Accounting under Ind As An Illustrative Manual

Accounting under Ind As An Illustrative Manual

Ind AS transition has resulted in high-quality, principles-based, globally comparable financial reporting of large Indian companies. The transition not only impacted the financial results of companies, but also caused far reaching consequential business impact. Since last two years, there have been several changes in Ind AS for example, amendments in the revenue recognition standard and new leases standard has drastically changed the performance reporting in the balance sheet composition of companies. Further, certain Ind AS principles are implicitly complex, for example, the accounting for financial instruments, acquisitions and business combinations are quite nuanced and can get difficult to apply without proper understanding.