Clarification issued by the “Ind AS Transition Facilitation Group (ITFG)” of ICAI (Bulletins #1~6)
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.
Accordingly the ‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted by the Accounting Standards Board (ASB) of the ICAI for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders.
Various issues referred to the Ind AS Transition Facilitation Group’ (ITFG) are addressed as follows:
i) 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
ii) 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.
The Ind AS Transition Facilitation Group (ITFG) of ICAI has so far considered various issues received from members/ stakeholders and has issued clarifications thereon from time to time (including Bulletin #6 dt. 29 Nov. 2016) as under:
It may be noted that the Clarifications given or views expressed by the ITFG represent the views of the members of the Ind AS Transition Facilitation Group (ITFG) and are not necessarily the views of the Ind AS (IFRS) Implementation Committee or the Council of the Institute. 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 is 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.
Further, the Ind AS Transition Facilitation Group’ (ITFG) welcomes 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