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Ind AS April 2023

The Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Amendment Rules, 2023 on 31 March 2023, which became effective for annual reporting periods beginning from 1 April 2023. These changes are applicable and effective to all entities that report under the Ind AS accounting framework for accounting periods beginning on/after the above-mentioned date.

Though amendments have been made to several standards including Ind AS 101, Ind AS 102, Ind AS 103, Ind AS 107, Ind AS 109, Ind AS 115, and Ind AS 34, substantive amendments relate only to the following: Ind AS 1 – Presentation of financial statements; Ind AS 8 – Accounting policies, changes in accounting estimates and errors; and Ind AS 12 – Income taxes.

These are important changes brought in by the MCA and align Ind AS with the IFRS as issued by the IASB. We are of the view that entities must assess the implications of these changes so that relevant disclosures can be made in the financial statements for the year ended March 31, 2023, with respect to standards issued but not effective. Further, listed companies and their group entities need to determine the impact of their Q1 reporting. For our detailed analysis and views on these changes, please read on

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