Indian Accounting Standards

How financial reforms can quicken pace for India to become a $5-trn economy

In the Union Budget for FY22, no funds were earmarked for recapitalising state-run banks. This was a decadal first, and will temper their eagerness to lend

Huge impact of CAs on businesses can save the world: Julia Penny of ICAEW

In a Q&A, the head of the apex body of chartered accountants in the UK discusses the challenge of sustainability and other issues her tribe faces across the globe

Global accounting standards convergence crucial for capital inflows: Khara

Khara said the accounting profession has contributed to identifying the quality of assets that are sitting in the books of various banks

Sebi lays guidelines for MFs with respect to Indian Accounting Standards

Capital markets regulator Sebi came out with guidelines for asset management companies (AMCs) with respect to following Indian Accounting Standards (Ind AS)

Govt amends rules pertaining to Indian Accounting Standards

Ind AS are converged with the International Financial Reporting Standards (IFRS).

Ind AS adoption for banks could be deferred till FY24, say sources

Extended dispensation on capital conservation buffer and SLR holding in HTM instruments point at a delay in adoption

Govt amends certain Indian Accounting Standards amid Covid-19 pandemic

Ind-AS 103, 116 and some other standards have been amended by the Corporate Affairs Ministry

IndAS switch to impact banks' earnings, return on equity

The loan loss provisioning as required by the new Indian Accounting Standards (IndAS) is expected to have a significant impact on banks' earnings and return on equity. Financial year 2017-18 will be the first one where they will be required to report their financial statements under IndAS. The requirements are in line with the global International Financial Reporting Standards (IFRS)-9. Till now, banks calculated the loss provisions on their loan portfolios based on the guidelines issued by Reserve Bank of India (RBI). These prescribe a percentage-based provisioning methodology, after an asset is overdue for a minimum number of days. However, under IndAS, the impairment provisions need to be computed on the expected credit loss (ECL) methodology, by categorising the loans in three stages. Apart from borrower-specific factors, these also considers forward-looking, macro economic factors that have a bearing on recoverability of the loans."The existing provisioning required by the RBI ...

'If IMFL works, so can IFRS'

Ind-AS is based on IFRS that actually stands for International Financial Reporting Standards

Ind-AS pulls down listed cos' profit 6.2%, says Grant Thornton

Companies in construction, engineering and infra sectors were hit the most with profit down 117.5%

Accounting relief for IndAS companies

This is so because these are already adjusted to book profits under minimum alternate tax

New accounting standard may hit banks' lending to infra, realty firms

Switch to IndAS may increase debts on the books of firms

Opening doors to foreign auditors

The prospect is already disturbing the uneasy truce between local firms and the global accounting networks operating out of India

Over half of India Inc not ready for Indian Accounting Standards implementation: PwC

More than 50% of the respondents are yet to plan or commence implementing changes at an organisational level