PwC ReportingInBrief

Half year-end reminders - 30 September 2017

A look at the accounting and financial reporting updates on Ind AS

www.pwc.com

September 2017

PwC

What’s inside?

Financial reporting updates

Ind AS Roadmap 4

ICAI 5

ITFG 9

CBDT 14

SEBI 15

Publications

Ind AS 16

IFRS 19

Key takeaways 20

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PwC

What you need to know

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Welcome to our publication half year-end reminders designed to keep you informed about the latest accounting and financial reporting updates under Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS).

This publication includes collation of the most relevant and important issues, including a listing of key amendments in Ind AS and IFRS during the past six months. We have also provided links to our previously issued publications on related topics.

We hope the information and insights in this publication will keep you updated and help companies as they navigate through various practical issues in Ind AS

This publication includes the following:

Financial reporting updates

Ind AS roadmap

This includes IRDA’s circular on deferral of Ind AS for the insurance sector and MCA’s clarification on applicability of Ind AS to payment banks.

ICAI, ITFG

This rounds up all the publications and announcements issued by ICAI related to Ind AS, including deliberations of ITFG on Ind AS issues raised by preparers, users and other stakeholders.

SEBI, CBDT

We have included key notifications and circulars issued by these regulatory authorities relating to Ind AS.

Publications

This lists our various Ind AS publications, including key updates under IFRS.

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Ind AS roadmap

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Ind AS roadmap for insurance companies

Implementation of Ind AS by the insurance sector has been deferred by IRDAI by 2 years and the same shall now be implemented effective 2020-21. However, the requirement of submitting Proforma Ind AS financial statements on a quarterly basis shall continue to be applicable as per the IRDAI circular reference IRDA/F&A/CIR/ACTSI 262112/2016 dated 30 December 2016.

Click here for the circular >>

https://www.irdai.gov.in/ADMINCMS/cms/Circulars_Layout.aspx?page=PageNo3188

Ind AS Roadmap for Payment banks and small finance banks

The Ministry of Corporate Affairs (MCA) vide general circular no. 10/2017 dated 13 September2017 has clarified applicability of Ind AS to payment banks and small finance banks which are subsidiaries of corporates.

The MCA has clarified that holding company, if covered under the corporate sector roadmap for implementation of Ind AS, shall follow the corporate sector roadmap. If the holding company has a payment bank or small finance bank as its subsidiary company, such payment bank or small finance bank shall follow the banking sector roadmap prescribed vide Reserve Bank of India (RBI) circular dated 11 February 2016 on "Implementation of Indian Accounting Standards" read with circular dated 6 October 2016 on "Operating Guidelines for Payment Banks". However, the payment bank or small finance bank shall provide Ind AS financial data to its holding company for the purpose of consolidation.

The link to the circular is given below:

http://www.mca.gov.in/Ministry/pdf/CompaniesIndianAccountingStandardsGSR365E_14092017.pdf

Issuance of IFRS 17 Insurance Contracts by the IASB led to IRDAI reviewing its position on the matter of implementation of Ind AS by the insurance sector in India. Deferral is aimed at reducing the burden of additional compliance that would have to be undertaken by insurance companies, first upon transition to Ind AS and then on adoption of IFRS 17.

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ICAI

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Exposure drafts

Exposure draft on clarifications to Ind AS 115, Revenue from Contracts with Customers

Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) issued an exposure draft on the clarificatory amendments to Ind AS 115 Revenue from Contracts with Customers, earlier notified by MCA through notification no G.S.R 111(E) dated 16 February 2015. The consequential changes to other Ind ASs arising due to reinstatement of Ind AS 115 which were part of the notification dated 16 February 2015 will also be made accordingly.

Comment period of the exposure draft ended on 16 May 2017.

Click here for the Exposure Draft >>

https://resource.cdn.icai.org/45212asb35293.pdf

Basis existing para D7AA of Ind AS 101, a first-time adopter may elect to continue with previous GAAP carrying values for all of its Property, Plant and Equipment (PPE) as deemed cost, upon transition. As per the proposed amendment, a first-time adopter may elect to continue with previous GAAP carrying values for a class of PPE as its deemed cost. The proposed amendment also deletes the sentence from para D7AA of Ind AS 101 ‘if an entity avails the option under this paragraph, no further adjustments to the deemed cost of the property, plant and equipment so determined in the opening balance sheet shall be made for transition adjustments that might arise from the application of other Ind ASs’.

