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Issue 1/2016

Issue 1/2016

Starting this month, we are introducing a new series of the Accounting and Auditing Update focussing on the emerging Ind AS implementation challenges that companies are experiencing in India. Additionally, we will endeavour to highlight new trends and approaches in the field of auditing.


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This month’s edition highlights in detail the changes that the Standards of Auditing bring to the auditor’s report. Our article highlights the approach to be taken to identify key audit matters, its interaction with modified and disclaimed opinion, going concern, emphasis of matter and other matter paragraphs.  The new approach is illustrated through an example auditor’s report under the new format that would be applicable from 1 April 2017.

Ind AS 101, First-time Adoption of Indian Accounting Standards provides certain exemptions for past business combinations. Our article on this topic casts its lens on some of the implementation issue while applying Ind AS 101. Additionally, we discuss the accounting of deferred taxes in relation to freehold land.

Financial instruments accounting can be complex depending on the specific contractual arrangements. This edition analyses two such issues: accounting of optionally convertible preference shares and financial guarantee contracts with the help of illustrative examples and detailed flowcharts. We also highlight recent developments to the share-based payments, business combinations and joint arrangements standards issued by the International Accounting Standards Board.

Additionally, our publication carries a regular synopsis of regulatory updates.

© 2020 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.

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