Basics of Financial Reporting - Purpose of financial reporting - Users of Financial reports Conceptual Framework of financial reporting (Objectives, qualitative features, standards).

Understanding Financial Statements : Structure of financial statements -Introduction, statements of Financial Position (Balance Sheet) - Statement of Earnings (Profit and Loss Statement) - Cash Flow Statement AS-3 and Fund Flow Statement.

Elements of Financial Statements AS-2 - Valuation of inventories AS-9 - Revenue Recognition AS-10 - Accounting for Fixed Asset AS-22 - Accounting for taxes on Income AS-26 - Accounting for Intangible Assets AS-19

Analysis and Interpretation of Financial Statements: Ratio Analysis - Liquidity –Solvency - Activity - Profitability Analysis - Comparative and Common Size Analysis - (Vertical and Horizontal Analysis) Expanded Analysis.

Marginal Costing – Cost-Volume-Profit Analysis and Break-Even Analysis, Managerial Applications of Marginal Costing including transfer pricing -Significance and limitations of Marginal Costing. Standard Costing - Meaning- suitability as a management tool- limitation- Variance Analysis- Material and Labour Variances.