Issue no. 10/2016 | Consumer Markets

Issue no. 10/2016 | Consumer Markets

This month the Accounting and Auditing Update focusses on the consumer markets sector and highlights key matters relating to accounting, financial reporting and regulatory areas relevant to this sector.


The Indian Accounting Standards (Ind AS) largely converged with the International Financial Reporting Standards (IFRS) are bringing about a paradigm shift in financial reporting in India. Our article highlights two key areas of impact: revenue recognition and the consideration of embedded leases and explains the new accounting requirements in these areas and the expected challenges that are likely to be faced by the sector.


The publication also features an interaction with Mr. V. Srinivasan, Chief
Financial Officer and Company Secretary, Godrej Consumer Products Limited and explores some key accounting, reporting and other topical matters relevant to the industry.


This publication also carries an article on fraud risk, which assesses key implications of fraud risk areas on this sector. We also seek to highlight considerations and challenges that companies in this sector could face while implementing Internal Financial Controls and key updates in the Foreign Direct Investment policy relating to this sector.


In this publication, we lay emphasis on how transfer pricing affects the sector, via complex issues relating to advertisement, marketing and promotion expenditure and an overview of the recent judgements of Indian courts in this area. We also cast our lens on distinct features and challenges associated with accounting and reporting for the liquor industry, a key sub-sector within consumer markets.


Additionally, our publication carries a regular synopsis of regulatory updates.


© 2024 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.

For more detail about the structure of the KPMG global organization please visit

Connect with us

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today