Ind AS – Applicability & Sector-wise Analysis

Financial year 2016-17 has been a year of monumental change in the financial reporting landscape in India. From 1 April 2016, Indian Accounting Standards (Ind AS), converged with International Financial Reporting Standards (IFRS) is new accounting norm for listed and unlisted companies with net worth in excess of Rs. 500 crores (phase I). As per some estimates, approximately 350 companies/groups, covered in phase I of Ind AS roadmap, have published their interim financial results under Ind AS.

From 1 April 2017, approximately 8,500 Indian companies, i.e., balance listed companies and, unlisted companies with net worth in excess of Rs. 250 crores, will be covered by Ind AS (phase II) which is almost 25 times the number of companies covered in Phase I. Ind AS contains many new concepts and many requirements are quite complex. Therefore, it would be fitting for these Ind AS phase II companies to leverage on the learning and experiences of bigger phase I companies. Towards this end, in order to assess the Ind AS transition, this publication provides Ind AS technical analysis based on an analysis of the 30 June 2016 and 30 September 2016 quarterly financial results of 110 Ind AS phase I companies across 18 sectors. We discuss the overall impact as well as sector-wise impact of the key Ind AS requirements vis-à-vis the previous Indian GAAP accounting. This publication would help the phase II companies to identify Ind AS requirements that are relevant to them and evaluate various accounting policy choice available under Ind AS.

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