INS AS Practices Demystified
This book attempts to provide insights on how notable phase I companies and early adopters of Ind AS have transitioned to Ind AS. To simplify the matters the book is structured in three parts, mentioned as below:
Part I- The book starts with Part I (Ind AS Summaries) covering Ind AS summaries that provide snapshots of Key aspects of all Ind AS standards in an easy to understand, concise and simplified manner. It Includes Ind AS 115 & 116.
Part II- This part deals with key practical issues arising under Ind AS along with, perhaps, more importantly, the real-life instances of the issue amongst leading Indian and international companies. The endeavor is to explain complex requirements, including financial instruments and business combinations, 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 view.
Ind AS contains extensive presentation and disclosure requirements. Part II includes a separate chapter dedicated to Ind AS presentation and disclosure requirements along with extracts from real-life Ind AS financial statements /results of leading Indian companies as also from IFRS financial statements of major international companies.
Chapter 11 of this division deals with the differences between Ind AS requirements and the provisions of GST laws that Ind AS compliant companies would have to be mindful about. Further chapter 12 takes a look at the key Ind AS impact and emerging practices amongst Ind AS compliant NBFCs along with the extracts from the published financial results of leading NBFCs.
Added chapter 13, which explains the impact on Financial Reporting due to COVID-19.
Part III (Appendices) includes a case study of a hypothetical company, which provides the transition journal entries and the illustrative Ind AS financial statements for FY 2019-20 . In October 2018, the MCA issued Division III to Schedule III that is applicable to Ind AS compliant NBFCs. This notification is included in Part III. Part III also includes pertinent circulars, notifications, schedules and other key pronouncements related to Ind AS from various regulators.co.
This book is intended to help the companies to identify Ind AS requirements that are relevant to then and evaluate various accounting policy choice available under Ind AS. For those in the process of preparing their annual Ind AS financial statements, the disclosure related issues would be useful to benchmark with the Ind AS/IFRS disclosures of major companies.