Exposure draft on Amendments to Ind AS 101 First Time Adoption on Indian Accounting Standards

ASB of the ICAI has issued an exposure draft on amendment to Ind AS 101 First-time Adoption of Indian Accounting Standards. Comment period for the exposure draft ended on 19 May 2017.

Click here for the Exposure Draft >>

https://resource.cdn.icai.org/45262asb35316.pdf

Phase II companies could use the above elections, if notified, before such entities issue their first Ind AS financial statements for the year ending March 31, 2018.

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ICAI

Exposure draft on Ind AS 116 Leases

ASB of the ICAI has issued an Exposure Draft on Ind AS 116 Leases. Ind AS 116 is converged with IFRS 16 Leases. Ind AS 116 is expected to replace Ind AS 17 Leases. Proposed effective date of Ind AS 116 is annual reporting periods beginning on or after 1 April 2019.

Comment period for the exposure draft ended on 31 August 2017.

Click here for the exposure draft > > https://resource.cdn.icai.org/45885asb36137.pdf

Overview of the key principles of the new leasing standard are as below:

a) Ind AS 116 introduces a single lessee accounting model and requires recognition of right-of-use asset and a corresponding liability for almost all leases.

b) Exemption from recognising right-of-use asset and a corresponding liability is available for lessees wherein the lease term is not more than 12 months or if the underlying asset is of a low value.

c) Lessee measures right-of-use assets similar to other non-financial assets. Accordingly, lessee recognises depreciation on right-of-use assets in accordance with the requirements of Ind AS 16 Property, Plant and Equipment and Ind AS 38 Intangible Assets.

d) Lessor accounting remains largely similar to the requirements of Ind AS 17. Lessor will continue to classify its leases as operating leases or finance leases and account for it differently.

e) New standard requires extended disclosures for both lessors and lessees including disclosure of maturity analysis of lease receivables, quantitative and qualitative explanation of significant changes in carrying amount of new investment in finance leases etc.

The new leasing standard will affect the balance sheet and related ratios. Balance sheets will grow, gearing ratios will increase, and capital ratios will decrease.

During the initial years of a lease contract, the combination of straight-line depreciation on right-of-use asset and effective interest method applied to lease liability will result in higher charge to profit or loss in the books of a Lessee. The charge to profit or loss decreases during the later part of the lease period.

New lease standard will also result in a higher EBIDTA and cash flows from operating activities for Lessees.

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ICAI

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Guidance Note on Division II – Ind AS Schedule III to the Companies Act, 2013

MCA had notified amendments to Schedule III and inserted Division II – Ind AS Schedule III,which is a format of Financial Statements for companies that are required to comply with the Companies (Indian Accounting Standards) Rules, 2015. Consequently, the Corporate Laws and Corporate Governance Committee of the ICAI has brought out the Guidance Note on Division II - Ind AS Schedule III to the Companies Act, 2013.

Click here for the Guidance Note > >

https://resource.cdn.icai.org/45991clcgc36214.pdf

Refer also our publication PwC ReportingInBrief – ICAI Guidance note on Ind AS Schedule III

http://www.pwc.in/publications/2017/pwc-reportinginbrief-icai-guidance-note-on-ind-as-schedule-iii.html

Educational Material on Ind AS 16 Property Plant and Equipment

Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment prescribes the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. This Educational Material contains summary of Ind AS 16 discussing the key requirements of the Standard and the Frequently Asked Questions (FAQs) covering the issues, which are expected to be encountered frequently while implementing this Standard.

Click here for the publication > >

https://resource.cdn.icai.org/46263indas36370.pdf

The Guidance Note on Division II – Ind AS Schedule III provides guidance to preparers and auditors on each of the line items in the Balance Sheet and the Statement of Profit and Loss of entities that are required to comply with Companies (Indian Accounting Standard Rules), 2015. The Guidance Note also highlights the major differences between Division I and Division II to Schedule III, including illustrative formats of standalone and consolidated financial statements.

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ICAI

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Revised publication on Indian Accounting Standards (Ind AS): An Overview

The Ind AS Implementation Committee of the ICAI has revised its publication on "Indian Accounting Standards (Ind AS): An Overview". This publication contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, difference between Indian GAAP and Ind AS, summary of all the Ind AS etc. It also captures all the recent amendments to Ind AS notified by the MCA in March 2017.

