What is Ind-AS Implementation?

In the year 2015, the Ministry of Corporate Affairs of India notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which laid down a set of new accounting standards which were supposed to be implemented in a phased manner beginning from the accounting year 2016-17. These accounting standards have been issued to converge the present Indian Accounting Standards with the International Financial Reporting Standard (IFRS) which are accepted globally making the Indian standards more acceptable globally.

PhasesStarting periodCompanyLimit
Phase I1 April 2016Listed companyNet worth greater than INR 500 crores
  Unlisted companyNet worth greater than INR 500 crores
Phase II1 April 2017Listed companyNet worth greater than INR 250 crores but less than INR 500 crores
  Unlisted companyNet worth greater than INR 250 crores but less than INR 500 crores
Phase III1 April 2018All Banks, NBFCs’ and Insurance companiesNet worth greater than INR 500 crores
Phase IV1 April 2019All NBFCs’Net worth greater than INR 250 crores but less than INR 500 crores

Ind-AS compliant financial statements components

Every company which is going for conversion of India Generally Accepted Accounting Principles (IGAAP) to Ind-AS implementation, needs to prepare the following:

  • Balance Sheets for the implementing year along with comparative figures of the previous year. Apart from that, balances appearing on the first day of the previous year also needs to be prepared.
  • Statement of profit and loss for the accounting year along with comparative figures of the previous year.
  • Statement of changes in equity for the accounting year along with comparative figures of the previous year.
  • Statement of cash flows for the accounting year along with comparative figures of the previous year.

How MSB & Company is better?

  • Run by professionals having 10 years of experience in the field of Assurance services.
  • Experience of providing assurance services in India, US, Singapore, Canada and GCC countries.
  • Qualified CA’s.

We have the requisite set of skills and knowledge to guide our clients in converting their IGAAP financials to be Ind-AS compliant through our Ind-AS implementation service. Our experience and exposure in the field helps us in productive execution of the task and continued support post implementation helps in dealing with new amendments and guidance being introduced from time to time.

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