Issue 10 | May 2017 | KPMG | IN

Issue 10 | May 2017

Issue 10 | May 2017

Starting this month the Accounting and Auditing Update (AAU) includes a series of articles that will provide insights into key Ind AS implementation issues from accounting and financial reporting perspectives....

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Issue 10 | May 2017

Starting this month the Accounting and Auditing Update (AAU) includes a series of articles that will provide insights into key Ind AS implementation issues from accounting and financial reporting perspectives for the financial services sector. Banks, Non-Banking Financial Companies and Insurance companies would need to embark on the journey of implementation of Ind AS from 1 April 2018 with the date of transition being 1 April 2017. This edition of AAU carries an article which describe the computation of effective interest rate for loans advanced by banks with the help of case studies.

Companies incur expenditure on enabling assets either when a new project needs to be initiated or while scaling up their operations. This month’s edition carries an article on the enabling assets which captures the accounting treatment of such assets both under Accounting Standards and Ind AS.

Under the Companies Act, 2013 (2013 Act) section of AAU, we highlight the role and responsibilities of Independent Directors. The article highlights the requirements under the 2013 Act and Securities and Exchange Board of India’s (SEBI) regulations.

Under Ind AS financial reporting standards while assessing whether an item meets the definition of an asset, liability or equity, attention needs to be given to its underlying substance and economic reality and not merely its legal form. In our article, on sale and leaseback arrangements, we aim to highlight the concept of substance over form under the sale and leaseback arrangements with the help of an example.

The publication also carries regular round up of regulatory updates in India and internationally.

© 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.

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