Ind AS Practices Demystified
With effect from 1 April 2016, Ind AS converged with International Financial Reporting Standards (IFRS), is the new accounting norm for listed and unlisted companies with net worth in excess of Rs.500 crore (Phase I). Approximately 370 companies/groups, covered in Phase I of Ind AS roadmap, have applied Ind AS in financial year 2016-17.
From 1 April 2017, approximately 9,000 Indian companies, i.e., balance listed companies and unlisted companies with net worth in excess of Rs.250 crore, will be covered by Ind AS (phase II). Ind AS contains many new concepts & requirements, which are quite complex. Therefore, it would be fitting for these Ind AS phase II companies to leverage on the learning and experiences of bigger phase I companies. To simplify these matters the book is structured in three parts, mentioned as below:
Part I- The book starts with Part I covering Ind AS summaries that provide snapshots of Key aspects of all Ind AS standards in an easy to understand, concise and simplified manner.
Part II- This part deals with the key practical issues arising under Ind AS along with real-life instances amongst leading Indian and international companies. Complex requirements are explained in a lucid manner with simple examples and journal entries, followed by extracts from financial statements/results of companies demonstrating their experiences on dealing with the issue, along with Author’s views. There are specific chapters on disclosures & presentation and MAT for Ind AS.
Part III (Appendices) includes a case study showing transitioning to Ind AS in financial year 2016-17 and 2017- 2018, along with journal entries & Financial statements.
Currently, there is limited literature of the Ind AS application and implementation issues. This book endeavors to bring out significant transition and first-time adoption related issues that are emerging in practice. The book covers with all the updates till 5th May, 2017.
Ind AS Practices Demystified
- Practical insights along with real-life implementation experiences of Companies reporting as per Ind AS
- Ind AS presentation & disclosure requirements, benchmarking with Indian & International best practices
- Complex Ind AS accounting issues explained with simple examples and journal entries
- Analysis based on financial statements & results of companies
- Simplified & Concise summaries of Key Ind AS standards
- Practical insights into the emerging accounting, tax, legal and regulatory issues
- Separate chapter on MAT Implications with regards to Ind AS, as per Finance Act, 2017
- Latest Releases, Circulars and Notifications (including GSR 258(E) dated 17.3.2017 and GSR 308 (E) dated 30.3.2017)
- Exhaustive Case-study with Journal Entries & Illustrative Financial Statements for first-time adoption and subsequent year