One Day Seminar on IND AS WICASA Student Event · PDF filemandated by Schedule II of Companies Act2013) Depreciationmethodtoberequiredtobe reviewed at least at each financial year

One Day Seminar on IND AS

WICASA Student Event

Overview & Issues in Ind-AS Roadmap

Pankaj Tiwari

CNK & Associates LLP

October 6, 2017

Background & Overview of IGAAP

& IFRS

Accounting Standards in India

� Till 2006, Standards issued by ASB of ICAI were to be followed

� Companies (Accounting Standards) Rules, notified in Dec 2006

for companies [under sec 211(3C) of Companies Act 1956]

� Sec 133 of Companies Act, 2013 and Rule 7 of the Companies

(Accounts) Rules, 2014 have also notified the same AS

� Under Sec 133 of the 2013 Act, National Financial Reporting

Authority (NFRA) is to issue AS (will replace NACAS)

� AS 1 to AS 29 (except AS 8) (as amended) notified so far

� ICAI has also issued AS 30, 31, 32, but not notified by NACAS

What is I-GAAP ?

I-GAAP refers to:

� Notified Standards u/s 133

� Clarifications by ICAI / MCA for accounting standards

� AS issued by ICAI

� Statements / Guidance Notes issued by ICAI

� Announcements by ICAI on topical matters (AG, FAQs,

Council announcements, etc.)

Changes in AS pursuant to notification of Ind AS

• MCA has issued a ‘upgraded’ set of AS: These will be

nearer to Ind AS

• Applicable for entities having net worth < 250 crores

• Several concessions/exemptions proposed in ‘upgraded’ set of

AS

• Certain difficult concepts to be omitted from the ‘upgraded’ AS

(e.g. fair value, derivative accounting., etc.)

• Companies (AS) Amendment Rules, 2016 notified on 30th

March 2016 (effective 1st April 2016 or 2016-17 onwards)

• 7 standards replaced – AS 2, 4, 10, 13, 14, 21, 29

• AS 6 omitted

Amendments to Accounting Standards

Name of the

Standard

Key Revision

AS 2 Valuation of

Inventories

Aligned spare parts accounting with

AS 10

AS 4 Contingencies

and events after the

Balance Sheet date

Dividend declared after Balance Sheet

date, but before the financial

statements are approved for issue

would be non adjusting item

AS 6 Depreciation

Accounting

Requirements for depreciation are

now incorporated in revised AS 10


Name of the

Standard

Key Revision

AS 10 Property, Plant

& Equipment's

Cost of an item of property, plant and

equipment would be cash price equivalent

at that date

Component accounting mandatory (also

mandated by Schedule II of Companies

Act 2013)

Depreciation method to be required to be

reviewed at least at each financial year

end

Clarity on spare parts accounting –

definitions and recognition principles

would be applicable to spare parts

accounting

Decommissioning liability on a discounted

basis


Name of the Standard Key Revision

AS 13 Accounting of

Investments

Investment property to be accounted

for in accordance with cost model as

prescribed in revised AS 10

AS 14 Accounting for

Amalgamations

Limited Revision to include

reference to 2013 Act in the

standard

AS 21 Consolidated

Financial Statements

A company without a subsidiary but

with associates and JV to prepare

CFS

AS 29 Provisions,

Contingent Liabilities and

Contingent Assets

Decommissioning liability provision

would be on discounted basis

Companies(Indian Accounting

Standards) Rules

Implementation Roadmap (Past and Future):

• Year 2007:• Concept paper issued by ICAI proposing India to "Converge" with IFRS

rather than "adopting" IFRS

• Year 2009:• At G-20 summit PM committing to converge with IFRS by April 2011

• Year 2010:• January 2010 MCA issued a roadmap for implementation of Ind-AS

• December 2010 process of convergence completed

• Year 2014:• 9 April 2014 ICAI proposed a new road map for implementation of Ind-

