Taxmann Indian Accounting Standards & Corporate Accounting Practices in 3 Vols. By T.P.Ghosh Edition 2025

Indian Accounting Standards & Corporate Accounting Practices is widely regarded as India’s most authoritative, comprehensive, and practice-oriented commentary on the Ind AS framework. Spanning over 5,000 pages across three meticulously structured volumes, Prof. (Dr) T.P. Ghosh presents a definitive work that accomplishes four core objectives,

• Offers deep conceptual interpretation of every Ind AS, explaining not just the rules but the underlying principles
• Connects Ind AS with global IFRS developments, including IFRS 16, IFRS 17, IFRIC 22, IFRIC 23, and the upcoming IFRS 18 and IFRS 19 (effective 2027)
• Integrates Indian regulatory requirements, particularly the Schedule III Division II and Division III reporting formats
• Demonstrates reporting practices through:
  • Over 400 corporate disclosure extracts from Indian companies
  • More than 700 interpretative and numerical examples, including valuation models, EPS computations, impairment analyses, ECL mechanics, and hedge accounting illustrations
  • Numerous diagrams, decision trees, and flowcharts that simplify complex concepts

The coverage of the book is as follows:

• Volume 1 — Presentation of Financial Statements | Foundational, Structural & Consolidation Standards
  • Part I – Transition to Ind AS
    • Covers first-time adoption under Ind AS 101, including exceptions, optional exemptions, reconciliations, transition balance sheet requirements and practical transition mechanics
  • Part II – Ind AS-based Financial Reporting Framework
    • Explains the integration of Ind AS 1 with Schedule III, detailed rules for current–non-current classification, and earnings per share under Ind AS 33—including complex capital structures
  • Part III – Standalone Financial Statements
    • Provides extensive guidance on preparing the Statement of Profit and Loss (including OCI presentation), Statement of Cash Flows (direct and indirect methods), material accounting policies, and a structured approach to drafting Notes to Accounts
  • Part IV – Consolidated Financial Statements
    • Covers control evaluation under Ind AS 110, classification of joint arrangements (joint operations vs joint ventures), the equity method under Ind AS 28, NCI measurement and full templates for consolidated reporting
  • Part V – Presentation Principles
    • Discusses Ind AS 8, 10, 24, 105, 108 and 114, along with complex illustrations on CODM identification, reclassifications, and discontinued operations
• Volume 2 — Elements of Financial Statements | Recognition, Measurement & Disclosure Across All Major Ind AS Areas
  • Part VI – Measurement Principles
    • A comprehensive discussion of valuation techniques under Ind AS 113, updated foreign currency translation rules under Ind AS 21, share-based payment modelling (volatility, risk-free rates, dividend assumptions), and hyperinflation accounting under Ind AS 29
  • Part VII – Revenue (Ind AS 115)
    • Expands the five-step model with more than 50 examples, covering licensing, royalties, warranties, breakage, returns, repurchase agreements and other industry-specific issues.
  • Part VIII – Inventories, Expenses, Taxes & Provisions
    • Covers Ind AS 2, 12, 19, 23, and 37, including detailed actuarial valuation examples for employee benefits, complex scenarios on deferred tax (including Pillar Two rules), and full guidance on inventory costing, provisions and borrowing costs
  • Part IX – Assets, Depreciation & Impairment
    • Includes recognition and componentisation of PPE, decommissioning liabilities, comprehensive coverage of intangible assets (including cloud-computing configuration costs and cryptocurrencies), and in-depth CGU-level impairment modelling under Ind AS 36
  • Part X – Government Grants
    • Explains the distinction between grants and government assistance, accounting for forgivable loans, capital grants, interest subsidies and grant repayments
  • Part XI – Business Combinations
    • Covers the acquisition method, valuation of contingent consideration, accounting for replacement awards, and treatment of common control transactions using the pooling-of-interests method
• Volume 3 — Financial Instruments | India’s Most Complete Ind AS Commentary on Financial Instruments
  • Part I – Presentation (Ind AS 32)
    • Clarifies the distinction between financial liabilities and equity, puttable instruments, compound instruments and treatment of treasury shares
  • Part II – Recognition, Classification & Measurement (Ind AS 109)
    • Explains business model assessment, SPPI testing with multiple examples, effective interest rate mechanics, and measurement under amortised cost, FVOCI and FVPL
  • Part III – Derivatives & Embedded Derivatives
    • Covers currency forwards, options, swaps, bifurcation of embedded derivatives, and distinctions between commodity and financial derivatives
  • Part IV – Reclassification
    • Discusses reclassification triggers and the accounting consequences across categories
  • Part V – Impairment (ECL Model)
    • Detailed analysis of 12-month vs lifetime ECL, SICR evaluation, macroeconomic overlays, forward-looking information and treatment of collateral
  • Part VI – Hedge Accounting
    • Explains fair value, cash flow and net investment hedges; effectiveness testing; and the treatment of time value, forward elements and basis spreads
  • Part VII – Derecognition
    • Covers pass-through arrangements, continuing involvement, and partial derecognition scenarios
  • Part VIII – Equity Swaps & Liability Extinguishment
    • Details IFRIC 19 mechanics with illustrative examples on settlement of financial liabilities using equity instruments
  • Part IX – Disclosures (Ind AS 107)
    • Provides extensive templates and illustrations for credit, liquidity and market risk disclosures; transfer and derecognition disclosures; offsetting; and sensitivity analyses

Every chapter across the three volumes follows a consistent and highly instructional architecture:

• Conceptual Grounding – Introduces the principle, links to the conceptual framework and explains relevant IFRS parallels
• Principle-based Exposition – Breaks down the wording, structure and intent of the standard, paragraph by paragraph
• Interpretative Commentary – Offers expert analysis on judgment areas, alternative interpretations, and practical application issues
• Numerical Examples & Valuation Tables – Includes DCF models, present value techniques, risk adjustments, option valuations, swap valuations and other computations
• Illustrative Corporate Disclosures – Extracts and annotates Ind AS disclosures from Indian companies for practical insight
• Common Pitfalls & Practice Issues – Highlights frequent errors, misinterpretations and practical complexities faced by preparers
• Summary Tables, Checklists & Diagrams – Uses charts, flow-logics and structured tables to simplify complex standards and aid rapid learning