets






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

Employee benefits, Share based payment, Non-current assets

held for sale and discontinued operations



IAS 19- Employee benefits

IFRS 2- Share based payments

IFRS 5- Non current assets held for sale and discontinued operations






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

Leases, borrowing costs, operating segments, events after the

balance sheet date, change in accounting policies and errors



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






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

Approach to IFRS Conversion



IFRS 1 – First time adoption of IFRS

KPMG approach to IFRS conversion






Course & Reference Material

Name of the book

Insights to IFRS - KPMG's practical guide to International Financial

Reporting Standards 5th Edition 2008/09 - MRP: €155

Reference book – Captures all important IFRS – IFRS updates can been

obtained by registering on KPMG IFRS Institute

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






Industry Specific Reference Material

Industry Reference Material

Mining Mining Executive Summary

Airline 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

Consumer

Goods The Application of IFRS on Consumer Good Sector

Pharma IFRS - KPMG's Pharmaceutical and Life Sciences IFRS Conversion Guide

IFRS and Pharmaceuticals Companies

Telecom IFRS Accounting in the Telecoms Industry

Banks IFRS Convergence for the Indian banking sector

IFRS-Illustrative-financial-statements

Media IFRS Practical Issues Accounting Strategies for the Media and Publishing Industries

Technology The Application of IFRS for Technology Companies

Oil & Gas IFRS-application on oil-gas

Power IFRS-application-power-utilities

Infrastructure Impact of IFRS on Infrastructure companies

Retail Impact of IFRS on Retail Sector





Sample Certificate

(

To know more call Us At 1800-266-0304 (MTNL/BSNL) or 040-66124690 (Others) (Or)Write to [email protected]





Contents



Recent Developments


Other details



Upcoming programs




Upcoming Programs

One Day Program on Accounting for

Acquisitions under IFRS

One Day Program on Impact of IFRS

Disclosure Requirements on Indian

Companies

One Day Program on Impact of IFRS on

the Real Estate industry

One Day Program on Impact of IFRS on

the IT / ITES industry

1.5 Days Program on Financial Instruments




Contents



Recent Developments


Other details



Upcoming programs




Ram Iyer – Program Director

30

Name Ram Iyer

Position Director, Accounting Advisory Services, KPMG in India

Qualifications Chartered Accountant

Experience Ram is a chartered accountant and CPA. He is a Director in KPMG's Accounting Advisory

Services practice. Ram is experienced in the fields of audits and accounting including

Indian GAAP, US GAAP, IFRS and training.

He has served several prominent Indian corporates, including financial institutions, with

US GAAP and IFRS conversion. Ram also has significant training experience.

Ram has designed and presented U.S. GAAP, IFRS and Indian GAAP training to several

corporates, both multinational and Indian. He has also presented sessions at various

institutions and professional bodies.

Ram has led the global KPMG US GAAP internal training program development including

mapping IFRS differences. As part of this project, Ram has trained KPMG colleagues in

Western and Eastern Europe and Latin America. In addition, Ram has written articles on

international accounting in leading journals.



Sandip Khetan - Program Advisor

Name Sandip Khetan

Position Director, Accounting Advisory Services

Qualifications Member of the Institute of Chartered Accountants of India (14th Rank Holder all

India)

Experience Sandip Khetan is a director in the Accounting Advisory Services of KPMG and is based

out of Delhi. He has more than 10 year of auditing and accounting experience. Sandip 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.



Trainer Pool (1)

Koosai Lehery Director

Koosai is a senior manager in Accounting Advisory Services

(„AAS‟). He has been providing IFRS and US GAAP

conversion services to leading Indian and global companies.

He also provides financial and tax due diligence services and

has been a speaker and trainer at various forums.

Chandrasekhar B Senior Manager

Chandrashekhar is a senior manager in Accounting Advisory

Services („AAS‟). He specializes in providing audit and

accounting advisory services on IFRS conversion to leading

Indian and global companies. He is an active member on the

project for development of training material.



Trainer Pool (2)

Rajiv Shah Senior Manager

Rajiv is senior manager in the Accounting Advisory Services

(„AAS‟). He has over 8 years of experience in audit and

accounting with extensive exposure to Media, IT services and

software among others. He has been involved in several US

GAAP and IFRS conversion projects and has been a speaker

and trainer at various forums.

