Certified GAAP Accounting

Standards Professional
VS-1127
Certified
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C CC Certified ertified ertified ertified GAAP Accounting Standards GAAP Accounting Standards GAAP Accounting Standards GAAP Accounting Standards
Professional Professional Professional Professional
Certification Code Certification Code Certification Code Certification Code VS-1127
Vskills certification for GAAP Accounting Standards Professional assesses the candidate as
per the companys need for compliance to GAAP accounting standards !he certification
tests the candidates on "arious areas in #alance sheet presentation$ #alance sheet
presentation$ financial instruments$ G% &A'-1( and "arious Accounting standards from AS-
1 to 7 and AS-) to 2)

*hy should one take this certification+ *hy should one take this certification+ *hy should one take this certification+ *hy should one take this certification+
!his Course is intended for professionals and graduates ,anting to e-cel in their chosen
areas .t is also ,ell suited for those ,ho are already ,orking and ,ould like to take
certification for further career progression

/arning Vskills GAAP Accounting Standards Professional Certification can help candidate
differentiate in today0s competiti"e 1o# market$ #roaden their employment opportunities #y
displaying their ad"anced skills$ and result in higher earning potential

*ho ,ill #enefit from taking this certification+ *ho ,ill #enefit from taking this certification+ *ho ,ill #enefit from taking this certification+ *ho ,ill #enefit from taking this certification+
2o# seekers looking to find employment in finance or compliance departments of "arious
companies$ students generally ,anting to impro"e their skill set and make their CV
stronger and e-isting employees looking for a #etter role can pro"e their employers the
"alue of their skills through this certification
!est 3etails !est 3etails !est 3etails !est 3etails
3uration4 3uration4 3uration4 3uration4 56 minutes
%o of 7uestions4 %o of 7uestions4 %o of 7uestions4 %o of 7uestions4 86
9a-imum marks4 9a-imum marks4 9a-imum marks4 9a-imum marks4 86$ Passing marks4 28 &86:'
!here is no negati"e marking in this module
;ee Structure ;ee Structure ;ee Structure ;ee Structure
<s =$666>- &.ncludes all ta-es'
Companies that hire Vskills Companies that hire Vskills Companies that hire Vskills Companies that hire Vskills GAAP Accounting Standards Professional GAAP Accounting Standards Professional GAAP Accounting Standards Professional GAAP Accounting Standards Professionals ss s
GAAP Accounting Standards Professionals are in great demand Companies speciali?ing in
finance$ compliance or consulting are constantly hiring skilled GAAP Accounting
Standards Professionals Various pu#lic and pri"ate companies also need GAAP
Accounting Standards Professionals for their finance or compliance departments



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!a# !a# !a# !a#le of Contents le of Contents le of Contents le of Contents

1 1 1 1 !he Conceptual ;rame,ork !he Conceptual ;rame,ork !he Conceptual ;rame,ork !he Conceptual ;rame,ork
1.1 Objectives of Financial Reporting
1.2 Characteristics and Limitations of a Financial Report
1.3 Underlying Assumptions
1.4 Qualitative Characteristics
1.5 Accounting Approach
1.6 Elements of Financial Statements
1.7 Concept of Capital and Capital Maintenance
1.8 Recognition of Elements of Financial Statements
1.9 Measurement of Elements of Financial Statements
1.10 Conclusions

2 2 2 2 @alance Sheet Presentation @alance Sheet Presentation @alance Sheet Presentation @alance Sheet Presentation
2.1 Presentation of Financial Statements Under Indian GAAP
2.2 Balance Sheet Presentation under IAS-1
2.3 Balance Sheet Presentation under US GAAP
2.4 Comparison on Indian GAAP, IAS and US GAAP

= = = = Profit and Aoss Account Presentation Profit and Aoss Account Presentation Profit and Aoss Account Presentation Profit and Aoss Account Presentation
3.1 Presentation of Income Statement under Indian
3.2 GAAP-Schedule VI of the Companies Act 1956
3.3 IAS 1-Income Statement
3.4 US GAAP
3.5 Comparison between Indian GAAP, IAS, and US GAAP

