Illustrative Ind AS consolidated financial statements - First time adoption

Illustrative Ind AS consolidated financial statements

The purpose of this publication is to assist organisations in preparing their first consolidated financial statements in accordance with Ind AS by providing illustrative consolidated financial statements of a hypothetical multinational corporation involved in general business for the year ending 31 March 2017.


The introduction of Indian Accounting Standards (Ind AS), converged with
International Financial Reporting Standards (IFRS), marks a momentous shift in the financial reporting framework in India.

The process of convergence with IFRS came to its fruition in February 2015 when the Ministry of Corporate Affairs (MCA) notified the revised roadmap for companies (with a separate roadmap for banks, insurance companies and non-banking finance companies due to the additional regulatory considerations for these entities), for adoption of Ind AS.

For most businesses, Ind AS have a significant impact on their financial position and financial performance, directly affecting the outcomes of valuation metrics that analysts use to measure and evaluate company performance and financial status.

The implementation of standards converged with IFRS, is likely to pose significant challenges for corporate India. There has been an increasing realisation during the implementation period about the consequential impact on processes, systems, people (including team members in non-financial reporting roles) and also communicating with external stakeholders such as investors, bankers, analysts, etc. As India Inc moves closer to this transformation in its financial reporting framework and is getting set to submit its first set of complete Ind AS financial statements, there are several perspectives and viewpoints on the application of various principles of Ind AS, giving rise to the need for clarity for first-time adopters.

Considering the magnitude of the change involved and the related implementation challenges, KPMG in India has prepared an illustrative set of
consolidated financial statements for first-time adopters. 

Key highlights

  • Illustrative disclosures of Ind AS as applicable to consolidated financial statements.
  • Illustrative disclosures of Schedule III-Ind AS
  • Disclosures relating to Ind AS 101, First-time Adoption of Indian
    Accounting Standards
    as applicable in making the transition to Ind AS.
  • Reference to key disclosure requirements for ease in comprehension
  • Certain instances of encouraged disclosures to improve presentation.

We hope that these illustrative consolidated financial statements are found useful.  For further assistance, please get in touch with your usual KPMG contact. 

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