IFRS ( Ind AS) The Companies Act, 2013 mandates certain class of companies to conform with the Indian Accounting Standards (Ind AS) with effect from 1st April 2016. On 16 February 2015, the Ministry of Corporate Affairs has notified the much awaited Indian Accounting Standards (Ind AS), which are converged with International Financial Reporting Standards (IFRS).

The new standards converged with IFRS are by far more accountable and widely used accounting standard throughout the globe. IFRS in India may significantly affect a company’s day-to-day operations and may even impact the reported profitability of the business itself.

With the adoption of the new standards significant gaps that exists in the current accounting guidance are aimed to be filled up. These financial reporting standards are far more contemporary and virtually at par with the leading global standards. These accounting standards will help in enormous ways to Indian corporates like having a single set of books of accounts globally, easy and efficient comparability with international peers and attracting investments from abroad. Many Indian Companies have initiated the process of transition to the new Indian Accounting Standards (Ind-AS) and getting the opening balance sheets firmed up. The first reporting under the new standards for listed companies shall be for the quarter ending 30 June 2016.

Topics being covered:

Transition to Ind AS implementation as per Companies Act, 2013 :

IND AS Framework, Introduction (Ind AS-1, Ind AS- 110, 111, 112).

In principle differences between existing practice under Indian GAAP and IND-AS.

Industry specific considerations under Ind-AS.

Consolidation & Presentation of Financial Statements (Ind AS-1, Ind AS- 110, 111, 112)

Property, Plant & Equipment (Ind AS-16)

Valuation of Stock (Ind AS-2)

Investment Property (Ind AS-40)

Impact of Internal Financial Controls Implementation as per Companies Act, 2013 :

Overview of Internal Financial Controls as per Companies Act, 2013.

Overview of the Guidance Note issued by ICAI on Internal Financial Controls implementation.

Transition to Internal Financial Controls implementation.

Impact of New Companies Act, 2013 :

Overview of the New Companies Act, 2013.

Transition to compliances under the new companies act, 2013 and remedy thereof.

New CARO, 2016.

CSR-Corporate Social Responsibility practical applications.