B B B B Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -1 11 1$ 3isclosure of Accounting Policies $ 3isclosure of Accounting Policies $ 3isclosure of Accounting Policies $ 3isclosure of Accounting Policies
4.1 Indian GAAP on Disclosure of Accounting Policies
4.2 Disclosure of Accounting Policy under IAS
4.3 Disclosure of Accounting Policy under US GAAP
4.4 Comparison of Indian GAAP, IAS, and US GAAP

8 8 8 8 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -2 22 2$ Valuation of .n"entories $ Valuation of .n"entories $ Valuation of .n"entories $ Valuation of .n"entories
5.1 Accounting for Inventories under Indian GAAP
5.2 Accounting for Inventories under IAS-2
5.3 Accounting for Inventories under US GAAP
5.4 Comparisons for Inventories under US GAAP
5.5 Comparisons of Indian As-2, IAS-2, and US GAAP





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5 5 5 5 Accounting$ Standard Accounting$ Standard Accounting$ Standard Accounting$ Standard- -- -= == =$ Cash ;lo, Statement $ Cash ;lo, Statement $ Cash ;lo, Statement $ Cash ;lo, Statement
6.1 Cash Flow Statement under AS-3
6.2 Cash Flow Statement under IAS-7
6.3 Cash Flow Statement under US GAAP
6.4 Comparison between Indian GAAP, IAS and US GAAP

7 7 7 7 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -B BB B$ Contingencies and $ Contingencies and $ Contingencies and $ Contingencies and /"ents Cccurring /"ents Cccurring /"ents Cccurring /"ents Cccurring
7.1 Accounting for Events Occurring After the Balance Sheet Date Under AS-4
7.2 Comparison between Indian GAAP IAS and US GAAP

( ( ( ( Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -8 88 8$ %et Profit or Aoss for the Period $ %et Profit or Aoss for the Period $ %et Profit or Aoss for the Period $ %et Profit or Aoss for the Period
8.1 Presentation of Income Statement under US GAAP
8.2 Presentation of Income Statement under US GAAP
8.3 Comparison between Indian GAAP, AS and the US GAAP

) ) ) ) Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -5 55 5$ 3epreciation $ 3epreciation $ 3epreciation $ 3epreciation
9.1 Accounting for Depreciation Under AS-6
9.2 Accounting for Depreciation under IAS-16
9.3 Accounting for Depreciation under US GAAP
9.4 Comparison between Indian GAAP, IAS and US GAAP

16 16 16 16 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -7 77 7$ Construction Contracts $ Construction Contracts $ Construction Contracts $ Construction Contracts
10.1 Accounting for Construction Contracts under AS-7
10.2 Accounting for Construction Contracts under IAS-11
10.3 Accounting for Construction Contracts under US GAAP
10.4 Comparison between Indian GAAP, IAS and GAAP

11 11 11 11 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -) )) )$ <e"enue <ecognition $ <e"enue <ecognition $ <e"enue <ecognition $ <e"enue <ecognition
11.1 Accounting for Revenue under AS-9
11.2 Accounting for Revenue under IAS-18
11.3 Accounting for Revenue Under US GAAP
11.4 Comparison of Indian GAAP, IAS and US GAAP

12 12 12 12 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -16 16 16 16$ Accounting for $ Accounting for $ Accounting for $ Accounting for ;i-ed Assets ;i-ed Assets ;i-ed Assets ;i-ed Assets
12.1 Accounting under Indian GAAP
12.2 Accounting for Property, Plant and Equipment under IAS-16
12.3 Accounting for Long-lived Tangible Assets under US GAAP
12.4 Comparison between Accounting Principles in INDIAN GAAP

1= 1= 1= 1= Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -11 11 11 11$ Changes in ;oreign $ Changes in ;oreign $ Changes in ;oreign $ Changes in ;oreign /-change <ates /-change <ates /-change <ates /-change <ates
13.1 Indian GAAP (AS-11)
13.2 Under US GAAP
13.3 AS-15, IAS-21 and US GAAP

