Indian Accounting Standards (Ind AS)

Indian Accounting Standards (Ind AS), available at $19.99, has an average rating of 2.55, with 58 lectures, based on 65 reviews, and has 487 subscribers.

You will learn about Comprehensive coverage of Indian Accounting Standards (Ind AS) Why to learn Ind AS Application of Ind AS Full List of Ind AS Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures, etc. End-to-end explanation and examples of Ind AS 1 to Ind AS 115 Prepare for CA, CFA, CS exams Become a top Accountant or Tax Consultant or Financial Analyst This course is ideal for individuals who are Chartered Accountants (CAs), CA students, individuals aspiring to become CA or Accountants & Financial Analysts or CS Professionals and Students or Chartered Financial Analysts (CFAs) or Business Professionals and Entrepreneurs or Tax Advisers and Tax Consultants or Beginners and newbies aspiring for a career in Accounting & Finance or ICWA/ CMA Students or Persons who are working in NBFCs, listed companies, banks and insurance companies or Investors or Internal & External Auditors or Cost Accountant Professionals or Income Tax Department Professionals or Candidates who are preparing for the posts of Accountant, Taxation Manager, Auditor, Finance or All the users of financial statements It is particularly useful for Chartered Accountants (CAs), CA students, individuals aspiring to become CA or Accountants & Financial Analysts or CS Professionals and Students or Chartered Financial Analysts (CFAs) or Business Professionals and Entrepreneurs or Tax Advisers and Tax Consultants or Beginners and newbies aspiring for a career in Accounting & Finance or ICWA/ CMA Students or Persons who are working in NBFCs, listed companies, banks and insurance companies or Investors or Internal & External Auditors or Cost Accountant Professionals or Income Tax Department Professionals or Candidates who are preparing for the posts of Accountant, Taxation Manager, Auditor, Finance or All the users of financial statements.

Enroll now: Indian Accounting Standards (Ind AS)

Summary

Title: Indian Accounting Standards (Ind AS)

Price: $19.99

Average Rating: 2.55

Number of Lectures: 58

Number of Published Lectures: 58

Number of Curriculum Items: 58

Number of Published Curriculum Objects: 58

Original Price: $19.99

Quality Status: approved

Status: Live

What You Will Learn

Comprehensive coverage of Indian Accounting Standards (Ind AS)

Why to learn Ind AS

Application of Ind AS

Full List of Ind AS

Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures, etc.

End-to-end explanation and examples of Ind AS 1 to Ind AS 115

Prepare for CA, CFA, CS exams

Become a top Accountant or Tax Consultant or Financial Analyst

Who Should Attend

Chartered Accountants (CAs), CA students, individuals aspiring to become CA

Accountants & Financial Analysts

CS Professionals and Students

Chartered Financial Analysts (CFAs)

Business Professionals and Entrepreneurs

Tax Advisers and Tax Consultants

Beginners and newbies aspiring for a career in Accounting & Finance

ICWA/ CMA Students

Persons who are working in NBFCs, listed companies, banks and insurance companies

Investors

Internal & External Auditors

Cost Accountant Professionals

Income Tax Department Professionals

Candidates who are preparing for the posts of Accountant, Taxation Manager, Auditor, Finance

All the users of financial statements

Target Audiences

Chartered Accountants (CAs), CA students, individuals aspiring to become CA

Accountants & Financial Analysts

CS Professionals and Students

Chartered Financial Analysts (CFAs)

Business Professionals and Entrepreneurs

Tax Advisers and Tax Consultants

Beginners and newbies aspiring for a career in Accounting & Finance

ICWA/ CMA Students

Persons who are working in NBFCs, listed companies, banks and insurance companies

Investors

Internal & External Auditors

Cost Accountant Professionals

Income Tax Department Professionals

Candidates who are preparing for the posts of Accountant, Taxation Manager, Auditor, Finance

All the users of financial statements

A warm welcome to the Indian Accounting Standards (Ind AS)course by Uplatz.

