Illustrated Guide to Indian Accounting Standards (Ind AS)

This book offers an in-depth examination of Ind AS, as amended by the Companies (Indian Accounting Standards) (Amendment) Rules 2023, and meticulously analyses the revised Schedule III of the Companies Act 2013. It presents process flow diagrams for significant Ind ASs, accompanied by charts, illustrations, and case studies that elucidate the intricacies of each standard. Definitions and practical guidance are also included, enabling readers to grasp and comprehend the nuances of each Ind AS.

Description

This book provides a comprehensive commentary on the Indian Accounting Standards (Ind ASs) & comprehensive analysis of amended Schedule III of the Companies Act 2013.

The Present Publication is the 8th Edition & updated till April 2023, incorporating the Companies (Indian Accounting Standards) (Amendment) Rules 2023. This book is authored by B.D. Chatterjee & Jinender Jain, with the following noteworthy features:

• [Process Flow Diagrams of Major Ind AS in Simplified & Lucid Language] to help the reader understand and comprehend the nuances of each Ind AS in its simplest form
• [200+ Process Flow Diagrams, Charts, Illustrations & Case Studies] to deep dive into the Ind ASs & their convergence with IAS/IFRS, updated with the latest notified amendments in each of the Ind ASs, based on practical issues and questions
• [Definitions & Application Guidance] are incorporated in critical chapters
• [Detailed Comparative Analysis] of the Ind ASs with the amending Accounting Standards (AS)
• [Case Studies] on disclosure of accounting policies
• [Global Perspective] Each chapter highlights the convergence of each Ind AS with IFRS
• [References] have been made to the following:
• Notified text on Ind ASs & AS published by Ministry of Corporate Affairs
• The Institute of Chartered Accountants of India Publication on Indian Accounting Standards (Ind AS)
• Adaptations from ACCA UK

The detailed contents of this book are as follows:

• Financial Reporting in India and Conceptual Framework for Financial Reporting
• Indian Accounting Standards (Ind AS) Summary
• Ind AS 1 | Presentation of Financial Statements and Schedule III
• Ind AS 2 | Inventories
• Ind AS 7 | Statement of Cash Flows
• Ind AS 8 | Accounting Policies, Changes in Accounting Estimates and Errors
• Ind AS 10 | Events occurring after the Reporting Period
• Ind AS 12 | Income Taxes
• Ind AS 16 | Property, Plant and Equipment
• Ind AS 17 | Leases
• Ind AS 19 | Employee Benefits
• Ind AS 20 | Accounting for Government Grants and Disclosure of Government Assistance
• Ind AS 21 | The Effects of Changes in Foreign Exchange Rates
• Ind AS 23 | Borrowing Costs
• Ind AS 24 | Related Party Disclosures
• Ind AS 27 | Separate Financial Statements
• Ind AS 28 | Investments in Associates and Joint Ventures
• Ind AS 29 | Financial Reporting in the Hyperinflationary Economies
• Ind AS 32 | Financial Instruments – Presentation
• Ind AS 33 | Earnings Per Share
• Ind AS 34 | Interim Financial Reporting
• Ind AS 36 | Impairment of Assets
• Ind AS 37 | Provisions, Contingent Liabilities and Contingent Assets
• Ind AS 38 | Intangible Assets
• Ind AS 40 | Investment Property
• Ind AS 41 | Agriculture
• Ind AS 101 | First-time Adoption of International Financial Reporting Standards
• Ind AS 102 | Share-Based Payment
• Ind AS 103 | Business Combinations
• Ind AS 104 | Insurance Contracts
• Ind AS 105 | Non-Current Assets Held for Sale and Discontinued Operations
• Ind AS 106 | Exploration and Evaluation of Mineral Resources
• Ind AS 107 | Financial Instruments – Disclosures
• Ind AS 108 | Operating Segments
• Ind AS 109 | Financial Instruments
• Ind AS 110 | Consolidated Financial Statements
• Ind AS 111 | Joint Arrangements
• Ind AS 112 | Disclosure of Interests in Other Entities
• Ind AS 113 | Fair Value Measurement
• Ind AS 114 | Regulatory Deferral Accounts
• Ind AS 115 | Revenue from Contracts with Customers
• Ind AS 116 | Leases
• Case Studies on Disclosure of Accounting Policies
• Multiple Choice Questions on Ind ASs

About the author

B.D. Chatterjee

Mr Chatterjee is a business and finance leader with over 40 years of rich industry experience in overall business and finance functions. He is a Chartered Accountant with CS and CMA qualifications and holds a diploma in IFRS from the UK.

He possesses expertise in implementing best practices in finance, corporate governance, change management through business process and financial re-engineering and enterprise Risk Management. He has rich experience in Mergers and Acquisitions, including financial due diligence and business valuation. He has extensive knowledge and expertise in industrial gases, engineering polymers, agrochemicals, FMCG and dairy products, and health care and manpower services.

Apart from consulting practice, he has handled high-profile leadership positions like CFO/VP/Director Finance assignments in global MNCs (Linde, DuPont, and Kelly Services) and large Indian conglomerates (Mother Dairy group, Max India).

He has also been associated with an International Institute as a visiting faculty and taught finance professionals a Diploma in IFRS and certificate courses of IFRS organized by ACCA Global (UK).

Currently, he is associated with a reputed International Think Tank, ACCESS Health International Inc, as their global CFO for the past six years. The organisation's operation spans countries like the United States, South Asia, China, the Middle East, and Southeast Asia. This stint has given him invaluable experience in handling global finance and compliance management.

He is an established author, and his books include contemporary business and finance topics like International Financial Reporting Standards (IFRS), Indian Accounting Standards (Ind AS), Business Valuation, Financial Due Diligence, Enterprise Risk Management and Corporate Governance published by reputed publishers.

Read Less

Jinender Jain

Jinender Jain is a Chartered Accountant with over 14 years of experience in financial reporting and related fields. He holds an IFRS diploma and an IFRS certificate from ACCA, UK. He has extensive knowledge and understanding of IFRS and Ind AS.

He has delivered lectures on various forums as an IFRS/Ind AS speaker. He also keeps contributing in the form of articles on related topics at different platforms.