Ind AS

Indian Accounting Standards

FIRST TIME ADOPTION OF INDIAN ACCOUNTING STANDARDS

IFRS convergence in India has been triggered by the notification of the Indian Accounting Standards on 16th February, 2015. The notification shall come into effective on and from 1st April, 2015. Timeline for Ind AS implementation is 2016-17 & 2017-18. However, interested companies may adopt Ind AS voluntarily for the financial year 2015-16.

Ind ASs capture latest versions of IFRSs including IFRS 9 Financial Instruments (Ind AS 109) , Ind AS 114 Regulatory Deferral Accounts ( Ind AS 114) and IFRS 15 Revenue from Contracts with Customers ( Ind AS 115). However, Ind ASs contains critical carve outs including carve outs in IFRS 1. Ind AS 101 First Time Adoption of Indian Accounting Standards carry a few critical differences with IFRS 1. Most importantly, Indian companies need to format presentation of stand-alone and consolidated financial statements within the framework of Schedule III to the Companies Act, 2013.

Training on Indian Accounting Standards

Program details

Overview of Indian Accounting Standards

Major differences between Accounting Standards ( ASs) and Indian Accounting Standards ( Ind ASs)

Major carve outs of IFRSs

Mandatory exemptions in Ind AS 101from retrospective application:

– derecognition of financial assets and financial liabilities

– Hedge accounting

– Non-controlling interests

– Classification and measurement of financial assets

– Impairment of financial assets

– embedded derivatives; and

– Government loans

Optional Exemptions in Ind AS 101from retrospective application:

  • Share-based payment transactions
  • Insurance contracts
  • Deemed cost
  • Leases
  • Cumulative translation differences
  • Long term foreign currency monetary items
  • Investments in subsidiaries, joint ventures and associates
  • Assets and liabilities of subsidiaries, associates and joint ventures
  • Compound financial instruments
  • Designation of previously recognised financial instruments
  • Fair value measurement of financial assets or financial liabilities at initial recognition
  • Decommissioning liabilities included in the cost of property, plant and equipment
  • Financial assets or intangible assets accounted for in accordance with Appendix C Service Concession Arrangements to Ind AS 115
  • Extinguishing financial liabilities with equity instruments
  • Severe hyperinflation
  • Joint Ventures – transition from proportionate consolidation to the equity method
  • Joint operationstransition from the equity method to accounting for assets and liabilities
  • Transition provisions in an entity’s separate financial statements Stripping cost in the production phase of a surface mine
  • Designation of contracts to buy or sell a non-financial item
  • Revenue from contracts with customers
  • Non-current assets held for sale and discontinued operations.

 

Timings: 9:30 am – 5:30 pm , Registration begins at 9:00 am

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  • Mention the name of participant, company, contact details .
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