India is converging to International Financial Reporting Standards (IFRS) and Indian IFRS standards (known as Ind-AS), were notified under the Companies Act, 1956. They contain many differences from the IFRS as issued by the International Accounting Standards Board (IASB). Though some of the changes may help entities in eliminating certain pain areas, it is far from truth that Ind-AS conversion will become a hassle free job as Ind-AS are significantly different from the current Indian GAAP.
In this background Confederation of Indian Industry (CII) is organizing a awarness session on India -As on 24 January 2018 at 1500 hrs on 24 January 2018
Businesses may need significant time and efforts to convert to Ind-AS and will also need to answer many important questions such as-
1. What approach or strategy should be followed in Ind-AS conversion?
2. Which first time adoption exemptions should be used in the preparation of Ind-AS opening balance sheet?
3. Which accounting policy should be adopted in the preparation of Ind-AS financial statements?
4. Should an entity use additional options/ exemptions given under Ind-AS? If yes, to what extent?
5. Can entities adopt on Ind-AS IFRS standards/ interpretations used early ?
These are very important decisions that will impact not only the first Ind-AS statement, but may have significant implications going forward.
Taking into account the critical regulatory changes that will have a far-reaching effect on the Indian accounting landscape, CII Kerala in association with Ernst & Young LLP is conducting a Half day Workshop on Ind-AS for businesses.
The Workshop will cover issues ranging from need-to-know information to insights on mandatory compliance measures. Transition to Ind-AS is not a mere accounting change but has significant business consequences including:
? Modification to transaction modules required in the Corporate IT system
? Impact on key performance indicators like EBITDA, Liquidity ratios, net worth, debt covenants and executive compensation plan
? Component approach and replacement accounting mandatory for Property, Plant & Equipment
? Financial Instruments accounting