Financial Reporting and Accounting Compliance (FRAC)

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  • Curriculum
  • Employers Council
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Accounting is an information system that represents the economic resources and responsibilities of business as well as non business enterprises. Developed over time, it is today used as a reporting and decision-making aid for allocating resources and evaluating organizational economic effectiveness & efficiency.

A Good accounting system has 3 fold perspectives in order to generate world class accounting information; these perspectives are as below-
• Generally accepted accounting principles (GAAP)
• Financial Reporting Principles
• Compliances and Controls

Financial reporting requirement in India has undergone a significant shift over the past few years specially after the introduction of new companies act 2013 and recent changes in structure of accounting standards. The FRAC module emphasizes the role of accounting as a vital financial information system whether it is manufacturing or service industry including business process outsourcing (BPO). FRAC module is designed to provide students with an insight into all the technical and practical understanding of end to end body of knowledge required for preparing and analyzing financial statements

The objective of the course is to build a pool of future professionals who can contribute to the success of business at various levels in the organizations and participate in the financial decision making process.

At the entry level, you would work as a financial accounting manager wherein your work profile would focus more on from preparation of books of accounts to finalization of balance sheet. As you advance you will have the opportunity to control the things like reporting & compliance and work directly with CFO of the organization. Besides managing the operations, there are other good career options also which are in huge demand such as subject matter expert (SME) in core finance as well ERP consultancy where you would help companies to design and implement financial systems and prepare roadmap for automating accounting transaction processing and reporting requirements.

Full Time Programmes

For Graduates
Professional Programme in Business Management with specializations in Finance

For 10+2
Professional Programme in Business Management with specializations in Finance (Integrated)

• Fundamental principles of accounting and transaction processing.

• Accounting of special transactions like depreciation, amortization, treatment of branch and HO, sale on consignment, investment and issue of share capital.

• Financial statement preparation including cash flow, profit/loss statement and Balance sheet.

• Analytical review of financial statements and annual reports of companies.

• Understanding of end to end business processes like order to cash (O2C), Purchase to Pay (P2P) and Record to Report (R2R) etc.

• Provisions of the Companies Act 1956 (revised in 2013).

• Comparison of financial accounting requirements under US GAAP, IFRS and XBRL.

• Consolidation of financial statements on merger and acquisition of companies.

• Accounting processes in computerized and ERP environment including IT & functional controls, Three Ways Matching (PO, GR, Invoices) and Fraud Prevention.

• Financial reporting, management information system (MIS), types of reports, presentation of reports, internal and external reporting including statutory reporting compliances.
Employer's Council Members
Mr. Amit Kumar GoelAsst Vice President, Citibank
Mr. Anand SankheCorporate Finance and Investment Banking, PricewaterhouseCoopers Pvt. Ltd.
Mr. Atul VarmaAdvisor, ARCIL
Mr. Behram SabawalaChief Finance Officer, UPBG & EPBG Division, Voltas Ltd.
Mr. G. ShivkumarHead Financial Controlling, ACC Ltd.
Mr. Ganesh GanapathyCFO Global, Essel Propack
Mr. Gaurang ShahManaging Director, Kotak Mahindra Old Mutual Life Insurance Ltd.
Mr. Manek KalyaniwalaExecutive Vice President(Finance) and CFO, Blue Star Ltd.
Mr. Milan GanatraAsst Vice President, Citibank
Mr. Mohit AgarwalFinance Manager(West), ITC Ltd.
Mr. Moni Rajput Cluster Head, Barclays Finance
Mr. Mukul GulatiManaging Director, Zephyr Peacock
Mr. Pradeep GaitondeSenior General Manager, Corporate Finance, Tata Consultancy Services Ltd.
Mr. R.GovindanGeneral Manager, Corporate Finance, Larsen & Tourbro Ltd.
Mr. S. KrishnanChief Finance Officer, Siemens Ltd.
Mr. S.RanganathanHead Research, LKP Securities Ltd.
Mr. Sandeep BatraDirector, Finance, Pidilite Industries
Mr. Sankalp MishraVice President IndiaBulls
Mr. Vivek GuptaPartner, BMR & Associates
Mr. P.K. ShrivastavBusiness Head (BOP) KEC RPG Group
Mr. Siva Rama KrishnanExecutive Director - PWC
Mr. Deeptan ChakravortyHead Investment Advisory Services, Standard Chartered
Mr. Vishal DixitVice President, Zypher