The link to the publication is below >>

https://resource.cdn.icai.org/47062indas36911.pdf

Revised Educational Material on Ind AS 18 Revenue

The Ind AS implementation committee of the ICAI has revised its publication, educational material on Ind AS 18. The publication contains a summary of Ind AS 18 and 31 FAQs which explain the principles enunciated by Ind AS 18.

The link to the publication is below >>

https://resource.cdn.icai.org/47061indas36910.pdf

Original educational material on Ind AS 18 was issued in 2013. There have been amendments in Ind AS 18 notified in 2016 compared to the Ind AS 18 notified in 2011. Accordingly, the Ind AS implementation committee has revised this publication.

Educational material on Ind AS 18 provides a summary of the requirements of Ind AS 18 while also providing practical guidance, in the form of Frequently Asked Questions (FAQs), to preparers and auditors covering most commonly noted issues in practice. Amongst others matters the educational material provides guidance on following areas:

i. Distinction between revenue and income

ii. Accounting for revenue by real estate developers

iii. Accounting for customer incentives

iv. Impact of GST on measurement and presentation of revenue

v. Presentation of export incentives

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ITFG

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Clarifications on technical bulletins

ITFG Bulletin 8 clarifications

1. Provision may not be required in the financial statements for shortfall in the amount that was expected to be spent as per the provisions of Section 135(5) of the Companies Act, 2013 on CSR activities and the amount actually spent at the end of the reporting period.

2. Entities are not required to make disclosures prescribed by Ind AS 8 Accounting Polices, Changes in Accounting Estimates and errors with respect to Ind AS 115 Revenue from Contracts with Customers for the financial year ended 31 March 2017, since Ind AS 115 has been omitted from the Companies (Indian Accounting Standards) Rules.

3. As per Ind AS 101 First Time Adoption of Indian Accounting Standards, balance sheet as on the date of transition will be prepared for the financial position as at the beginning of the business on 1 April 2016 (or equivalently, close of business on 31 March 2016) instead of close of business on 1 April 2016.

4. Entities cannot use the deemed cost exemption available as per Para D7AA of Ind AS 101 First Time Adoption of Indian Accounting Standards for assets arising from incorrect capitalization of items of PP&E which did not meet the definition of asset under previous GAAP.

5. Entities may elect to measure its PP&E at its deemed cost measured as per previous GAAP revaluation on or before date of transition, if the revaluation is broadly comparable to the fair value or cost or depreciated cost in accordance with Ind AS. Provision for impairment provided before the date of such measurement as per previous GAAP cannot be reversed in later years. However, impairment loss, if any, recognized during the period between the date of revaluation under previous GAAP to the date of transition can be reversed, if permitted by Ind AS 36, Impairment of Assets.

6. If any entity elects to apply the exemption for business combination as per Appendix C to Ind AS 101, in respect of all business combinations that occurred before the date of transition, then the entity shall apply the requirement of attributing the total comprehensive income to the owners of the parent and to the non-controlling interests prospectively.

7. When an entity has availed the deemed cost exemption (Ind AS 101 Para D7AA) for its PP&E and elected the cost model for subsequent measurement then the balance outstanding in the revaluation reserve should be transferred to retained earnings or any another category of equity.

Impairment loss, if any, recognized during the period between the date of revaluation under previous GAAP to the date of transition can be reversed, if permitted by Ind AS 36, Impairment of Assets.

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ITFG

ITFG Bulletin 8 contd…

8. Capitalisation of exchange differences (including exchange differences capitalised prior to the date of transition) represents subsequent measurement of the liability which has been adjusted to the cost of the asset. Accordingly, in such situations, initial recognition exemption will not be available and deferred tax is required to be recognized on temporary difference arising from such capitalized exchange differences.

9. Dividend income on an investment in debt instrument shall be recognised in the form of interest. Recognition of income will depend on the category of investment in debt instrument (e.g. amortised cost, fair value through other comprehensive income, or fair value through profit or loss) determined as per the requirements of Ind AS 109

Click here for ITFG Bulletin 8 >>> https://resource.cdn.icai.org/45310asb35387.pdf

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ITFG

ITFG has clarified that upon merger of a Subsidiary with its Parent assets, liabilities and reserves of the subsidiary, as appearing in the consolidated financial statements of its Parent, would be recognised in the Separate Financial Statements of the Parent. Guidance is required on other possible scenarios wherein this method of accounting would be acceptable.

