Ind AS Simplified, A Comprehensive Commentary Explained with Illustrations
ABOUT THE BOOK
This book is an attempt to make the understanding of the Ind AS simple through lucid explanations and illustrations for each concept. The book contains industry-wise impact study, easy and quick referencer of standards, standard-wise list of exemptions and exceptions, comparison with Accounting Standards (AS), and many more. This book also contains a significant number of practical issues along with views of ITFG & Educational Materials issued by ICAI have also been duly considered while analyzing the concepts and are accordingly presented in the book.
Ind AS 115 Revenue from Contract with Customers and Ind AS 116 Leases (effective from financial year starting from 1.4.2018 & 1.4.2019 respectively) are currently issued in draft form by the ICAI. Further, once these standards are issued, companies will have to make a disclosure of the expected impacts of these standards on the financial statements as per Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Hence, for the benefit of readers, these standards have been incorporated in this Book.
KEY FEATURES OF THE BOOK
- Lucid Commentary with Conceptual Explanations & Examples
- Includes Commentary on Ind AS 115 and Ind AS 116
- Standard-wise carve outs between IFRS and Ind AS
- FAQs on MCA Notifications for Roadmap/ Applicability of Ind AS
- Practical Issues on Ind AS including analysis of ITFG Bulletins and Educational Material
- Ind AS Impacts on Different Sectors
- Minimum Alternate Tax Impact on Ind AS adjustments
- Including Illustrative Financial Statements based on Ind AS
- Including Ind AS 115 & 116
About the Author:
CA Anand Banka is a Fellow Member of ICAI and currently is a Director with a leading Chartered Accountants firm. Author has over 11 years of experience of accounting, audit, especially in IFRS/ Ind AS domain, including implementing IFRS/ Ind AS in companies across sectors in various countries including India, Nepal, UAE and USA. He has been involved in the accounting standard setting process, both Ind AS and AS, with ICAI.
He is also a prolific speaker with seminars across various countries on IFRS, Indian Accounting Standards, Companies Act, etc.
Other notable achievements and contributions include:
- He has Authored the book “Comprehensive Guide to Ind AS Implementation” and “Comprehensive Guide to Indian GAAP” and “ Ind AS Simplified and Ind AS Simplified with Illustrations, Extracts and Disclosure Checklists, published by CCH.
- He is a Special Invitee on the Accounting Standards Board (ASB) of the ICAI.
- He is one of the best rated faculties for the Certificate Course on IFRS/ Ind AS of ICAI, across India, Nepal and UAE.
- He is a Co-opted member of the Ind AS (IFRS) Implementation Committee of WIRC of ICAI
- He has been an “Asian-Oceanian Standard-Setters Group (AOSSG)” Trainer in Nepal for the Nepal IFRS Centre of Excellence. The Asian-Oceanian Standard-Setters Group (AOSSG) is a group of the accounting standard-setters in the Asian-Oceanian region. The group has been formed to discuss issues and share experiences on the adoption of International Financial Reporting Standards (IFRS) and to contribute to the development of high-quality global accounting standards.
- He has been a Coordinator and Faculty for ‘National Mission on Education’ of Ministry of Human Resource Development (MHRD, Govt. of India) for Implementation of Accounting Standards in Educational Institutes like IITs and IIMs
- He has been Subject Editor for books on financial accounting and reporting
- He has penned several articles that have appeared in professional publications like Bombay Chartered Accountants’ Journal (BCAJ) and WIRC Reference Manual