There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS. There are lots of confusion about Indian new accounting system (INDAS) even after 3 r to 4 the implementation by various organization.. So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap #accountingsystem #INDAS #INDAS ROAD MAP

1. Ind AS Roadmap
Rabindra Sahu
CA finalist
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2. OBJECTIVE OF THE PRESENTION:-
 The Origin of Ind AS
 To Understand over view of Ind AS
 Road map and its applicability to various sectors
 Salient features of Ind AS
 Categorisation of Standards
 Comparative Summary of Indian Accounting Standards & IFRS
 Major changes of Ind AS after transition
 Challenges to First time conversion
 Support System by ICAI
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3. PREFACE:-
 There has been tremendous expansion in global trade and business.
Enterprises are no longer restricted to territorial boundaries. Capital from
one country finances the business in another. There is need for both
transparency and comparability in accounts for informed business decisions.
 The transition from Indian GAAP to Ind AS is a historic and landmark change.
In accordance to its commitment to G20 by PMO Mr. Manmohan Singh to
adopt from 01.04.2011, were delayed but in 2014 FM Sh. Arun Jaitley
announced, India is Converging to IFRS in a phased manner starting from
annual beginning on or after April 1, 2016. The IFRS Converged Standards will
be known as Indian Accounting Standards (Ind AS) and will contain numerous
carve outs from IFRS & Subsequently MCA notified 39 Ind-AS & Roadmap
through Indian accounting standards rule,2015 U/S 133 of companies Act
2013.
 The change to Ind AS is a truly positive move that will bring the accounting in
India substantially closer to the accounting followed by the global Companies
under IFRS.
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4. `CONTENT AT A GLANCE:-
OVERVIEW &
ORIGIN OF IND
AS ROADMAP
IND AS
APPLICABILITY &
IT’S
CATEGORISATION
SERIES OF OF
STANDARDS-
IAS/IFRS VS Ind AS
FEATURES OF
CONVEREGENCE
FORM IFRS &
FIRST TIME
ADOPTION OF
INDAS
FEATURES
,IMPACT OF
INDAS
&CHALLENGES
IN FIRST TIME
CONVERSION
SUPPORT
SYSTEM
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5. ORIGIN OF IND-AS :-
• Most of the world is now reporting under the (IFRS) as issued by the International
Accounting Standard Board (IASB) from 2005 except INDIA and USA.
• India’s journey to Accounting standard started with the formulation of Accounting
Standard Board (ASB) of ICAI in 1977.
• In first phase, i.e upto1995 there were only 1 to 15 AS were issued later at second
phase AS 16 to AS 32 issued.
• In between International Accounting Standards Board (IASB) came up with
International financial reporting Standard (IFRS). The ASB felt that the foreign investor
were showing interest in Indian industry after liberalization of Indian economy so
those Domestic companies listed abroad were bound to prepare Financial statements
in Both the GAAP.
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6. 2007
CONCEPT PAPER –
01/04/2011
2010
MCA
RM
01/04/2
012
& TASC
2011
35 IND
AS
2010
SEBI-CFS
2011
SCH VI
ROADMAP OF
IND AS
Roadmap
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7. 2012
TAS -14
2016
IND AS
40
2015
TAS -
14/12/10
ICDS
2015
IND AS
39
16 FEB
2016
SCH III
ROADMAP OF
IND AS
Roadmap
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8. Ind AS Applicability:-
Applicability
FY 2015-16
Phase I
FY 2016-17
Phase II
FY 2017-18
Voluntarily
1.All Companies whose Net
worth is > Rs. 500 Crores
2.Holding, Subsidiary, Joint
Venture or Associate
Companies of above
1. All Companies whose
Net worth is > Rs. 250
Crores
2. All Listed Companies
3. Holding, Subsidiary,
Joint Venture or
Associate Companies
of above 8

9. Ind AS Applicability (Ctd):-
Applicability for
NBFC and Banks
Phase I
FY 2018-19
Phase II
FY 2019-20
1.All Scheduled banks except
urban cooperative Banks
2.NBFC having Net worth of >
Rs. 500 crore
3.Holding, Subsidiary, Joint
Venture or Associate of
above
1. NBFC having networth
of > Rs. 250 cr < Rs. 500
cr
2. Holding, Subsidiary,
Joint Venture or
Associate of above
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10. Road Map issued by the MCA vide PressRelease
(cont):-
Listed on SME
exchanges
Companies listed / in the process of listing their securities on the SME exchanges
shall not be required to apply Ind AS. They shall continue with the existing
Accounting Standards unless they choose voluntarily.
