Implementation Guide on Auditor’s Reports under Indian Accounting Standards for Transition Phase

During the last year, the Ministry of Corporate Affairs had issued the roadmap for the implementation of the Indian Accounting Standards (Ind AS). As per the roadmap, Ind AS are mandatory for certain classes of companies from the current financial year 2016-17 and for other classes of companies from subsequent financial years. An urgent need was felt for providing appropriate guidance to the members on the auditor’s reporting responsibilities on financial statements prepared as per Ind AS especially during the transition phase of switching over from the “Accounting Standards Framework” to the “Ind AS Framework”.

Auditing and Assurance Standards Board has brought out this “Implementation Guide on Auditor’s Reports under Indian Accounting Standards for Transition Phase” for the benefit of the members. The Implementation Guide was initially developed by an expert group constituted by the Board for this purpose and thereafter it was finalised with the contribution of the members of the Board and the Council of ICAI. The

Implementation Guide has been written    in an easy to understand language and is quite comprehensive.

The Implementation Guide addresses the various issues relating to the auditor’s reporting responsibilities on the financial statements prepared under the Indian Accounting Standards (Ind AS) framework especially during the transition phase of first time implementation of Ind AS Framework.

The complete text of the Implementation Guide has been hosted on ICAI’s website at following URL:

http://resource.cdn.icai.org/43184aasb32904.pdf

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