Indian Accounting Standards(Ind AS) are the accounting standards followed by business entities in India. These standards are supervised by the Accounting Standards Board (ASB) since the year 1977. ASB is a committee that comes under ICAI. It is represented by the government department, academicians, namely ICAI, CII, FICCI, ASSOCHAM, and other professional bodies.

Accounting is a comprehensive process of recording transactions. It portrays financial data that help readers draw conclusions and make business decisions. Accounting procedures are incorporated with standardized guidelines for disciplined execution. These guidelines are usually known as accounting policies. Standardized accounting policies allow companies to make alterations according to their substantial needs. However, the freedom to alter makes it impossible to compare in any means. Thus, the government sets specific standards to create an ideal system in place, and this concept is known as the accounting standard. Accounting Standards are written policy documents issued by expert accounting body or by the government or other regulatory body covering the aspects of recognition, measurement, treatment, presentation, and disclosure of accounting transactions in financial statements.

The accounting standards in India are formulated by ICAI – Institute of Chartered Accountants of India. Thus Indian Accounting Standards mean the standard of accounting recommended by the ICAI and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards (NACAs) constituted under section 210(1) of Companies Act, 1956.

Uplatzprovides this comprehensive course on Indian Accounting Standards. The Ind AS training covers an introduction to Ind AS, benefits and applicability of Ind AS, objectives, scope, definitions, reconciliations, measurement, disclosures etc. of Ind AS, list of Ind AS, and then explains each and every Indian Accounting Standard in detail with practical industry examples and context.

This Indian Accounting Standards training is useful for students and professionals alike including chartered accountants, financial analysts, company secretaries, tax & audit consultants, and so on.

Accounting standards in India strive to combat major financial issues that include:

Recognize the financial events

Measure the financial transactions

Fair presentation of financial statements

Company disclosure requirement to ensure that stakeholders are not misled

Ind AS features the naming and numbering of International Financial Reporting Standards (IFRS). Income Computation and Disclosure Standards (ICDS) is the standardized tax computation in India, implemented in 2015. In India, the Ministry of Corporate Affairs (MCA) lays out detailed standards for corporate companies concerning the recommendations of the National Financial Reporting Authority (NFRA).

Objectives of Accounting Standards

The main objective of Accounting Standards is to standardize the diverse accounting policies and practices. These Accounting Standards were implemented to eliminate the non-comparability of financial statements and the reliability to the financial statements. Since accounting is one of the mainstream functions of business operations, the standards help individuals understand the financial position of the company. In the case of accounting, the standardized rules are similar to the literature rules.

The framework and regulations of accounting differ from one country to another. Here are some of the vital objectives of Accounting standards in India.

1) Enhance the Financial Statements

The Ind-AS mainly aims to enhance the definitive financial statements. The objective is to ensure that financial statements are formulated as per the accounting standards. It enables easy understanding and helps individuals rely on them. Doing so rids of the dire consequences for businesses.

2) Comparability

The second main objective is comparability. Adhering to the criteria allows a streamlined comparison between companies. It helps verify the progress and positioning of the company in the market.

3) Consistency

Accounting standard executes a one set of accounting policies. It is a combination of necessary disclosure requirements and valuation methods of numerous financial transactions.

Indian Accounting Standards – Course Syllabus

Introduction of Ind AS

Applicability of Ind AS

List of Ind AS

Thorough discussion on all the IND AS (Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures, etc.)

