Rahul

Amendments to Ind AS 2015-01-06

Amendments to Ind AS - KPMG

  1. Rahul
    The finance minister in his budget speech recognised the urgent need
    to converge the existing notified standards under Indian GAAP with the
    IFRS. Towards this objective, he proposed to make Indian Accounting
    Standards converged with IFRS (‘Ind AS’) mandatory for Indian
    companies from the financial year 2016-17, with the option to
    voluntarily adopt them from the financial year 2015-16. The date of
    implementation of Ind AS for banks and insurance companies will be
    notified separately by the respective regulators.

    As a part of implementation of this budget announcement, the
    Accounting Standards Board of the Institute of Chartered Accountants
    of India (ICAI) has released two exposure drafts dealing with
    ‘Amendments to Indian Accounting Standards (Ind AS) – consideration of
    carve outs/ins’. Through these exposure drafts the ICAI is trying to
    reduce the differences between Ind AS and IFRS, and substantially
    reduce the carve-outs. However, at the same time, the ICAI is also
    assessing the need of any further possible carve-outs considering
    various new developments under IFRS. The ICAI has also included in
    these exposure drafts additional areas where it has removed policy
    choices to enhance comparability and certain other areas where it
    provides additional guidance. The ICAI has released these exposure
    drafts for public comments. The last date of comments is 15 October
    2014.