Voices on Reporting : July 2016
Voices on Reporting : July 2016
KPMG in India is pleased to present Voices on Reporting – a monthly series of knowledge sharing calls to discuss current and emerging issues relating to financial reporting.
In this month’s call, we covered the following topics:
- SEBI provides certain relaxation for Ind AS compliant quarterly results
On 5 July 2016, SEBI (Securities Exchange Board of India (SEBI) issued a circular providing revised formats for listed entities to submit their financial statements prepared on the basis of the Indian Accounting Standards (Ind AS).
Additionally, the circular provides certain relaxations to the listed entities to which the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS Rules) are applicable from the accounting period beginning on or after 1 April 2016 to facilitate smooth transition during the first year of Ind AS implementation to the listed entities.
The circular is applicable with immediate effect and also modifies the contents of the circular dated 30 November 2015.
On the call, we discussed the key aspects of the SEBI circular.
- The MoF announces deferment of ICDS by one year
As a background, the Ministry of Finance (MoF) ), on 31 March 2015 had issued 10 Income Computation and Disclosure Standards (ICDS), operationalising a new framework for the computation of taxable income. These were applicable for the previous year commencing from 1 April 2015, i.e. Assessment Year (AY) 2016-17 onwards.
Recently, on 6 July 2016, the MoF announced that the revision of ICDS as recommended by the Expert Committee, is under consideration. Revision to the Tax Audit Report is also under process for ensuring compliance with the provisions of ICDS and capturing the disclosures mandated by them. Accordingly, the MoF has announced that ICDS shall be applicable from 1 April 2016 i.e. Previous Year 2016-17 (AY 2017-18), instead of 1 April 2015.
On the call, we discussed the key aspects of the MoF announcement.
- Ind AS implementation issues
The Ind AS Transition Facilitation Group (ITFG) constituted by the ICAI issued an update in its third bulletin (that covers Ind AS application issues discussed at its third and fourth meetings held on 23 May 2016 and 22 June 2016, respectively).
On the call, we will provided an overview of the guidance provided by the ITFG on some important Ind AS implementation issues.
Slide deck - July 2016(PDF, 569 KB)
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