Voluntary
Any company can voluntarily apply Ind ASs for accounting periods on or after April
1, 2015 (comparatives for the periods ending March 31, 2015 or as appropriate).
Continuous Basis
Once a company opts to follow the Ind AS, it will be required to follow for all the
subsequent financial statements ; no roll back permitted
Residual Companies
Companies other than those covered by the road map shall continue to apply the
Accounting Standards under the Companies (Accounting Standards) Rules, 2006.
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11. Ind AS Applicability :-
 Ind-AS will be applicable to both Standalone and Consolidated Financial Statements.
 Principles for Calculation of Net Worth to be in accordance with Standalone Financial
Statements of the company as on the preceding financial year.
 Net worth defined per the Companies Act, 2013 and excludes revaluation reserves
 Overseas Subsidiary, Associate, Joint venture and other similar entities of an Indian
parent Company may prepare its Standalone FS in accordance with the requirements
of the specific jurisdiction.
 However, such Indian parent Company shall prepare its CFS in accordance with the
Ind AS either voluntarily or mandatorily if it meets the specific criteria.
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12. • Indian Company which is a Subsidiary, Associate, J.V and other similar entities of a
foreign company shall prepare its FS in accordance with the Ind AS either
voluntarily or mandatorily if it meets the specific criteria.
• If due to subsequent amendments in the law, a particular Ind AS is found to be not
in conformity with such law, the provisions of the law shall prevail and the Financial
Statements shall be prepared in conformity with such law.
• Ind AS 101-First time adoption of Ind AS, requires Companies to prepare an Ind AS
opening balance sheet at the transition date.
Ind AS Applicability (Cont):-
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13. SERIES OF OF STANDARDS-IAS/IFRS VS IND
AS:-
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14. CATEGORISATION OF STANDARDS
Income and expense:-
Ind AS 18 Revenue
Ind AS 11 Construction Contracts
Ind AS 11 (Appendix A and B) Service Concession Arrangements
Ind AS 20 Accounting for Government Grants and Disclosure of
Government Assistance
Ind AS 19 Employee Benefits
Ind AS 102 Share-based Payment
Ind AS 12 Income- taxes
Ind AS 16 Property, Plant and Equipment
Ind AS 38 Intangible Assets
Ind AS 40 Investment Property
Ind AS 2 Inventories
Ind AS 23 Borrowing Costs
Ind AS 17 Leases
Ind AS 36 Impairment of Assets
Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets
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15. CATEGORISATION OF STANDARDS
Group Accounts:-
Ind AS 103 Business Combinations
Ind AS 110 Consolidated Financial Statements
Ind AS 111 Joint Arrangements
Ind AS 28 Investment in Associates and Joint Ventures
Ind AS 112 Disclosure of Interest in Other Entities
Ind AS 27 Separate Financial Statements
Financial Instruments and Foreign Exchange:-
Ind AS 21 The Effects of Changes in Foreign Exchange Rates
Ind AS 109 Financial Instruments
Ind AS 32 Financial Liabilities and Equity
Ind AS 107 Financial Instruments: Disclosures
Ind AS 113 Fair Value Measurements
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16. CATEGORISATION OF STANDARDS
Presentation and Disclosures:-
Ind AS 1 Presentation of Financial Statements
Ind AS 8 Accounting Policies, Change in Accounting Estimates and Errors
Ind AS 10 Events after the Reporting Period
Ind AS 7 Statement of Cash Flows
Ind AS 33 Earning Per Share
Ind AS 24 Related Party Disclosures
Ind AS 108 Operating Segments
Ind AS 105 Non- current Assets held for Sale and Discontinued Operations
Ind AS 34 Interim Financial Reporting
Industry Specific:-
Accounting by Real Estate Companies
Ind AS 106 Exploration for and Evaluation of Mineral Resources
Ind AS 114 Regulatory Deferral Accounts
Ind AS 41 Agriculture 16

17. • Principle-based Standards.
