On 31 August 2016, the BRICS
Chamber of Commerce and Industry (BRICS-CCI) organised a conference on Ind As:
Future of Financial Reporting in the Indian Habitat Centre, New Delhi. The
aim was to provide a platform for various Financial officers, Chartered
accountants and other auditing professionals for a comprehensive deliberation
on the introduction of a new accounting standard, the IFRS (International
Financial Reporting Standards) or Ind AS (Indian Accounting Standards). The
conference commenced with a brief welcome note by Mr. B.B.L. Madhukar,
Secretary General of BRICS-CCI after which the Special Guest, Mr. Nilesh
S. Vikamsey, Vice-Chairman of the Institute of Chartered Accountants of
India (ICAI) addressed the gathering. Very eloquently, he expressed his views
on the need, advantages, disadvantages, processes involved and probable
challenges in the implementation of Ind AS. He talked about the systematic
phase-wise execution of the new standard, the role of ICAI in this transition
from the existing accounting standard Ind GAAP ( India-Generally Accepted
Accounting Principles) to IFRS and called upon the industries to respond
positively to the new standards.
Subsequently, an elaborate interactive session with the guests on the complex procedure of transition from the Ind GAAP to IFRS was conducted by Mr. Siddharth Talwar, Partner, Grand Thornton LLP, Mr. Amarjit Chopra, Senior partner, GSA & Associates and Mr. Keyur Dave, Director, GTI LLP, wherein all the major provisions in the new standards were extensively discussed. Comparison between current Ind GAAP and Ind AS, role of ICDS, carve outs in Ind AS, need for co-ordination between ICAI, NACAS and Industries were some points of discussion. The major topics under the IFRS that were talked on were:
1. Ind AS implementation roadmap and conversion process
2. Ind AS 1: Presentation of Financial Statements
3. Ind AS 16: Property, plant and equipment
4. Ind AS 17: Leases
5. Ind AS 109 and 32: Financial Instruments
6. Ind AS 18: Revenue
7. Ind AS 103: Business Combinations
8. Ind AS 101: First time adoption of Ind AS
Further, Professor Ambrish Gupta, FORE School of Mangement, talked about the Ind AS along with ICDS (Income Computation and Disclosure Standard) Tax, apprehensions of investors, concerns regarding effective execution on Ind AS and stressed on the need for “harmonization of all rules, regulations and standards for desired results”.
This was followed by a panel discussion on Ind AS, the panelists being Mr. Siddharth Talwar, Mr. Vijay Pal and Mr. Sumant Chadha, President, The Institute of Internal Auditors India. The enriching discusion covered issues like Fair Valuation, 'componentization' , Hedge accounting, possible changes in role of internal auditors in times to come, etc. Lastly, Chartered Accountant Gaurav Mittal shared his views on Taxation under the Ind AS regime.
Like the GST is to tax, IFRS is to accountancy. It will make book keeping more transparent and enhance the credibility of Indian Chartered Accountants abroad.(140 countries adhere to the IFRS including our neighbour Pakistan)
The IFRS was first introduced back in 2011 but due to stiff competition from industries and lack of adequate backing by the concerned ministries of the government, it could not be implemented. Hopes are, that it will finally receive a positive response in the coming financial year.
Subsequently, an elaborate interactive session with the guests on the complex procedure of transition from the Ind GAAP to IFRS was conducted by Mr. Siddharth Talwar, Partner, Grand Thornton LLP, Mr. Amarjit Chopra, Senior partner, GSA & Associates and Mr. Keyur Dave, Director, GTI LLP, wherein all the major provisions in the new standards were extensively discussed. Comparison between current Ind GAAP and Ind AS, role of ICDS, carve outs in Ind AS, need for co-ordination between ICAI, NACAS and Industries were some points of discussion. The major topics under the IFRS that were talked on were:
1. Ind AS implementation roadmap and conversion process
2. Ind AS 1: Presentation of Financial Statements
3. Ind AS 16: Property, plant and equipment
4. Ind AS 17: Leases
5. Ind AS 109 and 32: Financial Instruments
6. Ind AS 18: Revenue
7. Ind AS 103: Business Combinations
8. Ind AS 101: First time adoption of Ind AS
Further, Professor Ambrish Gupta, FORE School of Mangement, talked about the Ind AS along with ICDS (Income Computation and Disclosure Standard) Tax, apprehensions of investors, concerns regarding effective execution on Ind AS and stressed on the need for “harmonization of all rules, regulations and standards for desired results”.
This was followed by a panel discussion on Ind AS, the panelists being Mr. Siddharth Talwar, Mr. Vijay Pal and Mr. Sumant Chadha, President, The Institute of Internal Auditors India. The enriching discusion covered issues like Fair Valuation, 'componentization' , Hedge accounting, possible changes in role of internal auditors in times to come, etc. Lastly, Chartered Accountant Gaurav Mittal shared his views on Taxation under the Ind AS regime.
Like the GST is to tax, IFRS is to accountancy. It will make book keeping more transparent and enhance the credibility of Indian Chartered Accountants abroad.(140 countries adhere to the IFRS including our neighbour Pakistan)
The IFRS was first introduced back in 2011 but due to stiff competition from industries and lack of adequate backing by the concerned ministries of the government, it could not be implemented. Hopes are, that it will finally receive a positive response in the coming financial year.
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