Indian Accounting Standards (Ind AS)

This book provides the Indian Accounting Standards (Ind AS) framework established under the Companies (Indian Accounting Standard) Amendment Rules, 2024, amended by the Companies (Indian Accounting Standards) Second Amendment Rules, 2024 and Companies (Indian Accounting Standards) Third Amendment Rules, 2024.

It presents the full text of each standard, with detailed explanations of its objectives, scope, key definitions, recognition criteria, and disclosure requirements. The content is organised to enhance the reader’s understanding of the Ind AS application across various entities, focusing on definitions, applicability, and specific exemptions.

This book is helpful for professionals, academicians, and practitioners involved in financial reporting, auditing, and compliance.

The Present Publication is the 6th Edition, updated till 28th September 2024. It is edited by Taxmann’s Editorial Board, with the following noteworthy features:

[Comprehensive Coverage] This book presents the complete text of Indian Accounting Standards (Ind AS), covering a broad spectrum of standards. It ranges from fundamental principles to complex topics like Financial Instruments, Revenue Recognition, Leases, and Business Combinations. Each standard is thoroughly explained, with clear details on its objectives, scope, key definitions, recognition criteria, and disclosure requirements
[Ind AS Implementation Guide] A dedicated section in the book walks readers through the implementation process of Ind AS. It covers the titles and commencement of standards, definitions, applicability criteria, compliance obligations, and specific exemptions
[Structured and User-Friendly Format] The content is logically organised, making it easy to navigate and reference. The book is designed for quick access, with general instructions and detailed analyses of each standard presented clearly and concisely
[Applicability and Exemptions Focus] The book provides a thorough examination of each standard’s applicability, identifying which entities must comply and outlining available exemptions
[Comprehensive Indexing and Cross-Referencing] To enhance usability, the book includes extensive indexing and cross-referencing, allowing readers to locate specific topics, standards, and key terms easily
[Focus on First-Time Adoption] Special attention is given to Ind AS 101, providing detailed guidance for entities transitioning from previous GAAP to Ind AS
[Supporting Material and References] The book includes additional resources, references, and appendices that provide further context and support for understanding and applying the standards
The detailed contents of the book are as follows:

Guide to Ind AS
Short Title and Commencement
Definitions
Applicability of Accounting Standards
Obligation to Comply with Indian Accounting Standards (Ind AS)
Exemptions
General Instructions
Indian Accounting Standards (Ind AS)
Indian Accounting Standard (Ind AS) 101: First-Time Adoption of Indian Accounting Standards
Indian Accounting Standard (Ind AS) 102: Share-Based Payment
Indian Accounting Standard (Ind AS) 103: Business Combinations
Indian Accounting Standard (Ind AS) 104: Insurance Contracts
Indian Accounting Standard (Ind AS) 105: Non-Current Assets Held for Sale and Discontinued Operations
Indian Accounting Standard (Ind AS) 106: Exploration for and Evaluation of Mineral Resources
Indian Accounting Standard (Ind AS) 107: Financial Instruments: Disclosures
Indian Accounting Standard (Ind AS) 108: Operating Segments
Indian Accounting Standard (Ind AS) 109: Financial Instruments
Indian Accounting Standard (Ind AS) 110: Consolidated Financial Statements
Indian Accounting Standard (Ind AS) 111: Joint Arrangements
Indian Accounting Standard (Ind AS) 112: Disclosure of Interests in Other Entities
Indian Accounting Standard (Ind AS) 113: Fair Value Measurement
Indian Accounting Standard (Ind AS) 114: Regulatory Deferral Accounts
Indian Accounting Standard (Ind AS) 115: Revenue from Contracts with Customers
Indian Accounting Standard (Ind AS) 116: Leases
Indian Accounting Standard (Ind AS) 117: Insurance Contracts
Indian Accounting Standard (Ind AS) 1: Presentation of Financial Statements
Indian Accounting Standard (Ind AS) 2: Inventories
Indian Accounting Standard (Ind AS) 7: Statement of Cash Flows
Indian Accounting Standard (Ind AS) 8: Accounting Policies, Changes
in Accounting Estimates and Errors
Indian Accounting Standards (Ind AS) 10: Events after the Reporting Period
Indian Accounting Standards (Ind AS) 11: Construction Contracts
Indian Accounting Standards (Ind AS) 12: Income Taxes
Indian Accounting Standards (Ind AS) 16: Property, Plant and Equipment
Indian Accounting Standards (Ind AS) 17: Leases
Indian Accounting Standards (Ind AS) 18: Revenue
Indian Accounting Standards (Ind AS) 19: Employee Benefits
Indian Accounting Standards (Ind AS) 20: Accounting for Government Grants and Disclosure of Government Assistance
Indian Accounting Standards (Ind AS) 21: The Effect of Changes in Foreign Exchanges Rates
Indian Accounting Standards (Ind AS) 23: Borrowing Costs
Indian Accounting Standards (Ind AS) 24: Related Party Disclosures
Indian Accounting Standards (Ind AS) 27: Separate Financial Statements
Indian Accounting Standards (Ind AS) 28: Investments in Associates and Joint Ventures
Indian Accounting Standards (Ind AS) 29: Financial Reporting in Hyperinflationary Economies
Indian Accounting Standards (Ind AS) 32: Financial Instruments: Presentation
Indian Accounting Standards (Ind AS) 33: Earnings Per Share
Indian Accounting Standards (Ind AS) 34: Interim Financial Reporting
Indian Accounting Standards (Ind AS) 36: Impairment of Assets
Indian Accounting Standards (Ind AS) 37: Provisions, Contingent Liabilities and Contingent Assets
Indian Accounting Standards (Ind AS) 38: Intangible Assets
Indian Accounting Standards (Ind AS) 40: Investment Property
Indian Accounting Standards (Ind AS) 41: Agriculture