IFRS Implementation Masterclass

IFRS Implementation Masterclass

 

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About The Event

IFRS Implementation Masterclass - A Journey towards the Global Practice

 

INTRODUCTION:

Indian GAAP’s convergence with IFRS has gained momentum in the recent years. The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) is a by far more accountable and widely used accounting standard all throughout the globe. Conversion is much more than a technical accounting issue. IFRS in India may significantly affect a company’s day-to-day operations and may even impact the reported profitability of the business itself.

 

In July 2014, the Finance Minister in his Budget speech proposed the adoption of the new Indian Accounting Standards (Ind AS – the converged IFRS standards) by Indian companies voluntarily from FY 2015-16 and mandatory from FY 2016-17.

 

Astrazure’s one day workshop IFRS (IND-AS) Masterclass is designed to enhance the knowledge on the recent changes in IFRS and it’s implementation roadmap and challenges in India. Also it will throw key insights on the differences between IFRS and Indian GAAP and the impact points on companies during conversion.

 

AGENDA:

Session 1: 

IFRS – Implementation Roadmap in India

  • Phases of implementation and it’s implication

 

Implementation challenges

  • Fair Value
  • Valuation of financial assets
  • Revenue Recognition
  • Disclosure standards
  • Business Combinations

 

Session 2First Time Adoption of Ind AS (IFRS) in India- Requirements & Way Forward

  • Requirements relating to First Time Adoption
  • Voluntary exemptions
  • Mandatory exceptions
  • Opening IFRS Balance Sheet
  • Challenges in First Time Adoption
  • Way Forward

 

Session 3: Key differences between IFRS and Indian GAAP

  • Overall financial statement presentation
  • Accounting policies
  • Assets
  • Liabilities
  • Income and expenditure
  • Financial instruments
  • Consolidation
  • Associates, equity method investees and joint ventures
  • Others
      -  Foreign currency translation
      -  Government grants and disclosure of government assistance
      -  Events after the balance sheet date 
      -  Related party disclosures

 

Session 4: Where and How will IFRS impact Indian Companies

  • Heavy impact sectors – Banking and Real Estate, etc
  • Credit rating
  • Debt covenants
  • Dividend distribution
  • Financial-product's design
  • Taxes
  • Exit clause of investors
  • Contingent consideration (on acquisition),etc.
  • IFRS for SMEs

 

WORKSHOP EXPERTS:

 

  1. Sanjeev Singhal - Member, National Advisory Committee on Accounting Standards
    VP Finance, Jubilant Life Sciences
    CII Representative on Accounting Standards Board and Cost Accounting Standards Board
    Chairman, CII Task Force on Accounting and Auditing Standards
    Member, CII National Accounting Standards Board


  2. Archana Bhutani - Partner, B S R & Company
                             Member, Accounting Standards Board

 

Fore more details and information, please contact the below mentioned:

 

 

 

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