AS

• 10 July 2014 FM announced a roadmap to make Ind-AS mandatory

from FY 2016-17 and voluntary from FY 2015-16


• Year 2015:• 2 January 2015- MCA issued a revised roadmap for implementation of

Ind-AS

• January 2015- ED on Ind-AS compliant Schedule III to the Companies

Act,2013

• 16 February 2015- MCA issued Companies (Indian Accounting

Standard) Rules,2015 notifying 39 Ind AS

• July 2015- government set up a committee to assess the impact of

minimum alternate tax (MAT) on companies under Ind-AS

• September 2015- NACAS asked the government to postpone

implementation of Ind-AS 115- Revenue recognition standard

• 29 September 2015-Fourth Bi-monthly Monetary Policy Statement-

Banks and NBFC to implement from 2018-19 onwards12


• Year 2016:• 18 January 2016-MCA announced roadmap for implementation of Ind

AS for SCB’s, Insurance companies and NBFCs

• 11 February 2016- RBI issues a circular requiring SCBs to comply

with Ind AS in phases from accounting period beginning 1 April 2018

• 1 March 2016- IRDA issued a circular for Ind AS implementation for

all insurers in phases from accounting periods beginning 1 April 2018

• 30 March 2016- MCA notifies a roadmap for implementation of Ind AS

by NBFCs in phases from accounting period beginning 1 April 2018

• 30 March 2016- MCA issued Companies (Indian Accounting

Standard) Rules,2016- replaced Ind AS 115 with Ind AS 18 and

Ind AS 11

Implementation of Ind AS-Current Status

� Notification dated 16 February 2015:� Companies (Indian Accounting Standards) Rules, 2015

� 39 Ind AS notified effective from 1st April, 2015

� Rule 4 states: ‘ The Companies and their auditors shall comply with

the Indian Accounting Standards (Ind AS)…’

� Notification dates 30th March 2016:� Companies (Indian Accounting Standards)(Amendment) Rules, 2016

� Gives roadmap for Banks and NBFCs for Ind AS implementation

� Ind AS 115 omitted – Ind AS 11 and Ind AS 18 notified

� Several other Ind AS amended

� Total Ind AS now applicable: 40

• Notification dated 6th April 2016:� Schedule III of Companies Act 2013 amended to prescribe format for

Ind AS financial statements

Implementation Roadmap : Corporate road map

Phase I Phase II Voluntary

adoption

Year of adoption FY 2016-17 FY 2017-18 FY 2015-16

Comparative

Year

FY 2015-16 FY 2016-17 FY 2014-15

Covered Companies

(a) Listed Co’s Net worth >=

500 Cr.

All listed & in

process of listing

(b) Unlisted Co’s Net worth >=

500 Cr.

Companies net

worth >= 250 cr.

( C) Group Co’s Applicable to holding, subsidiaries,

joint ventures, or associates of

companies covered in (a) and (b)

above.

Exceptions: Insurance companies, banking companies, Non-banking

finance companies (NBFC) and Co’s listed on SME’s exchanges

15

Implementation Roadmap : Banking and NBFCs

Banking

Companies

NBFCs - Phase I NBFCs - Phase II

Year of adoption FY 2018-19 FY 2018-19 FY 2019-20

Comparative

Year

FY 2017-18 FY 2017-18 FY 2018-19

Entities Covered Scheduled

commercial

banks & Exim

Bank/NABARD

/NHB/ SIDBI &

insurers

All NBFCs

having net worth

>=

INR 500 crore

All listed & in

process of listing

Other NBFCs net

worth >= 250 cr.

but < 500 cr.

Group

Companies

Holding,

subsidiaries,

joint ventures

or

associates of

banks

Applicable to holding, subsidiaries,

joint ventures, or associates of

companies

covered above, other than those

covered under the corporate road

map

Group companies of Banks to follow Banking Road map16

Companies (Indian Accounting Standards) Rules

• Companies (IAS) Rules 2015:• Rule 1- Title and commencement

• Rule 2- Definitions

• Rule 3- Applicability of Accounting Standard

• Rule 4- Obligation to comply with Ind AS

• (1) Companies & their auditors comply with Ind AS specified in

Annexure

• (2) Calculation of Net worth

• (3) Apply to Stand-alone and consolidated financial statement

• (4) Prepare first set of financial statement in accordance with Ind AS

• (5) Overseas subsidiary, associates, JV –prepare stand-alone in

accordance with specific jurisdiction

• (6) Indian company (S, A, JV of Foreign Company) prepare its FS on

the basis of criteria

• (7) Apply Ind AS consistently

• (8) & (9) No Roll back- even if criteria does not apply

• Rule 5- Exemption

Adobe Acrobat

Document

Companies (Indian Accounting Standards) Rules

• Companies (IAS) Rules 2016:• Rule 1- Title and commencement- changed to 2016

• Rule 2- Definitions- “Non-Banking Financial Company”

means…………….

