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Ind AS Consulting Services

Consulting Services

Ind AS Consulting Services

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Date02 Aug 2016
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Posted By
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Comments24
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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 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
Covered companies
(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.

 

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
    1. Identification of accounting and reporting differences between Indian GAAP and Ind AS
    2. Identification and selection of exemptions available under Ind AS 101
  2. Impact assessment on various component of businesses
    1. Assess the impact of changes on various components of business, including IT system.
    2. 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
    1. Assistance in preparation of opening balance sheet on 1st April’2016.
    2. Assistance in preparation of Financial statements for comparative period (FY 2016-17) and reporting period (FY 2017-18)
  1. Training for knowledge transfer
    1. Impart training to users to explain the differences post Ind AS transition.
  2. Assistance during statutory audit
    1. 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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24 Responses

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