This eBook is the third volume of 25 Issues and Non-compliance Examples on Ind AS Application. The eBook contains two sections:
1. Compilation of 25 issues
2. Compilation of 25 Examples of Non-compliance with Ind AS based on suo moto reviews of financial statements of listed companies.
Each issue has been identified with issue id in issue repository. The solutions to some of the issues discussed herein are not the same as in the issue repository. The solution to the issues has been updated based on standards amended till 31 March 2023. The issues have been submitted by registrants on https://gaapadvisors.com . I have edited the issues submitted for grammatical errors and unclear or vague language to the extent possible. However, there is an inherent limitation in such compilation that the issues submitted may not provide complete facts of the case and may not have professional level of drafting. Also, because of incomplete facts, the solution to the issue may be based on assumptions. However, the advantage of such a compilation is that it contains issues faced while applying Ind AS. The views expressed are my personal views and the same are not binding on the reader. The reader is cautioned to seek the help of an expert before acting or refraining from any action based on the solution to issues given in this compilation.
The second section of the book includes compilation of 25 examples of non-compliance with Ind AS observed on review of financial statements of listed companies on suo moto basis. No correspondence is made either with the company or the auditor of those companies while undertaking review. I have shared the review reports with few companies. However, I did not receive any response from any of them on the review observations. A review of financial statements will enable you –
1. to decide whether to issue modified audit report as an auditor;
2. to decide whether to hold on to your investment or to invest further or to exit at the earliest as an investor;
3. to seek answers to observations in the review report from the company as a lender, employee, supplier or customer; and
4. to enhance confidence of investors on corporate governance practices as a company.
Please note that an example of non-compliance specified herein may not be the only possible view. Therefore, a reader is recommended to connect with the author or take the help of another expert before acting or refraining from action based on examples of non-compliance discussed herein. If you would like to get financial statements reviewed, please mail them to [email protected].