Ind AS 101 – First-time Adoption of Indian Accounting Standards

Ind AS 102 – Share-based Payment

Ind AS 103 – Business Combinations

Ind AS 104 – Insurance Contracts

Ind AS 105 – Non-current Assets Held for Sale and Discontinued Operations

Ind AS 106 – Exploration for and Evaluation of Mineral Resources

Ind AS 107 – Financial Instruments: Disclosures

Ind AS 108 – Operating Segments

Ind AS 109 – Financial Instruments

Ind AS 110 – Consolidated Financial Statements

Ind AS 111 – Joint Arrangements

Ind AS 112 – Disclosure of Interests in Other Entities

Ind AS 113 – Fair Value Measurement

Ind AS 114 – Regulatory Deferral Accounts

Ind AS 115 – Revenue from Contracts with Customers

Ind AS 1 – Presentation of Financial Statements

Ind AS 2 – Inventories

Ind AS 7 – Statement of Cash Flows

Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

Ind AS 10 – Events after the Reporting Period

Ind AS 12 – Income Taxes

Ind AS 16 – Property, Plant, and Equipment

Ind AS 17 – Leases

Ind AS 19 – Employee Benefits

Ind AS 20 – Accounting for Government Grants and Disclosure of Government Assistance

Ind AS 21 – The Effects of Changes in Foreign Exchange Rates

Ind AS 23 – Borrowing Costs

Ind AS 24 – Related Party Disclosures

Ind AS 27 – Separate Financial Statements

Ind AS 28 – Investments in Associates and Joint Ventures

Ind AS 29 – Financial Reporting in Hyperinflationary Economies

Ind AS 32 – Financial Instruments: Presentation

Ind AS 33 – Earnings per Share

Ind AS 34 – Interim Financial Reporting

Ind AS 36 – Impairment of Assets

Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets

Ind AS 38 – Intangible Assets

Ind AS 40 – Investment Property

Ind AS 41 – Agriculture

Benefits of Ind-AS

Ind-As provides a wide range of benefits to corporate entities. Here are some of the critical benefits of accounting standards in India.

1) Uniformed Accounting

The set of rules under the accounting standard ensures standardized treatment of transaction records. It provides standard format produce for financial statements. It helps carry out unified accounting.

2) Acceptability

Ind-AS is widely accepted as it intersects with IFRS. It enables the user to access the financial statements confidently. It also helps MNC’s save costs as they can use the same set of rules globally.

3) Readability

Most stakeholders and investors rely on financial statements for information. It is what enables them to make smarter business decisions. Thus, it is crucial to provide a clear and precise financial statement. The set of rules under AS ensure that these statements are accurate and factual.

4) Comparability

The accounting standard provides comparability. Every business firm functions under the same standardized rules in India. It enables business owners to compare their financial positions before competitors and make comprehensive decisions.

5) Changes in AS Concerning the Economic Situations

Economic situations in a developing country are more likely to fluctuate. Under any inflated economic circumstances, the Ind-AS principles provide room for modifications. As an instance, “Financial Reporting in Hyper-inflammatory Economies” under Ind AS -29 helps deal with any escalated economic situation.

6) Foreign Investments

Adopting Ind-AS helps attract foreign investors. It provides them the opportunity to compare before investing.

7) Eliminate Fraudulent Accounting and Manipulations

The accounting standard specifies uniformed rules that are mandatory for all corporate companies. Management cannot misrepresent financial data as the methodologies and principles are streamlined. It rids of any fraudulent outcome for businesses.

Compliance with Accounting Standards issued by ICAI

Sub Section(3A) to section 211 of Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards.

Under the Companies Act, 1956, subsection 3(A) to 211 demands each P/L (Profit and Loss) account and balance sheet to be complied as per the accounting standards. The Compliance specified under accounting standards is recommended by ICAI, which is prescribed by the Central Government and consulted with NAC (National advisory committee) under section 210(1) of the companies Act 1956.

Applicability of Indian Accounting Standards

Indian standards on auditing apply to specific categories of companies as set out below:

1) Mandatory Requirement

Companies must follow the Ind-AS for the 2015-2016 fiscal year. For the financial year 2018-19, below is the maximum limit for companies that must follow the Ind-AS:

Companies whose shares or debt securities are listed or under listing on any stock exchange in India or elsewhere.

Unlisted companies with a net worth above Rs. 250 crores

They are holding companies, subsidiaries, joint ventures, or associates of companies included in the pointers mentioned above.

2) Non-Bank Financial Companies (NBFC)

Accounting standards apply to NBFC’s with a net worth above Rs 500 million. It can be holding companies, subsidiaries, joint ventures, or associates of companies under NBFC’s.