ITFG Bulletin 9 clarifications

1. Dividend Distribution Tax (DDT) paid by the subsidiary shall be recognised as expense in the consolidated financial statements of the Parent. If DDT paid by the subsidiary is allowed as a set off against DDT liability of the parent, then the amount of DDT paid by the subsidiary should be recognized in the consolidated statement of changes in equity of the Parent.

2. Where DDT paid by the subsidiary on the distribution of its accumulated undistributed profits is allowed as a set off against parent’s own DDT liability, then the amount of such DDT can be recognized in the consolidated statement of changes in equity of the Parent by crediting an equivalent amount to deferred tax expense in the consolidated statement of profit or loss of the Parent in the period in which set-off is availed of. Tax credit is not recognised until the conditions required to receive such tax credit are met.

3. Upon amalgamation / legal merger of fellow subsidiaries, assets and liabilities as appearing in the standalone financial statements of the entities being combined shall be recognised in the separate financial statements of the acquirer.

4. Separate financial statements are to considered as continuation of the consolidated group to the extent of common control business combination, wherein a subsidiary merges with its Parent. Accordingly, upon merger of a Subsidiary with its Parent, it would be appropriate to recognize in the Separate Financial Statements of the Parent. the carrying values of assets, liabilities, and reserves of the subsidiary as appearing in the consolidated financial statements of the Parent.

5. Entities have to consider the substance of the transaction and determine whether contributions received from Government, which is also a shareholder, is in the nature of a shareholder contribution or a grant. Shareholder contributions are recognized in equity whereas grants affect Statement of Profit or Loss. If such shareholder contributions were recognized in capital reserve under previous GAAP then the same shall be transferred to an appropriate category under ‘other equity’ at the date of transition.

Click here for ITFG Bulletin 9 >>> https://resource.cdn.icai.org/45372indas35456.pdf11

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ITFG

ITFG Bulletin 10 clarifications

1. Difference between the carrying amount of loan under previous GAAP and its present value shall be added to the investment in subsidiary notwithstanding whether the parent has elected to measure its investment in the subsidiary at previous GAAP carrying amount at the date of transition.

2. To the extent that it is probable that the undisbursed term loan will be drawn down in the future, processing fee is deferred and deducted from the carrying value of the financial liability when the drawn down occurs and is considered in the effective interest rate calculations. Where it is not probable that the undisbursed term loan will be drawn down in the future, then the fees are recognised as an expense on a straight line basis over the loan term.

3. Deferred tax is to be recognized for assets and liabilities which have a tax base but no carrying value in the financial statements. Accordingly, deferred tax asset is to be recognized in the consolidated financial statements of the Parent for tax deductible goodwill (arising due to amalgamation of step down subsidiaries) but has no financial reporting carrying value in the consolidated financial statements.

4. Deemed cost exemption (as per Para D7AA of Ind AS 101) is also available for non-current assets which were presented separately as held for sale under previous GAAP but on transition did not meet the criteria of assets held for sale, in accordance with Ind AS 105 Non-current Assets Held for sale and Discontinued Operations.

5. Exchange differences that are being debited to foreign currency monetary item translation difference account are in accordance with the requirements of Ind AS and, therefore, the same are not required to be reduced from profit or loss for the purpose of calculating earnings per share.

6. If the entity is acting as a principal, then it shall recognise the revenue at gross amount and the expense for providing free third-party goods will be included in the cost of goods sold. If the entity is acting as an agent, then it shall measure its revenue at the net amount, being the amount of consideration allocated to award credits and the amount payable to the third party.

Click here for ITFG Bulletin 10 >>> https://resource.cdn.icai.org/45802indas36018.pdf

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Tax base is determined by reference to tax returns of each entity in the Group. Accordingly, deferred tax may be recognised for assets or liabilities having a tax base but no carrying value in the financial statements.

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ITFG

ITFG Bulletin 11 clarifications

1. ESOP reserve is required to be included in calculating the net-worth whilst assessing the applicability of Ind AS to an entity.

2. Deferred tax in respect of temporary differences which reverse during the tax holiday period is not recognized to the extent the entity’s gross total income is subject to deduction during the tax holiday period.

3. Earnings per share in the Separate Financial Statements shall be calculated based on the profit or loss attributable to its equity shareholders.

4. If an entity has opted to measure investments at deemed cost on the date of transition to Ind AS in its opening Ind AS balance sheet, then all subsequent investments in that category shall be subsequently measured at cost in accordance with Ind AS 27 Separate Financial Statements.

