Accounting under Ind AS: An Illustrative Manual

About the Book

Ind AS transition has resulted in high-quality, principles-based, globally comparable financial reporting of large Indian companies. The transition not only impacted the financial results of companies but also caused a far-reaching consequential business impact. Since last two years, there have been several changes in Ind AS, for example, amendments in the revenue recognition standard and new leases standard have drastically changed the
performance reporting in the balance sheet composition of companies.

Further, certain Ind AS principles are implicitly complex, for example, the accounting for financial instruments, acquisitions, and business combinations are quite nuanced and can get difficult to apply without proper understanding.
Towards this end, this book attempts to provide insights and in-depth analysis on interpretative issues and complex principles in Ind AS standards. Ind AS contains extensive presentation and disclosure requirements.

The relevant chapters extensively deal with these requirements with illustrative examples. To simplify the reading experience, the chapters include a brief, easy to understand, summary of the relevant standard, followed
by Frequently Asked Questions (FAQs) on the chapter.

Coronavirus (COVID-19) has also resulted in widespread economic uncertainty and disruption of businesses. There have been far-reaching implications on financial reporting. These circumstances would potentially present entities with several challenges when preparing their financial statements. The book covers some of the key financial reporting implications by way of FAQs in related chapters that companies need to consider along with the possible approaches that they may consider to dealing with the same keeping in view the business objectives, financial covenants, and the accounting standards.

This book is intended to help the companies to identify Ind AS requirements that are relevant to them and evaluate various accounting policy choices available under Ind AS. The disclosure-related issues would be useful to benchmark with the Ind AS/IFRS disclosures of major companies. Currently, there is limited literature on Ind AS application issues. This book endeavors to provide guidance on these issues.