In accounting for inventories, one of the major concerns is the amount of cost to be recognised and carried forward as an asset until the related revenues are recognised.
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Our Ind AS publications have been developed after a rigorous research for more than 14 years. It comprises of 1,000+ practical examples along with their detailed workings written in a lucid language to help you correlate between theory and practice. Paragraph references and effects on financial statements are also shown. All our numerical examples have been illustrated with Income Tax effect, which you will not find elsewhere. Recent survey indicates that India Inc. is currently going through a tremendous change in financial reporting and most accounting and finance professionals are not at the forefront of these changes. Knowledge of Ind AS is of paramount importance in transitioning to this new accounting regime. Hence we have compiled an extensive suite of educational materials designed to simplify and enhance your understanding of these complex Indian Accounting Standards.
Updated as of 07.01.2025
Ind AS 1 sets out overall guidelines for the presentation of financial statements, specifying their structure and minimum requirements for their content. Therefore, financial statements are a structured representation of an entity’s financial position and financial performance. This e-Book with more than 40 worked examples is a “Beginners Guide” in understanding and applying the principles in the Standard for preparing and presenting financial statements.
Pages: 55
The objective of this Standard is to help entities provide information about the historical changes in cash and cash equivalents by means of a statement of cash flows which classifies cash flows during the period of operating, investing and financing activities.
Pages: 26
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market between market participants at the measurement date under current market conditions (ie, an exit price) regardless of whether that price is directly observable or estimated using another valuation technique.
Pages: 11
In accounting for inventories, one of the major concerns is the amount of cost to be recognised and carried forward as an asset until the related revenues are recognised.
The purpose of this Standard is to provide the criteria for selecting and changing accounting policies, as well as accounting treatment and disclosures for changes in accounting policies, changes in estimates and correction of errors.
Events after the reporting period are those events, favourable (the events that will lead to the inflow of economic benefits, which could be in the form of more profits, revenue or assets for the entity) and unfavourable (the event that will lead to a loss), that occur between the end of the reporting period and the date when the financial statements are approved.
Income Tax is considered to be a complex subject in the world. The reason why this Standard is of utmost importance is that it requires an entity to show the income tax effect of each and every event and transaction. Accounting for business and accounting for taxation are two different things. Accounting profit is the profit or loss for a period before deducting tax expense. Taxable profit (tax loss) is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable (recoverable).
This e-Book includes a comprehensive coverage on the application of this Standard on an entity’s financial statements and it contains more than 60+ practical numerical examples illustrating in detail the accounting treatment for income taxes.
The accounting treatment of property, plant and equipment prescribed in this Standard, would help the users of financial statements in analysing the investments made by the entity in its property, plant and equipment and changes in such investments. This Standard covers recognition, both initial and subsequent measurement, depreciation and de-recognition.
Government grants are assistance by government (eg, government, government agencies and similar bodies whether local, national or international) in the form of transfer of resources to an entity in return of past or future compliance with certain conditions relating to the operating activities of the entity.
The objective of this Standard is to prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency.
Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. When interest is paid on funds borrowed to finance the construction of an asset, which takes significant time to complete, it is capitalised, that is, treated as part of the cost of acquiring the asset, until such time that the asset comes into productive use.
Related party relationships are a normal feature of commerce and business, eg, entities frequently carry on parts of their activities through subsidiaries, joint ventures and associates.
Hyperinflationary economies are those which are characterised by an extravagant and unrestrained rise in the rate of inflation. Therefore, entities in such economies find it very difficult to report their performance and financial position in the local currency (currency of a hyperinflationary economy).
Earnings per share (EPS) is one of the most important figures in a profit and loss statement. It is a ratio that is used by the financial analysts, investors and others for the purpose of estimating the profitability of an entity and valuing its shares. The figure, derived in a reporting period, itself does not say much about an entity’s performance but when compared with the figures of previous reporting periods gives an indication of the growth rate.
Interim period is a financial reporting period shorter than a full financial year. Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements (as described in this Standard) for an interim period.
An asset should not be carried at an amount which exceeds its recoverable amount. To ensure this, the asset needs to be impaired if the recoverable amount of the asset is less than its carrying amount. This Standard requires an entity to recognise this impairment loss. Ind AS 36 also specifies when an entity would reverse an impairment loss and the disclosures required to provide relevant information to the users of the financial statements. With more than 35+ practical examples, this e-Book is a complete guide in applying this Standard.