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1B 1B 1B 1B Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -12 12 12 12$ Accounting for Go"ernment Grants $ Accounting for Go"ernment Grants $ Accounting for Go"ernment Grants $ Accounting for Go"ernment Grants
14.1 Accounting for Government Grants Under the Indian GAAP (AS-12)
14.2 Accounting for Government Grants, Under IAS-20
14.3 Accounting for Contributions, Including Government Grants Under US GAAP
14.4 Comparison between accounting principles in Indian GAAP, IAS and US GAAP

18 18 18 18 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -1= 1= 1= 1=$ Accounting for .n"estments $ Accounting for .n"estments $ Accounting for .n"estments $ Accounting for .n"estments
15.1 Accounting for Investments under Indian GAAP
15.2 Accounting for Investments under US GAAP
15.3 Comparison of Accounting Principles under Indian IAS, and US GAAP

15 15 15 15 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -1B 1B 1B 1B$ Accounting for Amalgamations $ Accounting for Amalgamations $ Accounting for Amalgamations $ Accounting for Amalgamations
16.1 Accounting for Amalgamation under the Indian GAAP (AS-14)
16.2 Amalgamation under IFRS-3
16.3 Amalgamation under US GAAP (SFAS-141)
16.4 Comparison between Indian GAAP, IFRS, US GAAP

17 17 17 17 Accounting Accounting Accounting Accounting Standard Standard Standard Standard- -- -18 18 18 18$ /mployee @enefits $ /mployee @enefits $ /mployee @enefits $ /mployee @enefits
17.1 Accounting for Employee Benefits under AS- (Revised 2005)
17.2 Accounting for Employee Benefits under US GAAP
17.3 Comparison between Indian GAAP (AS-15), IAS-19 and US GAAP

1( 1( 1( 1( A AA Accounting Standard ccounting Standard ccounting Standard ccounting Standard- -- -15 15 15 15$ @orro,ing Costs $ @orro,ing Costs $ @orro,ing Costs $ @orro,ing Costs
18.1 Accounting for Borrowing Cost in AS-16
18.2 Accounting for Borrowing Cost Under US GAAP
18.3 Comparison of Accounting Principles in AS-16, IAS-23, and US GAAP

1) 1) 1) 1) Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -17 17 17 17$ Segment <eporting $ Segment <eporting $ Segment <eporting $ Segment <eporting
19.1 Segment Reporting Under AS-17
19.2 Segment Reporting Under IAS-14
19.3 Segment Reporting Under US GAAP
19.4 Comparison of AS, IAS, and US GAAP

26 26 26 26 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -1( 1( 1( 1($ <elated Party 3isclosures $ <elated Party 3isclosures $ <elated Party 3isclosures $ <elated Party 3isclosures
20.1 Related Party Disclosures under AS-18, Related Party Disclosures
20.2 Related Party Disclosures under IAS-24, Related Party Disclosures
20.3 Related Party Disclosures under US GAAP

21 21 21 21 Accounting Accounting Accounting Accounting Standard Standard Standard Standard- -- -1) 1) 1) 1)$ Accounting for Aeases $ Accounting for Aeases $ Accounting for Aeases $ Accounting for Aeases
21.1 Accounting for Lease under AS-19
21.2 Accounting for Leases under IAS-17
21.3 Comparison of AS-19, IAS-17 and US GAAP


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22 22 22 22 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -26 26 26 26$ /arni $ /arni $ /arni $ /arnings Per Share ngs Per Share ngs Per Share ngs Per Share
22.1 Presentation and Calculation of EPS under AS-20
22.2 Presentation and Calculation of Earnings Per Share Under IAS-33
22.3 Computation and Presentation of EPS under the US GAAP
22.4 Comparison between the AS-20, IAS-33 and SFAS-128

2= 2= 2= 2= Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -21 21 21 21$ C $ C $ C $ Consolidated ;inancial Statements onsolidated ;inancial Statements onsolidated ;inancial Statements onsolidated ;inancial Statements
23.1 Consolidation Principles under AS-21
23.2 Consolidation Principles Stipulated in IFRS and IAS-27
23.3 Consolidation under US GAAP
23.4 Comparison between AS-21, IAS-27, and US GAAP

