Indian Accounting Standards (Ind AS)
- Year of Publication: 2022
- Edition: 6th
- ISBN: 0
Ind AS standards like IFRS are principle-based standards. However, they are quite complex, even for a seasoned practitioner. Furthermore, two new standards, Ind AS 115 Revenue from Contracts with Customers and Ind AS 116 Leases substantially change previous Ind AS requirements and pose numerous interpretative issues.Consequently, there is a need for a book such as this, which moves beyond first time adoption and plays an important part in promoting consistent, comparable and highquality financial reporting. Ind AS – Interpretation, Issues & Practical Application is written in simple language, mainly in a question and answer format, suitable for quick comprehension. But it does not stop there. It goes much beyond explanation. It provides insights, solutions and alternative approaches on complex practical issues that accountants face on a daily basis in the real world of global financial reporting. This practical approach is unavailable in any other work, in India. It is the most authoritative material on Ind AS, and will immensely benefit the preparers of financial statements, users, auditors, regulators, standard-setters, directors, audit committee members, students and academicians.
Written by an accounting authority, the book carefully avoids jargons. Complex technical accounting issues have been explained clearly with numerous worked examples, case studies and illustrations. This is the first digital edition of Ind AS – Interpretation, Issues & Practical Application.
The highlights of this book are given below.
- Complex Ind AS's explained in a simple language
- All chapters completely re-written/revised
- Includes references to EAC opinions and ITFG/IFRIC interpretations, where necessary
- Exhaustive Interpretation and Practical Illustrations on all Ind AS standards
- Guidance on New Definition of business under Ind AS 103 Business Combinations
- More than 300 Practical Illustrations and Examples each on Ind AS 115 & Ind AS 116
- More than 300 Solved Q&A's and examples on financial instrument and foreign exchange
- Detailed comparison of Ind AS with Indian GAAP, IFRS and ICDS
- Illustrative financial statements under Ind AS and Schedule III
- Guidance and FAQ's on Schedule III
- Detailed index facilitating easy reference
- Complicated topics explained in a lucid manner
- Common control Mergers and Amalgamations
- Financial instruments and derivatives
- Debt vs Equity
- Business combination
- Consolidation and joint arrangements
- Foreign exchange
- Income-taxes
- Revenue recognition
- Leases
- Tax implications arising from Ind AS accounting
The book is divided into 3 volumes. Volume I includes the commentary on accounting standards. Volume II contains Illustrative Financial Statements prepared in accordance with Ind AS and on Schedule III to the Companies Act, 2013. The text of Ind AS's (as amended), key regulatory circulars and notification, Schedule III the Companies Act, 2013 and Income Computation and Disclosure Standards are included in Volume III of the book. The electronic version of the illustrative financial statements will be extremely useful to preparers of Ind AS financial statements.
Dolphy D'Souza is a Chartered Accountant, Cost Accountant, Company Secretary from Indian Institutes and a Management Accountant from the London Institute and a ranker. He comes from a humble background and has worked hard to achieve success in his chosen field of accounting practice.
Dolphy has more than three decades of accounting and auditing experience with detail exposure to International Financial Reporting Standards (IFRS), Indian Accounting Standards (Ind AS) and Indian GAAP. His experience includes IFRS and Ind AS implementation and audit of large Indian and multi-national clients including SEC registrants, with complex organization structures and businesses. The experience has been predominantly with three of the big accounting firms in India and abroad as a professional practice leader (Ind AS & IFRS) and senior partner. Dolphy is actively involved in professional development activities, having been a speaker at several seminars on Accounting Standards for CFOs, independent directors, accountants, standard-setters, students and regulators across India and at International conferences. In this book, he has brought to good use his practical experience to deal with the complex problems and accounting challenges faced by the Industry on a day-to-day basis. He is an avid and regular contributor to various
technical journals and newspapers', on matters relating to accounting standards, accounting practices and financial reporting. He has written several books on accounting standards and financial reporting. His interest in writing started much earlier when as a student, he got the best article of the year in 'The Chartered Accountant' journal from the Institute of Chartered Accountants of India (ICAI). Dolphy is fully committed to Indian GAAP, Ind AS and IFRS standard setting process including with the ICAI and the International Accounting Standards Board (IASB). His body of work on accounting standard has raised the level of debate in the country on some of the contentious accounting issues. He is a member of several standard-setting and regulatory committees on IFRS, Ind AS and Indian GAAP.
