Indian GAAPs, IND-AS & IFRS Advisory Services

In 2015, the Ministry of Corporate Affairs has  issued a notification stating a roadmap for implementation of IND-AS converged with IFRS. IND-AS are required to be adopted in a phased manner for the financial year beginning on or after 1 April 2016 with comparatives for the year ending 31 March 2016 for certain class of companies.

Accordingly , following companies are required to adopt Indian Version of International Financial Reporting Standards,(IFRS ) i.e. IND AS :

For The Accounting Period Beginning On or After 1 April 2016 (Phase 1)

The following companies will have to adopt IND-AS for financial statements from the above mentioned date: –

For The Accounting Period Beginning On or After 1 April 2017 (Phase 2)

The following companies will have to adopt IND-AS for financial statements from the above mentioned date: –

Comparative for these financial statements will be periods ending 31 March 2017 or thereafter.

Once a company starts following the IND-AS mandatory on the basis of criteria specified above, it will be required to follow the IND-AS for all the subsequent financial statements even if any of the criteria specified do not subsequently apply to it. Companies to which IND-AS are applicable should prepare their first set of financial statements in accordance with the IND-AS effective at the end of its first IND-AS reporting period i.e. companies preparing financial statements applying the IND-AS for the accounting period beginning on 1 April 2016 should apply the IND-AS effective for the financial year ending as on 31 March 2017.

Voluntary adoption Companies may voluntarily adopt IND-AS for financial statements for accounting periods beginning on or after 1 April 2015, with the comparatives for the periods ending on 31 March 2015 or thereafter. Once a company opts to follow IND-AS, it will be required to follow the IND-AS for all the subsequent financial statements (the option is irrevocable). Once the option to voluntary follow IND-AS is adopted, companies will not be required to prepare another set of financial statements in accordance with Accounting Standards specified in Annexure to Companies (Accounting Standards) Rules, 2006.

Non-applicability – The road map will not be applicable to –

Considering the MCA notification of applicability of IND-AS in India, many companies are getting ready for their existing financial reporting policies and practices. Further, multi-national companies are subject to group reporting requirements to report their financial statements in several GAAPs namely IFRS/ US GAAP/ UK GAAP. Such multiple reporting requirements requires robust knowledge of various GAAPs and leads to resource constraints in finance function.

For such companies we provide following services –

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Email : ang@angca.com

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Pune head office address

7, Saraswati Heights,Behind Goodluck Cafe, Deccan Gymkhana, Pune -411004
Phone : +91-7722063311
Email : ang@angca.com

Pune branch office address

Tulasi Green, Office 1, B/H- D-Mart, Baner Road, Nandan Prospera Rd, Laxman Nagar, Baner, Pune, Maharashtra 411045
Phone : +91-9420442921
Email : ang@angca.com

Mumbai branch address

A.N GAWADE & CO  LLP
5B, Maker Bhavan, No 2, 5th Floor,S V Thackersy Marg,New Marine Lines,
Mumbai-400020.
Mobile : +91-8983424134
Email : ang@angca.com