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Accounting & Audit Accounting Standards(AS)

  • In a big relief to banks, RBI defers Ind AS implementation by a year
    Apr 06, 2018
    Call this manna from heaven for the banking sector that is faced with the bad loans mess and weak balance sheets, especially in the public sector. Coming to the rescue of banks, the Reserve Bank of India (RBI) on Thursday decided to defer implementation of Indian Accounting Standards, popularly known as Ind AS, by one year, in respect of scheduled commercial banks. Ind AS is a set of accounting norms developed by Indian authorities, which converge with the International Financial Reporting Standards (IFRS).
  • Government notifies new accounting standard, effective April 1
    Mar 30, 2018
    Companies will have to adopt more detailed revenue recognition ways from April 1 as the government has notified a new accounting standard. The Corporate Affairs Ministry has notified Indian Accounting Standard (Ind AS) 115 which would be effective from the new financial year, starting Sunday. According to experts, Ind AS 115 will help in a more transparent accounting of revenues and have an impact on companies operating in diverse sectors, including technology, real estate and telecom.
  • Adoption of Ind AS by insurers deferred till 2020-21
    Jul 05, 2017
    The Insurance Regulator and Development Authority of India (IRDAI) has deferred the implementation of Indian Accounting Standards (Ind AS) by insurance companies till 2020-21.Rule 4 of the Companies (Indian Accounting Standards) (Amendment) Rules 2016 states that “the Banking Companies and Insurance Companies shall apply the Ind AS as notified by the Reserve Bank of India (RBI) and Insurance Regulatory Development Authority (IRDA), respectively.This empowers IRDAI to have a regulatory override and notify an exclusive date for implementation of new accounting standards by insurers.It may be noted that many other global corporates such as Dr Reddy’s have already implemented Ind AS along with International Financial Reporting Standards (IFRS).
  • New accounting standard may hit banks' lending to infra, realty firms
    Jun 28, 2017
    The adoption of the new Indian Accounting Standards (IndAS) might compel banks to cut down on the quantum of loans they dole out to companies. IndAS will result in a change in the debt-to-equity ratios of companies as capital structures and financial instruments get reclassified, increasing debts and compelling banks to reassess the way they lend to companies, particularly in sectors such as power, infrastructure and real estate. “Banks and financial institutions will have to consider how IndAS has potentially changed the balance sheets of companies.
  • Ind-AS will increase accountability of companies, enlighten investors: Keyur Dave & Siddharth Talwar
    Oct 12, 2016
    In an interview to Business Standard, Siddharth Talwar and Keyur Dave, partners, Grant Thornton India LLP, say that while adoption of Indian Accounting Standards (Ind-AS) may increase the uncertainty of earnings predictability in the short term, it is going to be a tectonic shift in financial reporting and will improve the credence of India among global investors. Excerpts:
  • Integrating accounting standards with the world
    Oct 12, 2016
    The Ministry of Corporate Affairs mandated the implementation of Indian Accounting Standards (Ind-AS) to align with International Financial Reporting Standards (IFRS) from the first quarter of financial year 2016-17. In a study of 600-plus companies, accounting firm Grant Thornton found that the adoption of Ind-AS reduced the June 2015 net profit by 1.4 per cent for the universe.
  • Pharma companies benefit, infrastructure lose out due to Ind AS
    Sep 23, 2016
    As India Inc adapted the new accounting standards, Ind AS, there was a jump in net income of pharma companies and increased losses of infrastructure companies in their first quarter results, according to a research report by PwC. Most of the listed companies saw an impact on how they account for taxes and deal with their financial instruments, mainly foreign borrowings, due to the new accounting methodology.
  • India Inc adheres to new accounting format
    Sep 16, 2016
    Most listed companies that are part of the BSE 500 index managed to file results for the quarter ended June under the new Indian Accounting Standard or Ind-AS, the extended deadline for which ended on Thursday. However, some outside the top 500 failed to file their numbers within the stipulated deadline citing “practical difficulties”.
  • Ind AS to induce fluctuations in financial statements
    Aug 30, 2016
    Capital goods and infrastructure are among the sectors that are likely to be most impacted by the switch to the new Indian Accounting Standards (Ind AS), which is expected to induce volatility in corporate financial statements, says a Crisil report. The rating agency, which surveyed 80 firms rated by it, found that the difference in reported profit in comparison to Indian GAAP (Generally Accepted Accounting Principles) was in excess of 5 per cent for one-third of the firms.
