Beruflich Dokumente
Kultur Dokumente
AND AUDITING
UPDATE
February 2015
In this issue
Editorial
After much speculation of will they or wouldnt
they, the Ministry of Corporate Affairs in the
Government of India has notified the updated
timeline and eligibility criteria for companies to
apply the new IFRS converged Indian Accounting
Standards (Ind AS) and the standards themselves.
The time for action is now and companies all
over India are rushing to work on this area and
consider the impact that this imminent move in
corporate reporting will have on them. In some
areas, companies in India will be able to learn
from the experiences of transition to IFRS in other
countries, but for some areas such as revenue
recognition and financial instruments, India will
actually be applying new IFRS standards prior to
the rest of the world. This additional burden and
sense of responsibility on corporate India to get
the transition and application of these standards
right will be key because we will be in the direct
line of sight and focus of the IFRS world. We
lead this months issue with an overview of the
roadmap, key areas of impact and carve outs under
Ind AS.
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Jamil Khatri
Deputy Head of Audit,
KPMG in India
Global Head of Accounting
Advisory Services
Sai Venkateshwaran
Partner and Head,
Accounting Advisory Services,
KPMG in India
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Phase I
Phase II
Voluntary adoption
Year of adoption
FY 2016 - 17
FY 2017 - 18
Comparative year
FY 2015 - 16
FY 2016 - 17
FY 2014 - 15 or thereafter
a. Listed companies
b. Unlisted companies
c. Group companies
Covered companies
1. Source: Also refer to KPMG in Indias IFRS Notes dated 23 February 2015
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Exceptions
Companies whose securities are listed or
in the process of listing on the Small and
Medium Enterprises (SME) exchanges
will not be required to apply Ind AS and
can continue to comply with the existing
accounting standards unless they choose
otherwise.
Other significant matters
The Ind AS would apply to stand-alone
company :
having an overseas subsidiary,
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recognition model
Timing of recognition of revenue (right
substance)
Gross vs. net presentation (excise duty,
other charges)
Service concession arrangements
different accounting.
general overheads
Asset retirement obligation (to consider
intangibles
Restriction on revenue based
amortisation.
Consolidation
Under Indian GAAP, control is assessed
based on ownership of more than onehalf of the voting power or control of the
composition of the Board of Directors.
However, Ind AS 110, Consolidated
Financial Statements, introduces a new
definition of control and a single control
model as per which an investor controls
an investee when the investor is exposed,
or has rights, to variable returns from its
involvement with the investee, and has
the ability to affect those returns through
its power over the investee. Due to the
fundamental difference in the definition
of control, the universe of entities that get
consolidated could potentially be different
under the two frameworks.
Following are some of the key GAAP
differences between Indian GAAP and Ind
AS:
Consolidation based on new definition
of control:
Veto rights with minority
shareholders
Potential voting rights
Structured entities
of control)
Deferred tax on undistributed reserves
Deferred tax on intercompany
eliminations
Mandatory use of uniform accounting
policies.
Mergers and acquisitions
Under Indian GAAP, there is no
comprehensive guidance that addresses
accounting for business combinations
and the current accounting is driven by
the form of the transaction, i.e. legal
merger, share acquisition, business
division acquisition, etc. which results
in varied results based on the form of
acquisition. Under Ind AS 103, Business
Combinations, all business combinations
are accounted for using the purchase
method that considers the acquisition
date fair values of all assets, liabilities and
contingent liabilities of the acquiree. The
limited exception to this principle relates
to acquisitions between entities under
common control.
Following are some of the key GAAP
differences between Indian GAAP and Ind
AS:
Acquisition date when control is
instances
Common control transactions to be
De facto control
Joint venture potential one line
consolidation
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Stock options
graded vesting
Other areas
dividend
Discounting of provisions
Additional disclosure on related parties
Extensive disclosures on segments
recognition permitted.
sensitivity analysis
Interest rate risk including sensitivity
analysis.
