IND AS Adoption Roadmap

IND As Roadmap


In the previous blog, we have seen what IFRS is and how in India has promised to converge with IFRS. India made a commitment to G20 nations in their summit in 2009 towards convergence to IFRS. Accordingly, India decided to adopt a reporting framework similar to IFRS i.e., Ind AS, Indian Accounting Standards Converged with IFRS. On 16 February 2015, the Ministry of Corporate Affairs (MCA) issued a notification for adoption and implementation of Ind AS for Corporate sector in India in phased manner vide companies (Indian Accounting Standards) Rule, 2015.

Ind AS to be adopted in a phased manner from the financial year 2016-17 with comparatives for the year financial year 2015-16 for certain class of companies. Applicability of Ind AS for corporate sector as well for NBFC is discussed below:

Corporate Roadmap

Mandatory Adoption
Voluntary Adoption
Key Considerations

Applicable from 1 April 2016 i.e., FY 2016-17 with comparative of 31 March 2016 and opening BS of 1 April 2015

Applicable from 1 April 2017 i.e., FY 2017-18 with comparative of 31 March 2017 and opening BS of 1 April 2016

Once Ind AS is followed, it shall be followed for all subsequent years

NBFC Roadmap

Mandatory Adoption
Voluntary Adoption
Key Considerations

Applicable from 1 April 2018 i.e., FY 2018-19 with comparative of 31 March 2018 and opening BS of 1 April 2017

Applicable from 1 April 2019 i.e., FY 2019-20 with comparative of 31 March 2019 and opening BS of 1 April 2018

Once Ind AS is followed, it shall be followed for all subsequent years.

Notes

Key considerations with respect to Ind AS applicability in general:

Examples

At FinPro Consulting, we specialise in delivering training, GAAP Conversion Services and other consulting services related to financial reporting under IFRS, Ind AS and US GAAP. FinPro is also a Registered Learning Partner (RLP) with ACCA, UK and has conducted more than 30 retail training batches for Diploma IFRS course. In the next blog we will deal with frequently asked question related to DipIFR examination and DipIFR training course conducted at FinPro.

Thank you reading the article and stay tuned to our next blog!

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