Description
Table of contents
Biographical note
Excerpt
User Reviews
The book “Treatise on Leases” has been written very scrupulously to serve as a one stop shop for accounting guidance on leases across the globe. The standard on leases has been revamped, bringing about tremendous changes in the accounting for lessees, while the accounting for lessors remains largely unchanged. With the alignment of IFRS and US GAAP on this standard and consequential introduction of Ind AS, users could feel an emergent need for a comprehensive guide to refer to for lease transactions. This book is an endeavor to cater to the need of users across the globe.
Highlights
The book “Treatise on Leases” has been written very scrupulously to serve as a one stop shop for accounting guidance on leases across the globe. The standard on leases has been revamped, bringing about tremendous changes in the accounting for lessees, while the accounting for lessors remains largely unchanged. With the alignment of IFRS and US GAAP on this standard and consequential introduction of Ind AS, users could feel an emergent need for a comprehensive guide to refer to for lease transactions. This book is an endeavor to cater to the need of users across the globe.
Highlights
CA (Dr.) Alok K. Garg
Dr. Garg, a seasoned professional, is a Member of Institute of Chartered Accountants of India (ICAI) for more than a decade. He has been awarded with Honorary Doctorate by American East Coast University, New York, USA for his outstanding contribution in the field of finance by teaming up his Industry experience in the academic contribution on regular basis. He is currently working as a General Manager- Finance and heading Financial Reporting, Consolidation and Fixed Assets function of one of the largest listed Telecom Infrastructure Company. Having completed his graduation in B.Com (Hons.) from University of Delhi in 2004, he also qualified the Company Secretary from Institute of Company Secretaries of India (ICSI) in the year 2008. He is a Diploma holder in IFRS from ACCA, United Kingdom, Certified Ind AS and Certified BRSR from ICAI.
He is having a thorough experience in the field of Financial Reporting, Consolidation, Internal Controls, Fixed Assets and Auditing for more than 15 years and associated with Indus Towers (formerly Bharti Infratel), HSBC, IL&FS and consulting firms during his professional stint.
Mr. Garg is a prolific speaker, has delivered more than 800 lectures on IFRS, Ind AS, Accounting Standards, Schedule III, CARO and Auditing Standards across the country and outside at diverse platforms organized by various professional Institutes, Universities, and various committees, branches and study circles of ICAI. Few of his accolades during his professional stint are as follows:
CA Alok Garg is actively involved in professional contribution to the society in terms of imparting knowledge to fellow members and students at ICAI, ICSI and Various Universities and outside through his knowledge series & various articles published at various channels of print as well as social media. Few of his notable achievements, associations and deliberations are as follows:
He has a keen interest in travelling, listening to music and is very passionate about disseminating knowledge in the form of lecture delivery, authoring books and sharing his articles in leading publication. He is instrumental in giving back to the society and is very actively involved in mentorship of young professionals and students.
CA Chandni Gupta
She is an Associate Member of Institute of Chartered Accountants of India (ICAI), having completed her graduation in B.Com (Hons.) from University of Delhi, she is currently working as a Manager Manager-Finance of a multi-national FMCG company. She is also Certified Ind AS and Certified BRSR from ICAI.
Ms. Gupta has always been a top ranker in academia right from high school to CA examinations. She had secured all India ranks in CA Final and CA IPCC.
She is having experience in Statutory Audit, IFCoFR, Tax audit of various listed and unlisted entities, Ind AS implementation on listed companies and preparation of financial statements in compliance with Ind AS, IFRS and AS of various entities. She is also having vast experience of business finance and financial planning and analysis.
She has a passion towards disseminating knowledge on her core subject “Financial Reporting” in the form of lecture delivery, writing books, posting articles or making videos. Few of her initiatives and contributions are:
Apart from this, she enjoys gardening and cooking.
First published in India 2021
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Late Smt Vidya Devi Garg and Late Shri Lakshmi Chand Garg
&
Smt. Satyawati Gupta and Shri Jagdish Prasad Gupta
And
Our Parents
Smt. Krishna Devi Garg and Shri Jay Prakash Garg
&
Smt. Anjna Gupta and Shri Naresh Gupta
Late Smt Vidya Devi Garg and Late Shri Lakshmi Chand Garg
&
Smt. Satyawati Gupta and Shri Jagdish Prasad Gupta
And
Our Parents
Smt. Krishna Devi Garg and Shri Jay Prakash Garg
&
Smt. Anjna Gupta and Shri Naresh Gupta
With the introduction of new standard on leases, the accounting has become even more challenging. CA Alok Garg and CA Chandni Gupta have made an earnest effort to win-over the challenge by authoring this book. This work is distinguished by immense attention to comprehensive commentary on the standard with practical examples and case studies. It is a simple, straightforward guide to accounting professionals who intend to get intermediate to advanced learning on lease accounting. The writers reputed ingenuity, brilliance and experience borne out of this book. The authors have provided a masterful narration in a most lucid language to explain the complex concepts in greater detail and have chosen to present a holistic view by incorporating Indian as well as global aspects. The book also reassures the readers to test their knowledge and get a real life experience through the disclosures given by leading Indian and global companies. I hope that the young professionals who read it will find if very useful and will get deep insights of lease accounting. I appreciate the laudable efforts of Alok and Chandni and congratulate them for splendid work they have produced. My best wishes for the success of this book.
