Ind AS is bringing biggest accounting revolution in India

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Ind AS requires valuation as per Ind AS 113

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Ind AS is required to be Implemented by an expert

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Ind AS is a futuristic accounting standard

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Parliament passes Companies Amendment Bill

The Rajya Sabha passed the Companies (Amendment) Bill, 2017 by a voice vote. It was adopted by the Lok Sabha in July this year during the monsoon session.

A bill to amend the companies law to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business in the country, was passed by parliament on Tuesday. The Rajya Sabha passed the Companies (Amendment) Bill, 2017 by a voice vote. It was adopted by the Lok Sabha in July this year during the monsoon session. 

Replying to issues raised by the members during a discussion on the bill, minister of state for corporate affairs P.P. Chaudhary said the amendment would ensure better corporate governance and improve the ease of doing business in the country

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletins | Analysis

The Ind AS Transition Facilitation Group (ITFG) has issued several Clarification Bulletins, a synopsis of these bulletins are given below for ready reference 

ITFG Bulletin 1 clarifications  

  1. A company having a net worth between 250–500 crore INR as on 31 March 2014 and therefore falling in phase II but has net worth exceeding 500 crore INR during 2015–16 would need to comply with Ind AS from 1 April 2016 i.e. from the immediately next financial year.
  2. Subsidiaries of Phase I company also transition to Ind AS from 1 April 2016. However, the parent-subsidiary relationship for this purpose is evaluated as at 1 April 2016.

Ind AS Implementation – 5 Major Challenges

Financial reporting in India is passing through very remarkable moments owing to adoption of Indian accounting standards (Ind AS). For companies covered under Phase – 1 of mandatory Ind AS Financials, 31st March 2017 is first time complete reporting period and June 2016 was first Quarterly result publication date and we are months away from Phase 2 implementation. Ind AS Implementation has very wide impact on the organization so companies should assess carefully impact on growth, strategies, joint ventures and tax planning. There are many challenges in implementation of Ind AS however this blog/ article focuses on 5 major challenges:

Challenges Ahead

Financial Instruments

Deferred Taxation

Revenue Recognition

Control for Group Accounting

Business Combination

Financial instrument (Ind AS 32, 109):- 
There are no mandatory standards applicable under Ind GAAP, Ind AS provide the detailed guidance on accounting of classification, measurement, derecognition and impairment of financial assets and financial liabilities.