“Indian
Accounting Standards (Ind AS) – Interpretation, Issues & Practical
Application” by Dolphy D’Souza, Chartered Accountant
Many years ago
the author had published two small pocket-edition books on accounting
standards. From those days till now, we have seen the ever-widening scope of
accounting standards. These two volumes, and they are voluminous, contain
exhaustive guidance to help understand the principles and practices prescribed
by these ‘principle-based’ accounting standards. It goes without saying that
Ind AS has made accounting not just complex but also complicated and
treacherous.
The author has
been an eminent writer and contributor to the BCAJ on a monthly basis
for more than 16 years. He has been involved in the standard-setting process at
the ICAI as well as at the IASB. Hence his ‘word’, to be fair, carries both
weight and value.
Coming to the
book under review, it is structured to cover all Ind AS’s. Specifically, it
contains a special segment of about 350 pages on the new Ind AS 115/116. It
handles these with illustrations, examples, issues as well as the author’s
response and that, too, industry wise. A section that covers the
differentiation between IFRS and Ind AS is of particular academic interest
especially for first-time users. The book is replete with numerous
illustrations and examples. Some of the examples feature actual working cases
and solutions with comments.
Ind AS’s are
particularly complicated when one comes to Financial Instruments (FI). The book
devotes 250 pages to FIs. Business combination draws particular attention.
Charts, explanations of definitions, accounting, group re-organisation issues
and more offer the clarity that one seeks. The book also covers MAT aspects
under Ind AS.
The book
reproduces the text of both Ind AS and ICDS. A handy illustrative financial
statement blending Schedule III and Ind AS in the accompanying CD makes it
especially beneficial for preparers. The last part of the book consists of some
useful analytical articles on perennial themes such as acquisition date vs.
appointed date, demerger accounting, FAQ on PPE, consolidation of trusts, GST
accounting and more.
Although there
is enormous literature on IFRS and quite a bit on Ind AS, this book carries it
in two volumes and a CD loaded with practical resources. The author deserves a
pat on the back for writing on a subject which is in a constant state of flux
(changing, blurry and ephemeral). I am sure that this book, like Dolphy’s
previous works, will remain a handy tool for both practitioners and preparers.
