Ind AS Practices Demystified
Note : 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.
