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Voices on Reporting
20 January 2015
kpmg.com/in
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Voices on ReportingWelcome
Series of knowledge sharing calls
Covering current and emerging reporting issues
Look out for our Accounting and Auditing Update,
IFRS Notes and First Notes publications
Scheduled towards the end of each month
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Voices on ReportingYour speakers
Sai Venkateshwaran Partner and Head
Accounting Advisory
Services
KPMG in India
Nirav PatelDirector
KPMG in India
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Voices on ReportingTopics for today
Revised drafts of Income Computation and
Disclosure Standards (ICDS) 2
Exposure draft (ED) on Guidance Note (GN)
on Accounting for Derivative Contracts3
Ind AS implementation roadmap1
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Voices on ReportingInd AS implementation in India:
Story so far
Since the deferral in 2011, major road blocks faced earlier are being addressed and India is once again
gearing up for a successful Ind AS implementation.
• Started in the year 2007, with an intention to converge from April 2011, in line
with India’s commitment at the World Trade Organisation (WTO)
• In 2009, the Securities and Exchange Board of India (SEBI) permitted voluntary
adoption of IFRS by listed entities for consolidated financial statements4
• Roadmap issued by the Ministry of Corporate Affairs (MCA) in early 20101
• The MCA published 35 IFRS-equivalent standards referred to as converged
Indian Accounting Standards (Ind AS) in February 20111; EDs under Ind AS for
the IFRS standards issued post 2011 were issued in December 20142
• Despite the efforts made, IFRS convergence in India was deferred mainly on
account of:– unaddressed ambiguities with respect to impact on taxation
– non-alignment with other regulations such as the Companies Act
– impending issuance of additional critical standards under IFRS
–inadequate time for readiness and implementation by the Indian corporate sector which was attributed tothe delayed issuance of Ind AS and lack of regulatory clarity.
• On 2 January 2015, the MCA issued a press release announcing the revised roadmap for implementation of
Ind AS for entities other than banks, NBFCs and insurance companies.3
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Voices on ReportingInd AS implementation from 2015-16
In April 2014, the ICAI submitted a revised roadmap for implementation of Ind AS in
India to the MCA8
In July 2014, the Finance Minister in his budget speech announced the implementation
of Ind AS mandatorily from Financial Year (FY) 2016-17, with a voluntary option
available from FY 2015-165
Tax issues are being addressed through a separate issuance of Income Computation
and Disclosure Standards (ICDS) on 8 January 20157.
In September 2014, the Accounting Standards Board (ASB) of the Institute of Chartered
Accountants of India (ICAI) has started revisiting the carve-outs that were issued earlierunder Ind AS with an objective to align them with the requirements under IFRS6
Road blocks faced in 2011 has been addressed with the introduction of the Companies
Act, 2013 effective from 1 April 2014 and its alignment with IFRS principles
MCA’s press release on 2 January 2015 provides the revised roadmap for Ind ASimplementation in a phased manner. The details have been discussed on the next
slide3
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Voices on ReportingRevised roadmap
Implementation in a phased manner
Phase I - All listed companies and unlisted
companies with net worth in excess of INR500
crores + related entities - mandatorily from 1
April 2016 and voluntarily from 1 April 2015
Phase II - All listed companies and unlisted
companies with net worth in excess of INR250crores + related entities – mandatorily from 1
April 2017
Banks, NBFCs and insurance companies to
implement at a later date
Convergence expected for both standalone and
consolidated financial statements
Final notification from the government expected soon.
While the
final
notificationis still
awaited, the
revised
roadmap is
not expected
to change
Source: Press release dated 2 January 2015, Ministry of Corporate Affairs
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Voices on ReportingCertain points to consider
Comparatives required
• Unlike the earlier roadmap, no exemption from presentation of comparatives as per Ind AS
Wider coverage of entit ies
• Covers related entities viz. holding, subsidiary, associate and joint venture even though they may notbe covered by the thresholds
Two phased implementation with lower thresholds
• Unified threshsolds have been prescribed based on the net worth and implementation is prescribed intwo phases as against three phases in the earlier roadmap
Clarifications needed
• On reference date for calculation of net worth
• On whether net worth calculation is to be based on standalone financial statements (SFS) orconsolidated financial statements (CFS)
• Lack of clarity on whether Ind AS is to be applied only to CFS or SFS as well.
