Description
Bloomsbury India Treatise on Ind AS (Explained with Practical examples and MCQs) by CA (Dr) Alok K Garg
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’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
Comprehensive commentary on Ind AS with conceptual explanations, practical case
studies and examples.
Question Bank of around 1,000 MCQs with detailed analysis covering all Ind AS.
Overview and applicability/ roadmap for implementation of Ind AS in the form of FAQs.
Includes commentary on Ind AS 115 on Revenue and Ind AS 116 on Leases along-with
practical examples and case studies.
Complex Ind AS such as Financial Instruments, Business Combination, Consolidation,
Revenue, Leases, etc. explained in a lucid language with practical examples and case
studies.
Covering practical issues based on ITFG bulletins and education material