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With increasing global imprints, companies across the world are seeking out markets across emerging economies to fulfil their capital requirements, and drive growth.
In this scenario, the use of different accounting frameworks in different countries can lead to confusion, bringing about inefficiency in capital markets across the world. Increasing complexity of business transactions and globalization of capital markets call for a single set of high quality accounting standards.
The new leasing standard, Ind AS 116 Leases, has replaced the existing standard (Ind AS 17) from accounting periods beginning 1 April 2019. This standard is the Indian equivalent of the global standard IFRS 16, which has become effective for annual periods beginning on or after 1 January 2019. The new standard is expected to bring about a substantial change in lease accounting for lessees by replacing existing dual finance vs operating lease model with a “single accounting model for all leases” which recognizes leases in the balance sheet on day one, in the form of a right-of-use asset and a lease liability.
While larger multi-national organizations can make this transition process with resources on their side, for many smaller and mid-sized organizations, this transition can pose difficult questions.
Indian entities of foreign corporates, all listed entities and Indian corporates above a specific net worth criteria require reporting as per International Financial Reporting Standards (IFRS) or New Indian Accounting Standards (Ind – AS).
Extensive review & assessment to gauge the impact on your business, with necessary review and advisory services are carried out to make sure requirements are met and effective measures are in place to implement conversion to IND-AS. GKM takes great care to ensure your business undergoes minimum disruption at the time of transition, while training your internal team on continued compliance with key IND-AS requirements.
Reach out to us to discuss on your questions regarding NRI taxation, business setup in India / USA, GST returns filing, transfer pricing or any other questions.
To discuss further,
#141, Alagesan Road, Saibaba Colony,
Coimbatore - 641 011
Have a query? Write to us.
Have an inquiry? Schedule a call with a member of the GKM helpdesk
for a free initial consultation.