To analyze and integrate the concepts, principles and provisions of accounting, auditing, taxation, corporate laws, finance and business strategy and management to address issues in practical case scenarios.


The paper will include case studies covering the the following areas.

1. Financial Accounting and Reporting
2. Audit and Assurance
3. Taxation
4. Finance and Financial Management
5. Management Accounting
6. Corporate Laws
7. Business Strategy and Management



a. To develop an understanding of the key concepts and principles of International financial reporting Standards and to acquire the ability to apply such knowledge to make computations and address issues in practical case scenarios

b. To develop and understanding of the significant differences between IFRS and US GAAP and apply them in practical case scenarios


1. Conceptual Framework for Financial Reporting as per IFRS

2. Application of International Financial Reporting Standards

3. Significant differences between IFRS and US GAAPs


1. To apply various cost management techniques for planning and controlling performance in order to monitor and control strategic objectives

2. To develop skills of analysis, synthesis and evaluation in cost management to address challenges which might affect or influence the management of performance within organizations


Part A: Strategic Cost Management and Decision Making

Sub Part 1: Strategic Cost Management
1. Introduction to Strategic Cost Management

i. Concept of Strategic Cost Management

ii. Limitations of Traditional Cost Management

iii. Traditional vs. Strategic Cost Management

2. Modern Business Environment

i. Introduction / Characteristics of the Modern Business Environment

ii. Cost of Quality, Total Quality Management, Business Excellence Model

iii. Throughput Accounting and Theory of Constraints

iv. Supply Chain Management (SCM)

v. Gain Sharing Arrangements

vi. Outsourcing

3. Lean System and Innovation

i. Introduction to Lean System

a. Just-in-Time (JIT)

b. Kaizen Costing

c. 5Ss

d. Total Productive Management (TPM)

e. Cellular Manufacturing / One-Piece Flow Production Systems

f. Six Sigma (SS)

ii. Introduction to Process Innovation and Business Process Re-engineering (BPR)

4. Cost Management Techniques
i. Cost Control / Waste Control, Cost Reduction

ii. Target Costing

iii. Value Analysis and Value Engineering

iv. Pareto Analysis

v. Life Cycle Costing

vi. Environmental Management Accounting

5. Cost Management for Specific Sectors

i. Agricultural Sector

ii. Information Technology Sector

iii. Power Sector

Part B: Performance Evaluation and Control

Sub Part I: Performance Evaluation and Reporting

1. Performance Measurement and Evaluation
i. Responsibility Accounting
ii. Linking Critical Success Factors (CSFs) to key Performance Indicators (KPIs) and Corporate Strategy; Performance Measurement Models - The Balanced Score Card, The Performance Pyramid; The Performance Prism and The Building Block Model; Divisional Performance Measures; Bench Marking Schemes
iii. Performance Measurement in the Not-for-Profit Sector
iv. Preparation of Performance Reports

2. Divisional Transfer Pricing

i. Meaning, Purpose and Principles of Transfer Pricing

ii. Methods of Transfer Pricing

iii. The Beahavioural Consequences arising from Divisional Structures

iv. International Transfer Pricing

3. Strategic Analysis of Operating Income

i. Operating Profit Analysis

ii. Advanced Activity Based Costing, Activity Based Management (ABM), Activity Based Budgeting (ABB) 

Sub Part II: Managerial Control

1. Budgetary Control

i. The Concept of Feedback and Forward Control

ii. Behavioural aspects of Budgeting - Imposed Style, Participative Budget

iii. Behavioural aspects of Budgetary Control 

iv. Beyond Budgeting

2. Standard Costing

i. Advanced Analysis of Variances

ii. Integration of Standard Costing with Marginal Cost Accounting

iii. Reconciliation of Profit

iv. Variance Investigation Techniques, Interpretation of Variances, Possible interdependence between variances and reporting

v. Behavioural aspects of Standard Costing, Limitations of Standard Costing (including its use in the contemporary environment)

Part C: Case Study

Case Study (covering Course Concepts)

General Note

Application of the following qualitative techniques are required to be studied to have linkage to course concept

a. Linear Programming

b. Learning Curve / Experience Curve



To acquire the ability to apply Financial Management theories and techniques in strategic decision making


1. Financial Policy and Corporate Strategy

i. Strategic decision making framework

ii. Interface of Financial Policy and strategic management

iii. Balancing financial goals vis-a-vis sustainable growth

2. Risk Management

i. Identification of types of risk faced by an organization

ii. Evaluation of Financial Risks

iii. Value at Risk (VAR)

iv. Evaluation of appropriate method for the identification and management of financial risk

