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#IFRS Converged Indian Accounting Standards (#IndAS)

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Indian Accounting Standard (#IndAS) has been the buzz word of the year for Financial Reporting Professionals in India. With the Financial Year ended on 31st March, 2017 prescribed class of the companies will present their 1st set of Financial Statements under #IndAS financial reporting framework along with the Comparatives of the preceding year ended 31st March, 2016. This small article containing FAQ’s will provide insight into #IndAS 1) What is Indian Accounting Standard (#IndAS) ? Indian Accounting Standards (#IndAs) are the International Financial Reporting Standars (#IFRS) converged Accounting Standards. India has decided not to adopt the #IFRS rather to converge the existing accounting standards with #IFRS so that there are no material differences between #IFRS and #IFRS converged Indian Accounting Standard. 2) Is it mandatory to follow #IndAS ? From when #IndAS is applicable ? The Ministry of Corporate Affairs (#MCA) has issued the Companies (Indian Accounting Stan...
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Disclosure requirements for #Demonetised Notes under Schedule III of the Companies Act, 2013

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On 30th March, 2017 Ministry of Corporate affairs (#MCA) has amended Schedule III of the Companies Act, 2013 to include disclosure related to "Specified Bank Notes" held and transacted during the period of demonetisation from 8th November, 2016 to 30th December, 2016. The Schedule III to the Companies Act, 2013 provides general instructions for preparation of the balance sheet and the statement of profit and loss of a company i.e. Financial Statements of the company.  On 6th April, 2016 #MCA amended Schdule III for inclusion of new financial statements format for the companies implementing #IndAS. With this amendment Schedule III is now divided into two parts having Division 1 which specifies format of Financial Statements for Companies following existing Accounting Standards (not following #IndAS) and Division 2 which specifies format of Financial Statements for Companies implementing #IndAS With this recent amendment b oth of the division gets disclosure clau...
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Phase 2 of #IndAS Implementation, Are you ready ??

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With the beginning of the Financial Year 2017-18, Phase 2 of #IndAS implementation kicks off. Lets check out if your company is covered under phase 2. Following class of companies are required to present their Financial Statements complying with #IndAS for the financial year ended 31st March, 2018 along with comparatives of the financial year ended 31st March,2017 (1) All the listed companies or Companies in the process of listing on stock exchanges. (here SME stock exchange listing is not covered, Companies listed on SME stock exchange are not required to implement #IndAS and can choose to implement Voluntarily) (2) Unlisted Companies having networth in the range of Rs. 250 crores to Rs. 500 crores. (Companies having networth of more than Rs. 500 crores were covered in Phase 1 of the #IndAS Implementation roadmap) (3) Any Holding, Subsidiary, Associate or Joint Venture company of the companies covered under (1) & (2) above. If your company fits in any of the above crite...
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