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Book Description
Indian financial reporting scenario underwent radical change in the last few years necessitating new ones to be issued in the place of outdated accounting standards. Many accounting standards were issued afresh and it is the transitional time for Indian Industry to fall in line with international financial reporting. Our institute had taken up 2011 as the target year to harmonize our reporting with international practices.
In the book LandMark for Accounting Standards {Indian GAAP (Comparison with IFRS)} burden of reading detailed theory is substituted with flow charts and appropriate examples. Conceptual clarity comes out of solving many problems rather than scripting the theory portions to many pages. Hence greater number of problems is inducted covering all past examination questions including that of the NEW syllabus upto June 2009 examination.
AS 15 Employee Benefits is one of the biggest accounting standard requiring detailed coverage and this book had provided the right place for simple understanding of complex issues.
AS 19 on Lease is potent of a lot of computation, accounting and disclosure. Definitions are different for lessee and lessor. The entire AS is covered in detail.
The term tax is bitter gourd not only for tax payers but also for some of the students as they brand the subject tax as very complicated. The same feeling is extended on AS 22 too. It is a place for them to change their mindset by having a cursory look at the discussion given in this AS 22. A very simple analysis is attempted and the discussion made in AS 22 is bound to make a big difference. After understanding the discussion they would regard the subject tax as very easy not only for accounting but also for practical application. The new impression about tax and accounting for tax is that of most liked sweet item.
Many are having apprehensions about AS 28 regarding the conceptual clarity. All the apprehensions people have on this AS 28 would vanish by going through the discussions.
Comprehensive illustrations encompassing various AS are kept at the final stage of this book so as to check up the understanding and application of concepts under examination conditions.
Some of the existing areas are covered in depth in the new AS issued by ICAI. eg. Forward contracts are covered in AS 30,31 and 32 but the same is discussed in the existing AS 11 in a very detailed manner. The discussions are very easy to understand for practical applications in day to day operations of Foreign currency transactions, forward contracts, translations etc. AS 30,31 and 32 are covered so far as they are related to computation and accounting including ESOP, Securitization etc
Any study in a detailed manner would be requiring summary towards the end to memorise or to quickly recall for examination purpose. An attempt is made to highlight important points of a particular AS at the end of each discussion.
As the existing provisions in each AS of ICAI are compared with IAS/IFRS and US GAAP, it becomes easier to adapt for the changes envisaged for the future.
To gain the feel of application of various AS in practice a student can go through the annexure to the book carrying published financial statements of various companies containing items like disclosure of accounting policies, Cash flow statement, related party disclosure, segmental reporting etc.
An attempt is made to find the definition of various terms in AS in one location. This is referred to as Lexicon. A student may find it easier to refer to the definitions without going through the respective AS.
AS 14, 21, 23 and 27 are separately covered in another book LandMark for Financial Reporting (Advanced Accounting), they are not duplicated here.
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Contents
1.    Introduction For Accounting Standards
2.    AS 1    Disclosure of Accounting Policies
3.    AS 2    Valuation of Inventories
4.    AS 3    Cash Flow Statements
5.    AS 4    Contingencies and Events Occurring After the Balance Sheet Date
6.    AS 5    Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
7.    AS 6    Depreciation Accounting
8.    AS 7    Construction Contracts
9.    AS 9    Revenue Recognition
10.  AS 10  Accounting for Fixed Assets
11.  AS 11  The Effects of Changes in Foreign Exchange Rates
12.  AS 12  Accounting for Government Grants
13.  AS 13  Accounting for Investments
14.  AS 15  Employee Benefits
15.  AS 16  Borrowing Costs
16.  AS 17  Segment Reporting
17.  AS 18  Related Party Disclosures
18.  AS 19  Leases
19.  AS 20  Earnings Per share
20.  AS 22  Accounting for Taxes on Income
21.  AS 24  Discontinuing Operations
22.  AS 25  Interim Financial Reporting
23.  AS 26  Intangible Assets
24.  AS 28  Impairment of Assets
25.  AS 29  Provisions, Contingent Liabilities and Contingent Assets
27.   AS 31 Financial Instruments: Presentation
28.   AS 32 Financial Instruments: Disclosures
29.  Comprehensive Illustrations
30.  Lexicon - Accounting Standard Terms
31.  Appendix I - AS 1 Accounting Policy - NTPC
32.  Appendix II - AS 3

Cash Flow Statements - ITC
33.  Appendix III - Notes to accounts - Wockhardt Limited
        AS 1    1. Summary Of Significant Accounting Policies
        AS 2    9. Inventories
        AS 5    22. Exceptional Items
        AS 6    7. Fixed Assets
        AS 10  7. Fixed Assets
        AS 11  25. Disclosure  regarding  derivative  instruments  and unhedged foreign
                          currency exposure
        AS 13  8. Investments
        AS 15  26. Employee Benefits
        AS 17  21. Segmental Reporting
        AS 18  24. Related Party Disclosures
        AS 20  20. Earnings Per Share
        AS 22  6. Deferred Tax Liability (Net)
        AS 26  23.
        AS 29  29. Contingent Liabilities Not Provided For
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Author Details
L. Muralidharan is a fellow member of the ICAI and an associate member of the ICWAI. He has been mentoring students for the past 20 years through SREERAM COACHING POINT. Blessed with the technique of striking simplicity in the art of teaching, he can plough with ease subjects like Financial Reporting, Accounting Standards, Management Accounting and Financial Analysis and Cost Accounting.
L. Mukundan is an associate member of CA and CWA institutes. He has rich experience in industries and has put up 14 years of post qualification experience in the areas of accounting, finance, project implementation, ERP implementation on variety of manufacturing industries across continents. He shared his rich experience on the subject accounting standards of ICAI vis-a-vis IAS/IFRS. He is an eloquent speaker on various forums related to international issues, financial reporting etc.
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