Description

About the book

“Treatise on Ind AS” allow 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 is ruling the nation of Indian accounting, the book comes to the rescue of those looking for conceptual clarity, application guidance, comparison of a new set of standards with an old and global set of standards. It shall act as a stop shop for all Ind AS-related guidance.

 

In 2015, India moved to an International level of financial reporting framework by introducing Ind AS which is based on a globally accepted set of accounting principles, i.e. International Financial Reporting Standards (IFRS) issued by the 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 cakewalk for everyone. However, ICAI has taken every step possible to make it easier for the stakeholders, thereby introducing Ind AS with a roadmap for its implementation. The idea was to implement Ind AS in a phased manner. To 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 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, comprehensive multiple-choice questions have been added at the end of every Ind AS in order to allow readers to revise and test their understanding. In the book, the author has simplified the most complex Ind AS such as recently notified Ind AS 116 on Leases, Ind AS 115 on Revenue, and other areas like Financial Instruments, Business Combination, and Consolidation, etc.

 

 

It is immensely useful for CA, CS, ICWA, CFOs, finance professionals, accountants, corporates, and CA final students. The bank of around 1,000 multiple choice questions also provides great help to preparers 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 into its each and every detail.

 

Key Features

 

Comprehensive commentary on Ind AS with conceptual explanations, practical case studies, and examples.

Question Bank of around 1,000 MCQs with detailed analysis covering all Ind AS.

Overview and applicability/ roadmap for implementation of Ind AS in the form of FAQs.

Includes commentary on Ind AS 115 on Revenue and Ind AS 116 on Leases along with practical examples and case studies.

Complex Ind AS such as  Financial Instruments, Business Combination, Consolidation, Revenue, Leases, etc. explained in a lucid language with practical examples and case studies.

Covering practical issues based on ITFG bulletins and education material.

Detailed comparison of Ind AS, Indian GAAP, IFRS, and ICDS.