Indian Accounting Standards (Ind AS) Practices Demystified- Link to Watch Videos
- Year of Publication: 2021
- ISBN: 0
Listening is the first language skill humans acquire, hence it comes as no surprise that around 85% of what we learn is through listening. Additionally, when print and audio are combined, our ability to recall information increases remarkably, reports say 40%. While books, indubitably, render immense knowledge; an audiobook can act as a cherry on the cake! Emerged during the 1930s, an audiobook, or a “talking book”, is a recording of a book being read out loud. It allows a person to listen to a recording of the text of the book, rather than merely read the text of the book.
Key matters covered in the audiobook include:-
- Minimum Alternate Tax (MAT) implication under Ind AS.
- Ind AS application issues related to liabilities viz. warranty obligations, deferred tax on intra-group transactions and CSR obligation.
- Ind AS application issues related to income and expense viz. deferral of revenue, principal versus agent assessment, sales incentives, recognition of non-refundable upfront fees, sales returns, etc.
- Various financial instruments viz. lease and other similar deposits, financial guarantees, treasury shares, embedded derivatives, etc.
- Business combinations and consolidation matters viz. concept of control, business combination accounting under Ind AS 103, common control business combinations and measurement of contingent consideration.
- Sector-specific Ind AS accounting issues viz. service concession arrangements, biological assets under Ind AS 41 and accounting in the real estate sector.
- Financial reporting and auditing aspects in the Covid-19 scenario, with special emphasis on expected credit loss assessment under Ind AS 109.
The author is an Associate Chartered Accountant, having secured rank in CA exams, with about 18 years of extensive experience in Accounting, Audit and Assurance fields. He has worked with several diverse companies, Indian and multinational companies, on IFRS and Ind AS GAAP conversion engagements, in India and overseas, in manufacturing, telecom, real estate, shipping and logistics. He has been a member of IFRS desk/accounting technical professional practice group of a big audit firm for over 8 years. He had a working experience in London, during which he was closely associated with the IFRS standard-setting projects of the International Accounting Standards Board.
The author, an alumnus of the Indian School of Business, Hyderabad, has been serving as a special invitee for Ind AS on ICAI’s Accounting Standards Board and has been part of many study groups of the ICAI. He has authored several media articles on Accounting and Valuation and has been an eminent speaker on financial reporting and corporate governance, having conducted technical trainings.
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: 2021
- ISBN: 0
Listening is the first language skill humans acquire, hence it comes as no surprise that around 85% of what we learn is through listening. Additionally, when print and audio are combined, our ability to recall information increases remarkably, reports say 40%. While books, indubitably, render immense knowledge; an audiobook can act as a cherry on the cake! Emerged during the 1930s, an audiobook, or a “talking book”, is a recording of a book being read out loud. It allows a person to listen to a recording of the text of the book, rather than merely read the text of the book.
Key matters covered in the audiobook include:-
- Minimum Alternate Tax (MAT) implication under Ind AS.
- Ind AS application issues related to liabilities viz. warranty obligations, deferred tax on intra-group transactions and CSR obligation.
- Ind AS application issues related to income and expense viz. deferral of revenue, principal versus agent assessment, sales incentives, recognition of non-refundable upfront fees, sales returns, etc.
- Various financial instruments viz. lease and other similar deposits, financial guarantees, treasury shares, embedded derivatives, etc.
- Business combinations and consolidation matters viz. concept of control, business combination accounting under Ind AS 103, common control business combinations and measurement of contingent consideration.
- Sector-specific Ind AS accounting issues viz. service concession arrangements, biological assets under Ind AS 41 and accounting in the real estate sector.
- Financial reporting and auditing aspects in the Covid-19 scenario, with special emphasis on expected credit loss assessment under Ind AS 109.
The author is an Associate Chartered Accountant, having secured rank in CA exams, with about 18 years of extensive experience in Accounting, Audit and Assurance fields. He has worked with several diverse companies, Indian and multinational companies, on IFRS and Ind AS GAAP conversion engagements, in India and overseas, in manufacturing, telecom, real estate, shipping and logistics. He has been a member of IFRS desk/accounting technical professional practice group of a big audit firm for over 8 years. He had a working experience in London, during which he was closely associated with the IFRS standard-setting projects of the International Accounting Standards Board.
The author, an alumnus of the Indian School of Business, Hyderabad, has been serving as a special invitee for Ind AS on ICAI’s Accounting Standards Board and has been part of many study groups of the ICAI. He has authored several media articles on Accounting and Valuation and has been an eminent speaker on financial reporting and corporate governance, having conducted technical trainings.
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)
