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

Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 10

Ind AS Transition Facilitation Group (ITFG)

The ITFG in its meeting considered certain issues received from the members of the Institute of Chartered Accountants of India (ICAI), and issued its Bulletin 10 on 6 July 2017 to provide clarifications on six issues in relation to the application of Indian Accounting Standards (Ind AS).

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Introduction

The ITFG in its meeting considered certain issues received from the members of the Institute of Chartered Accountants of India (ICAI), and issued its Bulletin 10 on 6 July 2017 to provide clarifications on six issues in relation to the application of Indian Accounting Standards (Ind AS).

Background

With Ind AS being applicable to corporates in a phased manner 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 nine bulletins to provide guidance on issues relating to the application of Ind AS. This issue of IFRS Notes provides an overview of the clarifications issued by ITFG through its Bulletin 10.

To access the text of the ITFG’s Bulletin 10, please click here.

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