nternationally, the new lease standard IFRS 16...
Internationally, the new lease standard IFRS 16, Leases would be applicable from 1 January 2019. It is expected that in India this standard would replace Ind AS 17, Leases. The new standard would bring leases on-balance sheet for lessees. This is expected to significantly change how a lessee accounts for real estate leases which may comprise lease of land, building or both. Further it would require substantial effort to identify all leases with payments that should be included in the lease liability. This edition of Accounting and Auditing Update (AAU) highlights the impacts of IFRS 16 on the real estate sector.
The new revenue standard, Ind AS 115, Revenue from Contracts with Customers changes the core principle that requires companies to evaluate their transactions in a new way. Continuing with our series of impact of the new revenue standard (Ind AS 115), we have covered the education sector. The article explains how an education institute would need to identify its performance obligations and whether the revenue would be recognised over time or point in time with the help of practical examples.
In December 2018, the American Institute of Certified Public Accountants (AICPA) held its annual conference on the latest developments relating to financial reporting in relation to the U.S. Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB). The theme at the conference was centered around high quality financial reporting process. Our article on this topic summarises the key takeaways of the conference.
Audit Committees are one of the main pillars of corporate governance. The Institute of Chartered Accountants of India (ICAI) issued a technical guide summarising an audit committee’s role and responsibilities. In this AAU, we have highlighted key points of the technical guide that the audit committees could use to define their framework of roles and responsibilities.
Our publication also carries a regular synopsis of some recent regulatory updates in India and internationally.