An Insight into Indian Accounting Standards (Road Map, Analysis and guidance for Implementation to Ind AS Converged with IFRS) (2 Volume Set)

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Description
India's Journey for its own Accounting Standards started with the formation of Accounting Standards Board (ASB) of ICAI in 1977. Accounting Standards Board (ASB) took up the task of development of high quality Accounting Standards in line with International Accounting Standards. Development of Accounting Standards in India took place in two phases. In the first phase, i.e., upto 1995, AS 1 to 15 were issued. In the second phase, AS 16 to AS 32 were issued, these standards also included some of the Disclosures Standards like Segment Reporting (AS 17) Related Party Disclosures (AS 18) Earning Per Share (AS 20) etc. These are also sometimes called as second generation of Accounting Standards in India. In between International Accounting Standards Board (IASB) went on revising its existing Standards and also came up with International Financial  reporting Standards (IFRS). It was high time for ASB to look at those International Standards. It was also felt that many foreign Investors were showing interest in Indian industry post liberalization of Indian economy and some of the Indian Companies were listed abroad as well. Keeping in view the need for the reduced cost of capital to Indian Industry and also to reduce the cost of duplication of effort and cost in first preparing the financial statements in Indian GAAPs and then in the International GAAPs, The Institute of Chartered Accountants of India (ICAI) considered it prudent to bring a Concept Paper on convergence with IFRS. The Concepts Paper was prepared in 2006-2007 by the Accounting Standards Board under the Chairmanship of Mr. SC Vasudeva. In July 2007 the Council approved the Concept Paper and it was released in October 2007, Concept Paper was advocated for convergence rather than adoption of IFRS.
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Contents
Volume I 
Part 1 : Division I
Introduction to Ind AS, Road Map, Key Carve outs and Challenges and Approach to Adoption
Division II
Practical Guide to First Time Adoption of Ind AS
Division III
Ind AS : Detailed Requirements and Application
Division IV
Comparison of Ind AS, AS and IFRS
Division V
Disclosure Requirements in Ind AS
Division VI 
Analysis of ICDS 
Volume II
Part II : 
Indian Accounting Standards
Ind AS 101 First-time Adoption of Indian Accounting Standards.
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 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
Ind 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 
Division II to Schedule III
Ind AS Compliant Schedule III.
Income Computation and Disclosure Standards
Income Computation and Disclosure Standards
Annexure
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Author Details
CA. Amarjit Chopra
CA. DR. Sanjeev Kumar Singhal
CA. Alok Kumar Garg