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Mind The GAAP1: Key Areas Of Change

Published on Mon, Jul 13,2015 | 18:53, Updated at Wed, Jul 29 at 18:03Source : CNBC-TV18 |   Watch Video :

In about 8 months from now over 660 listed companies in India will adopt new accounting standards, IND-AS.  How will this impact their financials? Should we prepare for lower revenues, more consolidation, new liabilities, P&L injuries, costlier M&A, higher employee compensation and voluminous disclosures? Is India Inc ready to Mind The GAAP?

This special series will cover India Inc’s journey from Indian GAAP to the new IND-AS. Over the next few weeks we will examine the key areas of change and analyse the impact on India’s top companies!

This first episode CNBC TV18’ds Menaka Doshi talks to R. Shankar Raman, CFO - L&T, Jamil Khatri, Head of Audit – KPMG & Dolphy D’souza, National Leader IFRS Services – EY to bring you an overview of the impending changes.

Starting 1st April 2016 30 new Indian Accounting Standards will apply to
-    All Indian companies with a net worth of Rs 500 cr and more…and their holding, subsidiary, joint venture and associate companies
-    This applies to all listed and unlisted companies, except banks, non-banking financial companies, insurance companies and companies listed on SME exchanges
-    IND-AS will  apply to stand alone and consolidated financial statements
-    Overseas subsidiaries, associates and joint ventures can continue to report in local GAAP, except for consolidation purposes

Starting 1st April 2017 all listed companies and companies with a networth of Rs 250 cr and more will also have to adopt IND-AS

Any company can voluntarily adopt IND-AS
Once a company switches to IND-AS, it cannot switch back

All companies adopting IND-AS will also have to provide comparative numbers for the previous financial year.

To watch the full version of the interview click here.


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