Darshan Varma Senior Manager

Darshan is a senior manager in Accounting Advisory Services

(„AAS‟). He has extensive audit and accounting experience

spanning across a sector of industries including Energy,

Automobiles and Consumer Goods under local GAAP and

IFRS. He has worked in the Global IFRS audit division of

multinational company in Germany for 3 years.



Trainer Pool (3)

Shashikant Shenoy Manager

Shashikant is a manager in Accounting Advisory Services

(„AAS‟). He has worked across diverse industries including

IT/ITES, manufacturing and engineering under IFRS, US

GAAP and Indian GAAP. He has been involved in IFRS

conversion projects and audits under IFRS, Indian and US

GAAP in the past in India and the United Kingdom.

Ashish Gupta Manager

Ashish is a manager in Accounting Advisory Services (AAS).

He has significant audit experience under Indian GAAP, IFRS

and US GAAP in the past, in India and the United Kingdom.

Ashish has been actively involved in IFRS conversion projects

of large and medium scale companies.



Trainer Pool (4)

Surinder Jain Manager

Surinder is a manager in Accounting Advisory Services

(„AAS‟). He has more than 6 years experience including a

significant experience in the field of IFRS and US GAAP. He

has been involved in IFRS trainings and several large and

medium size IFRS conversion projects.

Dinesh Jangid Manager

Dinesh is a manager in Accounting Advisory Services („AAS‟).

He has more than 8 years of audit and IFRS advisory

experience across various sectors, including 5 years of audit

experience in the United Kingdom. He has worked on various

IFRS conversion projects and has been a regular speaker and

trainer at various forums including the ICAI.



Trainer Pool (5)

Vivek Sahni Manager

Vivek is a manager in Accounting Advisory Services („AAS‟).

He has prior experience in Indian GAAP, IFRS and US GAAP.

He has been actively engaged in IFRS audit and advisory

engagements for listed entities in India and the United

Kingdom



Contents



Recent Developments


Other details



Upcoming programs


38

Overview of KPMG in India

Youngest and 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 20.11 billion

KPMG member firms combine 140,000 people across 144 countries led by 7953 Partners

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

KPMG was established in India in September 1993 and today operates from nine

offices across the country

MUMBAI

BANGALORE

CHENNAI

PUNE

KOLKATA

HYDERABAD

KOCHI

NEW DELHI

CHANDIGARH




KPMG in India Accounting Advisory Services – A profile

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.

People Solutions Practice highlights

Global Conversion Services

IPO Reporting Advisory

Post Deal Accounting Advisory

Accounting Advisory (Including

Loan Staff)

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 200 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

Carve outs

Training Solutions

Restatement

Book keeping services

Due Diligence Support




Contents



Recent Developments


Other details

© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International

Cooperative (“KPMG International”), a Swiss entity. All rights reserved.


Upcoming programs



NIIT Imperia - Technology Edge

18 Classrooms in 17 cities

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 recordsCLASSROOM

VIEW

STUDIO VIEW



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

http://www.niitimperia.com/niit-imperia/video-gallery/center-for-advanced-learning-virtual-tour.html







Contents



Recent Developments


Other details

© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International

Cooperative (“KPMG International”), a Swiss entity. All rights reserved.


Upcoming programs



“"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.

What our earlier batch participants had to say

about the program?

"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 Buba Health Insurance Company Limited

"Well organized, effective learning, all the speakers were good, Specially Mr Iyer, Mr Khetan & Mr

Mankani were very good."

- Ms. Yogini Medadkar, Manager ,Finance & Accounts, Soham Surface Coatings Pvt. Ltd.

"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



How to apply

Application for the Batch will commence from Nov 18,

2010. Limited Seats Availability

Application Period

Application forms can be obtained from

www.niitimperia.com or at local NIIT Imperia Centers

Application Forms

1 Passport size photo affixed [Latest photo with light

backdrop]

Documents Required for Application

Information Session

To attend information session about the program

Register Here

https://spreadsheets0.google.com/viewform?hl=en&formkey=dHlFX2x0R08xRVZzU1lGWEo1dldhbnc6MQ



Call Us At 1800-266-0304 (MTNL/BSNL) or 040-66124690 (Others)

(Or)

Write to [email protected]

Contact us

For further information

Thank You

© 2010 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a

Swiss entity. All rights reserved.

The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International").