Vskills certification for GAAP Accounting Standards Professional assesses the candidate as per the company’s need for compliance to GAAP accounting standards. The certification tests the candidates on various areas in balance sheet presentation, balance sheet presentation, financial instruments, GN (A)-18 and various Accounting standards from AS-1 to 7 and AS-9 to 29.

1. Certified GAAP Professional
VS-1127

2. Certified GAAP Professional
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CCCCertifiedertifiedertifiedertified GAAP ProfessionalGAAP ProfessionalGAAP ProfessionalGAAP Professional
Certification CodeCertification CodeCertification CodeCertification Code VS-1127
Vskills certification for GAAP Professional assesses the candidate as per the company’s
need for compliance to GAAP. The certification tests the candidates on various areas in
balance sheet presentation, balance sheet presentation, financial instruments, GN (A)-18
and various accounting standards from AS-1 to 7 and AS-9 to 29.
Why should one take this certification?Why should one take this certification?Why should one take this certification?Why should one take this certification?
This Course is intended for professionals and graduates wanting to excel in their chosen
areas. It is also well suited for those who are already working and would like to take
certification for further career progression.
Earning Vskills GAAP Professional Certification can help candidate differentiate in today's
competitive job market, broaden their employment opportunities by displaying their
advanced skills, and result in higher earning potential.
Who will benefit from taking this certification?Who will benefit from taking this certification?Who will benefit from taking this certification?Who will benefit from taking this certification?
Job seekers looking to find employment in finance or compliance departments of various
companies, students generally wanting to improve their skill set and make their CV
stronger and existing employees looking for a better role can prove their employers the
value of their skills through this certification.
Test DetailTest DetailTest DetailTest Detailssss
• Duration:Duration:Duration:Duration: 60 minutes
• No. of questions:No. of questions:No. of questions:No. of questions: 50
• Maximum marks:Maximum marks:Maximum marks:Maximum marks: 50, Passing marks: 25 (50%)
There is no negative marking in this module.
Fee StructureFee StructureFee StructureFee Structure
Rs. 4,500/- (Includes all taxes)
Companies that hire VskillsCompanies that hire VskillsCompanies that hire VskillsCompanies that hire Vskills GAAP ProfessionalGAAP ProfessionalGAAP ProfessionalGAAP Professionalssss
GAAP Professionals are in great demand. Companies specializing in finance, compliance
or consulting are constantly hiring skilled GAAP Professionals. Various public and private
companies also need GAAP Professionals for their finance or compliance departments.

3. Certified GAAP Professional
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Table of ContentsTable of ContentsTable of ContentsTable of Contents
1.1.1.1. The Conceptual FrameworkThe Conceptual FrameworkThe Conceptual FrameworkThe Conceptual Framework
1.1 Objectives of Financial Reporting
1.2 Characteristics and Limitations of a Financial Report
1.3 Underlying Assumptions
1.4 Qualitative Characteristics
1.5 Accounting Approach
1.6 Elements of Financial Statements
1.7 Concept of Capital and Capital Maintenance
1.8 Recognition of Elements of Financial Statements
1.9 Measurement of Elements of Financial Statements
1.10 Conclusions
2.2.2.2. Balance Sheet PresentationBalance Sheet PresentationBalance Sheet PresentationBalance Sheet Presentation
2.1 Presentation of Financial Statements Under Indian GAAP
2.2 Balance Sheet Presentation under IAS-1
2.3 Balance Sheet Presentation under US GAAP
2.4 Comparison on Indian GAAP, IAS and US GAAP
3.3.3.3. Profit and Loss Account PresentationProfit and Loss Account PresentationProfit and Loss Account PresentationProfit and Loss Account Presentation
3.1 Presentation of Income Statement under Indian
3.2 GAAP-Schedule VI of the Companies Act 1956
3.3 IAS 1-Income Statement
3.4 US GAAP
3.5 Comparison between Indian GAAP, IAS, and US GAAP
4.4.4.4. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----1111, Disclosure of Accounting Policies, Disclosure of Accounting Policies, Disclosure of Accounting Policies, Disclosure of Accounting Policies
4.1 Indian GAAP on Disclosure of Accounting Policies
4.2 Disclosure of Accounting Policy under IAS
4.3 Disclosure of Accounting Policy under US GAAP
4.4 Comparison of Indian GAAP, IAS, and US GAAP
5.5.5.5. AcAcAcAccounting Standardcounting Standardcounting Standardcounting Standard----2222, Valuation of Inventories, Valuation of Inventories, Valuation of Inventories, Valuation of Inventories
5.1 Accounting for Inventories under Indian GAAP
5.2 Accounting for Inventories under IAS-2
5.3 Accounting for Inventories under US GAAP
5.4 Comparisons for Inventories under US GAAP
5.5 Comparisons of Indian As-2, IAS-2, and US GAAP

