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.
Ind AS implementation road map
|Phase I||Phase II||Voluntary adoption|
|Year of adoption||FY 2016 – 17||FY 2017 – 18||FY 2015 -16 or thereafter|
|Comparative year||FY 2015 – 16||FY 2016 – 17||FY 2014 – 15 or thereafter|
|(a) Listed companies||All companies with net worth >= INR500 crores||All companies listed or in the process of being listed||Any company could voluntarily adopt Ind AS|
|(b) Unlisted companies||All companies with net worth >= INR500 crores||Companies having a net worth >= INR250 crores|
|(c) Group companies||Applicable to holding, subsidiaries, joint ventures, or associates of companies covered in (a) and (b) above.|
Various stages under Ind-AS implementation:
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:
- 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
- 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
- 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)
- Training for knowledge transfer
- Impart training to users to explain the differences post Ind AS transition.
- 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.
Deliverable under Ind-AS transition: