GROUP II- PAPER 5: ADVANCED ACCOUNTING (One paper – Three hours – 100 Marks) Objectives: 1. To acquire the ability to apply specific Accounting Standards and legislations to different transactions and events and in preparation and presentation of financial statements of business entities 2. To understand and apply financial reporting and regulatory requirements of Banking Companies and NBFCs. Contents: 1. Application of Accounting Standards: AS 4 : Contingencies and Events Occurring After the Balance Sheet Date AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies AS 7 : Construction Contracts AS 9 : Revenue Recognition AS 14 : Accounting for Amalgamations AS 17 : Segment Reporting AS 18 : Related Party Disclosures AS 19 : Leases AS 20 : Earnings Per Share AS 22: Accounting for Taxes on Income AS 24 : Discontinuing Operations AS 26 : Intangible Assets AS 29 : Provisions, Contingent Liabilities and Contingent Assets. 2. Special Aspects of Company Accounts (i) Accounting for employee stock option plan (ii) Buy back of securities; (iii) Equity shares with differential rights. 3. Reorganization and liquidation of Companies (i) Accounting for amalgamation (excluding inter company holding) and reconstruction (ii) Accounting involved in liquidation of companies. 4. Banking Companies and Non-Banking Financial Companies and regulatory requirements thereof. 5. Consolidated Financial Statements Concept of consolidation and simple problems on Consolidated Financial Statements with single subsidiary (excluding problems involving ac quisition of Interest in Subsidiary at Different Dates; Different Reporting Dates of Holding and Subsidiary; Disposal of a Subsidiary and Foreign Subsidiaries). 6. Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership. Notes : 1. If either new Accounting Standards (ASs), Announcements and Limited Revisions to ASs are issued or the earlier ones are withdrawn or new ASs, Announcements and Limited Revisions to AS are issued in place of existing ASs, Announcements and Limited Revisions to AS, the syllabus will accordingly include / exclude such new developments in the place of the existing ones with effect from the date to be notified. 2. The specific exclusions, in any topic covered in the syllabus, will be effected, if any, by way of Study Guidelines.