• Rule 3- No change

• Rule 4-

• (1)…………..

• Voluntary adoption- including H, S, JV & AE

• Compliance related to NBFC- along with roadmap in (a) and (b)

• (2) …………….

• Net worth computation for NBFC

Adobe Acrobat

Document

Issues in the implementation

roadmap

Summary of issues discussed in ITFG Bulletin :

ITFG Bulletin Issues in

implementation

road map

Other issues Total

Bulletin-1 2 4 6

Bulletin-2 1 6 7

Bulletin-3 6 8 14

Bulletin-4 1 3 4

Bulletin-5 1 7 8

Bulletin-6 4 0 4

Bulletin-7 0 9 9

Bulletin-8 0 9 9

Bulletin-9 0 3 3

Bulletin-10 0 6 6

Bulletin-11 1 8 9

Total 16 63 79

Issue-1:

• Facts of Case:

• Company X, on standalone basis, had a net worth of above INR 250

crore but below INR 500 crore in financial year 2013-14 as well as

financial year 2014-15 and is expected to exceed INR 500 crore in

financial year 2015-16.

• Issue for discussion:

• Whether the Company X be required to comply with Ind AS from

financial year 2017-18 i.e. under Phase II, given that the net worth as

on 31st March 2014 was below INR 500 Crore and the Company X

was a company existing as on 31st March 2014 and was already

falling under the threshold as on 31st March 2014 itself irrespective

of the fact that the net-worth as on 31st March 2016 might be above

INR 500 crore.

Issue-2:

• Facts of Case:

• Company A is a listed company and has three Subsidiaries Company

X, Company Y and Company Z. As on 31st March 2014, the net worth

of Company A is INR 600 Crores, net worth of Company X is INR 100

Crores, Company Y is INR 400 Crores and Company Z is Rs 210

Crores. All the three subsidiaries are non-listed public companies.


• Case A- During the financial year 2014-15, Company A has sold off

its entire investment in Company X on 31st December 2014.

Therefore, Company X is no longer a subsidiary of Company A for the

purposes of preparation of financial statements as on 31 March 2015.

• Should Company X prepare its financial statements as per the

Companies (Accounting Standards) Rules, 2006 or the Companies

(Indian Accounting Standards) Rules, 2015?

Issue-2:


• Case B- During the financial year 2015-16, Company A has sold off

its investment in Company Y on 31st December, 2015. Therefore,

Company Y is no longer a subsidiary of Company A for the purposes

of preparation of financial statements as on 31 March 2016.

• Should Company Y prepare its financial statements as per the




• Case C- During the financial year 2016-17, Company A has sold off

its investment in Company Z on 31st December 2016, therefore

company Z is no longer a subsidiary of Company A for the purposes of

preparation of financial statements as on 31 March 2017.

• Should Company Z prepare its financial statements as per the



Issue-3:

• Facts of Case:

• Company X Ltd. and Company Y Ltd. registered in India having net

worth of INR 600 crores and 100 crores respectively are subsidiaries

of a Foreign Company viz., ABC Inc., which has net worth of more

than INR 500 crores in financial year 2015-16.


• Whether Company X Ltd. and Y Ltd. are required to comply with Ind

AS from financial year 2016-17 on the basis of net worth of the parent

Foreign Company or on the basis of their own net worth?

Issue-4:

• Facts of Case:

• Company A is a Core Investment Company (CIC) having net worth of

more than 500 crore as on March 31, 2014. During the year 2014-15,

the Reserve Bank of India (RBI) had exempted Company A from

certain regulations/directions governing CIC in India.


• Whether Company A (exempted CIC) will be regarded as Non-Banking

Financial Company (NBFC) for the purpose of applicability of Ind AS?

Issue-5:

• Facts of Case:

• Company B Ltd. is an associate company of Company A Ltd.

Company X Ltd. is the holding company of Company A Ltd. Company

X Ltd. has decided to adopt Ind AS voluntarily from 2015-16.


• Whether Company A Ltd. and Company B Ltd. are statutorily required

to comply with Ind AS from financial year 2015-16?

Issue-6:

• Facts of Case:

• Company X, on a standalone basis, has a net worth of above INR 500

crore and hence required to comply with Ind AS from financial year

2016-17. Company Y (listed entity), on a standalone basis, has net

worth of above INR 250 crore but below INR 500 crore and therefore

required to comply with Ind AS from financial year 2017-18.