Accounting standards apply to shares, or debt securities listed or in the process of listing on any stock exchange in India/outside India. It applies to companies with a net worth of less than Rs. 500 crores.

And for NBFC’s, that are unlisted companies, with a net worth between Rs. 250 crores – Rs. 500 crores. It can either be the holding companies, subsidiaries, joint ventures, or associates of companies under NBFC’s.

3) Voluntary Applicability

According to this applicability rule, the companies can voluntarily apply Indian Accounting Standards (Ind AS).

4) The requirement to Follow AS

Corporate entities are required to follow the Accounting Standard (Ind-AS as applicable). They can formulate the notified rules while preparing their financial statements under section 129 of the Companies Act 2013.

5) In a conflict between the Companies Act and Indian Accounting Standards

The provision of the act prevails in case of any inconsistency or conflict between Companies Act and Ind-AS.

Course Curriculum

Chapter 1: Introduction to Indian Accounting Standards (IND AS)

Lecture 1: Introduction to Indian Accounting Standards (IND AS)

Chapter 2: Phases and List of IND AS

Lecture 1: Phases and List of IND AS

Chapter 3: IND AS 101 – First Time Adoption of Indian Accounting Standards

Lecture 1: IND AS 101 – First Time Adoption of Indian Accounting Standards

Chapter 4: IND AS 102 – Share-based Payment

Lecture 1: IND AS 102 – Share-based Payment

Chapter 5: IND AS 103 – Business Combinations

Lecture 1: IND AS 103 – Business Combinations

Chapter 6: IND AS 104 – Insurance Contracts

Lecture 1: IND AS 104 – Insurance Contracts

Chapter 7: IND AS 105 – Non-current Assets held for Sale and Discontinued Operations

Lecture 1: IND AS 105 – Non-current Assets held for Sale and Discontinued Operations

Chapter 8: IND AS 106 – Exploration for and Evaluation of Mineral Resources

Lecture 1: IND AS 106 – Exploration for and Evaluation of Mineral Resources

Chapter 9: IND AS 107 – Financial Instruments Disclosures

Lecture 1: Part 1 – IND AS 107 Financial Instruments Disclosures

Lecture 2: Part 2 – IND AS 107 Financial Instruments Disclosures

Lecture 3: Part 3 – IND AS 107 Financial Instruments Disclosures

Chapter 10: IND AS 108 – Operating Segments

Lecture 1: IND AS 108 – Operating Segments

Chapter 11: IND AS 109 – Financial Instruments

Lecture 1: Part 1 – IND AS 109 – Financial Instruments

Lecture 2: Part 2 – IND AS 109 – Financial Instruments

Lecture 3: Part 3 – IND AS 109 – Financial Instruments

Chapter 12: IND AS 110 – Consolidated Financial Statements

Lecture 1: IND AS 110 – Consolidated Financial Statements

Chapter 13: IND AS 111 – Joint Arrangements

Lecture 1: IND AS 111 – Joint Arrangements

Chapter 14: IND AS 112 – Disclosure of Interests in Other Entities

Lecture 1: Part 1 – IND AS 112 – Disclosure of Interests in Other Entities

Lecture 2: Part 2 – IND AS 112 – Disclosure of Interests in Other Entities

Chapter 15: IND AS 113 – Fair Value Measurement

Lecture 1: Part 1 – IND AS 113 – Fair Value Measurement

Lecture 2: Part 2 – IND AS 113 – Fair Value Measurement

Chapter 16: IND AS 114 – Regulatory Deferral Accounts

Lecture 1: IND AS 114 – Regulatory Deferral Accounts

Chapter 17: IND AS 115 – Revenue from Contracts with Customers

Lecture 1: IND AS 115 – Revenue from Contracts with Customers

Chapter 18: IND AS 1 – Presentation of Financial Statements

Lecture 1: Part 1 – IND AS 1 – Presentation of Financial Statements

Lecture 2: Part 2 – IND AS 1 – Presentation of Financial Statements

Lecture 3: Part 3 – IND AS 1 – Presentation of Financial Statements

Chapter 19: IND AS 2 – Inventories

Lecture 1: IND AS 2 – Inventories

Chapter 20: IND AS 7 – Statement of Cash Flow

Lecture 1: IND AS 7 – Statement of Cash Flow

Chapter 21: IND AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

Lecture 1: Part 1- IND AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Lecture 2: Part 2- IND AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Chapter 22: IND AS 10 – Events after the Reporting Period