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Voices on ReportingFirst time implementation:
When and how to start (1/2)
Voluntary implementation
1 Apri l 2014 31 March 2015
30
September
2014
31
December
2014
30 June
2014
30
September
2015
31
December
2015
30 June
2015
31 March 2016
Date of transition
Ind AS opening
balance sheet
For interim reporting, Ind AS may first be
applicable from the quarter ending 30 June 2015
First Ind AS financial statements
Comparative period Reporti ng date
Source: KPMG in India analysis
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Voices on ReportingFirst time implementation:
When and how to start (2/2)
Mandatory implementation
1 Apri l 2015 31 March 2016
30
September
2015
31
December
2015
30 June
2015
30
September
2016
31
December
2016
30 June
2016
31 March 2017
Date of transition
Ind AS opening
balance sheet
For interim reporting, Ind AS may first beapplicable from the quarter ending 30 June
2016
First Ind AS financial statements
Comparative period Reporting date
Mandatory implementation for entities covered in Phase II will have comparatives for the period
ending on 31 March 2017 and annual reporting period ending on 31 March 2018.
Source: KPMG in India analysis
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Voices on ReportingImpact … beyond accounting and
reporting
Efforts for converting opening balance
sheet
Develop new accounting policies and
practices
Increased judgement & estimates
Impact on taxation, along with the newICDS
Accounting, Tax and Repor ting
Identify information and data ‘gaps’ for
implementation
Revised chart of accounts
Changes to IT systems
Extensive disclosures – quantitative and
qualitative
Multi GAAP, including ICDS considerations
Systems and Processes
Training & development
Impact on compensation plans
Managing the first-time implementation
People and Change
Impact on earnings & net worth –
communicating with internal & external
stakeholders
Segment reporting and MIS
Internal management reporting
Impact on contractual terms
Debt covenants
Business
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Voices on ReportingTopics for today
Revised drafts of ICDS
2
ED on GN on Accounting for Derivative
Contracts3
Ind AS implementation roadmap1
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Voices on ReportingStages towards adoption of ICDS
1996 October 2012
The CBDT constituted AS Committee to suggest thefollowing:
AS to be notified under the Act
Amendments to the Act
Method to determine book profit for MAT purposes on
transition to Ind AS.
Final report of the Committee
and 14 TAS issued for public
comments
Finance Bill 2014 amended section 145(2)
of the IT Act. TAS applicable from FY 1
April 2015
TAS to be notified separately
December 2010 July 2014 January 2015
• CBDT issued draft of 12 ICDS, after
incorporating suggestions by
stakeholders and providing
transitional provisions for these ICDS
• The draft ICDS are open for
comments and suggestions up to 8
February 2015
The Central Government notified
two accounting standards under
section 145(2) of the Income Tax
Act, 1961 (the IT Act)
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Voices on Reporting Approach for formulation of ICDS
Certain standards were relevant for disclosure purposes only (e.g. AS 17, AS 20)
Act separately contained specific provisions on issues covered by AS (e.g. AS 14)
AS on consolidation were not relevant for tax purposes (AS 21, AS 23, AS 27)
AS on financial instruments are not yet notified; hence not considered (AS 30, AS 31, AS 32).
Committee deliberated on 31 AS issued by the ICAI and not ified
ICDS equivalent to 12 AS
Committee shall issue ICDS on the follow ing topics in the
future
Share-based payment
Revenue recognition by real estate developers
Service concession arrangements
Exploration for and evaluation of mineral resources.
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Voices on ReportingOverview of key revisions made in the
revised draft ICDS (2015)
Transitional provisions proposed in all draft ICDS except for the
revised draft on Securities (2015)
Transitional provisions
Alignment with generally accepted account ing principles
Revenue should be recognised when there is reasonable certaintyof ultimate collection
In the 2012 draft no
transitional provisions were
provided
The 2012 draft did not permit
non-recognition of revenue
due to uncertainty ofcollection in certain cases
Revised drafts of ICDS (2015) allows practical expedient to use
approximate exchange rate between foreign currency and reporting
currency to record foreign exchange transactions
Revised drafts of ICDS (2015) proposes that inventory of a service
provider to be measured at lower of cost or net realisable value as
per general inventory valuation principles.
The 2012 draft did not permit
the use of average rates
The 2012 draft required
inventories of service
provider to be measured at
cost
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Voices on ReportingOverview of key revisions made in the
revised draft ICDS (2015)
ICDS 2012 required capitalisation of the cost of general
borrowings utilised for acquiring a qualifying asset in the ratio that
average cost of qualifying assets bore to the average total assets.
For the purposes of calculating the average it used the amounts
appearing in the balance sheet on the first and the last day of the
previous year
ICDS 2015 amends the formula to cover qualifying assets that did
not exist at the first and the last day of the previous year.
