ICAI Constitutes ‘Ind AS Transition Facilitation Group (ITFG)’
Pursuant to the issuance of roadmap for Ind AS implementation, issued by the MCA vide notification dated February 16, 2015, the Ind ASs are applicable to certain companies from 1st April, 2016 on mandatory basis.
Accordingly, various issues related to the applicability of Ind AS or implementation thereof under Companies (Indian Accounting Standards) Rules, 2015, are being raised by preparers of financial statements, users and other stakeholders. Considering the need to address various issues raised on urgent basis an Ind AS Transition Facilitation Group (ITFG) has been formed by the Accounting Standards Board (ASB) of the ICAI, vide Announcement dt. 11 Jan 2016.
Various issues referred to the group shall be addressed as follows:
1. Issues which are matter of clarifications on the application/implementation of Ind AS
The Group may directly provide the related clarification to the issues referred to it
2. Issues pertaining to interpretation of Ind AS
Interpretational issues with regard to Ind ASs requiring in-depth study and, thereafter, issuance of guidance or educational material may be referred by the Group to the concerned Board/Committee of the ICAI.
Although the ITFG has been formed by the ICAI, clarification given or a view expressed by the Group represents the view of the members of the Group and not necessarily of the ASB or ICAI. The clarifications/ views are based on the accounting principles as on the date the Group finalises the particular clarification. The date of finalisation of each clarification will be indicated along with the clarification. The clarification must, therefore, be read in the light of any amendments and/or other developments subsequent to the issuance of clarifications by the Group.
The Group (ITFG) invites issues pertaining to the applicability or implementation of Ind AS as well as the roadmap from preparers, users and other stakeholders.
Issues may be submitted through e-mail at [email protected].