Prof. J.P. Singhal
National President, Akhil Bhartiya Rashtriya Shaikshik Mahasangh.
Former Vice-chancellor, University of Rajasthan, Jaipur
Amongst corporates, the concept of leases is very common. Each rent agreement is required to be analysed for accounting and disclosures perspective. It involves a lot of assessment on the criteria defined in the standard. For such complex assessments, our fellow professionals required an expert guidance in lucid language. CA Alok Garg and CA Chandni Gupta, have catered to the need of accounting professionals across industries by authoring this book on leases. The authors have used simple language along with various case studies to provide a detailed analysis and thorough guidance. I appreciate their efforts in bringing out their best on paper. My best wishes for the success of this book and many more such efforts in future.
CA (Dr.) Sanjeev Singhal
Central Council Member, ICAI
In current era, more than 70% of the corporates across the globe are following IFRS in some or the other manner. Changes and improvements come naturally as the time passes and thus need arises for regular and continuous updation of standards. CA. Alok Garg and CA Chandni Gupta have written this book at a perfect time, when corporates, members and students need practical, crisp and appropriate guidance on how to demystify the new standard on leases. With the help of detailed analysis, practical case studies and MCQs, the authors have given a holistic view on accounting treatment for leases not only in Indian context but also in global context. The book serves a comprehensive comparison of AS, Ind AS, IFRS and even US GAAP. The best part is that authors have included vast practical disclosures made by companies across the globe in their published financial statements. My heartiest compliment for excellent work and best wishes for super success of this book and all future endeavours.
CA Pramod Jain
Central Council Member, ICAI
Alok is a meticulous analyst and an astute person on Accounting Standards / Ind AS. Alok has in depth knowledge of accounting provisions and always ready to help. His ability & humility to impart knowledge in the most lucid way through his sessions is what makes him stand out. His earlier books on Indian Accounting Standards and Treatise on Ind AS really helped the students and finance fraternity in understanding the concepts.
Many congratulations Alok and Chandni and best wishes for your book on Leases and many more successes in future
CA Munish Gupta
CFO, InterGlobe Hotels
The concept of leases is very common amongst corporates especially industries like aviation, retail, IT. Each lease agreement requires thorough analysis from accounting and disclosures perspective. It involves a lot of assessment on the criteria defined in the standard. For such complex assessments, our fellow professionals required an expert guidance in lucid language. CA Alok Garg and CA Chandni Gupta, have catered to the need of accounting professionals across industries by authoring this book on leases. The authors have used simple language along with various case studies to provide a detailed analysis, MCQs to test the knowledge, flowcharts to summarize the standard and published disclosures of Indian as well as foreign listed companies under various GAAPs. My best wishes for the success of this book and many more such efforts in future.
CA Atul Gupta
President ICAI (2020-21)
IFAC Board Member
All the Indian listed companies (other than Banking and Insurance sector) and a large number of unlisted companies (above threshold limit) have implemented Ind-AS since 2015. Changes in business and economic environment, together with experience of implementation, necessitate amendments in Standards; examples are amendments giving rent relief accounting due to Covid 19 and IBOR related transition guidance, Ind AS 116 was introduced to improve usefulness of financial information necessitating the accounting of Right to use asset and liability by lessees for all leases. CA. (Dr.) Alok Garg and CA Chandni Gupta have brought out the third edition of this wonderful book that addresses most of the issues related to Leases. With the help of apt interpretation and practical case studies in easy language, the authors have shared their own experience and vast understanding of this complex standard. In addition, the reference to Annual reports provides practical outlook to the professionals and MCQs make this book much more relevant for students and first-time implementers of Ind AS. My heartiest compliments for excellent work done and best wishes for extensive readership and multiple editions in future.
CA MP Vijay Kumar
CFO, Sify Technologies Ltd.
With the introduction of IFRS 16, the lease accounting, largely from the lessee perspective has been revamped. Parallelly the counterpart Indian standard i.e. Ind AS 116 was implemented for Indian Companies. Lease accounting is now considered as one of the most complex aspects of corporate accounting which involves critical analysis of each lease agreement. For such intricated analysis, our fellow professionals required a piece of expert knowledge and guidance in the most lucid and coherent language. Dr. Alok Garg and CA Chandni Gupta have come up with third edition of iconic book “Treatise on Leases” at an ideal time where corporates, members and students need appropriate, precise and crisp guidance about the practical application of Ind AS 116. One of the most value-adding things in this book is “Published disclosures of Indian as well as global corporations based on Ind AS 116, AS 19, IFRS 16 as well as US GAAP” thus extending its utility to global readers.
Many instances have been noted for non-compliance of accounting standards by the Financial Reporting Review Board (FRRB) which have also been covered in this book describing the inappropriate accounting of leases thereby preventing the errors that may be committed by readers while accounting for leases. Heartiest compliments to Dr. Garg and Chandni for their commendable work. Wish you the best for your future treatises on leases and many more topics.
Nandini Agarwal
National Record Holder, AIR 1 (CA Final), AIR 31 (CA Inter)
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