3. Security Analysis

i. Fundamental Analysis

ii. Technical Analysis

a. Meaning

b. Assumptions

c. Theories and Principles

d. Charting Techniques

e. Efficient Market Hypothesis (EMH) Analysis

4. Security Valuation

i. Theory of Valuation

ii. Return Concepts

iii. Equity Risk Premium

iv. Required Return on Equity

v. Discount Rate Selection in Relation to Cash Flows

vi. Valuation of Preference Shares

vii. Valuation of Debentures / Bonds

5. Portfolio Management

i. Portfolio Analysis

ii. Portfolio Selection

iii. Capital Market Theory

iv. Portfolio Revision

v. Portfolio Evaluation

vi. Asset Allocation

viii. Fixed Income Portfolio

viii. Risk Analysis of Investment in Distressed Securities

ix. Alternative Investment Strategies in context of Portfolio Management

6. Securitization

i. Introduction

ii. Concept and Definition

iii. Benefits of Securitization

iv. Participants in Securitization

v. Mechanism of Securitization

vi. Problems in Securitization

vii. Securitization of Instruments 

viii. Pricing of Securitization Instruments

ix. Securitization in India

7. Mutual Funds

i. Meaning

ii. Evolution

iii. Types

iv. Advantages and Disadvantages of Mutual Funds

8. Derivatives Analysis and Valuation

i. Forward / Future Contract

ii. Options

iii. Swaps

iv. Commodity Derivatives

9. Foreign Exchange Exposure and Risk Management

i. Exchange rate determination

ii. Foreign currency market

iii. Management of transaction, translation and economic exposures

iv. Hedging currency risk

v. Foreign exchange derivatives - Forward, futures, options and swaps

10. International Financial Management
i. International Capital Budgeting

ii. International Working Capital Management

 a. Multinational cash management

 - Objectives of Effective cash management

 - Optimization of Cash Flows / Needs

 - Investment of Surplus Cash

b. Multinational Receivable Management

c. Multinational Inventory Management

11. Interest Rate Risk Management

i. Interest rate risk

ii. Hedging of interest rate risk

  a. Traditional Methods

  b. Modern Methods including Interest Rate Derivatives

12. Corporate Valuation

i. Conceptual Framework of Valuation

ii. Approaches / Methods of Valuation

  a. Assets Based Valuation Model

  b. Earnings based Models

c. Cash Flow based Models

d. Measuring Cost of Equity

   - Capital Asset Pricing Model (CAPM)

   - Arbitrate Pricing Theory

   - Estimating Beta of an unlisted company

e. Relative Valuation

  - Steps involved in Relative Valuation

  - Equity Valuation Multiples

  - Enterprise Valuation Multiples

f. Other approaches to Value Measurement

  -Economic Value Added

  -Market Value Added

  - Shareholder Value Analysis (SVA)

g. Arriving at Fair Value

13. Mergers, Acquisitions and Corporate Restructuring

i. Conceptual framework

ii. Rationale

iii. Forms

iv. Mergers and Acquisitions

   a. Financial Framework

   b. Takeover Defensive Tactics

   c. Reverse Merger

v. Divestitures

   a. Partial Sell Off

   b. Demerger

   c. Equity Carve outs

vi. Ownership Restructuring

   a. Going Private

   b. Management / Leverage Buyouts

vii. Cross Border Mergers

14. Startup Finance

i. Introduction including Pitch Presentation

ii. Sources of Funding

iii. Startup India Initiative



(a) To acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards for deciding the appropriate accounting treatment and formulating suitable accounting policies

(b) To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards while preparing and presenting the financial statements

(c) To develop the skill to prepare financial statements of group entities which includes subsidiaries, associates and joint arrangements based on Indian Accounting Standards

(d) To develop an understanding of the various forms of reporting (other than financial statements) and accounting for special transactions and apply such knowledge in problem solving.


1. Framework for preparation and presentation of financial statements in accordance with Indian Accounting Standards (Ind AS)
2. Application of Indian Accounting Standards (Ind AS) with reference to General Purpose of Financial Statements

(i) Ind AS on First time adoption of Indian Accounting Standards

(ii) Ind AS on Presentation of Items in the Financial Statements

(iii) Ind AS on Measurement based on Accounting Policies

(iv) Ind AS on Income Statement

(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

(vi) Ind AS on items impacting the Financial Statements

(vii) Ind AS on Disclosures in the Financial Statements 

(viii) Other Ind AS

3. Indian Accounting Standards on Group Accounting

(i) Business Combinations and Accounting for Corporate Restructuring (including demerger) (as per Ind AS)

(ii) Consolidated and Separate Financial Statements (as per Ind AS)

4. Accounting and Reporting of Financial Instruments (as per Ind AS)
5. Analysis of Financial Statements
6. Integrated Reporting
7. Corporate Social Responsibility Reporting