4. Certified GAAP Professional
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6.6.6.6. Accounting, StandardAccounting, StandardAccounting, StandardAccounting, Standard----3333, Cash Flow Statement, Cash Flow Statement, Cash Flow Statement, Cash Flow Statement
6.1 Cash Flow Statement under AS-3
6.2 Cash Flow Statement under IAS-7
6.3 Cash Flow Statement under US GAAP
6.4 Comparison between Indian GAAP, IAS and US GAAP
7.7.7.7. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----4444, Contingencies and Events Occurrin, Contingencies and Events Occurrin, Contingencies and Events Occurrin, Contingencies and Events Occurringggg
7.1 Accounting for Events Occurring After the Balance Sheet Date Under AS-4
7.2 Comparison between Indian GAAP IAS and US GAAP
8.8.8.8. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----5555, Net Profit or Loss for the Period, Net Profit or Loss for the Period, Net Profit or Loss for the Period, Net Profit or Loss for the Period
8.1 Presentation of Income Statement under US GAAP
8.2 Presentation of Income Statement under US GAAP
8.3 Comparison between Indian GAAP, AS and the US GAAP
9.9.9.9. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----6666, Depreciation, Depreciation, Depreciation, Depreciation
9.1 Accounting for Depreciation Under AS-6
9.2 Accounting for Depreciation under IAS-16
9.3 Accounting for Depreciation under US GAAP
9.4 Comparison between Indian GAAP, IAS and US GAAP
10.10.10.10. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----7777, Construction Contracts, Construction Contracts, Construction Contracts, Construction Contracts
10.1 Accounting for Construction Contracts under AS-7
10.2 Accounting for Construction Contracts under IAS-11
10.3 Accounting for Construction Contracts under US GAAP
10.4 Comparison between Indian GAAP, IAS and GAAP
11.11.11.11. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----9999, Revenue Recognition, Revenue Recognition, Revenue Recognition, Revenue Recognition
11.1 Accounting for Revenue under AS-9
11.2 Accounting for Revenue under IAS-18
11.3 Accounting for Revenue Under US GAAP
11.4 Comparison of Indian GAAP, IAS and US GAAP
12.12.12.12. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----10101010, Accounting for Fixed Assets, Accounting for Fixed Assets, Accounting for Fixed Assets, Accounting for Fixed Assets
12.1 Accounting under Indian GAAP
12.2 Accounting for Property, Plant and Equipment under IAS-16
12.3 Accounting for Long-lived Tangible Assets under US GAAP
12.4 Comparison between Accounting Principles in INDIAN GAAP
13.13.13.13. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----11111111, Changes in Foreign Exchange Rates, Changes in Foreign Exchange Rates, Changes in Foreign Exchange Rates, Changes in Foreign Exchange Rates
13.1 Indian GAAP (AS-11)
13.2 Under US GAAP
13.3 AS-15, IAS-21 and US GAAP

5. Certified GAAP Professional
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14.14.14.14. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----12121212, Accounting for Government Grants, Accounting for Government Grants, Accounting for Government Grants, Accounting for Government Grants
14.1 Accounting for Government Grants Under the Indian GAAP (AS-12)
14.2 Accounting for Government Grants, Under IAS-20
14.3 Accounting for Contributions, Including Government Grants Under US GAAP
14.4 Comparison between accounting principles in Indian GAAP, IAS and US GAAP
15.15.15.15. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----13131313, Accounting for Investments, Accounting for Investments, Accounting for Investments, Accounting for Investments
15.1 Accounting for Investments under Indian GAAP
15.2 Accounting for Investments under US GAAP
15.3 Comparison of Accounting Principles under Indian IAS, and US GAAP
16.16.16.16. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----14141414, Accounting for Amalgamations, Accounting for Amalgamations, Accounting for Amalgamations, Accounting for Amalgamations
16.1 Accounting for Amalgamation under the Indian GAAP (AS-14)
16.2 Amalgamation under IFRS-3
16.3 Amalgamation under US GAAP (SFAS-141)
16.4 Comparison between Indian GAAP, IFRS, US GAAP
17.17.17.17. AccountingAccountingAccountingAccounting StandardStandardStandardStandard----15151515, Employee Benefits, Employee Benefits, Employee Benefits, Employee Benefits
17.1 Accounting for Employee Benefits under AS- (Revised 2005)
17.2 Accounting for Employee Benefits under US GAAP
17.3 Comparison between Indian GAAP (AS-15), IAS-19 and US GAAP
18.18.18.18. Accounting StandAccounting StandAccounting StandAccounting Standardardardard----16161616, Borrowing Costs, Borrowing Costs, Borrowing Costs, Borrowing Costs
18.1 Accounting for Borrowing Cost in AS-16
18.2 Accounting for Borrowing Cost Under US GAAP
18.3 Comparison of Accounting Principles in AS-16, IAS-23, and US GAAP
19.19.19.19. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----17171717, Segment Reporting, Segment Reporting, Segment Reporting, Segment Reporting
19.1 Segment Reporting Under AS-17
19.2 Segment Reporting Under IAS-14
19.3 Segment Reporting Under US GAAP
19.4 Comparison of AS, IAS, and US GAAP
20.20.20.20. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----18181818, Related Party Disclosures, Related Party Disclosures, Related Party Disclosures, Related Party Disclosures
20.1 Related Party Disclosures under AS-18, Related Party Disclosures
20.2 Related Party Disclosures under IAS-24, Related Party Disclosures
20.3 Related Party Disclosures under US GAAP
21.21.21.21. AccountingAccountingAccountingAccounting StandardStandardStandardStandard----19191919, Accounting for Leases, Accounting for Leases, Accounting for Leases, Accounting for Leases
21.1 Accounting for Lease under AS-19
21.2 Accounting for Leases under IAS-17
21.3 Comparison of AS-19, IAS-17 and US GAAP

