I GAAP (Indian Accounting Standards) A Practical Approach

by Anand J Banka

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History of Accounting in India has been an interesting one. Formulation of Accounting Standards in India started with the constitution of the Accounting Standards Board (ASB) by the Institute of Chartered Accountants of India (ICAI) in April 1977. It issued the first Accounting Standard (AS) i.e. AS 1 Disclosure of Accounting Policies in 1979. Thereafter, over the years, the ICAI issued / revised various other accounting standards – today there being 28 effective standards. However, most of these standards were issued/ revised in last 2 decades. Issuance/ Revision of Accounting Standards in large numbers in recent times, both in India and globally, display how the accounting world is adapting to the changing needs of the business world. Changes to the accounting standards also bring with it, issues in itsinterpretations. To assist in implementation of these Standards, the ICAI issues Guidance Notes and Technical guides that provide guidance to its members on accounting issues not specifically covered by the existing accounting standards. A large number of these publications have been issued in last decade.

About the Author

Anand J Banka

CA (Dr.) Anand Banka is a Fellow Member of ICAI and holds a PhD in Finance. Anand has over 14 years of experience of accounting and audit, especially in International Financial Reporting Standards (IFRS)/Indian Accounting Standards (Ind AS) domain. His experience includes implementing IFRS/Ind AS in companies across sectors. He has been involved in the accounting standard setting process, both Ind AS and AS, with the ICAI. He is also a prolific speaker with seminars across various countries on IFRS, Indian Accounting Standards, Companies Act, etc. Other notable achievements and contributions include:

He was awarded 'Silver shield' by the ICAI International Research Awards 2021 for research paper in accounting category
He is recipient of the 'Young Achiever Award, 2020' presented by the prestigious 'Indian Achievers' Forum
He has Authored the books "Ind AS Simplified", "Comprehensive Guide to Ind AS Implementation" and "Comprehensive Guide to Indian GAAP"
He is a Special Invitee on the Accounting Standards Board (ASB) of the ICAI
He is one of the best rated faculties for the Certificate Course on IFRS/Ind AS of ICAI, across India, Nepal and UAE
He has been an "Asian-Oceanian Standard-Setters Group (AOSSG)"" Trainer in Nepal for the Nepal IFRS Centre of Excellence
He has been a Coordinator and Faculty for 'National Mission on Education' of Ministry of Human Resource Development (MHRD, Govt. of India) for Implementation of Accounting Standards in Educational Institutes like IITs and IIMs
He has been Subject Editor for books on financial accounting and reporting
He has penned several articles that have appeared in professional publications like Bombay Chartered Accountants� Journal (BCAJ) and WIRC Reference Manual

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