5. Customs duty exemption on capital goods provided to entities under the Export Promotion Capital Goods (EPCG) Scheme of Government of India is in the nature a Government Grant. Entities need to apply judgement to determine whether the grant is related to assets or is related to income and accordingly account for it.

6. Choice of depreciation method is an accounting estimate and not an accounting policy. Accordingly, different members in a consolidation group may have different depreciation methods, provided the method selected reflects the expected pattern of consumption of future economic benefits embodied in those respective assets.

7. Ind AS are not applicable to non-corporate entities. Non-corporate entities cannot adopt Ind AS voluntarily.

8. Expenditure on construction and development of an asset can be recognized as Property, Plant and Equipment in certain situations even when an entity does not have ownership rights to those assets.

9. Sitting fees paid to non-executive directors, who are covered under the definition of ‘key management personnel’ is required to be disclosed under Ind AS 24 Related Party Transactions.

Click here for ITFG Bulletin 11 >>>https://resource.cdn.icai.org/46114indas36253.pdf

ITFG has clarified that customs duty exemption on capital goods provided to entities under the EPCG Scheme is in the nature of a Government Grant. Entities should carefully evaluate similar benefit schemes provided by Governments and determine the appropriate accounting treatment.

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CBDT

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Clarification on computation of book profit under Section 115JB of the Income Tax Act, 1961 by Ind AS compliant companies

An expert committee of Central Board of Direct Taxes (CBDT) has issued a circular based on representations received from various stake holders seeking clarification on matters arising in the context of computation of book profits under Section 115JB of the Income Tax Act, 1961. These clarifications have been issued in the form of Frequently Asked Questions (FAQs).

Click here to access the circular from CBDT > >

http://www.incometaxindia.gov.in/communications/circular/circular_24_%202017.pdf

Refer our publication PwC ReportingInBrief - Clarifications on MAT for Ind AS reporters, on this topic >>

http://www.pwc.in/publications/2017/pwc-reportinginbrief-clarifications-on-mat-for-ind-as-reporters.html

Also refer to our earlier publication PwC ReportingInBrief - MAT framework for Ind AS compliant companies >>

http://www.pwc.in/publications/2017/pwc-reportinginbrief.html

Revised Form No.29B applicable for Ind AS compliant companies

Sub-section (4) to Section 115JB of the Income Tax Act requires every company which is liable to pay MAT to furnish a report from an accountant certifying that book profits have been determined in accordance with Section 115JB of the Income Tax Act, 1961. Report from the accountant in ‘Form No. 29B – Report under Section 115JB of the Income Tax Act for computation of book profits of the Company’ (“Form No. 29B” or “the Form”) is required to be filed along with the return of income filed under Section 139(1) of the Income Tax Act. In order to facilitate Ind AS compliant companies to report appropriately and for accountants to certify, Central Board of Direct Taxes (CBDT) has issued an amended Form No. 29B.

Refer here for the updated Form No.29B issued by CBDT > >

http://www.incometaxindia.gov.in/communications/notification/notification80_2017.pdf

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SEBIDisclosure by Listed Companies of defaults on payment of interest/ principalamounts on loans from banks, financial institutions, debt securities etc.

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR regulations”) require specific disclosure in certain matters such as delay/ default in payment of interest/ principal on debt securities, including listed non-convertible debentures, listed non-convertible redeemable preference shares, foreign currency convertible bonds etc. Similar disclosures are presently not stipulated with respect to loans from banks and financial institutions.

In order to address this critical gap in the availability of information to investors, SEBI issued a circular requiring all listed entities (equity, and convertible securities, non-convertible debt securities, non-convertible and redeemable preference shares) to make certain specific disclosures upon default in repayment of interest or principal within one working day of the first instance of default.

The circular was to be effective from 1 October 2017. However, SEBI deferred the implementation of the circular on 30 September 2017 until any further notice.

Click here for the SEBI circular >>

http://www.sebi.gov.in/legal/circulars/aug-2017/disclosures-by-listed-entities-of-defaults-on-payment-of-interest-repayment-of-principal-amount-on-loans-from-banks-financial-institutions-debt-securities-etc_35538.html

Click here for press release announcing the deferral > >

http://www.sebi.gov.in/media/press-releases/sep-2017/deferment-of-implementation-of-circular_36143.html

PwC

Publications

PwC ReportingInbrief – ICAI guidance note on Ind AS Schedule III

The publication provides an overview of the key requirements of the guidance note. It also presents perspectives on certain practical issues that may arise in the implementation of Ind AS Schedule III.

