Indian Accounting Standards (Ind AS) book by Taxmann

Indian Accounting Standards (Ind AS) is a comprehensive and up-to-date reference work on the Ind AS regime in India. As amended by the Companies (Indian Accounting Standards) Amendment Rules 2025, this book contains the fully-updated bare text of the Ind AS along with an expert Guide explaining their application, transition challenges, and comparative analysis with the legacy Accounting Standards (AS) and International Financial Reporting Standards (IFRS). It aims to simplify the understanding and implementation of Ind AS through practical insights, phase-wise applicability guidelines, and elaborate illustrations.

This book is intended for the following audience:

• Corporate Professionals – CFOs, finance directors, and accounting teams who need a reliable guide for compliance with updated Indian Accounting Standards
• Chartered Accountants & Auditors – Professionals offering audit and advisory services on Ind AS compliance and transition issues
• Company Secretaries & Legal Advisors – Practitioners responsible for governance and statutory compliance who require a one-stop reference on Ind AS and related rules
• Academicians & Students – Ideal for learners of accounting, finance, and law to gain in-depth knowledge of Ind AS, differences from IFRS, and other contemporary accounting developments
• Regulators & Policymakers – A ready reference to understand the legislative amendments and the latest Ind AS framework

The Present Publication is the 7^th Edition, amended by the Companies (Indian Accounting Standards) Amendment Rules 2025 and updated till 24^th May 2025. This book is edited by Taxmann's Editorial Board, with the following noteworthy features:

• [Complete, Amended Bare Text of Ind AS] Presents the updated text of each Ind AS, including the latest MCA notifications and carve-outs/carve-ins from IFRS
• [Practical Guide to Implementation] Addresses practical application issues, transition steps (especially for first-time adopters under Ind AS 101), and complexities of shifting from AS to Ind AS
• [Illustrative Comparisons] Explains key differences between Ind AS, IFRS, and the older Accounting Standards, highlighting scenarios where Ind AS offers carve-outs for the Indian context
• [Analysis of Amendments (2025)] Focuses on newly introduced concepts like 'Material Accounting Policy Information (MAPI),' along with detailed FAQs about disclosure requirements and interpretation challenges
• [Extensive FAQs & Practical Examples] Covers frequently asked questions, providing clarity on topics like the transition timeline, functional currency, fair value measurement, and new classification rules
• [Phase-wise Applicability Guidelines] Outlines phased rollout provisions for listed and unlisted, NBFCs, banks, and insurance companies
• [User-friendly Format] Organised index, cross-references, and structured content to help readers easily locate relevant Ind AS paragraphs, transitions, and disclosure requirements
• [Practical Utility] The book caters to seasoned practitioners seeking detailed references and new adopters who want step-by-step guidance
• [Holistic Coverage] Beyond bare standards, it addresses interpretational challenges, best practices, and reporting nuances that commonly arise in Indian corporate reporting contexts

The coverage of this book is as follows:

• Bare Standards
  • Full text of the Companies (Indian Accounting Standards) Rules 2015 (as amended), accompanied by:
    • Detailed provisions on scope, applicability, and exemptions
    • Annexures containing General Instructions and each Ind AS from 1 to 117
• Guide to Ind AS
  • Introduction – Conceptual overview and need for harmonised accounting standards in the global context
  • Applicability & Phase-wise Adoption – Clear timelines for mandatory adoption, including thresholds of net worth and additional clarifications for group entities
  • First-time Adoption & Transition Challenges – Special focus on Ind AS 101, retrospective application, exceptions, exemptions, and reconciliations from previous GAAP
  • Financial Statement Presentation – Discussion of Schedule III and Ind AS 1 requirements, including the statement of comprehensive income, changes in equity, and notes
  • Conceptual Framework – Explanation of fundamental principles, such as relevance, faithful representation, and disclosure obligations
  • Differences between Ind AS & AS – Summaries of critical variances in areas like OCI, prior period adjustments, deferred tax, employee benefits, leases, etc
  • Carve-outs vs. IFRS – Insights on how Indian circumstances led to modifications of IFRS principles, including business combinations, foreign exchange monetary items, and investment property
  • Detailed FAQs – Illustrations and clarifications on 'Material Accounting Policy Information,' as introduced by the latest amendments
  • Comparative Tables – Quick references matching each Ind AS to its corresponding IFRS/IAS

The structure of the book is as follows:

• Preliminary Pages – Includes a 'Guide to Indian Accounting Standards,' overviewing the origins, evolution, and legal framework of Ind AS, plus phase-wise transition rules
• Bare Standards – The main body of the book comprises the text of each notified Ind AS, arranged in numerical order (Ind AS 101 to Ind AS 117), followed by Ind AS 1 to Ind AS 41 (as per the standard numbering scheme). This section also includes the relevant rules and schedules for easy cross-referencing
• Topic-wise Commentary – Each Ind AS is supplemented by practical notes or commentary on major points, transitions, and carve-outs, enabling a better understanding of the changes from previous versions
• Illustrative Examples & FAQs – Interspersed throughout the guide to clarify common pitfalls, implementation hurdles, and typical industry queries
• Comparisons & Summaries – Concluding sections offer tabular comparisons between Ind AS and IFRS, as well as between Ind AS and legacy AS, highlighting the rationale behind each deviation or carve-out
• Appendices & Index – A thorough index, plus reference materials, quick checklists for transition, and summary charts to ensure faster navigation