Ind AS Transition Facilitation Group (ITFG) of ICAI has issued a compendium of 132 Clarifications issued upto 31 Dec. 2018 (Bulletin #1 to Bulletin #17) regarding concerns or issues in interpretation/ implementation of Ind AS as per MCA roadmap (updated Jan. 2019 Edition). Subsequently, 6 more bulletins (#18 to #23) have been issued by ITFG ICAI.
Majorly all large companies in India will be Ind AS-compliant by the end of the current financial year 2018-19. As implementation of Ind AS began in the country, a number of issues were raised by the members, preparers and other stakeholders with regard to applicability/implementation of Ind AS. For addressing transition related and Ind AS Implementation issues in a timely and speedy manner, Ind AS Technical Facilitation Group (formerly known as, Ind AS Transition Facilitation Group) (ITFG) is working persistently in providing timely clarifications to members and others concerned. For this purpose, the Group issues clarification bulletins addressing implementation issues from time to time. Till date, the Group has brought out clarifications on 132 issues through its 17 clarification bulletins.
This Second Edition of the publication has been updated to include compilation of all the 132 issues clarified till date through all these Clarifications Bulletins.
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 AS) 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.
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 [email protected]