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Ind AS carve-outs
IFRS requirements
Mandatory carve-outs
Law overrides
accounting standards
Law would override accounting standards. It appears to imply that court schemes whereby expenses
are charged to reserves may be grandfathered and also possibly for future schemes (subject to
compliance with other regulatory requirements)
Previous GAAP
Ind AS 101 specifies previous GAAP as the GAAP applied by companies to meet their reporting
requirements in India immediately before Ind AS i.e. existing notified standards
Foreign currency
convertible bonds
- treatment of
conversion option
Employee benefits
discount rate
Mandatory use of government securities yields for determining actuarial liabilities (except for foreign
components)
Business acquisitions
gain on bargain
purchase
Classification of
loan with covenant
breaches
Entities to continue classifying loans as non-current even in case of breach of a material provision if,
before the approval of the financial statements, the lender agreed not to demand payment
Lease rental
recognition
No straight-lining for escalation of lease rentals in line with expected general inflation
Investment in
associates gain on
bargain purchase
Excess of the investors share of the net fair value of the investees identifiable assets and liabilities
over the cost of investment to be transferred to capital reserve instead of in the statement of profit
and loss
Foreign exchange
fluctuations
Option to continue the policy adopted for accounting for exchange differences arising from
translation of long-term foreign currency monetary items recognised in the financial statements for
the period ending immediately before the beginning of the first Ind AS financial reporting period as
per the previous GAAP
Accounting policies
of joint-ventures and
associates
Option not to align the accounting policy of associates and joint ventures with that of the parent, if
impracticable.
Optional carve-outs
General requirements
An opening balance sheet is prepared
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applied prospectively
Entity may apply the derecognition
Business combinations
Next Steps
For Indian companies, there is very limited time for this transition, with the mandatory transition date of 1 April 2015
being just over a month away for companies covered under phase I. This change has an organisation wide impact, and
is not just an accounting change. The devil is in the detail. Companies will, therefore, need to plan in advance and invest
time. Given the pervasive nature of the impact of these new standards, in addition to the financial reporting impacts,
companies will also have to assess impact on other stakeholders such as investors and analysts. Companies should
immediately undertake a holistic assessment, and gear up with a robust implementation plan to deal with a change of
this magnitude within the fairly short timelines.
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India.
Introduction1
The World Bank defines NPOs as private
organisations that pursue activities to
relieve suffering, promote the interests
of the poor, protect the environment,
provide basic social services, or undertake
community development.
The term NPO is very broad and
encompasses different types of
organisations ranging from international
charities, community based self-help
groups to research associations and
professional organisations.
There are certain features that distinguish
NPOs from for profit organisations.
These include:
NPOs do not operate primarily for
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Basis of accounting
The term basis of accounting refers
to the timing of recognition of revenue,
expenses, assets and liabilities in the
financial statements. The commonly
prevailing basis of accounting are (a) cash
basis of accounting; and (b) accrual basis
of accounting.
The Technical Guide recommends
that all NPOs, including non-company
NPOs, should maintain their books of
account on an accrual basis as it follows
a matching concept relating to income
and expenditure and also it presents the
correct financial position of an organisation
at a given point of time.
NPOs registered under the Companies
Act, 2013/1956, are required to maintain
their books of account according to accrual
basis under the requirements of the
Companies Act. If the books are not kept
on an accrual basis, it shall be deemed as
per the provisions of the section 128 of the
Companies Act, 2013/section 209 of the
Companies Act, 1956, that proper books
of account are not kept. Accordingly, penal
Applicability of accounting
standards
As per the preface to the statement of
Accounting Standards issued by the
Institute of Chartered Accountants of
India:
Accounting Standards apply in respect
of any enterprise (whether organised in
corporate, cooperative or other forms)
engaged in commercial, industrial
or business activities, irrespective
of whether it is profit oriented or it is
established for charitable or religious
purposes. Accounting Standards will
not, however, apply to enterprises only
carrying on the activities which are not of
commercial, industrial or business nature,
(e.g., an activity of collecting donations
and giving them to flood affected people).