A provision is a liability of uncertain timing and amount. A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. An entity may have a present obligation (legal or constructive) as a result of a past event.
An intangible asset is an asset that is not physical in nature. It is an identifiable non-monetary asset without physical substance. An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount. Entities frequently expend resources, or incur liabilities, on the acquisition, development, maintenance or enhancement of intangible resources such as scientific or technical knowledge, design and implementation of new processes or systems, licences, intellectual property, market knowledge and trademarks (including brand names and publishing titles) and so on.
This e-Book contains close to 50 practical worked-out problems designed to simplify the accounting for Intangible Assets.
Investment property is property (land or a building – or part of a building – or both) held (by the owner or by the lessee as a right-of- use asset) to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary course of business.
Agriculture is the management of biological transformation of plants and animals to yield produce for consumption or further processing. Agricultural activity is the management by an entity of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or additional biological assets.
An asset is called held for sale when its carrying amount will be recovered principally through a sale transaction rather than through usage. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets will be transferred in that transaction.
Exploration for and evaluation of mineral resources require costs to be incurred, on the basis of the expectation that it would lead to exploitable deposits of minerals, oil, natural gas and similar non-regenerative resources. The accounting significance of such cost is that it will be recovered through production, if successful but will be completely lost if not.
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.
This e-Book gives you a comprehensive guidance on the principles of the current revenue standard. Several new accounting concepts relating to revenue recognition have been simplified with the use of more than 100 worked-out examples and real-life based case studies. Greater emphasis have been laid on accounting treatment with detailed commentary on the application, reporting, computation of figures, presentation, and disclosure requirements. This document is your ultimate handbook for understanding the difficulties and intricacies of this complex standard. Sample read
An in-depth explanation of the standard written in a lucid language
More than 100 practical examples
20+ numerical worked out problems showing income tax effect
Journal entries, paragraph references, and effect on financial statements illustrated in detail
8+ case studies based on industry-specific scenarios
Ind AS 116 is the most significant change to lease accounting in over 30 years. It specifies how an entity will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. This Standard substantially carries forward the lessor accounting guidelines in Ind AS 17, with the exception of the definition of a lease, initial direct costs and lessor disclosures. This 150+ page self-explanatory e-Book contains a comprehensive coverage of the current lease requirements and its impact on financial statements. Preview e-Book
Thorough explanation of the application of the standard written in a clear and simple language
50+ practical examples illustrated with journal entries to show the effect of these reporting rules
7 case studies demonstrating the accounting treatment from both the lessor and lessee perspective
Includes the latest amendment relating to sale and leaseback transactions NEWLY ADDED
Consolidation is the ultimate form of accounting. It establishes principles of preparing financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flow of the parent and its subsidiaries are presented as those of a single economic entity. This research based e-Book contains a high-level technical summary of all 6 standards namely:
1. Ind AS 27: Separate Financial Statements
2. Ind AS 28: Investments in Associates and Joint Ventures
3. Ind AS 103: Business Combinations
4. Ind AS 110: Consolidated Financial Statements
5. Ind AS 111: Joint Arrangements
6. Ind AS 112: Disclosure of Interests in Other entities
It has been interpreted in detail how these standards are articulated with the use of maximum numerical worked-out examples and case studies. They are further elaborated through exhaustive accounting calculations, journal entries, applicable paragraphs, extracts of financial statements and much more. Moreover, the new Amendment to the Definition of a Business has been included with accurate illustrations. Look inside
Covering 3 Standards (Ind AS 32, Ind AS 107 and Ind AS 109)
Keeping in mind the complexities and interactive nature of Ind AS, these case studies have been formulated in a way to enable you to apply these standards in industry-specific scenarios. Some of them are based on real-life queries as a part of our consultation process. Key accounting aspects and important Ind AS technical issues are discussed in detail. Paragraph references, journal entries and their effect on financial statements are also demonstrated. Ind AS being principle-based standards requires the necessary judgement and application of accounting concepts. These case studies are aimed at providing a comprehensive overview of such requirements. Practical insights on recent amendments are also included in such case study-based publications.
These numerical examples are specially designed to explain a particular accounting treatment(s) of different standard(s). Our main aim has always been to simplify this humungous accounting theory (bare standards) and financial concepts through numerical worked-out problems and lucid illustrations. Detailed calculations of an event or a transaction has been shown along with their income tax effect. As usual, applicable sections of the standards, journal entries and impact on financial statements are included. For more such examples, you can view our e-Books.