The Financial Year 2016-17 has heralded a new era of financial reporting in Indian corporate sector. Convergence of Indian Accounting Standards (IndAS) with International Financial Reporting Standards (IFRS) has become a reality for the companies covered under Phase I of the implementation of IndAS. The adoption of IndAS has catapulted India at the centre stage of high quality and transparent financial reporting.
The IndAS being converged standards to IFRS can provide reasonable comfort to international stakeholders investing in Indian companies, provided these standards are implemented in its spirit and they compatibly embrace the change.
The journey of convergence to IFRS has been nine years long and BCAS has been a front runner in equipping its members and other stakeholders at large with the knowledge of IFRS and IndAS since past six years. Companies implementing IndAS during phase I are also grappling with several implementation challenges.
Further the Phase II companies are also in queue to implement IndAS from F.Y.2017-18, for which they would have to restate their F.Y.2016-17 financials also as IndAS comparatives to F.Y.2017-18.
The 7th BCAS IndAS Residential Study Course has been planned to address the implementation challenges being faced as well as to impart knowledge of implementing IndAS to the professionals to have a smooth transition for the corporate sector.