Formula for borrowing cost revised
The 2012 ICDS did not
envisage situations when the
qualifying assets (capital
work in progress) did not
appear in the balance sheeteither on the first day and/or
last day of the previous year
ICDS 2015 proposes that in case of exchange transactions to
acquire tangible fixed assets/intangible asset/security, the actual
cost of such asset would be reocgnised at the value of asset
acquired.
The 2012 draft had various
rules for measurement of
such assets in exchange
transactions including value
of the asset given up
Recognition and init ial measurement requirements modified
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Voices on ReportingOverview of the key revisions made in
the revised draft ICDS (2015)
Spares: ICDS 2015 proposes machinery spares to be charged to
revenue when consumed
When such spares can be used only in connection with an item of
tangible fixed asset and their use is expected to be irregular, then
they should be capitalised
Intangible assets: ICDS 2015 proposes to include exchange
fluctuations as an adjustment to cost of an intangible asset
subsequent to its acquisition.
Other key revisions
The 2012 ICDS required
machinery spares to be
charged to revenue when
such spare is consumed for
the purpose of preserving or
maintaining an existing
tangible fixed asset
Events occurring after the previous year
Prior period expense.
Draft ICDS (2012) not re-issued
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Voices on ReportingNext steps
Final Standards to be
notified
Notify the changes to the
Income Tax Act
Transitional provisions
Internal implantation
guidelines and training
Impact assessment
Developing an
implementation plan
Changes to the information
systems and processes
Trainings
Standard Setters Stakeholders
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Voices on ReportingTopics for today
Revised drafts of ICDS 2
ED on GN on Account ing for Derivative
Contracts3
Ind AS implementation roadmap1
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Voices on ReportingED on GN on Accounting for Derivative
Contracts
Background and objective of the GN
Currently there is lack of mandatory guidance on accounting for derivative contracts
The current guidance is primarily governed by AS 11,The Effects of Changes in Foreign
Exchange Rates, AS 1, Disclosure of Accounting Policies, AS 30, Financial Instruments:
Recognition and Measurement, AS 31, Financial Instruments: Presentation and any
prescribed requirements of a regulator
This GN is an interim measure to provide recommendatory guidance
on accounting for derivative contracts and hedging activities and:
─ aims to bring uniformity in the accounting and presentation of
derivative contracts in the financial statements by providing
guidance on their recognition, measurement, presentation and
disclosure
─ is expected to help companies which will not be covered by the
roadmap for convergence with Ind AS with one set of guidance
for accounting for derivatives
─ to the extent possible will allow continued application with
minimal changes for entities that follow AS 30 type guidance.
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Voices on ReportingED on GN on Accounting for Derivative
Contracts
Scope
Does not cover foreign exchange forward contracts
covered by AS 11
Does not cover derivatives that are covered by
regulations specific to a sector or specified set of entities
Accounting for embedded derivatives not covered
The GN will, however, be applicable to banking, NBFCs
and insurance entities to the extent the guidance
prescribed in this GN is not in conflict with the
regulations prescribed by the concerned regulator
Addresses some aspects of hedging activities, however,
the GN does not purport to provide guidance on all
hedging activities.
This GN also provides guidance on accounting for
assets covered by AS 2, Valuation of Inventories, AS 10,
Accounting for Fixed Assets, AS 13, Accounting for
Investments, etc., which are designated as hedged
items.
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Voices on ReportingED on GN on Accounting for Derivative
Contracts
Key accounting principles
Key definitions such as derivative, hedged item, hedging
instrument are largely comparable with those used internationally
All derivative contracts should be recognised on the balance sheet
and measured at fair value (FV)
Fair value should represent:
─ the ‘exit price’ i.e. the price that would be paid to transfer a
liability of the price that would be received when transferring an
asset to a knowledgeable, willing counterparty and
─ the effect of credit risk associated with the fulfillment of future
obligations and the availability of the collateral should be
considered while arriving at the FV.
Hedge accounting continues to be optional
If hedge accounting is not chosen, then derivatives should be recognised at FV with changes
in FV to be recognised in profit or loss
Synthetic accounting is not permitted by the GN.
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Voices on ReportingED on GN on Accounting for Derivative
Contracts
Hedge accounting
The GN recognises three types of hedge accounting i.e. fair
value hedge, cash flow hedge and hedge of a net
investment in a foreign operation
The concepts and application are consistent with the current
international guidance
Application of principles of hedge accounting requires strictdocumentation requirements regarding identification of risk
management objectives, hedged item, effectiveness testing,
etc.
The GN clarifies that permissibility (e.g. by the RBI) of a
product is not adequate to qualify for hedge accounting
To judge hedge effectiveness the GN removes bright line80:125 tests and allows for qualitative assessments
The GN allows basis adjustments for hedges relating to
recognition of non-financial items
No voluntary hedge de-designation is permissible.