The above paragraph seems to suggest
that Accounting Standards formulated by
the ICAI do not apply to an NPO due to
nature of their business.
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10
received/deposited in a designated/
separate bank account
Foreign contribution should not be
Conclusion
As is evident from above, NPOs like
any other organisation, are required to
follow a similar accounting framework for
measurement and recognition principles
as are applicable to profit-oriented
organisations. In some elements of the
financial statements, the presentation
and disclosure requirements may
differ. However, these organisations
are subjected to lot of scrutiny by the
regulators to ensure that the exemptions/
privileges granted to them are not
misused.
With the introduction of the CSR
regulations, several corporates in India
have now begun to focus on CSR as
a required activity and are looking for
partnering with NPOs to effectively utilise
their CSR spend.
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11
and Disclosure Standards as released by the Ministry of Finance on 8 January 2015 (ICDS (2015)) and the current framework
of accounting principles (Indian GAAP).
1. Source: Draft Income computation and disclosure standards as issued by the Ministry of Finance on 8 January 2015 Final Report of the Committee constituted for formulating Accounting Standards
for the purposes of notification under section 145(2) of the Income-tax Act, 1961.
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12
Recent events
In the union budget presented on 10 July
2014, the Finance Minister recognised
the need to converge existing notified
standards under Indian GAAP with the
IFRS. Additionally, the Finance Minister
announced amendment to Section 145
of the IT Act and mentioned that the
standards for computation of tax would
be notified separately. The Tax Accounting
Standards were referred to as Income
Computation and Disclosure Standards
(ICDS) in the Finance Bill Memorandum
(previously termed as TAS).
Close to the heels of the press release
notifying the roadmap for Ind AS
convergence on 2 January 2015, the
Ministry of Finance on 8 January 2015
issued a revised draft of 12 ICDS (ICDS
(2015)) as a follow up to the union budget
announcement.
These revised draft of ICDS (2015)
are proposed to be applicable for the
computation of income to be offered
for income tax under the IT Act. Taxable
profits would be determined after making
appropriate adjustments to the financial
statements (whether prepared under
IFRS/ AS/ Ind AS).
This addresses a significant roadblock in
the adoption of Ind AS and is expected
to some extent provide stability in tax
treatments of various items. As stated
in the budget speech by the Finance
Minister, it is expected that ICDS will
apply from the assessment year 2016-17
onwards.
The revised draft ICDS (2015) also
addresses some of the concerns raised by
the stakeholders on the draft ICDS (2012)
and propose transitional provisions to
follow the ICDS.
Leases
The revised draft ICDS (2015) propose
that the depreciation on finance leases to
be accounted for by the lessee. However,
currently the IT Act allows depreciation
only on those assets that are owned
by the assessee. Therefore, suitable
amendments to the IT Act need to be
made in this regard.
While the revised draft ICDS (2015) on
leases, as proposed, has been brought in
line with AS 19, Leases, in most respects,
some major deviations still remain.
AS 19 provides several indicators to
classify a lease as a finance lease and
requires consideration of such indicators
in totality along with the substance of
the transaction. However, it seems that
the revised draft ICDS (2015) proposes
the existence of any one of the indicators
described as sufficient evidence for
finance lease classification. This difference
between the approach adopted under AS
19 and the revised draft ICDS (2015) may
lead to a larger number of leases which
were previously classified as operating
leases, to qualify as finance leases under
the revised draft ICDS (2015).
Minimum Lease Payments definition
under AS 19 is different for lessor and
lessee. Under AS 19, the definition of MLP
for the lessor additionally includes any
residual value guaranteed to the lessor
by an independent third party financially
capable of meeting this guarantee. The
definition of minimum lease payments
for both the lessor and lessee is same
under the revised draft ICDS (2015) and
does not contain reference to residual
value guaranteed by an independent third
party. This may lead to different lease
classification under AS 19 and the revised
draft ICDS (2015).
Another important point to note is that
the revised draft ICDS (2015) proposes
a joint confirmation from both the lessor
and the lessee that they have adopted
the same classification of lease. In case
such a joint confirmation is not executed,
the lessee would not be allowed to claim
depreciation. It is not clear though, if the
lessor would be entitled to depreciation in
such cases.
