Ind AS 32, Financial Instruments: Presentation establishes principles for presenting a financial instrument as a liability or equity. On the call, we will provide an overview of the basic concepts around classification of financial instruments into financial assets, financial liabilities and equity instruments.
The principles in Ind AS 32 complement the principles for recognising and measuring financial assets and financial liabilities in Ind AS 109, Financial Instruments, and for disclosing information about them in Ind AS 107, Financial Instruments: Disclosures.
Exposure drafts of Ind AS 11 and 18
On 22 July 2015, the International Accounting Standards Board (IASB) confirmed a one year deferral of the effective date of IFRS 15, Revenue from Contracts with Customers, and the standard would be applicable for annual periods beginning on or after 1 January 2018. As a consequence, the Institute of Chartered Accountants of India (ICAI) has also proposed a deferment of Ind AS 115, Revenue from Contracts with Customers. However, the applicability date of the Ind AS 115 has not been announced as yet.
The ICAI has recently issued following Exposure Drafts (EDs):
In our call, we also provided key highlights of the above mentioned EDs issued by ICAI
© 2017 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.