Second semester

UNIVERSITY OF CALICUT 

Master of Commerce (CBCSS) Semester II 

MCM2C06: ADVANCED CORPORATE ACCOUNTING                      80 Hours                                      Credit:4 

OBJECTIVES

 1. To provide knowledge and skills in the theory and practice of corporate financial accounting

 2. To provide insight in to some of the important accounting standards of IFRS /Ind AS

 3. To enable problem solving abilities among students in matters of various corporate situations such as consolidation of group information, corporate restructuring and liquidation 

Module 1: Group Financial Statements Group accounts and group structures – consolidation procedures (IFRS 10 /Ind AS 110)- Non-Controlling Interest (NCI)- Goodwill valuation (IFRS 3/Ind AS 103)- Goodwill arising on consolidation – Intra-group transactions and mutual owing – Treatment of unrealised profit- revaluation of assets and liabilities- Treatment of dividend and bonus shares. 

20 Hours 

Module 2: Accounting for Corporate Restructuring Accounting for Mergers, Acquisition and Reconstruction (internal and external)- Accounting for liquidation of companies- preparation of Statement of Affairs – Deficiency /Surplus Account- Liquidator’s final statement of account- Receiver’s statement of accounts. 22 

 20 Hours 

Module 3: Accounting for Taxation Current Tax Expense –calculation and accounting entries- Deferred Tax – Temporary Difference- TTD and DTD – Deferred Tax Assets and Deferred Tax Liabilities – Deferred Tax Expense and Deferred Tax Income (Deferred Tax Reversal)- Recognition, Measurement, Presentation and Disclosure of Deferred Tax

 15 Hours 

Module 4: Accounting for Revenue and Leases Revenue from contact with customers ( IFRS 15 / Ind AS 115) – Revenue Recognition model – Variable Consideration- Long term contracts – Revenue recognition from construction contracts Accounting for Leases ( IAS 17 / Ind AS 17) – Classification of lease – Operating Lease – recognition, measurement , presentation and disclosure in the books of Lesser and Lessee – Financial Leaserecognition, measurement , presentation and disclosure in the books of Lesser and Lessee- New standard on lease (IFRS 16 /Ind AS 116) -major changes in the lease accounting (especially in the books of lessee). 

20 Hours 

Module 5: Modern Concepts in Accounting Human Resource Accounting- Forensic Accounting – Social Responsibility Accounting – Environmental Accounting- Investment Accounting – Proactive Accounting – Inflation Accounting 

5 Hours 

(30% Theory and 70% Problems)

 References:

 1. Shukla and Grewal: advanced Accounts. (S. Chand & Co Ltd. New Delhi) 2. Jain and Narang: Advanced Accounts (Kalyani Publishers, Ludhiana) 3. Sr. K. Paul: Accountancy, Volume-I and II (New Central Book Agency, Kolkata) 4. R.K., Lele and Jawaharlal; Accounting Theory (Himalaya Publishers) 5. Dr. L.S. Porwal; Accounting Theory (Tata Mc Graw Hill) 6. Robert Anthony, D.F. Hawkins & K.A. Merchant: Accounting Text & Cases. (Tata Mc Graw Hill). 7. Dr.S.N. Maheshwari: Corporate Accounting (Viakas Publishing House Pvt. Ltd. New Delhi) 8. Dr. Ashok Sehgal & Dr. Deepak Sehgal; Advanced Accounting (Taxman, New Delhi). 9. RL Gupta & Radha Swamy Advanced Accountancy. (Sultan Chand and Co.) 23 10. Anthony, RN & Reece, JS: Accounting Principles, Richard Irwin, Inc. 11. Barker, P & O'hOgartaigh, C: Group Accounts – Theory and Practice, Oaktree Press 1st Edn. 12. Narayanswamy, R: Financial Accounting - A Managerial Perspective, PHI, New Delhi, 13. Hani & Mukherjee: Corporate Accounting, TMG, New Delhi. 14. Xavier, g Francis: Fundamentals of Advanced Accounts, Vol-III, TMG, New Delhi. 15. Financial Reporting Vol. 1 by The Institute of Chartered Accountants of India. 16. Advanced Accountancy MC Shukla. T.S. Grewal. & S.C. Gupta. 17.IFRS Red Book (Official Publication of IASB) 18.ICAI study material for Financial Reporting 19.Indian Accounting Standards, Chinten Patel & Bhupendra Mantri (Taxman Publication) 20.Illustrated Guide to Ind AS, T P Ghosh (Taxman Publication)