If there exists a tool which bridges the expectation gap that exists between the expectations of the users of financial statements and those who prepare and attest the same then the tool, in my opinion, is ‘accounting standards’. According to L. Todd Johnson because of growing globalisation of capital markets the tolerance for continued differences in standards for performance reporting has reduced; there is need for standardisation. The accounting standards promulgated by the Institute of Chartered Accountants of India normally adhere to the International Accounting Standards except for the variations made to comply with the Indian economic environment and Indian laws. The standards not only discuss the background and the logic behind an approved or benchmarked method of accounting but also prescribe the disclosure requirements. The need for international accounting standards has been recognised even by political leaders. Mr. Tony Blair, Prime Minister of U.K. in the year 1998 remarked:

‘We must press ahead with the development of international accounting standards. They are a crucial part of strengthening the international financial system to avoid further global financial crisis. The IAS will help create greater openness and transparency.’

However, being technical in nature, the accounting standards need a lucid exposition for better understanding and application. The book interprets the ‘Accounting Standards’ and provides insight and solutions relating to interpretation and implementation issues. The book is authoritative and provides exhaustive guidance. It also includes international comparisons, an accounting standard compliance checklist, a ‘model financial statement’ and focuses on the new accounting standards, particularly the ones where significant ‘judgement’ is required to be exercised.

As the book encompasses significant issues surrounding the subject of ‘Accounting Standards’ it should occupy a pivotal place on the shelf of every accountant. All this is the result of scholastic talent and hard labour of the author Mr. Dolphy D’Souza. Dolphy’s exposition of recent accounting standards in a series of articles in the Bombay Chartered Accountant Society’s journal has increased awareness of the issues involved amongst the readers of the magazine. This book fulfils a need.

I am also confident that the book will generate a better understanding amongst the users and assist the accountants — the preparers — and the auditors — the attesters — in better discharging their responsibilities.

His presentation has an excellent mix of theory and practice. He deals with Accounting Standards not only from the point of view of their interpretation and practical application but also by reference to the basic concepts on which the Standards are founded. This is important because practical application may be inhibited unless it is based on a clear understanding of the basic principles for which Accounting Standards have been developed

The author deserves rich compliments for his endeavours in presenting this book. I suggest that this book should be in the library of every Corporate, Regulatory and Accountant's office.

H. N. Motiwalla, C.A.

Indian Accounting Standards and GAAP by Dolphy D’souza is, as of the date of writing, the only comprehensive book which covers the entire range of Accounting Standards in India from both, a conceptual as also a practical angle. Dolphy has used over a decade of experience gathered both, in India and overseas, in three of the World’s four largest accounting firms to write this book. The nature of the issues and the conceptual under pinning to deal with them, gives the book a strength and an authoritativeness that is much needed in the choice and application of accounting policies.

Of even greater advantage is the comparisons with International and U.S. GAAP. As Indian Companies look to creating an impression in the global market place, they would find these comparisons invaluable in choosing internationally acceptable accounting policies, disclosures and presentations.

I have found the book of great advantage in my practice of auditing. It is an indispensable book for any accountant, whether in industry or in any branch of professional practice, to have at his elbow.

Nawshir Mirza, Head of Assurance, Ernst & Young

With globalisation and the consequent emphasis on good corporate governance and transparency in reporting, this practical and insightful book is a must read not only for CFO’s but also CEO’s. Dolphy D’souza’s book has made it easy for all to understand not only the Indian Accounting Standards but also how they compare with IAS and US GAAP and serves an important need in promoting a better understanding of accounting standards.

Pauroos D. Karkaria, Tata Infotech Ltd.

If there exists a tool which bridges the expectation gap that exists between the expectations of the users of financial statements and those who prepare and attest the same then the tool, in my opinion, is ‘accounting standards’. According to L. Todd Johnson because of growing globalisation of capital markets the tolerance for continued differences in standards for performance reporting has reduced; there is need for standardisation. The accounting standards promulgated by the Institute of Chartered Accountants of India normally adhere to the International Accounting Standards except for the variations made to comply with the Indian economic environment and Indian laws. The standards not only discuss the background and the logic behind an approved or benchmarked method of accounting but also prescribe the disclosure requirements. The need for international accounting standards has been recognised even by political leaders. Mr. Tony Blair, Prime Minister of U.K. in the year 1998 remarked:

However, being technical in nature, the accounting standards need a lucid exposition for better understanding and application. The book interprets the ‘Accounting Standards’ and provides insight and solutions relating to interpretation and implementation issues. The book is authoritative and provides exhaustive guidance. It also includes international comparisons, an accounting standard compliance checklist, a ‘model financial statement’ and focuses on the new accounting standards, particularly the ones where significant ‘judgement’ is required to be exercised.

As the book encompasses significant issues surrounding the subject of ‘Accounting Standards’ it should occupy a pivotal place on the shelf of every accountant. All this is the result of scholastic talent and hard labour of the author Mr. Dolphy D’Souza. Dolphy’s exposition of recent accounting standards in a series of articles in the Bombay Chartered Accountant Society’s journal has increased awareness of the issues involved amongst the readers of the magazine. This book fulfils a need.

I am also confident that the book will generate a better understanding amongst the users and assist the accountants - the preparers - and the auditors - the attesters - in better discharging their responsibilities.