Bloomsbury’s Accounting under Ind AS -An Illustrative Manual by CA Santosh Maller – 3rd Edition July 2021.

Ind AS transition has resulted in high-quality, principles-based, globally comparable financial reporting of large Indian companies. The transition not only impacted the financial results of companies, but also caused far reaching consequential business impact. Since last two years, there have been several changes in Ind AS for example, amendments in the revenue recognition standard and new leases standard has drastically changed the performance reporting in the balance sheet composition of companies.
Further, certain Ind AS principles are implicitly complex, for example, the accounting for financial instruments, acquisitions and business combinations are quite nuanced and can get difficult to apply without proper understanding.

Towards this end, this book attempts to provide insights and in-depth analysis on interpretative issues and complex principles in the Ind AS standards. Ind AS contains extensive presentation and disclosure requirements. The relevant chapters extensively deal with these requirements with illustrative examples. To simplify the reading experience, the chapters include a brief, easy to understand, summary of the relevant standard, followed by Frequently Asked Questions (FAQs) on the chapter.

Coronavirus (COVID-19) has also resulted in widespread economic uncertainty and disruption of businesses. There have been far reaching implications on financial reporting. These circumstances would potentially present entities with several challenges when preparing their financial statements. This Edition covers some of the key financial reporting implications by way of FAQs in related chapters that companies need to consider along with the possible approaches that they may consider to dealing with the same keeping in view the business objectives, financial covenants and the accounting standards.

This book is intended to help the companies to identify Ind AS requirements that are relevant to them and evaluate various accounting policy choices available under Ind AS. The disclosure related issues would be useful to benchmark with the Ind AS/IFRS disclosures of major companies. Currently, there is limited literature of the Ind AS application issues. This book endeavors to provide guidance on these issues. The book would be an immensely useful referencer for professionals, practitioners and corporates.

Key Features

• Ind AS analysis and insights explained in simple, easy to understand FAQs.
• Simplified & concise summaries of Ind AS standards, including Ind AS 116.
• Complex Ind AS accounting principles explained with simple examples and journal entries.
• Practical insights on Ind AS implementation issues.
• Comprehensive coverage of the standards based on recent interpretative issues.
• Simplified explanations of the requirements of the new standard with simple examples, and diagrammatic illustrations.
• Simple and lucid language.

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