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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Ratings and Reviews
Overall Rating
- Year of Publication: 2022
- Edition: 6th
- ISBN: 0
Ind AS standards like IFRS are principle-based standards. However, they are quite complex, even for a seasoned practitioner. Furthermore, two new standards, Ind AS 115 Revenue from Contracts with Customers and Ind AS 116 Leases substantially change previous Ind AS requirements and pose numerous interpretative issues.Consequently, there is a need for a book such as this, which moves beyond first time adoption and plays an important part in promoting consistent, comparable and highquality financial reporting. Ind AS – Interpretation, Issues & Practical Application is written in simple language, mainly in a question and answer format, suitable for quick comprehension. But it does not stop there. It goes much beyond explanation. It provides insights, solutions and alternative approaches on complex practical issues that accountants face on a daily basis in the real world of global financial reporting. This practical approach is unavailable in any other work, in India. It is the most authoritative material on Ind AS, and will immensely benefit the preparers of financial statements, users, auditors, regulators, standard-setters, directors, audit committee members, students and academicians.
Written by an accounting authority, the book carefully avoids jargons. Complex technical accounting issues have been explained clearly with numerous worked examples, case studies and illustrations. This is the first digital edition of Ind AS – Interpretation, Issues & Practical Application.
The highlights of this book are given below.
- Complex Ind AS's explained in a simple language
- All chapters completely re-written/revised
- Includes references to EAC opinions and ITFG/IFRIC interpretations, where necessary
- Exhaustive Interpretation and Practical Illustrations on all Ind AS standards
- Guidance on New Definition of business under Ind AS 103 Business Combinations
- More than 300 Practical Illustrations and Examples each on Ind AS 115 & Ind AS 116
- More than 300 Solved Q&A's and examples on financial instrument and foreign exchange
- Detailed comparison of Ind AS with Indian GAAP, IFRS and ICDS
- Illustrative financial statements under Ind AS and Schedule III
- Guidance and FAQ's on Schedule III
- Detailed index facilitating easy reference
- Complicated topics explained in a lucid manner
- Common control Mergers and Amalgamations
- Financial instruments and derivatives
- Debt vs Equity
- Business combination
- Consolidation and joint arrangements
- Foreign exchange
- Income-taxes
- Revenue recognition
- Leases
- Tax implications arising from Ind AS accounting
The book is divided into 3 volumes. Volume I includes the commentary on accounting standards. Volume II contains Illustrative Financial Statements prepared in accordance with Ind AS and on Schedule III to the Companies Act, 2013. The text of Ind AS's (as amended), key regulatory circulars and notification, Schedule III the Companies Act, 2013 and Income Computation and Disclosure Standards are included in Volume III of the book. The electronic version of the illustrative financial statements will be extremely useful to preparers of Ind AS financial statements.
Dolphy D'Souza is a Chartered Accountant, Cost Accountant, Company Secretary from Indian Institutes and a Management Accountant from the London Institute and a ranker. He comes from a humble background and has worked hard to achieve success in his chosen field of accounting practice.
Dolphy has more than three decades of accounting and auditing experience with detail exposure to International Financial Reporting Standards (IFRS), Indian Accounting Standards (Ind AS) and Indian GAAP. His experience includes IFRS and Ind AS implementation and audit of large Indian and multi-national clients including SEC registrants, with complex organization structures and businesses. The experience has been predominantly with three of the big accounting firms in India and abroad as a professional practice leader (Ind AS & IFRS) and senior partner. Dolphy is actively involved in professional development activities, having been a speaker at several seminars on Accounting Standards for CFOs, independent directors, accountants, standard-setters, students and regulators across India and at International conferences. In this book, he has brought to good use his practical experience to deal with the complex problems and accounting challenges faced by the Industry on a day-to-day basis. He is an avid and regular contributor to various
technical journals and newspapers', on matters relating to accounting standards, accounting practices and financial reporting. He has written several books on accounting standards and financial reporting. His interest in writing started much earlier when as a student, he got the best article of the year in 'The Chartered Accountant' journal from the Institute of Chartered Accountants of India (ICAI). Dolphy is fully committed to Indian GAAP, Ind AS and IFRS standard setting process including with the ICAI and the International Accounting Standards Board (IASB). His body of work on accounting standard has raised the level of debate in the country on some of the contentious accounting issues. He is a member of several standard-setting and regulatory committees on IFRS, Ind AS and Indian GAAP.
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
