International Financial Reporting-1 Osmania University 5th Semester Notes

25/11/2020 1 By indiafreenotes
Unit 1 General Purpose of Financial Accounting and Reporting as Per Us GAAP And IFRS: {Book}
Conceptual framework: Standard Setting Bodies & Hierarchy VIEW
Elements of Financial statement VIEW
Primary objectives of financial reporting VIEW
Qualitative Characteristics of Financial statement, Fundamental, Assumptions VIEW
Financial statement Principles VIEW
Accounting Cycle VIEW
Preparation of Financial statement, General-purpose financial statements VIEW
Balance sheet VIEW VIEW
Income Statement VIEW
Statement of Comprehensive income VIEW
Statement of changes in equity VIEW
Statement of changes cash flows VIEW VIEW
Public Company reporting requirements VIEW
SEC Reporting Requirements VIEW
Interim Financial Reporting VIEW
Segment Reporting VIEW
Revenue recognition: 5 Step approach to Revenue Recognition VIEW VIEW
Certain Customer Right’s & Obligations VIEW
Specific Arrangements VIEW
Long Term Construction Contracts VIEW


Unit 2 Current Assets and Current Liabilities: {Book}
Monetary Current Assets & Current Liabilities: VIEW
Cash & Cash Equivalents VIEW
Accounts Receivable VIEW
Notes Receivable VIEW
Transfers & Servicing of Financial Assets VIEW
Accounts Payable VIEW
Employee-related Expenses Payable VIEW VIEW
Inventory: Determining Inventory VIEW
Cost of Goods Sold VIEW
Inventory Valuation, Inventory Estimation Methods VIEW VIEW VIEW


Unit 3 Financial Investments and Fixed Assets: {Book}
Financial Investments: VIEW
Investments in Equity Securities VIEW VIEW
Investment in Debt Securities VIEW
Financial Instruments VIEW
Tangible Fixed Assets, Acquisition of Fixed Assets VIEW
Capitalization of Interest VIEW
Costs incurred After Acquisition VIEW
Depreciation VIEW VIEW VIEW
Impairment, Asset Retirement Obligation VIEW
Disposal Conversions VIEW VIEW
Involuntary Conversions VIEW
Intangible Assets: VIEW
Knowledge-based intangibles (R&D, Software)
Legal rights-based intangibles (Patent, Copyright, Trademark, Franchise, License, Leasehold improvements)
Goodwill VIEW VIEW


Unit 4 Financial Liabilities (As per US GAAP and IFRS): {Book}
Bonds Payable VIEW
Types of Bonds VIEW VIEW
Convertible bonds vs. Bonds with detachable warrants VIEW
Bond Retirement VIEW
Fair Value Option & Fair Value Election VIEW
Debt Restructuring: Settlement, Modification of terms VIEW


Unit 5 Select Transactions (As per US GAAP and IFRS): {Book}
Fair value Measurements: Valuation Techniques, Concept VIEW
Fair value hierarchy VIEW
Accounting changes and error correction:
Changes in Accounting estimate VIEW
Changes in Accounting principle VIEW
Changes in Reporting entity VIEW
Correction of an error, Contingencies VIEW
Possibility of occurrence (Remote, reasonably possible or Probable) VIEW
Disclosure vs. Recognition VIEW VIEW
Derivatives and Hedge Accounting: VIEW
Speculation (non-hedge) VIEW
Fair value hedge, Cash flow hedge VIEW
Nonmonetary exchanges: Exchanges with commercial substance, Exchanges without commercial substance VIEW
Leases: Operating lease, Finance lease VIEW
Sale leaseback VIEW