• Applicable on separate as well as consolidated financial statements.
• More importance to concept of ‘substance over form’, i.e., economic reality
of a transaction.
• Rely more on fair valuation approach, and measurements based on time
value of money.
• Require more disclosures of all the relevant information and assumptions
used.
• Require higher degree of judgment and estimates.
Salient Features of IFRs-converged Ind AS:-
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18. FIRST TIME ADOPTION OF IND AS
Indian Accounting Standard (Ind AS 101)
 there will be 3 Balance sheets in first Ind AS financial statements as Entity need to
prepare opening Balance sheet on the date of transition.
 Use of same accounting policies in opening Ind AS Balance Sheet and in first Ind AS
financial statements.
 Recognize/Measure all assets and liabilities.
 Reclassify assets and liabilities and items of equity.
 The adjustments, shall be recognized directly in retained earnings (or, if appropriate,
another category of equity) at the date of transition to Ind AS.
 Entity should explain how the transition has affected its reported Balance sheet,
financial performance and cash flows.
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19. Certain items are required or permitted by Ind AS to be
recognized in Other Comprehensive income, including:-
 Revaluation surplus on PPE
 Re-measurement of defined benefit plans
 Fair value gains and losses on equity instruments through OCI
 Gains and losses arising from translation of financial statements in
foreign currency
 Gains and losses on effective portion of cash flow hedges
OTHER POINTS:-
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20. FEATURES & Impact of Ind AS:-
 Features:-
 Time Value of Money
 Fair Value approach
 More disclosures
 Ind AS impact to business decisions:-
 ERP- SAP/Oracle/ERP
 Financial Analysis and Ratio workings
 Bonus to employees
 Managerial Remuneration- Remuneration based on profit
 Share valuation and market response
 Dividend distribution
 Taxation Issues- MAT,GST,TDS
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21. CHALLENGES IN FIRST TIME CONVERSION:-
 Complex and time consuming for many entities as it demands staff training, data
collection, analysis of contracts and other arrangements .
 Involvement of senior management in many decisions to decide.
 Choices among voluntary exemptions.
 Selection of accounting policies.
 Impact on taxes as well by introduction of Income Computation and Disclosure Standards
(ICDS) for computation of Tax liability.
 Modification to IT Systems.
 Significant changes in their Internal financial reporting framework to ensure its operating
effectively.
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22. What can be the road map to
Ind AS?
Ind-AS implementation requires a project approach with commitment from the
highest level.
it can be divide into the following phases:-
• Phase I : Plan Conversion
• Phase II : Impact Analysis & Quantification
• Phase III: Redefine/Redesign
• Phase IV: Opening balance sheet as per Ind-AS
• Phase V :Reporting date Ind-AS financial statements
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23. SUPPORT SYSTEM:-
 ICAI, on 11 January 2016 announced the formation of the Ind AS Transition
Facilitation Group (ITFG) in order to provide clarifications on issues arising
due to applicability and/or implementation of Ind AS under the Companies
(Indian Accounting Standards) Rules, 2015 (Ind AS Rules).
 Various issues referred to the group shall be addressed as follows:
 Issues which are matter of clarifications on the
application/implementation of Ind AS
 Issues pertaining to interpretation of Ind AS
Accordingly, the queries, issues, views, may be submitted through e-mail
at indas@icai.in. Until now 17 Bulletins issued by ITFG each contains 10
issues in relation to the application of Ind AS.
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24. Name :- Rabindra Sahu
Cont. No.:- 7871590700,7440157187
Email Id. :- rabindrasahu0204@gmail.com
Linked in id:- https://www.linkedin.com/in/rabindra-sahu-
b66453133
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