Transcription of Implementation of IND AS – Impact on Corporate Tax
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Implementation of IND AS – Impact on Corporate Tax
Of IND AS Impact on Corporate TaxCA Dinesh Patil16 November 201922 AgendaIntroduction, Features and RoadmapComponents of Financial StatementsLiability and AssetsInventoriesImpact on income-taxProvisions, Contingent Liabilities and Contingent AssetsKey take-aways33 Introduction, Features and Roadmap44 Indian Accounting standards (Ind AS)VsIFRS AdoptionImplementing in exact form as issued by International Accounting standards Board (IASB)IFRS CovergenceImplementing IFRS with certain departures to suit the countryCompanies (Indian Accounting Standard Rules), 2015 Ind AS India perspectiveIFRSC arve-outsIND-ASHas carve outs and carve ins as compared to IFRSNew standard on revenue recognition incorporated55 Salient features of IFRS converged Ind ASPrinciple-based StandardsMore importance to concept of substance over form Reliance on fair valuation, and measurements on time value of moneyRequire more disclosures of all relevant information and assumptionsRequire higher degree of judgment and estimatesRestatement of previously issued Financial statements66 Roadmap of Implementation of Ind AS in IndiaPHASE IIPHASE IMANDATORY Implementation OF IND-ASAccounting period beginning from 1 April 2016 with comparatives for March 2016 Once Ind AS is followed, it should be followed for all s
Companies (Indian Accounting Standard Rules), 2015 Ind AS – India perspective ... Notes comprising summary of significant accounting policies and other explanatory information ... Guidance under section 115JB and FAQ Specific adjustment as prescribed to be made
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