Ind AS Transition Facilitation Group (ITFG) | KPMG | IN

Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 9

Ind AS Transition Facilitation Group (ITFG)

ITFG in its meeting considered certain issues received from the members of the Institute of Chartered Accountants of India (ICAI), and issued its Bulletin 9 on 16 May 2017 to provide clarifications on three issues in relation to the application of Indian Accounting Standards (Ind AS).

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Introduction

ITFG in its meeting considered certain issues received from the members of the Institute of Chartered Accountants of India (ICAI), and issued its Bulletin 9 on 16 May 2017 to provide clarifications on three issues in relation to the application of Indian Accounting Standards (Ind AS).

Background

With 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 under the Companies (Indian Accounting Standards) Rules, 2015 (Rules 2015).

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

New development

On 16 May 2017, ITFG issued Bulletin 9 to provide clarifications on three 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 9.

To access the text of the ITFG’s Bulletin 9, please click here.

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