Further, as per the revised draft ICDS
(2015) the use of another systematic
basis (other than straight line basis) for
recognising operating lease income by
lessors and operating lease expenses
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13
Borrowing costs
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Transitional provisions
The revised draft ICDS (2015) has
proposed transitional provisions for 11
out of the 12 standards issued except
for revised draft ICDS on Securities.
According to the transitional provisions for
revenue recognition, impacted companies
shall have to do a retrospective catch up
at the date of transition to the extent its
current revenue recognition principles
were different from ICDS. In all other
cases, the provisions apply only on a
prospective basis.
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15
1. Source : Exposure Draft on Frequently asked questions on the provisions of Corporate Social Responsibility under section 135 of
the Companies Act 2013 and Rules thereon as issued by the ICAI
2. Source : CSR spend implies amount of expenditure incurred on CSR activities in a particular year
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Other clarifications
Expenditure incurred in the ordinary
course of business not to be
considered for CSR spending - In
order to safeguard the interests of the
society and minimise manipulations by
companies, the ED has clarified that
expenses related to activities undertaken
in the normal course of business or
expenses incurred by companies
otherwise required for fulfilment of any
Act or law can not be considered as part
of eligible CSR spend. For example,
an electricity distribution company
connecting the last house in a village
can not classify such expense as CSR.
Similarly, spending on installation of a
device to prevent pollution which are
mandatorily required to be carried out
by law should not be classified as CSR
spend. Further, activities or programmes
Conclusion
Guidance on treatment of CSR spending
in the books of account and disclosures in
the financial statements provided by the
ICAI should be welcomed by corporate
India. The proposed ED once finalised
and notified will help to standardise the
accounting for CSR spending and help
ensure consistency in reporting of such
information across industries in India.
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17
exchange transactions.
Background
In todays world with many Indian
entities having either foreign operations
or dealing with multiple currencies and
overseas parties, accounting for foreign
currency transactions has become a
critical topic. Under the current accounting
standards as per Generally Accepted
Accounting Principles in India (Indian
GAAP), AS 11, The Effects of Changes
in Foreign Exchange Rates provides the
requisite guidance on accounting for
foreign currency transactions. Under
Indian Accounting Standard (Ind AS), the
corresponding standard on this topic is Ind
AS 21, The Effects of Changes in Foreign
Exchange Rates.
While both standards are similar in many
aspects, there are certain critical areas of
difference which may result in significant
accounting implications once Ind AS is
implemented.
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18
Conclusion
With the revised roadmap on Ind AS
implementation issued recently and ICDS
expected to be applicable from 1 April
2015, corporate India needs to speed up
its readiness process for these new set
of challenges so that there is minimal
disruption to business activities, and also
make sure that stakeholders interest and
concerns are appropriately addressed.
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19
1. Sources: KPMGs Insights into IFRS (11th edition), IFRS 3, Business Combinations and Ind AS 103, Business Combinations
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20
Conclusion
Each case of an acquisition needs
significant judgement as to whether the
acquired set is a purchase of business
or purchase of assets. This is one of the
most important areas of judgement which
can have a significant impact on the way
the transactions are accounted.
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21
Regulatory
updates
Constitution of a committee
to monitor implementation
of the Corporate Social
Responsibility (CSR)
policies by companies
For financial year ending 31 March 2015,
prescribed companies are required to
comply with the provisions of section
135 of the Companies Act, 2013 (2013
Act) relating to contribution towards
Corporate Social Responsibility (CSR)
initiatives. In this regard, the Ministry of
Corporate Affairs (MCA) has constituted
a committee:
to recommend suitable
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22
3. Ensuring customer
appropriateness and suitability:
While undertaking insurance
distribution business, either under
the corporate agency or broking
model under the relevant IRDA
Regulations, banks must ensure that:
a. All employees should possess
requisite qualifications as
prescribed by the IRDA to deal
with insurance agency/broking
business
b. Standardised system to assess
suitability and appropriateness
of the products as per customer
needs should be in place to
ensure that the customers are
treated fairly and in a transparent
manner.
