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Description

The Institute of Chartered Accountants of India (ICAI), the apex body governing accounting and auditing profession in India, has hitherto issued 32 Accounting Standards. Out of 32 Accounting Standards, AS 30 Financial Instruments : Recognition and Measurement and AS 31, Financial Insruments : Presentation, AS 32 Financial Instuments : Disclosures have been withdrawan. Also, from the date AS 10, Property, Plant and Equipment, became applicable, AS 6, Depreciation Accounting, stands withdrawn.

Accounting Standards issued by the ICAI are required to be followed by all non-company entities and also from the companies that are not required to follow Indian Accounting Standards (Ind-AS), while preparing their books of account.

The present books is conceived and written with a view to providing an instant guide to the recognition, measurement and disclosure requirements contained in the Accounting Standards issued by the ICAI.

For the sake of better perception of the subject matter, the present book has been divided into six Parts —

Part I titled “Basics of Accounting” provides a general introduction about accounting, accounting principles, and accounting ratios.

Part II titled “Overview of Accounting Standards” provides a brief overview of the Accounting Standards, their scope, applcability and non-applicability and exemptions given to certain entities regarding applicability of Accounting Standards. A summary of recognition, measurement and disclosure requirements of all Accounting Standards is also provided in brief in a Separte Chapter

Part III titled “Accounting Standards” is the heart of book. It provides a detailed study of the recognition, measurement and disclosure requirements contained under the Accounting Standards issued by the ICAI, that are currently applicable.

Part IV deals with accounting for income-tax purposes. It inter alia incorporates the Tax Accounting Standards (TAS) issued by the Government.

Part V deals with certain specific accounting issues as arising in the interpretation of Accounting Standards/Guidance Notes.

Part VI of the book is devoted in providing a detailed commentary on the Income Computation and Disclosure Stadards (ICDS) issued by the Central Government in exercise of the powers conferred under sub-section (2) of section 145 of the Income-tax Act, 1961.

The main difference between ASs and ICDSs is that while ASs are required to be followed for purpose of maintenance of books of account, the ICDSs are applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from Other Sources” and not for the purpose of maintenance of books of accounts.

The present Book constitutes the one and only comprehensive and complete guide for Accounting, Tax and Corporate professionals and small companies. It is aimed at providing delightful reading instead confusing and bewildering sort of treatment.

In spite of inclusion of quite a few illustrations as and where necessary, and without compromising with comprehensiveness of treatment, I have succeeded in accommodating the subject matter within the boundaries of a single volume, making it the most economic accounting volume which takes care of practically all the needs of the most Accountants.