The implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) by Indian Companies is a monumental step in the accounting history of India. ICAI is committed to play an important role to ensure effective and smooth implementation of IFRS converged Ind AS in India. For this purpose, the Ind AS Implementation Group of the ICAI is actively engaged in providing adequate guidance to members on Ind AS through its various initiatives.
One of the initiatives is to provide timely clarification on the transition related and Ind AS Implementation related issues. For this purpose, an Ind AS Transition Facilitation Group (ITFG) was constituted in the year 2016. In the year 2018, the said Group has been renamed as Ind AS Technical Facilitation Group (ITFG). The Group comprises of experts from accountancy firms, industry representatives and other eminent professionals. The group met 18 times in a span of three years to resolve the queries raised and till date have issued 17 clarification bulletins comprising 132 issues. The first edition contained clarifications issued till bulletin 14. This second edition of the publication has been updated to include the clarifications issued through bulletin 15, 16 and 17. Thus, this publication contains all the issues clarified through these 17 ITFG Clarifications Bulletins at one place for ease of reference of the members and other stakeholders.
We may apprise that the clarifications given or views expressed by the Ind AS Technical Facilitation Group (ITFG) represent the views of the members of the ITFG and are not necessarily the views of the Ind AS Implementation Group or any Committee/Board or the Council of the Institute. The clarifications/views are based on the accounting principles as on the date the Group finalises the particular clarification. The date of finalisation of each clarification Bulletin is indicated along with the clarification Bulletin. The clarification must, therefore, be read in the light of any amendments and/or other developments subsequent to the issuance of clarifications by the Group.