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22.22.22.22. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----20202020, Earnings Per Share, Earnings Per Share, Earnings Per Share, Earnings Per Share
22.1 Presentation and Calculation of EPS under AS-20
22.2 Presentation and Calculation of Earnings Per Share Under IAS-33
22.3 Computation and Presentation of EPS under the US GAAP
22.4 Comparison between the AS-20, IAS-33 and SFAS-128
23.23.23.23. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----21212121, Consolidated Fin, Consolidated Fin, Consolidated Fin, Consolidated Financial Statementsancial Statementsancial Statementsancial Statements
23.1 Consolidation Principles under AS-21
23.2 Consolidation Principles Stipulated in IFRS and IAS-27
23.3 Consolidation under US GAAP
23.4 Comparison between AS-21, IAS-27, and US GAAP
24.24.24.24. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----22222222 Accounting for Taxes on IncomeAccounting for Taxes on IncomeAccounting for Taxes on IncomeAccounting for Taxes on Income
24.1 Income Taxes Under AS-22
24.2 Income Taxes Under IAS-12
24.3 Accounting for Income Taxes Under US GAAP
24.4 Comparison between AS-22, IAS-12 and US GAAP
25.25.25.25. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----23232323, Accounting for Investments, Accounting for Investments, Accounting for Investments, Accounting for Investments in Associatesin Associatesin Associatesin Associates
25.1 Financial Statement
25.2 Accounting for Investment in Associates under AS-23
25.3 Accounting for Investment in Associates under US GAAP
25.4 Comparison between AS-23, IAS-28 and US GAAP
26.26.26.26. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----24242424, Discounting Operations, Discounting Operations, Discounting Operations, Discounting Operations
26.1 Accounting for Discontinuing Operations under AS-
26.2 Accounting for between AS-24, IFRS-5 and US GAAP
27.27.27.27. AccoAccoAccoAccounting Standardunting Standardunting Standardunting Standard----25252525, Interim Financial Reporting, Interim Financial Reporting, Interim Financial Reporting, Interim Financial Reporting
27.1 Interim Financial Reporting Under AS-25
27.2 Interim Financial Reporting Under IAS-34
27.3 Interim Financial Reporting Under GAAP
27.4 Comparison between AS-25, IAS-34 and US GAAP
28.28.28.28. AccountingAccountingAccountingAccounting StandardStandardStandardStandard----26262626,,,, AccountingAccountingAccountingAccounting for Intfor Intfor Intfor Intangible Assetsangible Assetsangible Assetsangible Assets
28.1 Accounting for Intangible Assets in AS-26
28.2 Accounting for Intangible Assets in IAS-38
28.3 Accounting for Intangible Assets in SFAS-142
28.4 Comparison between AS-, IAS- and SFAS-142
29.29.29.29. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----27272727,,,,Financial Reporting of Interests in Joint VenFinancial Reporting of Interests in Joint VenFinancial Reporting of Interests in Joint VenFinancial Reporting of Interests in Joint Venturesturesturestures
29.1 Accounting for Joint Ventures under (AS)-27
29.2 Accounting for Joint Venture under IAS-31
29.3 Accounting for Investments in Joint Ventures under US GAAP
29.4 Comparison between AS-27, IAS-31 and US GAAP

