On 16th February, 2015, Ministry of Corporate Affairs notified the companies (Indian Accounting Standards) Rules, 2015lating down the road map to apply these Accounting standards except banking companies, insurance companies and Non-Banking Financial Companies. Government has also notified application of these accounting standards in above mentioned companies.
Implementation of IND AS
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What are key consideraiton for Indian AS conversion?
The conversion provides potential opportunities that companies further require to further examine and explore.
Many companies do their business on a globe, being operated on such a global scale which provides financial reports to investors and other interested parties working on similar accounting standards used on those peers may increase the company's comparability with its peer members.
There are various risks associated with this conversion to IND AS which is required to be addressed by the management. The examples of potential risk includes-
1. Failure to communicate the effects and results to the stakeholders, board of directors, audit committee, investor and analysts.
2. To maintain accounting and various reports under multiple accounting framework during the transition period.
3. Retention of key employees.
4. Excessive cost incurred due to ineffective planning, project management.
5. Missed deadlines on the conversion process.
What are Key areas to be addressed during IND AS conversion?
Phases of implementing IND AS?
What are Key impact of transitions?
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