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Voices on ReportingED on GN on Accounting for Derivative
Contracts
Presentation in financial s tatements
The GN lays down principles for presentation of derivative assets and liabilities as current and
non-current e.g.
─ Derivatives that are intended for trading or speculative purposes should be reflected as
current assets and liabilities
─ Derivatives that are hedges of recognised assets or liabilities should be classified as
current or non-current based on the classification of the hedged item
─ Derivatives that are hedges of forecasted transactions and firm commitments should be
classified as current or non-current based on the settlement date/maturity dates of the
derivative contracts
The GN also includes detailed disclosure requirements.
The GN represents significant move forward in the reporting guidance for companies
Expected to bring much needed transparency in the area of derivative and hedge accounting
using such derivative instruments
Companies to gear up and undertake impact assessment.
Potential impact
Commentperiod
ends 21
January2015
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Voices on Reporting
Q&A
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Voices on ReportingSources
1. The Ministry of Corporate Affairs website
2. The ICAI’s website - http://www.icai.org/post.html?post_id=9258 and http://www.icai.org/post.html?post_id=7680
3. Press release dated 2 January 2015, Ministry of Corporate Affairs
4. SEBI circular CIR/CFD/DIL/1/2010 http://www.sebi.gov.in/circulars/2010/cfddilcir01.pdf
5. The Budget Speech of the Finance Minister dated 10 July 2014
6. ICAI exposure drafts on ‘Amendments to Indian Accounting Standards – consideration of carve-outs/ins’7. Draft Income Computation and Disclosure Standards released by the Ministry of Finance on 8 January 2015
8. The ICAI’s announcement dated 9 April 2014.
http://www.icai.org/post.html?post_id=9258http://www.icai.org/post.html?post_id=7680http://www.sebi.gov.in/circulars/2010/cfddilcir01.pdfhttp://www.sebi.gov.in/circulars/2010/cfddilcir01.pdfhttp://www.icai.org/post.html?post_id=7680http://www.icai.org/post.html?post_id=9258
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Voices on ReportingIntroducing IFRS Notes
Issue 2015/01
Government announces roadmap for implementation of Ind AS
On 2 January 2015 the Ministry of Corporate Affairs issued a press
release announcing a revised roadmap for implementation of Indian
Accounting Standards (Ind AS), converged with International
Financial Reporting Standards (IFRS). This roadmap is applicable to
companies other than banking companies, insurance companies and
non-banking finance companies.
In this issue of IFRS Notes, we have provided an overview of therevised roadmap of implementation of Ind AS along with our points of
view.
Issue 2014/02
IFRS Convergence: ICAI issues exposure drafts on financial
instruments and revenue recognit ion
As part of the initiatives towards India’s convergence with IFRS from
2016-17, the Accounting Standards Board of the Institute of
Chartered Accountants of India has recently issued exposure drafts
on Ind AS 109, Financial Instruments (ED on financial instruments)
and Ind AS 115, Revenue from Contracts with Customers (ED on
revenue). In this issue of IFRS Notes, we have provided an overviewof these exposure drafts along with key impact areas.
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Voices on ReportingTopics discussed in AAU and First
Notes
Accounting
and Auditing
update
The Companies Act, 2013
− Increased reporting framework
− Emphasis on investor protection
− Impact on auditors
− Corporate social responsibility: an analysis
− Enhanced responsibility for directors
− The impact on M&A/restructurings
A step closer to reporting on internal financial control: On path of
better governance
Regulatory updates
First Notes
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 adoption of Ind AS by the
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 accountingstandards. 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).
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Voices on ReportingOthers
Coming up next
January 2015
• New Issue of Account ing and Auditing
Update
• First Notes
• Voices on Reporting
• IFRS Notes
Missed an issue of the
Accounting and
Aud it ing Update?
Missed an issue of theFirst Notes?
Download from www.kpmg.com/in
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Thank you
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The views and opinions expressed herein are those of the presenters to the topics covered in today’s ‘Voices on Reporting’ knowledge sharing call and do not necessarily represent the views
and opinions of KPMG in India. The information contained in the slide pack is of a general nature and is not intended to address the circumstances of any particular individual or
entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be
accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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© 2015 KPMG an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”) a Swiss
Feedback/queries can be sentto [email protected]
Nirav Patel
Director
KPMG in India
E-mail: [email protected]
Sai Venkateshwaran
Partner and Head, Accounting Advisory
Services,
KPMG in IndiaE-mail: [email protected]