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This book serves as a guide for students, in order to enhance their ability to integrate and solve problems in practical scenarios on Accounting Standards, Guidance Notes and Indian Accounting Standards (‘Ind AS’). It also helps the students in deciding the appropriate accounting treatment and formulation of suitable accounting policies. Lastly, this book helps the students in understanding, various forms of reporting (other than financial statements), and accounting for special transactions with a problem solving objective. (Objective of ICAI’s Syllabus for Paper 1 – Financial Reporting). The Present Publication authored by CA Parveen Sharma & CA Kapileshwar Bhalla, is the 4th Edition for New Syllabus (Updated till 31-10-2020 & amended by Companies (Ind AS) Amendment Rules 2020), with the following noteworthy features: (a) Coverage of this book includes: (i) 'Financial Instruments' (Ind AS 32, 109 & 107) (ii) 'Revenue' (Ind AS 115) (iii) 'Leases' (Ind AS 116) (iv) 'Business Combination' (Ind AS 103) (v) ‘Consolidation' (Ind AS 110,111,28 & 27) (vi) Solved Papers with Guideline Answers: (1) CA (Final) – November 2020 Exam | New Syllabus (2) CA (Final) – November 2019 Exam | New Syllabus (3) CA (Final) – May 2019 Exam | New Syllabus (viii) As per revised syllabus announced by ICAI (b) [Student-Oriented Book] The authors have developed this book, keeping in mind the following factors: (i) Interaction of the authors with his/her students, with specific emphasis on difficulties faced by students in the examinations. (ii) Shaped by the authors experience of teaching the subject matter at different levels. (iii) Reaction and responses of students have also been incorporated at different places in the book. (c) Special emphasis has been given by the authors, on Ind AS, strictly from an examination point of view (including differences between AS and Ind AS and carve-in & carve-outs with respect to IFRS). (d) [970+] Case studies, Clarifications and Examples have been given at various places in the book, to make students understand the complexities involved in Ind AS. (e) Also, in order to address the complicated standards, various Examples, Diagrams, Charts, Clarifications and Explanations have been incorporated. (f) [Self-preparatory Book] The book has been written in a classroom-style-teaching methodology so that average students can understand & master the subject without assistance. (g) [Thoroughly Amended] Amendments related to IND AS-103, 116, and other amendments have been incorporated. (h) Also Available: (1) [3rd Edition] of Taxmann’s Cracker on Financial Reporting (New Syllabus). (2) [2nd Edition] of Taxmann’s Financial Reporting (New Syllabus) | Problems & Solutions.