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The August 2014 edition of the Accounting and Auditing Update focuses on IFRS convergence through the Ind AS (the Indian version of converged IFRS standards) and highlights key aspects relating to how these standards may be applied in India and key differences between current Indian GAAP. We also showcase the status of IFRS convergence process of other countries and what companies and preparers of financial statements should focus on as they prepare for this transition.
This month we also cover the topic of mandatory audit firm rotation and examine the arguments for and against auditor rotation. In our Companies Act section, we are cover the concept and requirements for ‘one person companies’. The International Accounting Standards Board has issued the complete standard on financial instruments (IFRS 9) – in this issue we have attempted to provide an overview of the requirements of this standard.
We also examine the diversity in practice in the area of accounting policy choices available under Indian GAAP and provide a guide to understand the accounting implications and impact of demergers in India. As is the case every month, we also cover key regulatory developments during the recent past.