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Leading IFRS consultant and Implementation experts

Copyrights reserved www.ConsultIFRS.Com Leading IFRS consultant and Implementation experts

ConsultIFRS.com

Rammohan N BhaveManaging Director,ConsultIFRS.comEmail : [email protected] [email protected] : +91 9167446744Copyrights reserved www.ConsultIFRS.Com CollegianB Com 1976LL.B. (G) 1981

ProfessionalCA 1980ICWA 1984CS - 1987StrategicIIM (A) M & A 2005SAP - 2000

GlobalIFRS London 2009Six Sigma 2009XBRL 2009

Copyrights reserved www.ConsultIFRS.Com MY JOURNEYRammohan Bhave - 28 Years industryNow IFRS, valuation, M & A, ECB, FDI, Listing on foreign stock exchange Consultant & faculty Mittal Europe 2006-09 MD & Chief Finance Director EuropeGammon India 2004-06 Reliance Infocomm 2002- 04 Business ControllerFoundation software USA Y2K, Sing 2001, Australia 2002Blue Star & Blue star infotech 1997 99 Mumbai - CFOMafatlal 1991 94 Surat 1995- 96 Mumbai Crompton Greaves - 1980 to 1990 Nasik Started career

About ConsultIFRS.Com and implementation expertsCopyrights reserved www.ConsultIFRS.Com Rammohan Bhave Limca record holder on IFRS, FCA, FCMA, ACS, Six Sigma Green Belt, Dip. IFRS (ACCA,UK), Cert. IFRS (ICAI)Worked in USA, Singapore, Australia and of late in London and Bulgaria for the Mittal GroupWorked with reputed companies like Reliance Infocomm, Mittal Group, Blue Star Ltd, Crompton Greaves etc. Speaker at national cost conference in Jan 2011 held by ICWAI at ChennaiSpeaker at National Company secretary conference at Hyderabad in Nov 2009Felicitated by ICSI for special achievements FLAGBEARER OF THE PROFESSION on 14th August, 2015 at hands of Chief Minister Kerala & president ICSITeam of qualified Chartered, cost accountants and experts with IFRS London qualification

ConsultIFRS.com - Practical implementationCopyrights reserved www.ConsultIFRS.Com First time adoption of Ind AS and IFRSOngoing compliance of accounts with Ind AS and IFRSValuationConsultancyAdvisory opinion

ConsultIFRS.com - ExperienceCopyrights reserved www.ConsultIFRS.Com Implemented IFRS and Ind AS to various organisationsImplementation of Ind AS is in processProvided IFRS and Ind AS implementation training to more than 50 companiesProviding consultancy services on various complicated IFRS and Ind AS issuesClients in India as well as in the foreign countries like Qatar, Dubai, Italy, Netherland, Kuwait, Oman, Nepal etc.

ConsultIFRS- IFRS and Ind AS Implementation industry sectorsCopyrights reserved www.ConsultIFRS.Com ConstructionBanking and financialPublicationMobile aggregatorWind millEngineering

ConsultIFRS- IFRS and Ind AS training industry sectorsCopyrights reserved www.ConsultIFRS.Com Entertainment and mediaPowerBanking and financialWind mill energyReputed top consultancy firms (CA, CMA etc.)ManufacturingEnergyGovernment bodiesPublicationElectrical and consumer lifestyleDiamondsAutomobilesPharmaceuticalsInfotechWineInstitutes

ConsultIFRS.com - Practical implementationCopyrights reserved www.ConsultIFRS.Com First time adoption of IFRS and Ind ASOngoing compliance of accounts with IFRS and Ind ASValuationConsultancyAdvisory opinions

Ind AS Training on implementationCopyrights reserved www.ConsultIFRS.Com DaysTopics11st time adoption2PPEIntangibles3Investments4Revenue recognitionEPSDefined benefits5Live exercise of conversion

Why Ind AS?Copyrights reserved www.ConsultIFRS.Com Investors are acting on a global marketM & A s happen using fair value standards of Ind ASCross border acquisitions possible only by using common valuations thru Ind AS based financial statements

Salient Features of IFRS - converged Ind ASPrinciple-based StandardsApplicable on separate as well as consolidated financial statementsGive more importance to concept of substance over form, i.e., economic reality of a transactionRely more on fair valuation approach, and measurements based on time value of moneyRequire more disclosures of all the relevant information and assumptions usedRequire higher degree of judgment and estimatesCopyrights reserved www.ConsultIFRS.Com

Benefits to Capital MarketsCopyrights reserved www.ConsultIFRS.Com Interest cost reductionCredibility of local market to foreign investorsMore cross-border investmentEfficient capital allocationComparability across political boundariesFacilitates global education and training

Benefit to CompaniesCopyrights reserved www.ConsultIFRS.Com Lower cost of capitalFacilitates raising capital abroadIntegrated IT systemsOne set of books + easier consolidationBetter understanding of financial statements from business partners abroad

A principle based standardCopyrights reserved www.ConsultIFRS.Com No exceptionsCore principles (objectives)No inconsistenciesTied to conceptual frameworkJudgementMinimum guidance

Copyrights reserved www.ConsultIFRS.Com Adoption or convergence?India signed G20 agreed to Go for IFRS from 1/4/11Previous years accounts were 10-112010 issue came up - Adoption or convergenceConvergence was agreedPrepared Indias convergent accounts with IFRSNow after postponements finance minister Arun Jaitley has declared voluntary 15-16 & mandatory from 16-17

Roadmap for Implementation on Ind ASsCopyrights reserved www.ConsultIFRS.Com

Roadmap released by MCA on16th Feb 20151/4/15 voluntary e.g. Crompton Greaves1/4/16 mandatory net worth >= 500 cr listed & unlisted1/4/17 mandatory net worth > =250 cr unlisted Listed all remaining are covered from 1/4/17Net worth on 31/3/14Any such company covered, it means its all groups companies are covered holding, subsidiary, associate, joint venturesSchedule III format of Ind AS financial statements by MCA declared Feb 2016Copyrights reserved www.ConsultIFRS.Com

Roadmap for Implementation on Ind ASsCopyrights reserved www.ConsultIFRS.Com On 11 February 2016, the Reserve Bank of India (RBI) circular RBI/2015-16/315 requires scheduled commercial banks to comply Ind AS accounting periods beginning from 1 April 2018 onwards comparatives for ending 31 March 2018 both standalone & consolidated financial statements This circular reiterates the timeline for Ind AS implementation by banks that was issued by MCA - press release dtd 18 January 2016 further direction on critical issues that banks need to consider in their Ind AS implementation planneed to be in preparedness to submit proforma Ind AS financial statements to the Reserve Bank from the half-year ended September 30, 2016, onwards & strategy for Ind AS implementation, including the progress made in this regard. These disclosures shall be made from the financial year 2016-17 until implementationIRDA recommends to MCA for Ind AS adoption for insurance companies 18-19

Thank youCopyrights reserved www.ConsultIFRS.Com

Contact & whatsapp :+91 9167446744

Email: [email protected]@consultIFRS.com

Rammohan N Bhave

Limca Record Holder on IFRSFCA, FCMA, ACS, LL.B. (G.),IFRS ICAI, Six sigma green belt.Diploma in IFRS, ACCA, London


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