Indian accounting standards (Ind AS): interpretation, issues and practical application - 2 Vols

Ind AS standards like IFRS are principle based standards. However, they are substantially different from Indian GAAP. Consequently, there is a need for a book such as this, which plays an important part 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 we face day to day 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 and illustrations.
This is the first edition of Ind-AS - Interpretation, Issues & Practical Application. The highlights of this book are given below.
1. First-time adoption guide
2. First-time adoption challenges and perspective
3. Interpretation of Ind-AS's in a simple language
4. Practical illustrations and examples in all chapters
5. Solved examples on hedge accounting and foreign exchange
6. FAQs on roadmap for transition to Ind-AS
7. Detailed comparison with Indian GAAP
8. Illustrative financial statements under Ind-AS and Schedule III
9. Detailed index facilitating easy reference
10. Complicated topics and new standards explained in a lucid manner
11. Financial instruments
12. Business combination
13. Revenue recognition
14. Consolidation and joint arrangement
15. Determination of Functional currency
16. Service concession arrangements
17. Embedded leases

Contents

1. VOLUME I
Part 1 Indian Accounting Standards (Ind-AS) Interpretation, Issues & Practical Application
1) Income and expense
Arrangements
Disclosure of Government Assistance
Assets and Liabilities
Group Accounts
Financial Instruments and Foreign Exchange
Presentation and Disclosure
Accounting Estimates and Errors
Industry Specific

VOLUME II
Part 2 Ind-AS Illustrative Financial Statements for the year ended 31 March 2016
Part 3 The Companies (Indian Accounting Standards Rules, 2015
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