• Company X acquires shares of Company Y resulting in Company Y

becoming an associate of Company X on October 31, 2016, but before

approval of the results for the quarter ended September 2016.


• Whether Company Y will be required to comply with Ind AS from

financial year 2016-17 or it will comply from financial year 2017-18?

If the response is that compliance is from the financial year 2016-17,

would the financial results of Company Y for the quarter ended

September 30, 2016 be prepared in accordance with Ind AS?

Issue-7:

• Facts of Case:

• Company X (Listed entity) has a net worth of above INR 500 crore and

hence required to comply with Ind AS from financial year 2016-17.

Company Y (Unlisted entity), on a standalone basis, has net worth

below INR 250 crore and hence it is not required to comply with Ind

AS. Company Y acquires shares of Company X during financial year

2016-17, whereby Company Y becomes the holding company of

Company X.


• Whether Company Y will be required to comply with Ind AS from

financial year 2016-17, given that it has now become a holding

company of Company X during FY 2016-17?

Issue-8:

• Facts of Case:

• As on March 31, 2014, Company A is a listed company and has a net

worth of 50 crore. As on March 31, 2015, the company is no more a

listed company.


• Whether Company A is required to comply with Ind AS from financial

year 2017-18.

Issue-9:

• Facts of Case:

• ABC Ltd. is a listed company. The net worth of ABC Ltd. as on 31st

March 2014 was INR 200 crores. ABC Ltd. had a subsidiary, namely,

XYZ Ltd. as at 31st March, 2015 whose net worth, consisting only of

share capital as at that date, was INR 600 crores. XYZ Ltd. was

incorporated in January, 2015. It was incorporated only for the

purposes of its divestment. The financial statements of XYZ Ltd. were

not consolidated with that of ABC Ltd. as at 31st March, 2015 in view

of requirements of paragraph 11 of Accounting Standard (AS) 21,

Consolidated Financial Statements. ABC Ltd. entered into agreement

with a proposed acquirer of the subsidiary, i.e., PQR Ltd., in

September, 2015. The entire ownership of XYZ Ltd. was finally

transferred to the said acquirer in the first fortnight of April, 2016


• In the given case, whether the ABC Ltd. is required to comply with Ind

AS from the financial year 2016-17?

Issues……………..

• Issue-10:• ABC Ltd., a non-listed company is not covered under Ind-AS

applicability criteria. It desires to apply Ind-AS voluntarily for CFS

purposes. To avoid tax and revenue sharing issues, it will continue

preparing the SFS as per AS-2006.

• Is this an acceptable view?

• Issue-11:• An Indian company is not covered under Ind AS applicability criteria.

The company is not interested in applying Ind AS in entirety. However

it wants to apply certain Ind AS on voluntary basis. For example, it

wants to apply Ind AS 109 Financial Instruments which will allow it

to fair value its investments. For other matters, the company will

continue applying AS-2006. Is it permissible?

Issue-12:

Parent Limited

A Ltd. B Ltd. (FS)C Ltd. (A of

P)

D Ltd. (Sub)E Ltd.

(A/JV)

F Ltd. (Subs

of B Ltd.)

Issues……………

• Issue-12:• In the above structure, only A Ltd. meets the listing/net worth criteria

prescribed for applicability of Ind-AS. No other company fulfil either of

the two criteria. Which companies in the diagram are mandatorily

required to follows Ind AS?

• Issue-13:• ABC Pvt. Ltd., a private limited company, has 3 subsidiaries, neither

the company or any of the subsidiaries are not covered under Ind AS

applicability criteria. From 1 April 2016 ABC Pvt. Ltd. decides to apply

Ind AS on voluntary basis , decides to apply Ind AS on voluntary

basis. Whether the 3 subsidiaries of the company are also need to

adopt the Ind AS from 1 April 2016?

Microsoft Word

Document

Issues:

• Issue-14:• ABC Limited, a listed company, which historically used calendar year

(i.e. 12 month period ending 31 December) as its financial year. To

comply with the Companies Act,2013 requirement concerning the

uniform financial year, the company is preparing the financial

statement for 15 months period from 1 January 2015 to 31 March

2016. Can the company adopt Ind AS on voluntary basis in its

financial statement for 15 months period ended 31 March 2016?

