Income Computation and Disclosure Standards (ICDS) - Master Class

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1 Income Computation and Disclosure Standards (ICDS) - Master Class 2nd edition Delhi Mumbai Bengaluru Kolkata

2 EY is pleased to announce 2nd edition of ICDS Master Class A joint initiative by EY Tax Advisory and Accounting Advisory On 31 March 2015, the Central Government (CG) notified ten Income Tax Computation & Disclosure Standards (ICDS) effective from financial year for compliance by all taxpayers following mercantile system of accounting for the purposes of computation of income chargeable to income-tax under the heads: Profits and gains of business or profession Income from other sources ICDS has been notified with an aim to bring increased consistency in computation and reporting of taxable income, reduce litigation and minimize the alternatives provided by the existing Accounting Standards issued by the Institute of Chartered Accountants of India. Being the first year of applicability, there are bound to be transitional concerns on income computation as well as disclosure under the ICDS vis-à-vis current established practices. Given that differences in the two practices could have significant cash and tax impact (including risk of a Best Judgement assessment in case of non-compliance). It is critical for all stakeholders to understand the applicability of new tax standards and its various practical application issues. We realised the need and hence launching a two-day comprehensive Master Class on ICDS. The Master Class will provide a detailed understanding of ICDS, differences from the current Indian GAAP, insights into practical application issues, transitional provisions including changes required to IT systems. This two-day comprehensive Master Class on ICDS aims to provide Understanding of differences between Indian GAAP and ICDS (with high-level inputs on comparability with IND-AS); Understanding the disclosure requirements as proposed by the ICDS; Understanding the ultimate tax (including deferred tax) impact arising due to such differences; Guidance for transition to the ICDS regime; Interplay between ICDS and MAT; Understanding of ICDS with practical examples and case studies, especially focusing on complex standards; Understanding the IT systems impact of ICDS.

3 Overview of the topics ICDS I Accounting Policies ICDS II Valuation of Inventories ICDS III Construction Contracts ICDS IV Revenue Recognition ICDS V Tangible Fixed Assets ICDS VI The effects of Changes in Foreign Exchange Rates ICDS VII Government Grants ICDS IX Borrowing Costs ICDS X Provisions, Contingent Liabilities and Contingent Assets Faculty This Master Class will be delivered by senior professionals from the Tax team and the Accounting Advisory team who have extensive training experience, as well as experience of working on tax and accounting assignments. Intertwining theoretical material with some case studies, the trainers will ensure that the class never runs out of an excuse to interact! Who should attend? The Master Class will be highly beneficial to Tax Heads, Finance Heads, CFOs, Corporate Tax and Accounting professionals, practicing Tax and Accounting professionals. Schedule October 2015, 9:30 am to 5:30 pm Bengaluru Delhi The Chancery Hotel 10/6, Levelle Road, M.G.Road, Bengaluru, Karnataka Hotel IBIS Delhi Airport, Asset No.9 Hospitality District, Delhi Aerocity, IGI Airport, New Delhi,India Kolkata The Lalit Great Eastern Kolkata 1,2,3, Old Court House Street, Dalhousie Square, Kolkata , India Mumbai Hilton Mumbai International Airport Sahar Airport Road, Andheri (East), Mumbai

4 Testimonials It was great experience to attend EY Master Class on ICDS. The program is delivered with case studies module which helped in understanding the practical implications thrown open by new piece of legislation. Suhit Aggarwal, Telewings Communications Services Private Limited This master class has been a great forum for learning about the key implications of the ICDS. The presenters were not only knowledgeable but also very interactive throughout which made the class even more interesting. One of the best presentations ever attended. Gaurav Jain, Experion Developers Private Limited ICDS masterclass provided a great insight into changes which will impact tax computation for the AY It also helped in understanding the differences between ICDS, Ind-AS & IGAAP. Examples given in the material are real world issue which are being faced on day to day basis. Speakers were well prepared on the subject. Pankaj Gupta, BT (India) Private Limited Course fee The fee is *INR 20,000 (exclusive of taxes) per attendee and includes training material, lunch and refreshments. Avail 10% early bird discount on registration up to 10 September 2015 Confirmatory mail will be sent once you have registered. For registration, kindly connect with: Bengaluru: Pradeep Pandey Pradeep.Pandey@in.ey.com Mobile: Mumbai: Asif Chowgule Asif.Chowgule@in.ey.com Mobile: Delhi: Ashima Talwar Ashima.Talwar@in.ey.com Mobile: Kolkata: Pradeep Pandey Pradeep.Pandey@in.ey.com Mobile: Visit: ey.com/icdstraining

5 Highlights of Delhi Master Class Highlights of Mumbai Master Class

6 Highlights of Master Class of other locations Ernst & Young LLP EY Assurance Tax Transactions Advisory 2015 Ernst & Young LLP. Published in India. All Rights Reserved. EY refers to the global organization, and/ or one or more of the independent member firms of Ernst & Young Global Limited