Ministry of Corporate Affairs (MCA) has notified IFRS-converged Indian Accounting Standards (Ind AS) and the roadmaps for the applicability of Ind AS for corporate, banks, Insurance companies and Non-banking Financial Companies. As per the roadmap, Ind AS are applicable to certain companies from 1st April, 2016 on mandatory basis. Following which, various issues related to the applicability of Ind AS/implementation under Companies (Indian Accounting Standards) Rules, 2015, are being raised by preparers, users and other stakeholders. An Ind AS Transition Facilitation Group (ITFG) has been constituted to address various issues concerning transition and implementation of Ind AS.
Various issues referred to the group shall be addressed as follows:
The Group hereby invites issues pertaining to Ind AS transition and implementation as well as the roadmap from preparers, users and other stakeholders. Further, the queriest may also at his option furnish the suggested response for the issues. The views expressed by the members in respect of issues raised will also be welcome and highly appreciated. Accordingly, the queries, issues, views, may be submitted through e-mail at firstname.lastname@example.org
The clarifications bulletins issued by ITFG so far can be accessed on the below mentioned links: