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:

  1. 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.

  2. 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.

  3. 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)


© 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 https://kpmg.com/governance.

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