• Issue-15:• XYZ Limited is a non-listed company having net worth of more than

INR 500 cr. Accordingly, it started applying Ind-AS from financial year

beginning 1 April 2016. However, in the year 2019, due to continuous

losses and significant business restructurings, its net worth

decreased to INR 200 cr. Is XYZ Ltd. still required to apply Ind AS?

Can it choose to revert to Indian GAAP?

Issues:

• Issue-16:• LT Finance Ltd., is a NBFC and subsidiary of LT Ltd., a company

covered in mandatory phase 1 of Ind AS adoption. Whether LT

Finance Ltd., being subsidiary of a covered company, also required to

adopt Ind-As from the same date? Alternatively, can the NBFC adopt

Ind-AS for its statutory financial statement on voluntary basis?

• What if LT Finance Ltd. is holding company of 4 subsidiaries covered

under phase-1 of Ind AS adoption?

• Issue-17:• PS Ltd. is a company not listed in any stock exchange in India but is

listed in stock exchange outside India, will Ind AS apply to PS Ltd.

What if only debt are listed on such stock exchange, will it still need

to adopt Ind AS?

Key area of changes in Ind AS

vs. AS

Key area of changes:

37

Topic IGAAP (AS-1) IND-AS (Ind-AS-1)

Presentation of

Financial Statements-

reclassification

One line stating that

previous year figures

are reclassified to

confirm to the

presentation in the

current period.

When comparatives

amounts are

reclassified, nature,

amount and reason for

reclassifications need

to be disclosed.

Presentation of


extraordinary items

Disclosed as separate

line item in the

Statement of P & L

Presentation of any

items of income or

expense as extra

ordinary item is

prohibited.

Presentation of


definition of

“material”

Material= knowledge of

which can influence

the decision of the user

of FS

Omission or

misstatement can be

material if individually

or collectively influence

the decision of user.


38

Topic IGAAP IND-AS

Inventories-deferred

settlement scheme

AS-2 v/s IND AS-2

No separate guidance

provided in the

accounting standard

Difference between the

purchase price of

inventories for normal

credit terms and

amount paid for

deferred credit terms is

recognized as

expenses.

Events after the

reporting period-

dividends

AS-4 v/s IND AS-10

AS-4 override Schedule

III and hence provision

require to be created in

the books

Non-adjusting event

and to be recognized as

liability in the period in

which it is declared.


39

Topic IGAAP (AS-22) IND-AS (IND-AS-12)

Income Tax- deferred

income tax

Computed for timing

differences in respect of

items of Profit or loss

i.e. P & L as well as

Balance Sheet method

Computed for

temporary differences

between carrying

amount of assets &

liabilities i.e. Only

Balance sheet method

Income Tax- deferred

tax on unrealized

intra group profits

Deferred tax liability is

aggregation from SFS

of each entity

Deferred tax on

unrealized intra-group

profit is recognized at

the buyer’s rate

Income Tax-

disclosures

No disclosures except

few like component of

timing differences

Disclosures like tax

rate reconciliations,

details of tax holiday’s

and expiry,

unrecognized DTL on

undistributed earnings

of subsidiary etc.

Unused tax losses & Unused tax credits: (Para 34 to Para 37)

� DTA is recognised for unused losses and ununsed tax credits to the

extent it is probable that future taxable profit will be available against

which the unused tax losses and unused tax credits can be utilised.

� Probable- not defined in Ind AS 12, factors to consider:

� Existence of sufficient taxable temporary differences

� Taxable profit before UTL or UTC expires

� Identified causes unlikely to recur

� Re-assess the unrecognised DTA on each reporting date

� Requirement under Ind AS 12 relaxed but not become easy ("Virtual

Certainity")

� Situation where DTA under Ind AS 12 but not under AS-22

Case Studies:

CS-1:

• A newly set-up entity (New Co.) incurred significant losses in the first

three years of operations due to reasons such as advertising and initial

set-up related costs, significant borrowing costs and lower level of

activity in the first two years of operations. Over the years, there has

been a significant increase in the operations of New Co. and its

advertisement cost has stabilised to a normal level.

• Further, it has raised new capital during the year and repaid its major

borrowing. The cumulative effect of all the events is that the New Co.

has started earning profits from the fourth year. It is expected to make

substantial profits in the next three years that may absorb the entire

accumulated tax loss of the entity. However, the nature of the business

is such that it does not have any binding orders. What will be your

opinion in light of Ind AS-12?

