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

Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 11

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 11 on 1 August 2017 to provide clarifications on nine issues in relation to the application of Indian Accounting Standards (Ind AS).

1000

Also on KPMG.com

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 11 on 1 August 2017 to provide clarifications on nine 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 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 (2015 Rules).

Over the past year, ITFG issued 10 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 11.

To access the text of the ITFG’s Bulletin 11, please click here.
 

© 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.

Connect with us

 

Request for proposal

 

Submit