Ind AS considerations checklists boards and audit committees

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Ind AS checklists and considerations

For boards and audit committees

In order to support important board and audit committee activities, and to help directors stay current, these publications provide guidelines for the changes required in Ind AS.

Checklists for the financial reporting process

Reporting under Indian Accounting Standards (Ind AS) will result in a significant increase in presentation and disclosures requirements in the financial statements. Entities will have to apply rigour to ensure that they identify risks and build in adequate controls that are consistent with their convergence process and beyond. This will include policy choice decisions and enhanced disclosure requirements.

This publication is in the form of a checklist for use by managements in their journey in Ind AS. This is merely an illustration and managements are encouraged to further develop this checklist to ensure robust reporting.

Ind AS considerations for Boards and Audit Committees

On 2 January, 2015, the Ministry of Corporate Affairs (MCA) has issued a Press Release “Road Map Revised for Implementation of Indian Accounting Standards for Companies Other Than Banking Companies, Insurance Companies and NBFCs…” that sets out the revised roadmap for implementation of Indian Accounting Standards (referred to as “Ind AS”). Ind AS are the Indian Accounting Standards that are converged with the IFRS subject to a few carve outs/carve ins.

It is expected that the Government will issue shortly the desired roadmap on implementation of Ind AS and the revised/new Ind AS for use by entities. In order to support these important board and audit committee activities, and to help directors stay current, this publication provides an important emerging topic for board and audit committees.

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