Ind AS Practices Demystified MAY 2017
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Title : Ind AS Practices Demystified
Author : Ca Santosh Maller
EAN : 9789351298229
Number Of Pages : 1000 approx
About the book
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.
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
About the author
CA Santosh Maller
Author is a Chartered Accountant, having secured rank in CA exams, with about 16 years of extensive experience in accounting, audit and assurance fields. He has working experience with diverse companies, including multinational companies for IFRS & Ind AS GAAP conversion engagements, in India and overseas, in manufacturing, trading, telecom, real estate and shipping and logistics. He has been part of IFRS desk/ accounting technical professional practice group of a big audit firm for over 8 years. He had a working experience in London, during which he was closely associated with the IFRS standard-setting projects of the International Accounting Standards Board.
The author, is an alumnus of the Indian School of Business, Hyderabad, has been serving as a special invitee for Ind-AS on the ICAI’s, Accounting Standards Board and has been part of many study groups of the ICAI. He has authored several media articles on accounting and valuation and has been an eminent speaker on financial reporting and corporate governance, having conducted technical trainings.