http://www.pwc.in/publications/2017/pwc-reportinginbrief-icai-guidance-note-on-ind-as-schedule-iii.html

PwC ReportingInBrief - Clarifications on MAT for Ind AS reporters

The publication provides an overview of the clarifications issued by CBDT and proposed amendments to Section 115JB of the Income Tax Act, 1961.

http://www.pwc.in/assets/pdfs/publications/2017/pwc-reportinginbrief-clarifications-on-mat-for-ind-as-reporters.pdf

PwC Reporting Perspectives

Our quarterly newsletter covers the latest developments in financial reporting as well as other regulatory updates.

http://www.pwc.in/publications/2017/pwc-reportingperspectives-july-2017.html

Our PwC Reporting Perspectives (July 2017) edition contains an overview of key requirements of Ind AS 111 relating to classification and accountingof joint arrangements.

We have summarised some of our Ind AS publications, which you may find useful while preparing the interim Ind AS financial Statements for the period ended 30 September 2017

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Publications

PwC ReportingInBrief- Impact of GST on Ind AS reporting

This publication discusses some frequently asked questions on accounting impact of GST for companies reporting under Ind AS.

http://www.pwc.in/publications/2017/pwc-reportinginbrief-impact-of-gst-on-ind-as-reporting.html

PwC ReportingInBrief - Ind AS 109, Financial Instruments for corporates

This publication provides an overview and practical insights into the key classification, measurement and impairment requirements of Ind AS 109 for corporates.

http://www.pwc.in/publications/2017/pwc-reportinginbrief-ind-as-109-financial-instruments-for-corporates.html

IFRS, US GAAP, Ind AS and Indian GAAP: Similarities and differences

This publication provides an understanding of the major differences between IFRS, US GAAP, Ind AS and Indian GAAP as well as insight into the level of change on the horizon.

It is designed to alert companies, investors and other capital market participants to the significant differences between IFRS, US GAAP, Ind AS and Indian GAAP as they exist today, and to the timing and scope of accounting changes that the standard-setting agendas of the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) and Institute of Chartered Accountants of India (ICAI) will bring.

https://www.pwc.in/publications/2017/ifrs-us-gaap-ind-as-and-indian-gaap-similarities-and-differences.html

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PwC

Publications

PwC Ind AS impact analysis: Corporate India’s transition to Ind AS

This report looks at the impact of transition to Ind AS from previous Indian GAAP by evaluating various transition provisions applied by corporate India in preparing their first Ind AS financial statements.

http://www.pwc.in/publications/2017/pwc-ind-as-impact-analysis-corporate-indias-transition-to-ind-as.html

Transfer pricing: Impact of Ind AS

This white paper touches upon various impact areas and interplay between Ind AS and tax transfer pricing rules. The paper should also assist you in identifying and addressing issues such as revenue and expense accounting, comparability, etc. arising on account of such interplay.

http://www.pwc.in/publications/2017/transfer-pricing-impact-of-ind-as.html

PwC ReportingPerspectives April 2017

Our quarterly newsletter covers the latest developments in financialreporting as well as other regulatory updates.

http://www.pwc.in/publications/2017/pwc-reportingperspectives-april-2017.html

PwC ReportingInBrief: Ind AS Year-end reminders 31 March 2017

This publication includes updates provided by regulators such as MCA, ICAI, SEBI, CBDT, RBI and IRDA relating to financial reporting under Ind AS. It also includes a gist of clarifications provided by ITFG on financial reporting issues faced by users and preparers of Ind AS financial statements.

http://www.pwc.in/publications/2017/pwc-reportinginbrief-ind-as-year-end-reminders-31-march-2017.html

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PwC

IFRS publications

September year-end accounting reminders - IFRS

This publication summarises the key developments in IFRS.

http://www.pwc.com/gx/en/audit-services/ifrs/publications/pwc-september-2017-year-end%20accounting-reminders.pdf

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Key takeaways

In the past 6 months, since Phase I entities prepared their first Ind AS financial statements, there have been a number of updates, guidance and clarifications issued by various regulators to help preparers with the practical application of the standards and facilitate the Ind AS transition effort. In this publication, we have attempted to summarise various Ind AS developments during 2017-18, till date.

We hope you find this publication informative and of continued interest.

We welcome your feedback at pwc.update@in.pwc.com

For a variety of additional resources offering more in-depth perspectives on the impact and other aspects of Ind AS, please visit our website at www.pwc.in

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