FEATUREΓ* Recently issued IFRS-IO, IFRS-II, IFRS-12, IFRS-13 and IFRS-14Γ* Recently issued Exposure Drafts (ED) of IFRS/Ind-ASs and recent disclosure requirementsΓ* Latest updates to IFRS/Indian Accounting Standards (Ind ASs)Γ* Tips – How to convert I-GAAP financial statements into IFRS/ Ind-ASs financial statementsΓ* Practical examples/case studies in each chapter – how to use IFRS/lnd-ASsΓ* Written in simple language, in a question and answer formatΓ* Guidance on recent controversial issues and complex practical issuesΓ* Standard-wise difference between IFRS and Ind-ASsΓ* Standard-wise difference between Ind-ASs and Existing AssCONTENTPreface About the Book Detailed Contents Part IInternational Financial Reporting Standards (IFRSs) & INO-ASs 1. IASB Framework 2. IASB and Standard Setting Process 3. Presentation of Financial Statements (IAS 1 and Ind-AS 1) 4. Inventories (IAS 2. and Ind-AS 2 ) 5. Statement of Cash Flows (IAS 7 and Ind-AS 7) 6. Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8 and Ind-AS 8) 7. Events after the Reporting Period (IAS 10 and Ind-AS 10) 8. Construction Contracts (IAS 11 and Ind-AS 11) 9. Income Taxes (IAS 12 and Ind-AS 12) 10. Property, Plant and Equipment (IAS 16 and Ind-AS 16) 11. Leases (IAS 17 and Ind-AS 17)12. Revenue (IAS 18 and Ind-AS 18) 13. Employee Benefits (IAS 19 and Ind-AS 19) 14. Accounting for Government Grants and Disclosure of Government Assistance (IAS 20 and Ind-AS 20) 15. The Effects of Changes in Foreign Exchange Rates (IAS 21 and Ind-AS 2 1) 16. Borrowing Costs (lAS 23 and Ind-AS 23) 17. Related Party Disclosures (IAS 24 and Ind-AS 24)18. Separate Financial Statements (IAS 27 and Ind-AS 27) 19. Investments in associates and Joint Ventures (IAS 28 & Ind AS 28)20 Financial Reporting in Hyperinflationary Economies (IAS 29 and Ind-AS 29)21. Consolidated Financial Statements (I FRS 10 and Ind AS 110) 22. Joint Arrangements (I FRS 11 and Ind-AS III) 23. Disclosure of Interests in Other entities (IFRS 12 and Ind-AS 112) 24. Financial Instruments: Presentation (IAS 32 and Ind-AS 32) 25. Earnings Per Share (IAS 33 and Ind-AS 33) 26. Interim Financial Reporting (IAS 34 and Ind-AS 34) 27. Impairment of Assets (IAS 36 and Ind-AS 36) 28. Provisions, Contingent Liabilities and Contingent Assets (IAS 37 and Ind-AS 37)29. Intangible Assets (IAS 38 and Ind-AS 38) 30. Financial Instruments Recognition and Measurement (IAS 39 and Ind-AS 39)31. Investment Property (lAS 40 and Ind-AS 40)32. First-time Adoption of Indian Accounting Standards (IFRS 1 and Ind-AS 101)33. Share-based Payment (IFAS 2 and Ind-AS 102)34. Business Combinations (IFRS 3 and Ind-AS 103)35. Insurance Contracts (IFRS 4 and Ind-AS 104)36. Non-current Assets Held for Sale and Discontinued Operations (IFRS 5 and Ind-AS 105) 37. Exploration for and Evaluation of Mineral Resources (IFRS 6 and Ind-AS 106) 38. Financial Instruments: Disclosures (IFRS 7 and Ind-AS 107) 39. Operating Segments (I FRS 8 and Ind-AS 108) 40.Deviations of Ind-ASs from IFRS and Practical challenges and key impacts41. Indian Accounting Standards (Ind-ASs) v. IFRS Key differences and their impact on Indian Financial StatementsPart IINew IFRS, IFRS Exposure Drafts (ED), Ind-ASs (ED), Deferred Ind-ASs and Impact of IFRS on Indian Financial Statements1. Fair Value Measurement – (IFRS-13 and Ind AS 113)2. Accounting and Reporting by Retirement Benefit Plan (IAS 26)3. Accounting for Agriculture (IAS 41) 4. Financial Instruments (IFRS 9)5. Impact of IFRS on Indian Companies6. Latest and Recent Development in IFRS 7. IFRS and New Companies Act 2013 – Differences and .Analysis8. Income Tax and IFRS 9. Regulatory Deferral Accounts (IFRS 14) ABOUT THE BOOKThis is indeed an exciting time to prepare an updated Ready Reckoner on Indian Accounting Standards ( Ind-ASs). The responsibility for achieving high quality financial reporting, however, does not rest solely with Indian ASS. The role of ASB is limited to providing the set of standards that entities should apply to achieve high quality, comparable, and transparent financial reporting. For Indian Accounting Standards ( Ind-ASs) to be properly understood , implemented, and applied in practice, education and training of all relevant parties-including financial statement pre parers, auditors, regulators, financial analysts, and other users of financial statements as well as accounting students-is essential. This Ready Reckoner book should be a helpful tool in this regard. The approach of the book is to discuss core concepts and other key elements of the Ind-ASs and to provide training material in the form of worked case studies and questions to support successful learning of the material. Consequently, the book should be useful for First Time Adopters of Ind-ASs in India, professionals like Chartered Accountants, Company Secretaries, Cost Accountants and corporate and non-corporate sector in India. The Ready Reckoner is also useful for students who prepare for exams and for financial statement preparers, auditors, regulators, financial analysts , and other users of financial statements who in their work need to be familiar with the Indian accounting standards ( Ind-ASs). This publication summarizes each Ind AS; 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.