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Ind-AS 116 amendment useful for lessees with large number of leases: ICAI

The corporate affairs ministry has amended various Indian Accounting Standards (Ind-AS) 1, 8, 103, 107, 109 and 116. Ind-AS is converged with the International Financial Reporting Standards (IFRS).

RBI again defers Ind AS implementation by banks

Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind AS) by the banks by one year.

Opinion| The banking sector roadmap for transition to Ind AS

Considering the impact on the banking sector, RBI needs to issue the operational and other guidelines for both banks and NBFCs so as to enable them to make the transition to Ind AS.

Opinion | Deferring Ind-As for banks is no solution

Transition to the new norms will be yet another step in the overhaul of the credit culture, especially at state-owned banks. It should be viewed as part of the larger efforts of RBI to improve governance and prevent another massive pile up of soured loans.

Accounting a new disruptor in mergers and acquisition strategies

Reporting under Indian Accounting Standards (Ind AS) may significantly impact tax-planning strategies for many deals and will also have a high impact on key performance indicators of companies, says author Jigar Parikh.

Budget 2017: MAT provisions being aligned with Ind AS requirements

Considering that Ind AS requires significant use of fair values, this would mean that several potentially large items of gains and losses that are recognized in the P&L would now be considered for MAT calculations.

Challenges aplenty for new accounting norms in insurance

â€œAll the linked products (unit linked products and variable insurance products) and all the non-linked products (including variable insurance products classified as non-linked products) are recommended not to be unbundled,â€ the report said.

Ind AS impacts bottomline of top BSE companies, says study

More than one-fourth of top 100 companies listed on the BSE saw their net profit get impacted by the implementation of the new accounting norms and most of the firms provided only minimum disclosures, says a study.

See flat FY17 revenues, to focus on IP business: Rolta India

In an interview with CNBC-TV18, KK Singh, CMD of Rolta said that the company has been consciously cutting down software work to focus on its IP business and does not expect more erosion of revenue due to pruning of system integration work.

Revenue recognition should be good in coming quarters: DB Realty

After a weak Q1 FY17, the coming quarters should be good in terms of cash flows and revenue recognition, Anil Kumar, Chief Financial Officer, DB Realty, told CNBC-TV18. He expects pre-sales to go up 20 percent on quarterly basis.

We need to work on Americas & Middle East markets: Welspun

S Krishnan, CFO of Welspun Corp, said that the company's order book is an indication of the road ahead. There are challenges and we will need to work on Americas and Middle East, he said.

RBI asks banks to submit proforma Ind AS statement by Nov 30

"Banks shall be guided by the Ind AS notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016, as amended from time to time, in this regard," RBI said in a notification.

'Ind AS requires 3,000 disclosures for fair picture of cos'

To provide a "fair picture" of a company's financial position, more than 3,000 disclosures will be required under the Indian Accounting Standards, according to chartered accountants' apex body ICAI

IND-AS: One Month To Go!

IND-AS Roadmap For Banks, NBFCs & Insurance

Mind The GAAP: Full Series

IND-AS: Presentation & Disclosure Requirements!

By: Santosh Maller & Navneet Mehta, EY India

Mind The GAAP4: Financial Instruments (1)

ICDS: A possibly taxing reality

By: Sai Venkateshwaran, KPMG India

IFRS convergence: Govt notifies 39 accounting standards

According to PwC these two standards will have an enormous effect - it will not only impact every company's top line and therefore bottom line but will require other organisational and business changes.

Ind-As: Will it become a reality or get deferred?

The recently issued Schedule II to the Companies Act, 2013 on depreciation and its emphasis on useful life, surely created ripples and hectic efforts in the Q1 of 2014-15

IFRS India version Ind AS is a big switch for trade: KPMG

India’s commitment to converge International Financial Reporting Standards (IFRS) brought in the Ind AS standards. However, many requirements of Ind AS are different from policies and practices currently followed by Indian companies, and hence, will see a vast impact, a recent KPMG report observes.

IFRS: April Fools Day Joke?

It's April Fools Day and today we are going to discuss the biggest joke that government has played on India Inc, except this one is not funny at all. We are talking about International Financial Reporting Standards (IFRS). Is it on or is it off?

Jamil Khatri’s IFRS Diary: Part 9

The 'near final' Ind-AS (IFRS converged standards to be followed in India) have recently been issued. While Ind-AS are based on IFRS (as issued by the International Accounting Standards Board); there are some important areas where Ind-AS are not in conformity with IFRS. Such divergences are commonly referred to as 'carve-out's'.