Implementation Of Indian Accounting Standards

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Implementation Of Indian Accounting Standards
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Implementation Of Indian Accounting Standards
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Implementation Of Indian Accounting Standards
What is Implementation of IND AS?
On 16th February, 2015 Ministry of Corporate
Affairs (MCA) notified the Companies (Indian
Accounting Standards) Rules, 2015 laying down the
roadmap to apply converged standards .i.e. Ind AS
to Indian Companies other than banking companies,
insurance companies Non-Banking Financial
Companies (NBFC). Government has also notified
Ind AS Standards (known as Indian Accounting
Standards) to be applied by these companies.

• Three phases for implementing IND AS
• Voluntary Phase
• Mandatory Phase 1
• Mandatory Phase 2

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Implementation Of Indian Accounting Standards
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Key considerations for Ind AS Conversion

• Failure to communicate the effects and the
  results to the stakeholders, board of directors,
  audit committee, investors and analysts
• Maintaining accounts and various reports under
  multiple accounting framework during the
  transition period.
• To maintain consistency is following various Ind
  AS principles including a potential to have to
  rethink accounting policy decisions taken by the
  subsidiaries who have already adopted Ind AS
• Retention of Key Employees
• Excessive cost incurred due to ineffective
  planning, project management
• Unreasonable work level incurred due to
  inappropriate planning
• Missed Deadlines on Conversion process
• To mitigate this risk the board should pay close
  attention to the managements approach for Ind AS
  conversion and satisfy themselves that it covers
  all appropriate areas on the basis of sound
  management plan

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Implementation Of Indian Accounting Standards
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Implementation Of Indian Accounting Standards
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as
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Implementation Of Indian Accounting Standards
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