The adoption of Indian Accounting Standards (Ind AS) has enhanced the comparability of financial information of Indian companies at a global level. However, Ind AS involves application of several new and complex concepts. This requires significant level of judgement and estimation, accompanied by detailed qualitative and quantitative disclosures under Ind AS.
The publication ‘Ind AS Implementation Guide’ provides a brief overview of the Ind AS and highlights the key differences from the respective International Financial Reporting Standard (IFRS). We also bring under one roof, the key principles on Ind AS issued in the various ITFG Bulletins, Educational Material and Ind AS Expert Advisory Committee Opinions issued by the ICAI till 16 March 2021. The publication contains 10 chapters such as revenue from contracts with customers, presentation of financial statements, consolidation, business combinations, leases, etc.
The publication is designed to assist companies in understanding guidance and when preparing financial statements in accordance with Ind AS.