Ind AS Transition Facilitation Group | KPMG | IN

Ind AS Transition Facilitation Group (ITFG) issues Clarification Bulletin 8

Ind AS Transition Facilitation Group

With Indian Accounting Standards (Ind AS) being applicable to large corporates from 1 April 2016, the Institute of Chartered Accountants of India (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.

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Background

With Indian Accounting Standards (Ind AS) being applicable to large corporates from 1 April 2016, the Institute of Chartered Accountants of India (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. 

Over the past year, ITFG issued seven bulletins to provide guidance on issues relating to the application of Ind AS.

New development

The ITFG held its meeting and issued its clarifications' bulletin (Bulletin 8) on 8 May 2017.

The Bulletin provides clarifications on nine issues in relation to the application of Ind AS.

This issue of IFRS Notes provides an overview of the clarifications issued by the ITFG through its Bulletin 8.

To access the text of the ITFG's Bulletin 8, please click here.

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