Ms Harini, Dr. Ds. Prathima


With the IFRS-convergent Ind AS having already arrived in the country, it is but natural on the part of the various associated stakeholder categories to be curious of the outcome of the implementation of the new regime.  Two important categories associated with India Inc are the companies that are required to comply with the new regime and the practising finance professionals who have been advising the said companies. The researcher interacted with 30  companies and 30 practising finance professionals for the purpose.  Expectedly, the comments of the practising finance professionals dwelt more on the micro-level implications of the Ind AS while that of the companies dwelt on the micro as well as macro level implications of Ind AS, perhaps more of the former than of the latter,  for obvious reasons.  However, both the categories believe in various degrees that the  carve-outs defined in Ind AS may affect the acceptability of Ind AS financial statements at the global level. This is something all the stakeholder categories should look into for obvious reasons.  Another issue that should be looked into is the comment of the companies that the options available for alternative accounting treatments under Ind AS impact the comparability of financial statements.  Both the categories admit that  Ind AS implementation has affected corporate governance and control processes significantly and this is a good tiding.  Teething troubles are to be expected when a new system is put in place, but they will sort themselves out sooner rather than later, believes the researcher.


carve-outs; comparability; corporate governance; IFRS-convergent; Ind AS

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