2B 2B 2B 2B Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -22 22 22 22 Accounting for !a-es on .ncome Accounting for !a-es on .ncome Accounting for !a-es on .ncome Accounting for !a-es on .ncome
24.1 Income Taxes Under AS-22
24.2 Income Taxes Under IAS-12
24.3 Accounting for Income Taxes Under US GAAP
24.4 Comparison between AS-22, IAS-12 and US GAAP

28 28 28 28 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -2= 2= 2= 2=$ Accounting for .n"estments $ Accounting for .n"estments $ Accounting for .n"estments $ Accounting for .n"estments in Associates in Associates in Associates in Associates
25.1 Financial Statement
25.2 Accounting for Investment in Associates under AS-23
25.3 Accounting for Investment in Associates under US GAAP
25.4 Comparison between AS-23, IAS-28 and US GAAP

25 25 25 25 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -2B 2B 2B 2B$ 3iscounting Cperations $ 3iscounting Cperations $ 3iscounting Cperations $ 3iscounting Cperations
26.1 Accounting for Discontinuing Operations under AS-
26.2 Accounting for between AS-24, IFRS-5 and US GAAP

27 27 27 27 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -28 28 28 28$ .nterim ;inancial <eporting $ .nterim ;inancial <eporting $ .nterim ;inancial <eporting $ .nterim ;inancial <eporting
27.1 Interim Financial Reporting Under AS-25
27.2 Interim Financial Reporting Under IAS-34
27.3 Interim Financial Reporting Under GAAP
27.4 Comparison between AS-25, IAS-34 and US GAAP

2( 2( 2( 2( Accounting Accounting Accounting Accounting Standard Standard Standard Standard- -- -25 25 25 25$ $ $ $ Acc Acc Acc Accounting ounting ounting ounting for .ntangi#le Assets for .ntangi#le Assets for .ntangi#le Assets for .ntangi#le Assets
28.1 Accounting for Intangible Assets in AS-26
28.2 Accounting for Intangible Assets in IAS-38
28.3 Accounting for Intangible Assets in SFAS-142
28.4 Comparison between AS-, IAS- and SFAS-142

2) 2) 2) 2) Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -27 27 27 27$ $$ $;inancial <eporting of .nteres ;inancial <eporting of .nteres ;inancial <eporting of .nteres ;inancial <eporting of .nterests in 2oint Ventures ts in 2oint Ventures ts in 2oint Ventures ts in 2oint Ventures
29.1 Accounting for Joint Ventures under (AS)-27
29.2 Accounting for Joint Venture under IAS-31
29.3 Accounting for Investments in Joint Ventures under US GAAP
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29.4 Comparison between AS-27, IAS-31 and US GAAP
=6 =6 =6 =6 Accounting Accounting Accounting Accounting Standard Standard Standard Standard- -- -2( 2( 2( 2($ .mpairment of Assets $ .mpairment of Assets $ .mpairment of Assets $ .mpairment of Assets
30.1 Accounting for Impairment Loss under AS-28
30.2 Accounting for Impairment Loss under IAS-36
30.3 Accounting for Impairment Loss under GAAP

=1 =1 =1 =1 Accounting Standard Accounting Standard Accounting Standard Accounting Standard- -- -2) 2) 2) 2)$Pro"isions$ $Pro"isions$ $Pro"isions$ $Pro"isions$Contingent Aia#ilities$ and Contingent Contingent Aia#ilities$ and Contingent Contingent Aia#ilities$ and Contingent Contingent Aia#ilities$ and Contingent
Assets Assets Assets Assets
31.1 Accounting for Provisions, Contingent Liabilities and Contingent Assets under IAS-
37, and US GAAP
31.2 Accounting for Provisions, Contingent Liabilities and Contingent Assets under US
GAAP

=2 =2 =2 =2 G% &A' G% &A' G% &A' G% &A'- -- -1( 1( 1( 1($ Guidance $ Guidance $ Guidance $ Guidance %ote on %ote on %ote on %ote on Accounting Accounting Accounting Accounting for /mployee Share for /mployee Share for /mployee Share for /mployee Share- -- -@ased @ased @ased @ased
Payments Payments Payments Payments
32.1 Accounting for Employee Shared-based Payments under GN (A) 18
32.2 Accounting for Employee Shared-based Payments under US GAAP
32.3 Comparison between the Indian GAAP, IFR-2 and US GAAP

