Publishing consolidated financial statements was not compulsory for Indian companies till last year. The Companies Act 2013 (‘Act’) mandates preparation of consolidated Financial Statements for all the companies having subsidiaries. The Act also establishes the principle that financial statements shall comply with Accounting Standards.
From April 1, 2016 Indian Corporate will be required to implement IFRS (International Financial Reporting Standards) converged Accounting Standards (known as Ind-AS) in phased manner. These new standards bring in subjectivity and complexities posing challenge for preparers, auditors and users of financial statements.
This book contains guidance on preparing consolidated financial statements under Ind-AS regime. With practical illustrations it demonstrates how these principles will be applied. With Model Ind-AS accounting policies and illustrative disclosures for few sectors, this book is quite useful for Target Audience.
Shareholder, who need to know true and fair picture of financial results of the corporate where he has invested.
Director, who is responsible to sign off the financial statements and take all the responsibility along with other board members.
CFO and his team, who is responsible for preparation of financial statements. They need support in capturing essence of the regulations, standards and present picture of performance, financial position and change in financial position to the management.
Auditor, who is responsible for giving opinion on financial statements need support in understanding various provisions of the Accounting Standards, Company Law and Auditing Standards.
Independent Director, who is responsible for approving the financial statements of an entity and need support in understanding the nuances of the legislation. He may or may not be from accounts and finance background, and is dependent on experts.
Regulator, who is required to make assessment whether the corporate is following what is intention of the law and whether shareholders interest is protected. He can be tax officer, SEBI or MCA official.
Student, who needs insight into the subject and help in understanding various provisions through examples and case studies.
About the Author:
- CA Parveen Kumar is a practicing Chartered Accountant with over 25 years of post-qualification experience, which includes large number of IFRS assignments for various national and multinational companies listed in India, US and Japan etc.
- Commerce graduate and holds diploma in Information Systems Audit besides certification in IFRS from ACCA (UK).
- Had been member of Accounting Standard Board, Expert Advisory Committee and various study and research groups of ICAI besides WTO and International relation committee of Institute of Cost Accountants
- Active member of various committees of Industry Chambers like CII, Assocham, FICCI etc.
- Presented papers at various national and international forums on his subject of expertise. Faculty with ICAI, ICSI, CAG, NAAA, ICisa, IICA, NIFM, UGC and various other reputed Institutes and PSUs besides Ministries and Universities.
- Papers and articles published in various renowned Journals and Magazines.
- Invited to present paper by reputed institutions like NCAER, PRI (Ministry of Finance) – Japan, Institute of CA in Nepal, Myanmar, Dubai, Singapore Business Federation etc.