  • New a/c rules to hit FMCG firms' revenues
    Aug 29, 2016
    Ind-AS, the new accounting standards that came into effect from April 1, might squeeze the revenues of fast moving consumer goods (FMCG) companies by up to eight per cent in 2016-17.The key cause is deduction of sales promotion expenditure from the revenue figure, hitherto part of the profit & loss (P&L) statement under the earlier IGAAP accounting norms.
  • Indian Railways set to move from surplus/shortfalls to profit/loss; here’s how
    Aug 26, 2016
    Moving a step closer to a corporate-like presentation of its financial numbers, Indian Railways, which has always fought shy of recognising profits and losses and merely talked about surpluses/shortfalls, has made its entire northwest zone shift to accrual-based accounting. It had earlier launched the system on a pilot basis for the rail coach factory in Kapurthala in the zone.
  • Decoding Ind-AS impact on India Inc's balance sheet
    Aug 22, 2016
    Adoption of the new accounting standard under the Ind-AS framework had an impact on some of the key financial reporting parameters of corporate India. A study by Protiviti, a risk-consulting and internal audit firm, of FY17 first-quarter results of around 125 companies shows the manufacturing and information technology sectors had to make the highest number of accounting adjustments under Ind-AS, followed by telecommunications, mining/metals and the energy sectors.
  • Listed companies get relaxation on Ind AS compliance
    Aug 11, 2016
    To ensure smooth transition, Sebi today said certain relaxations would be provided to listed companies for submitting their financial statements that are compliant with the new accounting norms.Already, the regulator has allowed companies to continue following the existing accounting norms till December 31, 2016.
  • India to bid good bye to its ‘old’ financial year in 2018?
    Jul 12, 2016
    India may make the calendar year, instead of April-March, as its new financial year from as early as 2018 as part of its efforts to align the accounting system with the most prevalent practice in the world, sources said.The move is part of three major budget-related initiatives including merger of railway budget with the general budget (likely in 2017-18), and dropping of Plan and non-Plan distinction (certainly from 2017-18) in allocation of resources, an official said.
  • Changing valuation multiples of India Inc
    Jul 05, 2016
    Come the June quarter results season and 350-plus non-finance companies having a net worth upwards of Rs 500 crore in the BSE 500 universe will switch to Indian Accounting Standards (Ind-AS). Some of these companies were till now following what is termed Indian Generally Accepted Accounting Principles (Indian GAAP).
  • Companies need not make adjustments in net profit for MAT under IndAS
    Apr 29, 2016
    Giving some clarity to companies switching to the new accounting standards, an expert Committee of Finance Ministry has said that there may not be any rise in tax burden for them. The committee, led by retired Indian Revenue Service Officer MP Lohia, has concluded that corporates will not have to make any adjustments to net profits while computing book profits to pay minimum alternate tax (MAT).
  • New accounting norms to hit banking, telecom firms most
    Apr 19, 2016
    About 350 companies having a net worth upwards of Rs 500 crore in the BSE 500 universe will adopt Indian Accounting Standards (Ind AS) from this financial year. Some of these companies were following the Indian Generally Accepted Accounting Principles till now. Ind AS is similar to International Financial Reporting Standards.The norms will impact the net worth, return ratios and earnings of Indian companies.
  • Sebi provides clarity on Ind AS applicability on issuer cos
    Apr 01, 2016
    Sebi today said companies coming out with offer documents from April 2017 should present their financial accounts in compliance with Ind AS, the accounting standards that are converged with global norms. Indian Accounting Standards (Ind AS) will be compulsorily applicable on many companies from the 2016-17 fiscal starting tomorrow. To provide more clarity for issuer companies, Sebi has come out with a detailed road map.
  • Companies with over Rs 500 crore net-worth need to toe new accounting rules
    Mar 31, 2016
    Companies with a net-worth of Rs 500 crore or more will have to follow the new Indian Accounting Standards (Ind AS) from April 1 even as experts have raised concerns that many firms are not prepared yet. The new standards are benchmarked to the International Financial Reporting Standards ( IFRS). The shift will make Indian corporate accounts comparable internationally, filling the gaps in reporting standards that India follows currently.
  • Is corporate India ready for Ind-AS?
    Mar 28, 2016
    Come April 1, 2016, 1,000-odd companies whose net worth is at least Rs 500 crore have to mandatorily switch to the IFRS-compliant new accounting standard, Ind-AS. Effectively, the first quarter would be the first such reporting period in the first phase. Tax and accounting experts assess the gaps in corporate India's reporting standard that need to be plugged A PwC Ind-AS Outlook Survey indicates more than half of corporate India is yet to plan or commence implementing changes at an organisational level. Strikingly, one-third is yet to start or plan for the impact assessment of Ind-AS adoption
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