The Game Changers of financial reporting
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1 A primer to Ind AS Issues and Strategies Presentation at the Metro Conference organised by SIRC of ICAI on 3 February 2015 Chinnsamy Ganesan FCA DISA(ICA) The Game Changers of financial reporting Companies Act 2013 and Internal Financial Controls IFRS converged Indian Accounting Standards (Ind-AS) 1
2 Ind AS Journey so far October 2007 February 2011 April 2014 July 2014 The ICAI s concept paper issued ICAI worked on preparing the converged standards Ind AS published by the MCA, however, not made effective ICAI continued to amend the Standards to align with changes in IFRSs The ICAI released revised road map and submits it to the MCA MCA considered and planned for including more companies into Ind AS framework The Finance minister proposed to make Ind AS mandatory from the FY (Voluntary adoption of Ind AS from FY ) MCA notification followed Some questions still unanwered Developments since 2011 deferral Companies Act 2013 To be applicable in full fledged manner from FY Incorporate changes that align with the Ind AS e.g. Mandatory preparation of consolidated FS, concept of useful life and component accounting for fixed assets, depreciation etc. Income Computation and Disclosure Standards (ICDS) Separate accounting standards for computation of taxable income 14 draft TAS issued for public comments in October 2012 Finalized TAS expected to be effective from 1 April 2015 New IFRS standards IFRS 10 Consolidated FS IFRS 11- Joint arrangements IFRS 12 Disclosure of interest in other entities IFRS 13 FV measurement IAS 19 Employee benefits IFRS 15 Revenue from contracts with customers IFRS 9 Financial instruments Key aspects to be addressed by regulators on a go-forward basis:- 1. Providing clarity on applicability of Ind AS 2. Issuing new/ updated Ind AS and keeping the carve outs minimum 3. Finalizing ICDS 2
3 Ind AS - the Business Case Listing of overseas stock exchanges could become easier as the financial statements would largely be in compliance with the international requirements Improved investor confidence in Indian Companies Cost of raising capital overseas could become cheaper Ease in implementing cross border transaction Chance to make some strategic improvements to the finance systems and processes Issues - Conceptual differences Substance over form Fair value Retrospective Application Current and Non-Current Classification Discounting (Time value of money) Standards prevail over law 3
4 Issues - Fair value presentation The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date Current exit price Market participant focus Orderly transaction Measurement date Cost model not allowed? Hierarchy of Fair value Issues a paradigm shift I T Systems Debt covenants Forecasts Internal Reporting Training 2017 Measure of performance M & A Stat. accounts & taxes Management compensation 4
5 Issues Complexity of accounting Complex transactions and business arrangements Volume and details of GAAP and GAAS Different measurement attributes Transition alternatives and exceptions Extensive disclosures and strict recognition principles Revenue recognition based on customer contracts Divergence with taxation laws Issues Magnitude of change 15 Accounting Standards conceptually differs 8 Standards require regulatory changes 7 Standards require minor changes Only 1 Standard in line with Ind AS 5
6 Issues Impact in KPIs Sudden change in key business drivers and ratios Impact on management/ employee compensation Industry specific issues, like principles of securitisation Issues for banking, non-banking finance companies and insurance companies Professional opportunities Complexity of IFRSs and Ind- AS Increased opportunities under M & A domain Lack of adequate skills amongst the preparers and users of Financial Statements Training the preparers to reach a critical mass with relevant skill sets Leveraging resources on an international scale Need for large pool of valuation experts 6
7 Ind AS Professional Constraints Reaching critical Ind AS client base is time consuming Building Ind AS bench strength will be a commitment Training staff involves time and money Networking initiatives? Aligning with proposed ICDS (Tax Accounting Standards) Ind AS Are we ready? Indian CAs prepared for Ind AS? ICAI initiatives On New Standards ICAI initiatives on training NACAS moving faster? 7
8 Ind AS Implementation Roadmap Mandatory for accounting period commencing on or after 1 April 2016 Companies, having a net worth of Rs. 500 crore or more, whether their equity and/or debt securities are listed or not Holding, subsidiary, joint venture or associate companies of the above referred class of companies Voluntary adoption for accounting period commencing on or after 1 April 2015 Ind AS Implementation Roadmap Mandatory for accounting period commencing on or after 1 April 2017 Companies whose equity and/or debt securities are listed or proposed to be listed on any stock exchange in India or outside India and having a net worth of less than Rs.500 crore Unlisted companies having a net worth of Rs.250 Crores or more but less than Rs. 500 crore Holding, subsidiary, joint venture or associate companies of the above referred class of companies 8
9 Roadmap - frequently asked questions Will there be two sets of Accounting Standards? How should net worth be computed? What is the actual start point for the conversion? What is meant by presenting comparatives for the year ended 31 March 2016? Whether early adoption really possible? Whether applicable only to consolidated financial statements Where are we now? Decripstion IAS series standards issued by IASC and adopted by IASB (IAS 1 to IAS 41) Interpretations issued by the Standing Interpretation Committee of IASC (SIC 1 to SIC 33) IFRS series standards issued by IASB (IFRS 1 to IFRS 15) Interpretations issued by the International Financial Reporting Standards Interpretation Committee of IASB (IFRIC 1 to IFRIC 21) IFRS Standards effective as on date Correspondin gindas available Included in the Standard itself Included in the Standard itself 9
10 Phases of Ind-AS Conversion Indian GAAP FS GAAP Assessment Opening Ind-AS BS Comparative FS Detailed disclosures Ind-AS Financials Thank you
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