“Treatise on Ind AS” allows its readers to dive into the depth of Indian Accounting Standards (Ind AS) without getting stuck into the web of bare text. While Ind AS are ruling the nation of Indian accounting, the book comes to the rescue of those looking for conceptual clarity, application guidance, practical reference to listed companies, comparison of new set of standards with old and global set of standards. It shall act as a one-stop shop for all Ind AS related guidance.
In 2015, India moved to international level of financial reporting framework by introducing Ind AS which are based on globally accepted set of accounting principles, i.e. International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB). This move from Indian GAAP to Ind AS has been a revolutionary mark in the Indian history of accounting, the implementation has not been much of a cake walk for everyone. However, MCA has taken every step possible to make it easier for the stakeholders, thereby introduced Ind AS with a roadmap for its implementation. The idea was to implement Ind AS in a phased manner. Till date, all the listed companies (except banking and insurance companies) and a large number of unlisted companies (above threshold limit) have implemented Ind AS. Since then, accounting professionals and students are struggling to keep up with the changing financial reporting requirements.
This book provides a complete guidance to its readers by offering a comprehensive commentary on each Ind AS explained with practical examples, case studies, FAQs on applicability or roadmap for implementation of Ind AS to answer most of the related questions. A detailed comparison of Ind AS, IGAAP, IFRS and ICDS has been given to offer a broad outlook on what has changed and why, practical issues based on ITFG bulletins and educational material have been incorporated in order to provide guidance on exceptional accounting issues, more than 1,000 comprehensive multiple-choice questions have been added in order to allow readers to revise and test their understanding. The most interesting part of this book is the reference to Annual Reports of listed companies to give a real outlook on various complex concepts. In this book, the author has simplified the most complex Ind AS such as Ind AS 116 on Leases, Ind AS 115 on Revenue and other areas like Financial Instruments, Group Reporting and Share-based payments etc.
IASB keeps on reviewing IFRS and issues amendments from time-to-time in order to maintain relevance of accounting standards in the context of current market scenarios. ICAI, on the same line amends Ind AS in order to align with IFRS. This book covers all the amendments since inception, including the recent amendment notified by MCA on 23rd March, 2022 along-with relevant examples and case studies. The author has also incorporated additional guidance in context of COVID-19 impact on businesses and accounting thereof.
It is immensely useful for CA, CS, CWA, CFOs, finance professionals, accountants, corporates and CA final students. The bank of more than 1,000 multiple choice questions also provides great help to participants of certificate course on Ind AS organized by ICAI.
It’s a treatise that inscribes the transfiguration of financial reporting framework in the Indian history of accounting giving its readers an in-depth insight on its each and every detail.