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Introduction

Indian Accounting Standards (Ind AS) are largely converged with the International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB). In the recent past, IASB along with the IFRS Interpretations Committee (IFRIC) has issued various amendments to IFRS as part of their annual improvements process or as specific amendments. 

In view of the recent amendments to IFRS, and in order to keep the Ind AS converged with IFRS, on 18 June 2021, the Ministry of Corporate Affairs (MCA) issued certain amendments to Ind AS (the 2021 amendments). These amendments have been issued in the following areas:

  • Inter-bank Offered Rate (IBOR) related reforms (phase 2 reforms)
  • Extension of practical expedient for rent concession
  • Amendments consequent to issue of Conceptual Framework for financial reporting under Ind AS
  • Other minor/clarificatory updates

The amendments are effective from annual reporting periods beginning on or after 1 April
2021.

This issue of First Notes aims to provide an overview of the 2021 amendments.

To access the text of MCA notification on amendments to Ind AS, please click here.

You can reach us for feedback and questions at aaupdate@kpmg.com.