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Home / Syllabus / Master of Commerce (M.Com.) / Advance Accountancy / Semester 4 / International Financial Reporting Standards

Master of Commerce (M.Com.) International Financial Reporting Standards Syllabus - Mumbai University 2026

International Financial Reporting Standards Syllabus.pdf
Mandatory course · Semester 4 · M.Com. Advance Accountancy · 4 credits · 100 marks

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Syllabus for International Financial Reporting Standards

Mandatory course · Semester 4 · M.Com. Advance Accountancy · 4 credits · 100 marks

Module I: Foundation to IFRS (2 credits)

  • Unit 1 Conceptual Foundation
  • The objective and assumptions of financial reporting.
  • Qualitative characteristics of financial reporting.
  • Elements of Financial Statements: recognition and measurement.
  • Unit 2 Presentation of Financial statements
  • Accounting standards: Role/objectives of accounting standards.
  • Development of accounting standards in India - Requirements of international accounting
  • standards - International organizations engaged in accounting harmonization - IASB - FASB
  • and Role of IASB in developing IFRS.
  • IFRS :- Introduction, scope Indian Accounting standards (Ind AS) : Introduction Road map
  • Comparison of Ind AS, IFRS and AS.
  • Conceptual framework Definition of financial elements Principles of recognition, measurements, presentation and disclosure.
  • (Theory and Practical)

Module II: Ind AS and Convergence of IFRS (2 credits)

  • Unit 1 Indian Accounting Standards for Assets, Liabilities and Revenue.
  • Valuation of Inventories
  • Cash flow statement
  • Accounting for tangible non-current assets
  • Accounting for intangible assets
  • Accounting for impairment of assets 
  • Accounting for borrowing costs 
  • Investment property 
  • Revenue from contracts with customers 
  • Income tax 
  • Employee benefits 
  • Provisions, contingent liabilities and contingent assets
  • (Theory and Practical)
  • Unit 2 Presentation of Single Entity Financial Statements Covered by IFRS Convergence
  • Ind AS 1: Accounting policies, Accounting estimates
  • IAS 8 and Ind AS 8- Events after reporting date
  • IAS 10 and Ind AS 10 - Structure and contents of financial statements
  • Preparation of financial statements: Statement of Financial Position (SOFP)
  • Statement of Profit or Loss (SOPL)
  • Statement of Changes in Equity (SOCE)
  • Cash Flow Statement (SOCF) (IAS 7 and Ind AS 7).
  • (Theory and Practical)

References

  • 1 Alexander, D., Britton, A., & Jorissen, A. (2020). International Financial Reporting and Analysis (8th ed.). Cengage Learning. ISBN: 9781473773737
  • 2 Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research, 46(3), 467–498. doi:10.1111/j.1475- 679X.2008.00287.x
  • 3 Schipper, K. (2007). Required Disclosures in Financial Reports. The Accounting Review, 82(2), 301–326. doi:10.2308/accr.2007.82.2.301
  • 4 Choi, F. D. S., & Meek, G. K. (2020). International Accounting (8th ed.). Pearson Education. ISBN: 9780134895875
  • 5 ICAI. (2022). Indian Accounting Standards (Ind AS): An Overview (Revised 2022). New Delhi: The Institute of Chartered Accountants of India.
  • 6 IFRS Foundation. (2023). International Financial Reporting Standards (IFRS): 2023 Standards. London: IFRS Foundation. ISBN: 9781914113138
  • 7 ICAI. (2022). Study Material on Indian Accounting Standards (Ind AS): Comprehensive Guide for Students. New Delhi: The Institute of Chartered Accountants of India.
  • 8 Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate Accounting: IFRS Edition (4th ed.). Wiley. ISBN: 9781119607518
  • 9 Epstein, B. J., & Jermakowicz, E. K. (2010). IFRS Interpretation and Application of International Financial Reporting Standards (10th ed.). Wiley. ISBN: 9780470453221
  • 10 ICAI. (2023). Guidance Note on Schedule III to the Companies Act, 2013. New Delhi: The Institute of Chartered Accountants of India.

Reproduced from the University of Mumbai syllabus for M.Com. (Advance Accountancy) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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