Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 5
Ind AS Transition Facilitation Group (ITFG) issues
With Indian Accounting Standards (Ind AS) being applicable to large corporates 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 (Rules 2015).
Background
With Indian Accounting Standards (Ind AS) being applicable to large corporates 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 (Rules 2015).
Earlier this year, ITFG issued four bulletins to provide guidance on issues relating to the application of Ind AS.
New development
The ITFG held its fifth meeting on 19 September 2016, and issued its bulletin (Bulletin 5) to provide clarifications on eight issues in relation to the application of Ind AS, as considered in its meeting. This edition of IFRS Notes provides an overview of these issues.
To access the text of the ITFG’s notification, please click here.
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