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Ind AS Consulting Services

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Ind AS Consulting Services

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Ind-AS has been made applicable w.e.f. Financial Year 2016-17. At BC, we have expertise in helping the corporates to make smooth transitioning to this new statutory requirement.

A

Ind AS implementation road map

 

Phase IPhase IIVoluntary adoption
Year of adoptionFY 2016 – 17FY 2017 – 18FY 2015 -16 or thereafter
Comparative yearFY 2015 – 16FY 2016 – 17FY 2014 – 15 or thereafter
Covered companies
(a) Listed companiesAll companies with net worth >= INR500 croresAll companies listed or in the process of being listedAny company could voluntarily adopt Ind AS
(b) Unlisted companiesAll companies with net worth >= INR500 croresCompanies having a net worth >= INR250 crores
(c) Group companiesApplicable to holding, subsidiaries, joint ventures, or associates of companies covered in (a) and (b) above.

 

B

Various stages under Ind-AS implementation:

 

 

C

Scope of work:

 

Our broad scope of work will be to provide an end-to-end solution to achieve smooth transition from existing accounting practices to Indian Accounting Standards (Ind AS) starting from Financial Year 2016-17.

Scope of work has been divided in the following sections:

  1. Identification of differences between current Indian GAAP and Ind AS
    • Identification of accounting and reporting differences between Indian GAAP and Ind AS
    • Identification and selection of exemptions available under Ind AS 101
  2. Impact assessment on various component of businesses
    • Assess the impact of changes on various components of business, including IT system.
    • Detailed implementation plan based on this impact assessment
  3. Assistance in preparing Financial statements as per Ind AS for transition date, comparative period and reporting period
    • Assistance in preparation of opening balance sheet on 1st April’2016.
    • Assistance in preparation of Financial statements for comparative period (FY 2016-17) and reporting period (FY 2017-18)
  1. Training for knowledge transfer
    • Impart training to users to explain the differences post Ind AS transition.
  2. Assistance during statutory audit
    • Discussion with Statutory Auditors to clarify if there is any difference of opinion on any judgment exercised related to Ind AS transition.

D

Deliverable under Ind-AS transition:

 

To see how Blue Consulting can help you in Ind-AS conversion, get in touch with us at bdm@blueconsulting.co.in or call us at 0120-4113075 or Click here.

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