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......................................................................................................................... Description • This edition includes all Converged Indian Accounting standards (Ind-ASs), notified by the Ministry of Corporate Affairs (MCA) on Dated 25th February, 2011 and recommended by NACAS • Special chapters to explain, how to convert Indian Balance Sheet (which is made with existing Indian Standards) into converged Ind-ASs • All Converged Ind-ASs simplified and written in an easy language. • Conversion of Today's Indian Balance Sheet into IFRS/Ind-ASs. • Detailed guidance to prepare opening Ind-ASs/IFRS Balance Sheet. • Planning for Implementation of IFRS/Ind-ASs • Questions and Answers on First Time Adoption of IFRS/IndASs • First Time adoption of IFRS/Ind ASs-Complex Areas and their solutions • Practical examples how to convert Indian Balance Sheet into IFRS/Ind-ASs • Practical Analysis of all IFRS/Ind-ASs with questions & Answers • All IFRS/Ind-ASs simplified and written in easy language. • Detailed Questions/Answers on Financial Instruments • Detailed discussion on Hedge Accounting and Derivatives. • IFRIC - Interpretations explained with easy examples • SIC - Interpretations explained with easy examples • Format of auditors' report under IFRS/Ind-ASs • Fair Value Measurement • Standard-wise difference between Converged Ind-AS and lFRS • Standard-wise difference between Non-Converged AS and lFRS • Comparison among IFRS, US-GAAP and Indian GAAP. • Recently issued IFRS by IASB • Practical examples in each chapter - how to use IFRS/Ind-ASs. • Solutions of accounting problems with help of IFRS/Ind-ASs • Recent disclosure requirements
The sixth edition of this book has been written specially in the Indian context to help the first time adopters of converged Ind-ASs/IFRS in India. This book explains with practical examples that how to convert Indian Balance Sheet into Converged Ind-ASs/IFRS and this type of chapters are very important for first time adopters of Ind-ASs/IFRS in India. SIC and IFRIC Interpretations have been added to explain the practical and complex areas under IFRS. In this sixth edition of this book a conscious decision has been taken to focus on the needs of executives and financial analysts in the private and public sectors who might not have a strong Ind-ASs/IFRS accounting background. This book is a practical guide to all converged Indian Accounting Standards (Ind-ASs) and International Financial Reporting Standards (IFRS). As such, views are still developing as to how it should be interpreted and applied in India. Companies are learning from each other, following first time adoption of IFRS in the EU and elsewhere in 2005. More Chapters have been added on convergence process of Indian Standards to converged Ind-ASs (Converged with IFRS) that is, special chapters have been added to explain that how to convert Indian Balance Sheet (which is made with existing Indian Standards) into converged Ind-ASs/IFRS. The Ind-AS 101 corresponding to IFRS-1, has been discussed in detail to provide the guidelines for first time adoption of Ind-ASs/IFRS in India. More emphasis has been given on practical aspects considering Indian scenario and each Ind-AS/IFRS has been explained in easy language with practical questions and answers. This book covers diverse areas of accounting from the recognition and measurement of financial instruments to accounting for deferred taxation, business combination and share based payments. This book also explains in details the rules that apply to preparing consolidated financial statements and other statements under Ind-ASs/IFRS. Besides, a lot of examples and case studies have been given to explain the financial instruments in an easy manner. Since the date of publication of this book, I have been receiving a large number of e-mails from wide-cross section of the readers giving suggestion for improvements and appreciation; these have been duly considered in this edition. This publication summarizes each Ind-AS/IFRS and IAS so Managers and Analysts can quickly obtain a broad and basic overview of the key issues. A conscious decision was taken to exclude detailed discussion of certain topics, in order to maintain the overall objective of providing a useful tool to Managers, First time adopters in India and financial Analysts. In addition to the short summaries, most chapters contain simple examples that emphasise the practical application of some key concepts in a particular Standard. The Reader without a technical accounting background is therefore provided with the tools to participate in an informed manner in discussions relating to the appropriateness or application of a particular standard in a given situation. This book gives contribution to expanding awareness and understanding of IFRS around the world, with easy to read summaries of each Standard, and examples that illustrate accounting treatments and disclosure requirements. ......................................................................................................................... Contents Part 1 - Ind - ASs/ IFRS Relating to Presentation 1. Introduction 2. International Financial Reporting Standards (IFRS) and Ind- Ass ( A Latest and brief summary on all IFRS and Ind - ASs) 3. IASB Framework 4. First-time adoption of Ind-ASs (IFRS) in India (Ind-AS 101 and IFRS 1) 5. How to change Financial Statements from Indian GAAP to Converged Ind- Ass (IFRS) ? (Implementation tips for Ind - As 101 "First time adoption of Ind- Ass") 6. IFRS 1 - Question and Answer on First Time Adoption 7. IFRS 1 - First Time Adoption of IFRS-Complex Areas 8. Ind - AS 101 - Conversion of Today's Indian Balance Sheet into IFRS (Ind- As 101 and IFRS 1) 9. First adoption of Indian Accounting Standards (Ind- ASs) (Clarification of certain doubts and querries) 10. Presentation of Financial Statements (Ind- AS 1 and IAS 1) 11. Cash Flow Statements (Ind- AS 7 and IAS 7) 12. Accounting Policies, Change in Accounting Estimates and Errors (Ind AS 8 and IAS 8) Part 2 - Ind - ASs / IFRS Relating to Group Statements 13. Consolidated and Separate Financial Statements (Ind-AS 27 and IAS 27) 14. Investments in Associates (Ind - AS 28 and IAS 28) 15. Interest in Joint-Ventures (Ind - AS 31 and IAS 31) 16. Associates and Joint Ventures (Ind AS 28, Ind AS 31 and IAS 28, IAS 31) 17. Business Combination (Ind-AS 103 and IFRS 3) Part 3 - Ind - ASs / IFRS Relating to Balance Sheet and Income Statement 18. Revenue 19. Accounting for Government Grants and disclosure of Government Assistance 20. Leases 21. Construction Contracts 22. Share-Based Payment 23. Employee Benefits 24. Property, Plant and Equipment 25. Investment Property 26. The Effects of Changes in Foreign Exchange Rates 27. Borrowing Costs 28. Income Taxes 29. Insurance Contracts 30. Inventories 31. Intangible Assets 32. Impairment of Assets 33. Financial Instruments : Recognition of Measurement 34. Financial Instruments : Classification and Measurement of FInancial Assets 35. Provisions, Contingent Liabilities and Contingent Assets 36. Agriculture Part 4 - Ind - ASs / IFRS Relating to Disclosure 37. Operating Segment 38. Accounting and reporting by Retirement Benefit Plans 39. Earning Per Share 40. Interim Financial Reporting 41. Related Party Transaction 42. Events after the Balance Sheet 43. Non - Current Assets held for Sale and Discontinued Operations 44. Financial Instruments : Presentation 45. Financial Reporting in Hyper - inflationary Economies 46. Exploration for and Evaluation of Mineral Resources 47. Financial Instruments : Disclosures Part 5 - IFRIC and SIC Interpretations (A) IFRIC Interpretations (B) SIC - Interpretations Part 6 - Ind - ASs and IFRS Relating to Specific Industry Part 7 - Other Chapter on IFRS / Ind - Ass .........................................................................................................................