Lecture 1: IND AS 10 – Events after the Reporting Period

Chapter 23: IND AS 11 – Construction Contracts

Lecture 1: IND AS 11 – Construction Contracts

Chapter 24: IND AS 12 – Income Taxes

Lecture 1: IND AS 12 – Income Taxes

Chapter 25: IND AS 16 – Property, Plant, and Equipment

Lecture 1: IND AS 16 – Property, Plant, and Equipment

Chapter 26: IND AS 17 – Lease

Lecture 1: IND AS 17 – Lease

Chapter 27: IND AS 19 – Employee Benefits

Lecture 1: Part 1 – IND AS 19 – Employee Benefits

Lecture 2: Part 2 – IND AS 19 – Employee Benefits

Lecture 3: Part 3 – IND AS 19 – Employee Benefits

Chapter 28: IND AS 20 – Accounting for Government Grants and Disclosure of Govt Assistance

Lecture 1: IND AS 20 – Accounting for Government Grants and Disclosure of Govt Assistance

Chapter 29: IND AS 21 – The Effects of Changes in Foreign Exchange Rates

Lecture 1: IND AS 21 – The Effects of Changes in Foreign Exchange Rates

Chapter 30: IND AS 23 – Borrowing Cost

Lecture 1: IND AS 23 – Borrowing Cost

Chapter 31: IND AS 24 – Related Party Disclosure

Lecture 1: IND AS 24 – Related Party Disclosure

Chapter 32: IND AS 27 – Separate Financial Statements

Lecture 1: IND AS 27 – Separate Financial Statements

Chapter 33: IND AS 28 – Investments in Associates and Joint Ventures

Lecture 1: IND AS 28 – Investments in Associates and Joint Ventures

Chapter 34: IND AS 29 – Financial Reporting in Hyperinflationary Economies

Lecture 1: IND AS 29 – Financial Reporting in Hyperinflationary Economies

Chapter 35: IND AS 32 – Financial Instruments Presentation

Lecture 1: Part 1 – IND AS 32 Financial Instruments Presentation

Lecture 2: Part 2 – IND AS 32 Financial Instruments Presentation

Chapter 36: IND AS 33 – Earnings per Share

Lecture 1: Part 1 – IND AS 33 – Earnings per Share

Lecture 2: Part 2 – IND AS 33 – Earnings per Share

Chapter 37: IND AS 34 – Interim Financial Reporting

Lecture 1: Part 1 – IND AS 34 – Interim Financial Reporting

Lecture 2: Part 2 – IND AS 34 – Interim Financial Reporting

Chapter 38: IND AS 36 – Impairment of Assets

Lecture 1: Part 1 – IND AS 36 – Impairment of Assets

Lecture 2: Part 2 – IND AS 36 – Impairment of Assets

Chapter 39: IND AS 37 – Provisions, Contingent Liabilities and Contingent Assets

Lecture 1: IND AS 37 – Provisions, Contingent Liabilities and Contingent Assets

Chapter 40: IND AS 38 – Intangible Assets

Lecture 1: Part 1 – IND AS 38 – Intangible Assets

Lecture 2: Part 2 – IND AS 38 – Intangible Assets

Chapter 41: IND AS 40 – Investment Property

Lecture 1: IND AS 40 – Investment Property

Chapter 42: IND AS 41 – Agriculture

Lecture 1: IND AS 41 – Agriculture

Instructors

Uplatz Training
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1 stars: 27 votes

2 stars: 9 votes

3 stars: 11 votes

4 stars: 7 votes

5 stars: 11 votes

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