Ind AS Simplified A Comprehensive Commentary Explained with Illustrations

Amended by Companies (Indian Accounting Standards) Amendment Rules 2021 Dt 18-6-2021
Useful for Professionals and Students of CA Final & Certification Courses on Ind AS
Including Examples and Practical Issues on Ind AS 116
Covering Practical Accounting Issues due to COVID - 19 in Q & A Form
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Description
The accounting world today is getting its due attention with all the changes happening and companies overwhelmed with interpreting and implementing these standards. With 3 of the 'Big 4' standards already in use in the market i.e. IFRS 9 Financial Instruments, IFRS 15 Revenue from contracts with customers and IFRS 16 Leases and the fourth standard IFRS 17 Insurance contracts deferred for now, accountants have been busy around the world. In India, phase 2 of implementation of Ind AS was not even done with and companies started implementing Ind AS 115 - which rocked the world of real estate entities by deferring the revenue recognition to completion of projects, and also made India Inc realize that insurance and freight may be separate services from sale of goods, ICAI acted promptly by releasing educational material on the Standard to help industries sail through this tide. However, this Standard has also enhanced the disclosures relating to revenue which companies will soon have to come to terms to in their annual reports. Ind AS 116 has increased the size of the balance sheet multi-folds and have affected some key performance ratios for the companies, Ind AS 116 impacts assets, borrowings, EBITDA, finance costs, depreciation. Add to this, the regulators are planning to mandate companies to give more and more information about its operations and financial strength in form of the Companies (Auditor's Report) Order, 2020 and also the revised Schedule III of the Companies Act. These are expected to be implemented from FY 21-22 onwards. While the regulators are requiring additional information to be presented in the financial statements, IASB is working on a project to define what is a balance in disclosures requiring better/ relevant but lesser disclosure. Companies are also appreciating the importance of IFRIC agenda discussions and decisions, which may impact Ind AS companies as well to the extent the transactions are similar. The IASB is also working on the primary financial statements project involving formatting and structure of income statement which it considers would be a game changer in financial reporting. I am sure there would be a lot to look ahead for the accounting professionals. n important and unfortunate event that happened during the current year was the spread of Corona Virus disease (Covid-19). This has not only resulted in loss of human life across the globe but has also affected businesses. Accounting for various impacts of this virus on business needs proper accounting and presentation in the financial statements. While the ICAI and many organization have come out with guidance, I have tried to cover some very specific accounting issues in a special chapter in this book (Refer Division VII).
Includes
»    Lucid commentary with Conceptual Explanations & Examples
»    Included Commentary on Ind AS 115 and Ind AS 116
»    Includes all Amendments till 31 March 2021 including latest amendment to Schedule III
»    Multiple Choice Questions (MCQs) and Pratice Questions for Students
»    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
»    Impact of Ind AS on different sectors
»    Minimum Alternate Tax impact on Ind AS adjustments
»    Including Illustrative Financial Statements based on Ind AS
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Contents
Division I: Quick Referencer
Referencer I    Comparative List of AS, Ind AS and IFRS
Referencer II    Ind AS Listing- Financial Statements Utility
Referencer III    Standard wise list of Exemptions and Exceptions.
Division II: Roadmap and Impact
Roadmap to Ind AS
Ind AS Impact - Industry Wise
Division III: Ind AS - Analysed
Ind AS 1     Presentation of Financial Statements
Ind AS 2     Inventories
Ind AS 7      Statement of Cash Flows
Ind AS 8      Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 10    Events after the Reporting Period
Ind AS 12    Income Taxes
Ind AS 16    Property, Plant and Equipment
Ind AS 17    Leases
IInd AS 19   Employee Benefits
Ind AS 20    Accounting for Government Grants and Disclosure of Government Assistance
Ind AS 21     The Effects of Changes in Foreign Exchange Rates
Ind AS 23    Borrowing Costs
Ind AS 24    Related Party Disclosures
Ind AS 27    Separate Financial Statements
Ind AS 28    Investments in Associates and Joint Ventures
Ind AS 29    Financial Reporting in Hyperinflationary Economies
Ind AS 32    Financial Instruments: Presentation
Ind AS 33    Earnings per Share
Ind AS 34    Interim Financial Reporting
Ind AS 36    Impairment of Assets
Ind AS 37    Provisions, Contingent Liabilities and Contingent Assets
Ind AS 38    Intangible Assets
Ind AS 40    Investment Property
Ind AS 41    Agriculture
Ind AS 102  Share-based Payment
Ind AS 103  Business Combinations
Ind AS 104  Insurance Contracts
Ind AS 105  Non-current Assets Held for Sale and Discontinued Operations.
Ind AS 106  Exploration for and Evaluation of Mineral Resources
Ind AS 107  Financial Instruments: Disclosures
Ind AS 108  Operating Segments
Ind AS 109   Financial Instruments
Ind AS 110   Consolidated Financial Statements
Ind AS 111   Joint Arrangements
Ind AS 112   Disclosure of Interests in Other Entities
Ind AS 113   Fair Value Measurement
Ind AS 114   Regulatory Deferral Accounts
Ind AS 115   Revenue from Contracts with Customers
Ind AS 116   Leases
Division IV: Other Relevant Topics
Ind AS and MAT
Analysis - Guidance Note on Division II - Ind AS Schedule III to the Companies Act
Schedule III of Companies Act, 2013: Division III Applicable to Ind AS compliant
NBFCs
Division V: Illustrative Financial Statements
Division VI : Multiple Choice Questions
Part I     MCQs Questions
               MCQ Answer
Part II    Fill in the Blanks-Questions
               MCQ Answers
Part III   True or False - Questions
               MCQ - Answers
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Author Details
CA Anand Banka, a Fellow Member of ICAI, holds a Diploma in IFRS from ACCA (UK) and in Information Systems Audit (DISA). He is a Partner with Talati & Talati, Chartered Accountants, heading its Mumbai office. Anand has over 9 years of experience of accounting and audit, especially in International Financial Reporting Standards (IFRS) domain. His experience includes implementing IFRS/Ind AS in Companies across sectors in various countries including India, 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 more than 250 seminars across various countries on IFRS,Indian  Accounting Standards, Companies Act, etc.
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