Tax Publishers Ind AS Hand Book, 2016 By Dr. Avadhesh Ojha, CA Satyadev Purohit Edition 2016
• Comprehensive Yet Convenientmost Accounting Manual
• Ind AS in Nutshell Capsulising Important Aspects
• Easy Appreciation of Accounting Principles with Authenticity
• Placement of Illustrations/Example in the Text as and where Appropriate
About The Book
As per sub-section (1) of section 129 of the Companies Act, 2013 (2013 Act hereinafter), the financial statements of a company are required to comply with the Accounting Standards notified under section 133 thereof. Section 133 empowers the Central Government to prescribe the Standards of Accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India (ICAI), in consultation with and after examination of the recommendations made by the National Financial Reporting Authority (NFRA). In exercise of the powers conferred by section 133 of the 2013 Act, the Central Government has issued the Companies (Indian Accounting Standards) Rules, 2015 dt. 16-2-2015, which have come into force with effect from 1-4-2015. These Rules contain a set of 39 Indian Accounting Standards which are notified by the Ministry of Corporate Affairs as having become effective from 1-4-2015.
Though for the accounting period beginning on or after 1-4-2015, it is optional for any company to comply with the Indian Accounting Standards (Ind ASs), however, for companies specified under rule 4(ii) of the said Rules, it is mandatory to comply with Ind ASs for the accounting period beginning on or after 1st April, 2016. Also, companies specified under rule 4(iii) of the said Rules, are required to comply with Ind ASs for the accounting periods beginning on or after 1st April, 2017.
The present book titled Chartered Accountants Indian Accounting Standards Hand Book has been conceived and thoughtfully written with a view to providing practical approach to the complex accounting principles contained in the newly notified Ind ASs. Each Chapter is presented in as lucid a manner as possible so that the readers grasp the subject matter quite comfortably. Relevant texts of the Illustrative Examples (IEs) and Implementation Guidances (IGs) appended to each Ind AS have been incorporated within the texts of the respective Ind AS Chapter at the relevant place together with the related accounting principle thereby enabling the readers to appreciate the principle concerned with greater clarity and objectivity.
Some of the Ind ASs as notified are devoid of Illustrative Examples and Implementation Guidances though they found place in the corresponding Ind ASs as originally existing before the 16-2-2015 Notification. We have however taken the opportunity to incorporate those examples and guidance material in the present book at their appropriate places for enabling the readers to comprehend the complex accounting principles objectively. We have of course done so after examining their applicability in the current accounting regime.
In order to enable the readers to exactly relate the practical approach to various accounting principles through illustrations and practical examples, the related text thereof has been presented in a different type font for ensuring clearer visibility.
This book contains as many as 41 Chapters.
Chapter 1 titled Basic Concepts Underlying Preparation and Presentation of Financial Statements provides an overview of the basic concepts and principles underlying preparation and presentation of financial statements by an entity.
Chapter 2 titled Applicability of Indian Accounting Standards discusses in detail the rules governing the applicability of the Ind ASs to various companies.
Chapters 3 to 41 cover the accounting principles enshrined in the 39 notified Ind ASs (one in each chapter) thereby covering all the different accounting aspects in their totality. A summary of the accounting principles contained in each of the Ind ASs is provided at the very beginning of the related chapter dealing with the particular Ind AS, more or less as an icing on the cake.
The subject matter which is admittedly a very complex one, is presented succinctly and precisely by sub-dividing the same in a large number of smaller items, preceded by appropriate item headings and sub-headings so as to make this book a user friendly product. Paragraph numbers stated against each item heading or sub-item heading refer to the paragraph numbers of the respective Ind ASs. This is done with a view to enabling the readers, as and where needed, to access the particular accounting principles contained in the official text of the relevant Ind AS, rather instantly.
The present book is thus bound to be useful not only for the Practising Chartered Accountants but also for the Chartered Accountants in industry, looking after the day-to-day accounting and financial affairs of a company.
We feel that despite our painstaking efforts and sincere analytical approach to the task before us in presenting a complex subject in a clarificatory mode as desired, possibility of certain shortcomings cannot be ruled out. Therefore, we solicit creative feedback from our learned readers, bringing to our notice any mistake, error, omission or discrepancy that might have crept in. Needless to add that we shall feel highly obliged.
Dr. Avadhesh Ojha, CA Satyadev Purohit