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.
If the Finance Ministry decides to scrap ICDS, then it must certainly introduce an alternate mechanism for Ind AS companies to compute their taxable income.
By: Sai Venkateshwaran, KPMG India
When India Inc switches accounting standards to IFRS, it may also have to review its employee stock option plans, to avoid an earnings hit, reports CNBC-TV18’s Ashwin Mohan.