Impact of Ind-AS implementation

Abstract

Indian accounting standards (Ind AS), converged with International Financial Reporting Standards (IFRS) with certain carve-in / carve-outs made to cater to India-specific business environment, have become the new Generally Accepted Accounting Policies (GAAP) for many companies. The adoption of Ind AS was done in a phased manner as follows (Exhibit xx), as result of which xxx companies have started reporting as per the Ind AS standards. Certain industries whose accounting are governed by other than Ministry of Corporate Affairs as well, such as Banking and NBFC companies under RBI and Insurance companies under IRDAI, are in process of finalising their adoption timelines as the application of the standards require a drastic change in their reporting which requires a lot of preparedness by the companies as well as the regulators before the adoption.