Compendium of Clarifications on ‘Ind AS Implementation’ Issues by ITFG ICAI

The ICAI’s IND AS Transition Facilitation Group (ITFG) has published a ‘Compendium (January 2019 Edition) of 132 Clarifications issued upto 31/12/2018 (Bulletin #1 to Bulletin #17)’ regarding concerns or issues in the interpretation/implementation of IND ASs in accordance with the MCA roadmap. ITFG ICAI has since published six additional bulletins (#18 to #23).

ITFG ICAI’s Compendium of Clarifications on ‘Ind AS Implementation’ Issues (January 2019 Edition)

ITFG ICAI’s Subsequent Clarifications (Bulletin #18 onwards)

From the fiscal year 2018-19, a vast majority of the country’s largest businesses will be in compliance with the IND AS. Concerning the applicability of the Indian Accounting Standard (IND AS), a number of questions were brought up by members, preparers, and other stakeholders as the process of implementing IND AS in the country got underway.

The IND AS Technical Facilitation Group (formerly known as, IND AS Transition Facilitation Group ITFG) is working diligently to provide timely clarifications to members and others who are concerned in order to address IND AS transition and implementation related issues in a timely and expedient manner. In order to accomplish this goal, the Group occasionally publishes clarification bulletins that focus on addressing implementation concerns.

Through its 17 clarification bulletins, the ITFG has, so far, provided clarifications on a total of 132 different issues. 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 timely clarifications on IND AS applicability and /or implementation related issues under the Companies (Indian AS) Rules, 2015. 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

IND AS Related Posts:

ICAI’s Compendium of IND ASs issued by MCA (2023-24)

List of Indian Accounting Standards (Converged IND ASs) issued by MCA

ICAI’s Revised Overview of IND ASs issued by MCA (July, 2023)

ICAI’s Revised Guidance Notes on Ind AS Compliance by Companies/ NBFCs

ICAI’s Checklist on Disclosure Requirements of Ind AS issued by MCA

Roadmap for Implementation of Indian Accounting Standards (IND ASs)

Compendium of Clarifications on ‘Ind AS Implementation’ Issues by ITFG ICAI

ICAI’s Quick Referencer (2019 Edition) on IND ASs issued by MCA

MCA's Companies IND AS Rules 2015 with Amendments upto 2022

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