Case Studies:

CS-2:

• A battery manufacturer (Battery Co.), who had incurred tax losses in

the past, enters into an exclusive sales agreement with a car

manufacturer (Car Co.). According to the agreement, all the cars

manufactured by Car Co. will only use batteries manufactured by

Battery Co. Though Car Co. has not guaranteed any minimum off-take,

there is significant demand for its cars in the market


43

Topic IGAAP (AS-10 & AS-6) IND-AS (IND-AS-16)

PPE- Cost of

dismantling etc.

No such specific

requirement

Initial estimate of such

cost need to be

included in the cost of

respective PPE.

PPE- Change in

Method of

depreciation

Require retrospective

computation of

depreciation and such

change is change in

accounting policy

Change in method of

depreciation is

considered as change

in accounting estimate

and are applied

prospectively.

PPE- reassessment of

useful life, residual

value and

depreciation method

No such specific

requirement

RV- review at least at

each year end

UL & Dep. Method -

annual assessment


44

Topic IGAAP IND-AS

Leases- Operating

lease rental

recognition

AS-19 v/s Ind AS-17

Lease payments are

recognized on straight

line basis

No straight lining as

per IND AS

Related party

disclosure-KMP

AS-18 v/s Ind AS-24

Compensation to KMP

is disclosed in total as

an aggregate

Compensation need to

be bifurcated into

various component

such as short term

benefit, long term

benefit etc.

Provision & CL-

Contingent assets

AS-29 v/s Ind AS-37

Neither recognized nor

disclosed in the FS

Not recognized but

disclosed in the FS

when an inflow of

economic benefit is

probable.

Key area of changes: IND AS-115 Revenue

Recognition

• Few questions?• Why India was among the first few countries to adopt the new revenue

standard Ind AS-115 or IFRS-15?

• Why this standard got deferred in India as well Internationally?

• What is the current status of these standard internationally? Whether

internationally the standard has been adopted anywhere?

• What is so different or difficult in the new revenue standard?

• What will be the major challenges in implementing the new revenue

standard?

45

Key area of changes: IND AS-115 Revenue

Recognition

• Key highlights of new standard:

• Control of goods and service V/s transfer of Risk and Reward

• Transfer of control = Transfer of Risk and Reward

• Five step model for revenue recognition:

• Identify Contract with the Customer

• Identify separate performance obligations in the contract

• Determine transaction price

• Allocate transaction price to separate performance obligations

• Recognize revenue when each performance obligation is

satisfied

e.g. Solar plant with free maintenance for 5 years, Real estate

developers, IT Support Service with Hardware element

46

Key area of changes: IND AS-110 Consolidation:

• Control Test:

• Indian GAAP

• 50% Voting power

OR

• Control Over Board composition

• IND-AS (Substance Over Form)

• Power over investee

&

• Exposure or rights to variable returns from involvement with

investee

&

• Ability to use power over investee to influence returns

47

Key area of changes: IND AS-110 Consolidation

48

Control

Normal

Control

De-facto

Control

51% 40%

Rule

based

Substanc

e based

Key area of changes: IND AS-110 Consolidation

Consolidate

(AS-21)

a a Both should

consolidate

Consolidate

(Ind-AS-

110)

x x Will be JV’s

and equity

method

consolidation

Loss in top line, bottom line and EBTA and only EPS will gain.

49

ABC Ltd.

A Ltd. B Ltd.

51% 49%

Board

Compositio

n

Key area of changes: IND AS-110 Consolidation:

• Other Key issues:

• Participative V/s Protective rights

• e.g. A Ltd.-70% Holding in Insurance Co. Ltd and B(PE Investor)

holds-30% but has budget rights and other important rights

• IGAAP- A Ltd. will consolidate

• Ind-AS- No consolidation and equity method of accounting

• Solution-??????????????????????????

• Potential Voting rights:

• Potential= Current + Future (Convertible Debentures)

• If the above is likely to be > 50%- May consolidate

• Consolidation of JV's:

• Proportionate Consolidation V/s equity method as allowed now

• Will come after EBTA but before Net income and taxes

50

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Documents

One Day Seminar on IND AS WICASA Student Event · PDF filemandated by Schedule II of Companies Act2013) Depreciationmethodtoberequiredtobe reviewed at least at each financial year