In January 2016, the Ministry of Corporate Affairs (MCA) announced the Ind AS roadmap for scheduled commercial banks (excluding regional rural banks [RRBs]), insurers/insurance companies and NBFCs, thus initiating an era of implementation of Ind AS from 1st April, 2016 onwards for certain class of companies. The MCA further clarified that notwithstanding the IndAS roadmap for companies, the holding, subsidiary, joint venture or associate companies of banks would also prepare Ind AS financial statements for accounting periods beginning 1 April 2018, with comparatives for the periods ending March 31, 2018 or thereafter.
We believe, implementing Ind AS is likely to impact key financial reporting systems and processes and performance metrics. The Audit Committee of the Board has to oversee the progress of the Ind AS implementation process and report to the Board.The key areas of impact on Banks under Ind AS would include inter alia impairment of loans to customers, relevant date for recognition of gains/ losses on dealing with securities, accounting for customer loyalty programs, sale of NPAs, classification of financial assets, accounting for derivatives etc. Critical issues also include accounting policy decisions impacting financials, systems and processes, business impact assessment (profit, budgeting, taxation, capital adequacy planning) and training human resources to approach execution holistically.
The Banking, Financial Services and Insurance Committee of The Institute of Chartered Accountants of India (ICAI) is our knowledge partner for the workshop.
- Discussions on Classification and Measurement of Financial Assets
- Classification and Measurement of Financial Liabilities
- Hedge Accounting and Derivatives, Fair Value Measurement
- Impairment of Financial Assets, Presentation of Financial Statements and Disclosure
- Derecognition, Consolidation and Other Residuary Issues
- To enable the participants to have an overview into the Ind AS so as to facilitate smooth and effective implementation of Ind AS in their respective organisations.
- All the sessions of the conference will be taken up by distinguished and seasoned speakers having expertise in their respective fields