About the Book:
“Treatise on Ind AS” allows its readers to dive into the depth of Indian Accounting Standards (Ind AS) without getting stuck into the web of bare text. While Ind AS are ruling the nation of Indian accounting, the book comes to the rescue of those looking for conceptual clarity, application guidance, comparison of new set of standards with old and global set of standards. It shall act as a stop shop for all Ind AS related guidance.
In 2015, India moved to International level of financial reporting framework by introducing Ind AS which are based on globally accepted set of accounting principles, i.e. International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB). This move from Indian GAAP to Ind AS has been a revolutionary mark in the Indian history of accounting, the implementation has not been much of a cake walk for everyone. However, ICAI has taken every step possible to make it easier for the stakeholders, thereby introduced Ind AS with a roadmap for its implementation. The idea was to implement Ind AS in a phased manner. Till date, all the listed companies (except banking and insurance companies) and a large number of unlisted companies (above threshold limit) have implemented Ind AS. Since then, accounting professionals and students are struggling to keep up with the changing financial reporting requirements.
This book provides a complete guidance to its readers by offering a comprehensive commentary on each Ind AS explained with practical examples, case studies, FAQs on applicability or roadmap for implementation of Ind AS to answer most of the related questions. A detailed comparison of Ind AS, IGAAP, IFRS and ICDS has been given to offer a broad outlook on what has changed and why, practical issues based on ITFG bulletins and educational material have been incorporated in order to provide guidance on exceptional accounting issues, comprehensive multiple choice questions have been added at the end of every Ind AS in order to allow readers to revise and test their understanding. In the book, the author has simplified the most complex Ind AS such as recently notified Ind AS 116 on Leases, Ind AS 115 on Revenue and other areas like Financial Instruments, Business Combination and Consolidation, etc.
IASB keeps on reviewing IFRS and issues amendments from time-to-time in order to maintain relevance of accounting standards in the context of current market scenarios. ICAI, on the same line amends Ind AS in order to align with IFRS. This book covers all the amendments since inception, including the recent amendment notified by MCA on 24th July, 2020 along-with relevant examples and case studies.
It is immensely useful for CA, CS, ICWA, CFOs, finance professionals, accountants, corporates and CA final students. The bank of around 1,000 multiple choice questions also provide great help to preparers of certificate course on Ind AS organized by ICAI.
It’s a treatise that inscribes the transfiguration of financial reporting framework in the Indian history of accounting giving its readers an in-depth insight on its each and every detail.
Key Features of the Book:
1. Comprehensive commentary on Ind AS with conceptual explanations, practical case studies and examples.
2. Question Bank of around 1,000 MCQs with detailed analysis covering all Ind AS.
3. Overview and applicability/ roadmap for implementation of Ind AS in the form of FAQs.
4. Relevant Ind ASs updated with recent amendments notified by MCA on July 24, 2020 vide Companies (Indian Accounting Standards) Amendment Rules, 2020.
5. Includes commentary on Ind AS 115 on Revenue and Ind AS 116 on Leases along-with practical examples and case studies.
6. Complex Ind AS such as Financial Instruments, Business Combination, Consolidation, Revenue, Leases, etc. explained in a lucid language with practical examples and case studies.
7. Covering practical issues based on ITFG bulletins and education material.
8. Including Ind AS compliant Annual reports of NIFTY 50 Companies for FY 2019-20 in a separate online link.
9. Detailed comparison of Ind AS, Indian GAAP, IFRS and ICDS.
About the Author:
CA. Alok K. Garg, is an Associate Member of Institute of Chartered Accountants of India (ICAI) for more than a decade. He is currently heading Financial Reporting, Consolidation and IFC function of a large listed company. Having completed his graduation in B.Com (Hons.) from University of Delhi in 2004, he also qualified the Company Secretary from Institute of Company Secretaries of India (ICSI) in the year 2008. He is a Diploma holder in IFRS from ACCA, United Kingdom and also Certified Ind AS from Institute of Chartered Accountants of India (ICAI).
He is a seasoned professional having a thorough experience in the field of Financial reporting, Consolidation, Internal Controls and Auditing for more than 13 years and associated with Bharti Infratel, HSBC, IL&FS and consulting firms during his career cycle. He has been awarded for implementation of IFRS & Ind AS as a Subject Matter Expert.
Mr. Garg is a prolific speaker, has delivered more than 400 lectures on IFRS, Ind AS and Accounting Standards across the country and outside at diverse platforms organized by various professional Institutes, Universities, and various committees, branches and study circles of ICAI.
He has Co-Authored a comprehensive book on Ind AS “An Insights in to Indian Accounting Standards” with CA. Amarjit Chopra and CA. (Dr.) Sanjeev Singhal.
He is a special invitee to Accounting Standard Board (ASB) of ICAI for FY 2019-20 and 2020-21.
He has also delivered various seminars/ workshops organized by NIFM, Ministry of Finance and Department of Public Enterprises, Ministry of Heavy Industries and iCISA, CAG of India.
CA Alok Garg is actively involved in professional contribution to the society in terms of imparting knowledge to fellow members and students at ICAI and outside through his knowledge series & various articles published at various channels of print as well as social media. Few of his notable achievements, associations and deliberations are as follows:
1. One of the best rated faculty for the Certificate course on Ind AS organized by ICAI.
2. Best rated faculty for Diploma in Ind AS organized by Ramanujan College, University of Delhi.
3. Contributed as a core member of study group in finalization of Educational Material of ICAI on Ind AS 20.
4. Special Invitee for Board of Studies (BoS) of ICAI for various initiatives.
- Contributed extensively for development of study material on Financial reporting for new course of CA Final.
- Reviewer of material on Accounting Standards for Bhutan.
- Delivered Video Lectures on Financial Reporting for CA Final and Accounting Standards for CA Inter.
5. Delivered video lectures/webinars on Ind AS organized by CPE Committee of ICAI and Ind AS Implementation Group of ICAI for the benefit of members.
6. Penned number of articles on IFRS, Ind AS and Accounting Standards published in the various publications of ICAI.
Mr. Garg always believes in promoting students and is actively involved in mentorship for Fresher Chartered Accountants and CA students.