With Indian Accounting Standards (Ind AS) being applicable to corporates in a phased manner from 1 April 2016...
With Indian Accounting Standards (Ind AS) being applicable to corporates in a phased manner from 1 April 2016, the Institute of Chartered Accountants of India (ICAI), on 11 January 2016 announced the formation of the Ind AS Transition Facilitation Group (ITFG) in order to provide clarifications on issues arising due to applicability and/or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS Rules).
Since then, ITFG issued 11 bulletins to provide guidance on issues relating to the application of Ind AS.
The ITFG in its meeting considered certain issues received from the members of the ICAI and issued its Clarification Bulletin 12 on 23 October 2017 to provide clarifications on 11 issues in relation to the application of Ind AS.
This issue of IFRS Notes provides an overview of the clarifications issued by ITFG through its Bulletin 12.
To access the text of the ITFG’s Clarification Bulletin 12, please click here.
© 2019 KPMG, an Indian Registered 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.