4. Payment of commission,
brokerage or incentive: Banks
should adhere to the guidelines
issued by IRDA and Banking
Regulation Act, 1949, in relation to
payment of commissions, brokerage
or incentives to its staff. Banks
should also ensure that no part of
incentive whether cash or non cash
should be paid to the staff engaged
in insurance broking services by the
insurance company .
5. Know Your Customers (KYC) : The
KYC guidelines should be adhered to.
6. Transparency and disclosures:
Banks should not follow any
restrictive policies such as forcing a
customer to either opt for products
of a specific insurance company
or link sale of such products to any
other banking product. Banks should
state prominently in all publicity
material distributed by them that
the purchase of any insurance
products by a banks customer is
purely voluntary, and is not linked to
availment of any other facility from
the bank. Further, the details of
fees/ brokerage received in respect
of insurance broking business
undertaken by them should be
disclosed in the notes to accounts
to their balance sheet.
7. Customer grievance redressal
mechanism: A robust internal
grievance redressal mechanism
should be put in place along
with a Board approved customer
compensation policy for resolving
issues related to services offered.
Companies (Removal of
Difficulties) Order, 2015
Amendment in the definition of
small company
The Companies Act, 2013 required
that a company, other than a public
company, could be classified as a small
company if its paid up share capital
does not exceed INR5million (or such
other amount as may be prescribed) or
its turnover as per the last statement of
profit and loss does not exceed INR20
million. Difficulties were faced as a
company could be treated as a small
company if either the paid up capital
or turnover threshold is met despite
exceeding the monetary limit criteria of
the other. In view of this, the definition
of small company has been amended
to provide that a company would
be considered as a small company
provided it meets the monetary limits,
both, for turnover and paid up capital.
Amendment to section 186
Further, section 186 of the Companies
Act, 2013 has been amended to provide
that any acquisition of securities in the
ordinary course of business, made by
a banking company or an insurance
company or a housing finance company
will not attract the provisions of section
186 (except sub section 1 relating to
investments through not more than two
layers).
[Source: Order by Ministry of Corporate Affairs
dated 13 February 2015]
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Hyderabad
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Tel: +91 40 3046 5000
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Kochi
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Chennai
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Mumbai
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The Ministry of
Corporate Affairs had
earlier announced a
roadmap for transition
to Indian Accounting
Standards (Ind AS) from
1 April 2011. To address
lack of clarity of tax implications on the adoption
of Ind AS by companies, the Central Board of
Direct Taxes (CBDT) constituted a committee
to harmonise the accounting standards issued
by the Institute of Chartered Accountants of
India with the provisions of the Act. In August
2012, the committee, after deliberations issued
14 draft tax accounting standards. These
accounting standards are now termed as
Income Computation and Disclosure Standards
(ICDS). Considering the draft ICDS (2012) by the
CBDT had significant differences with generally
accepted accounting principles, the Ministry of
Finance reworked on the standards and on 8
January 2015 issued revised drafts of 12 ICDS
(2015) for public comments. Our First Notes
provides an overview of key revisions made in
the revised draft ICDS (2015).
KPMG in India is
pleased to present
Voices on Reporting
a monthly series of
knowledge sharing
calls to discuss current and emerging issues
relating to financial reporting
KPMG in India is pleased to present Voices
on Reporting a monthly series of knowledge
sharing calls to discuss current and emerging
issues relating to financial reporting.
In this months call, we provided an overview
and approach for formulation of Income
Computation and Disclosure Standards (ICDS)
as issued by the Ministry of Finance (MOF) on 8
January 2015. We also covered the revised draft
ICDS in-depth and discussed implications on
companies. In our previous months call, we had
provided a brief overview on revised draft ICDS.
site provides the facility to register as a member
by providing certain minimal information.
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appropriate professional advice after a thorough examination of the particular situation.
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