Indian Accounting Standards (Ind AS) (2024 Edition)
- Year of Publication: 2024
- ISBN: 0
- No.of Pages: 6394
Ind AS standards like IFRS are principle-based standards. However, they are quite complex, even for a seasoned practitioner. The landscape is constantly changing, new discussions, new questions, new business models, new standards/amendments, EAC opinions, IFRIC decisions, regulatory expectations, would require the book to be significantly updated and enhanced on a regular basis. Consequently, there is a need for a book such as this, which plays an important role in promoting consistent, comparable and high-quality 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 accountant’s 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 sixth edition of Ind AS – Interpretation, Issues & Practical Application. The highlights of this book are given below.
- Complex Ind ASs 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 Topics such as production linked incentives, crypto currency, related party transactions, gross vs net revenue recognition for new age companies, IPO expenses, etc.
- 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 IFRS and Income Computation and Disclosure Standards (ICDS)
- Illustrative financial statements under Ind AS and Schedule III
- Guidance and FAQs on Schedule III
- Detailed index facilitating easy reference
- Tax implications arising from Ind AS accounting
- 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
- Grants
The Book is divided into 3 volumes. Volume I includes commentary on Ind ASs. Volume II includes FAQs on Schedule III, Illustrative financial statements prepared in accordance with Ind AS/Schedule III to the Companies Act, 2013 and bare text of Schedule III. Volume III includes text of Ind AS’s (as amended), ICDS, Key Regulatory Circulars and Notifications from SEBI, MCA, IRDA and RBI. The digital version of the Illustrative financial statements will be extremely useful to preparers of Ind AS/Schedule III financial statements.
Apart from above, 2024 edition of the book contains a few additional points as follow:
- Ind AS Illustrative Financial Statements for the Year Ended 31 March 2024
- Guidance on Ind AS 2023 Amendments
- MCA Notification on Ind AS 2023 Amendments
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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- Year of Publication: 2024
- ISBN: 0
- No.of Pages: 6394
Ind AS standards like IFRS are principle-based standards. However, they are quite complex, even for a seasoned practitioner. The landscape is constantly changing, new discussions, new questions, new business models, new standards/amendments, EAC opinions, IFRIC decisions, regulatory expectations, would require the book to be significantly updated and enhanced on a regular basis. Consequently, there is a need for a book such as this, which plays an important role in promoting consistent, comparable and high-quality 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 accountant’s 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 sixth edition of Ind AS – Interpretation, Issues & Practical Application. The highlights of this book are given below.
- Complex Ind ASs 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 Topics such as production linked incentives, crypto currency, related party transactions, gross vs net revenue recognition for new age companies, IPO expenses, etc.
- 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 IFRS and Income Computation and Disclosure Standards (ICDS)
- Illustrative financial statements under Ind AS and Schedule III
- Guidance and FAQs on Schedule III
- Detailed index facilitating easy reference
- Tax implications arising from Ind AS accounting
- 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
- Grants
The Book is divided into 3 volumes. Volume I includes commentary on Ind ASs. Volume II includes FAQs on Schedule III, Illustrative financial statements prepared in accordance with Ind AS/Schedule III to the Companies Act, 2013 and bare text of Schedule III. Volume III includes text of Ind AS’s (as amended), ICDS, Key Regulatory Circulars and Notifications from SEBI, MCA, IRDA and RBI. The digital version of the Illustrative financial statements will be extremely useful to preparers of Ind AS/Schedule III financial statements.
Apart from above, 2024 edition of the book contains a few additional points as follow:
- Ind AS Illustrative Financial Statements for the Year Ended 31 March 2024
- Guidance on Ind AS 2023 Amendments
- MCA Notification on Ind AS 2023 Amendments
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)