== == == == ;inancial .nstruments ;inancial .nstruments ;inancial .nstruments ;inancial .nstruments
33.1 Financial Instruments-Presentation-IAS-32
33.2 Financial Instruments-Disclosure-IAS-32
33.3 Financial Instruments-Presentation and Disclosure- Indian
33.4 Categories of Financial Instruments-IAS-32
33.5 Financial Instruments-Presentation and Disclosure-Indian Gap
33.6 Categories of Financial Instruments-IAS-32
33.7 Recognition and Derecognizing of Financial Instruments-IAS-32
33.8 Accounting for Collateral in a Transfer of Financial Assets
33.9 Derecognizing of Financial Liabilities
33.10 Measurement of Financial Assets and Financial Liabilities
33.11 Gains or Losses form a Change in the Fair Value
33.12 Impairment and Uncollectibility of Financial Assets
33.13 Accounting for Futures Contracts
33.14 Accounting for Futures Contracts-Indian GAAP
33.15 Accounting for Options
33.16 Accounting for Options-Indian GAAP
33.17 Accounting for Securitization
33.18 Disclosures Regarding Derivative Instruments-Indian GAAP
33.19 Accounting for Hedging-Indian GAAP







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Sample Duestions Sample Duestions Sample Duestions Sample Duestions
1 1 1 1 Generally Accepted Accounting Principles are a set of accounting appro"ed Generally Accepted Accounting Principles are a set of accounting appro"ed Generally Accepted Accounting Principles are a set of accounting appro"ed Generally Accepted Accounting Principles are a set of accounting appro"ed
#y the professional accounting industry #y the professional accounting industry #y the professional accounting industry #y the professional accounting industry
A Standards
@ Suggestions
C Sylla#uses
3 Systems

2 22 2 GAAP are a com#ination of rules set #y po GAAP are a com#ination of rules set #y po GAAP are a com#ination of rules set #y po GAAP are a com#ination of rules set #y policy #oards and the commonly licy #oards and the commonly licy #oards and the commonly licy #oards and the commonly
accepted ,ays of recording and reporting financial information accepted ,ays of recording and reporting financial information accepted ,ays of recording and reporting financial information accepted ,ays of recording and reporting financial information
A Authoritati"e
@ Guideline
C Cptional
3 C"erriding

= == = !hey can #ecome accepted either as a result of due or as a result of long !hey can #ecome accepted either as a result of due or as a result of long !hey can #ecome accepted either as a result of due or as a result of long !hey can #ecome accepted either as a result of due or as a result of long
term practice term practice term practice term practice
A .nclusi"e
@ .ntroductory
C .n"entory
3 .n"estment

B BB B . .. .n 1)=($ Congress permitted companies to use a ne, method$ A.;C$ for n 1)=($ Congress permitted companies to use a ne, method$ A.;C$ for n 1)=($ Congress permitted companies to use a ne, method$ A.;C$ for n 1)=($ Congress permitted companies to use a ne, method$ A.;C$ for
income ta- purposes income ta- purposes income ta- purposes income ta- purposes
A @anks
@ Credit Card Companies
C <etail shops
3 %one of the a#o"e

8 88 8 .n 1)=)$ the A.A recomm .n 1)=)$ the A.A recomm .n 1)=)$ the A.A recomm .n 1)=)$ the A.A recommended the phrasing$ Epresent fairly in conformity ,ith ended the phrasing$ Epresent fairly in conformity ,ith ended the phrasing$ Epresent fairly in conformity ,ith ended the phrasing$ Epresent fairly in conformity ,ith
generally accepted accounting principlesE in the standard form of the report generally accepted accounting principlesE in the standard form of the report generally accepted accounting principlesE in the standard form of the report generally accepted accounting principlesE in the standard form of the report
A Auditor0s
@ ;inancial
C 9anagement
3 Stockholders0


Answers: 1 (A), 2 (A), 3 (D), 4 (C), 5 (A)