Ind AS 116 is effective from 1st April 2019 for all companies preparing their financials in compliance with Indian Accounting Standards by replacing Ind AS 17. New standard requires Lessees to follow single accounting model for all leases. For lessors, there is little change to the existing accounting under Ind AS […]
Speedbreakers on the highway of Ind AS Implementation Financial reporting in India is passing through very remarkable moments owing to adoption of Indian accounting standards (Ind AS). For companies covered under Phase – 1 of mandatory Ind AS Financials, 1st April 2015 is the transition date. Few months are left for […]
New Revenue Recognition Standard Ind AS 115 deferred? The corresponding standard of Ind AS 115 is IFRS 15 Revenue from Contracts with Customers. Let us first understand why there was need to issue new standard IFRS 15 by IASB in 2014. There was a joint project between IASB and US National […]
On February 16, 2015, the ministry of corporate affairs notified the Indian version of International Financial Reporting Standards (IFRS), to be referred as Ind AS. 39 IND AS are issued aimed at convergence of the Indian accounting framework with globally recognised IFRS. It is not full adoption of IFRS, but only […]
Currently, there are lots of negatives news, events and circumstances related to Indian Market such as India’s Rating India has lowest Investment grade rating by rating agencies (BBB-). One more downgrade will change its status to non-investment grade i.e. Junk S&P has negative outlook on India i.e. there is higher probability […]