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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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.