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India sets up transition facilitation group

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12 Jan 2016

The Accounting Standards Board (ASB) of the of the Institute of Chartered Accountants of India (ICAI) has set up an Ind AS Transition Facilitation Group (ITFG). Ind AS, which are largely converged with IFRSs but not identical, are applicable to certain Indian companies from 1 April 2016 on mandatory basis.

In connection with the imminent effective date of the new accounting standards, the ASB has identified the need to address various issues raised on urgent basis, which will be dealt with by the ITFG in two ways:

  • Issues regarding the clarification of the application/implementation of Ind AS may be dealt with directly by the ITFG, which will provide clarification of the issues referred to it in a timely manner.
  • Issues pertaining to interpretation of Ind AS that require in-depth study and issuance of guidance or educational material will be referred by the ITFG to either the ASB or other relevant bodies of the ICAI.

Please click for the press release announcing the constitution of the ITFG (link to ICAI website).

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