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30.30.30.30. AccountingAccountingAccountingAccounting StandardStandardStandardStandard----28282828, Impairment of Assets, Impairment of Assets, Impairment of Assets, Impairment of Assets
30.1 Accounting for Impairment Loss under AS-28
30.2 Accounting for Impairment Loss under IAS-36
30.3 Accounting for Impairment Loss under GAAP
31.31.31.31. Accounting StandardAccounting StandardAccounting StandardAccounting Standard----29292929,Provisions,,Provisions,,Provisions,,Provisions,Contingent Liabilities, and ContingentContingent Liabilities, and ContingentContingent Liabilities, and ContingentContingent Liabilities, and Contingent
AssetsAssetsAssetsAssets
31.1 Accounting for Provisions, Contingent Liabilities and Contingent Assets under IAS-
37, and US GAAP
31.2 Accounting for Provisions, Contingent Liabilities and Contingent Assets under US
GAAP
32.32.32.32. GN (A)GN (A)GN (A)GN (A)----18181818, Guidance, Guidance, Guidance, Guidance Note onNote onNote onNote on AccountingAccountingAccountingAccounting for Employee Sharefor Employee Sharefor Employee Sharefor Employee Share----BasedBasedBasedBased
PaymentsPaymentsPaymentsPayments
32.1 Accounting for Employee Shared-based Payments under GN (A) 18
32.2 Accounting for Employee Shared-based Payments under US GAAP
32.3 Comparison between the Indian GAAP, IFR-2 and US GAAP
33.33.33.33. Financial InstrumentsFinancial InstrumentsFinancial InstrumentsFinancial Instruments
33.1 Financial Instruments-Presentation-IAS-32
33.2 Financial Instruments-Disclosure-IAS-32
33.3 Financial Instruments-Presentation and Disclosure- Indian
33.4 Categories of Financial Instruments-IAS-32
33.5 Financial Instruments-Presentation and Disclosure-Indian Gap
33.6 Categories of Financial Instruments-IAS-32
33.7 Recognition and Derecognizing of Financial Instruments-IAS-32
33.8 Accounting for Collateral in a Transfer of Financial Assets
33.9 Derecognizing of Financial Liabilities
33.10 Measurement of Financial Assets and Financial Liabilities
33.11 Gains or Losses form a Change in the Fair Value
33.12 Impairment and Uncollectibility of Financial Assets
33.13 Accounting for Futures Contracts
33.14 Accounting for Futures Contracts-Indian GAAP
33.15 Accounting for Options
33.16 Accounting for Options-Indian GAAP
33.17 Accounting for Securitization
33.18 Disclosures Regarding Derivative Instruments-Indian GAAP
33.19 Accounting for Hedging-Indian GAAP

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Sample QuestiSample QuestiSample QuestiSample Questionsonsonsons
1.1.1.1. Generally Accepted Accounting Principles are a set of accounting ......... approvedGenerally Accepted Accounting Principles are a set of accounting ......... approvedGenerally Accepted Accounting Principles are a set of accounting ......... approvedGenerally Accepted Accounting Principles are a set of accounting ......... approved
by the professional accounting industry.by the professional accounting industry.by the professional accounting industry.by the professional accounting industry.
A. Standards
B. Suggestions
C. Syllabuses
D. Systems
2222.... GAAP are a combination of ......... rules set by policy boards andGAAP are a combination of ......... rules set by policy boards andGAAP are a combination of ......... rules set by policy boards andGAAP are a combination of ......... rules set by policy boards and the commonlythe commonlythe commonlythe commonly
accepted ways of recording and reporting financial information.accepted ways of recording and reporting financial information.accepted ways of recording and reporting financial information.accepted ways of recording and reporting financial information.
A. Authoritative
B. Guideline
C. Optional
D. Overriding
3333.... They can become accepted either as a result of due ......... or as a result of longThey can become accepted either as a result of due ......... or as a result of longThey can become accepted either as a result of due ......... or as a result of longThey can become accepted either as a result of due ......... or as a result of long
term practice.term practice.term practice.term practice.
A. Inclusive
B. Introductory
C. Inventory
D. Investment
4444.... IIIIn 1938, Congress permitted companies to use a new ......... method, LIFO, forn 1938, Congress permitted companies to use a new ......... method, LIFO, forn 1938, Congress permitted companies to use a new ......... method, LIFO, forn 1938, Congress permitted companies to use a new ......... method, LIFO, for
income tax purposes.income tax purposes.income tax purposes.income tax purposes.
A. Banks
B. Credit Card Companies
C. Retail shops
D. None of the above
5555.... In 1939, the AIA recommended the phrasIn 1939, the AIA recommended the phrasIn 1939, the AIA recommended the phrasIn 1939, the AIA recommended the phrasing, "present fairly in conformity withing, "present fairly in conformity withing, "present fairly in conformity withing, "present fairly in conformity with
generally accepted accounting principles" in the standard form of the ......... report.generally accepted accounting principles" in the standard form of the ......... report.generally accepted accounting principles" in the standard form of the ......... report.generally accepted accounting principles" in the standard form of the ......... report.
A. Auditor's
B. Financial
C. Management
D. Stockholders'
Answers: 1 (A), 2 (A), 3 (D), 4 (C), 5 (A)