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
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. The book 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
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.
About the Author
CA Santosh Maller is an Associate Chartered Accountant, having secured rank in CA
exams, with about 16 years of extensive experience in Accounting, Audit and Assurance
fields. He has worked with several diverse companies, Indian and multinational
companies, on IFRS and Ind AS GAAP conversion engagements, in India and overseas,
in manufacturing, telecom, real estate, shipping and logistics. He has been a member
of IFRS desk/accounting technical professional practice group of a big audit firm for over
8 years.e Tax (Appeals).