{"id":268,"date":"2017-07-24T10:49:40","date_gmt":"2017-07-24T10:49:40","guid":{"rendered":"http:\/\/xbrlexperts.in\/blog\/?p=268"},"modified":"2022-07-20T13:58:22","modified_gmt":"2022-07-20T13:58:22","slug":"xbrl-impact-on-the-new-ind-as-accounting-standards","status":"publish","type":"post","link":"https:\/\/prathamconsult.com\/bak-main\/blog\/2017\/07\/24\/xbrl-impact-on-the-new-ind-as-accounting-standards\/","title":{"rendered":"XBRL impact on the new Ind AS Accounting Standards"},"content":{"rendered":"\n<p>It is no new news that ICAI has been working on\nIFRS convergence with Indian Accounting Standards for several years now. This\nconverged standard is termed&nbsp;Ind AS&nbsp;popularly. The&nbsp;Ind AS&nbsp;is\nvery similar to the IFRS but has some sections carved out to match the Indian\naccounting environment. As a part of MCA\u2019s road map, the first set of financial\nstatements prepared as per&nbsp;Ind AS&nbsp;standards are set to be prepared\nand filed by companies with a share capital of Rupees 500 crores or more, and\ntheir holding, subsidiaries, associates and joint-venture companies. These\ncompanies, not necessarily listed in stock exchanges, must have prepared their\nstatements in the new accounting standards by now for the year ending 31-Mar-17\nwith comparatives for the year ending 31-Mar-16.<\/p>\n\n\n\n<p>A new taxonomy \u201cInd-AS\u201d accompanies the new\naccounting standard. When it comes to preparing\nthe XBRL of the financials in the new taxonomy, there could be many technical\nchallenges for companies in creating this XBRL file.<\/p>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/prathamconsult.com\/bak-main\/wp-content\/uploads\/sites\/23\/2019\/03\/69.jpg\" alt=\"\" class=\"wp-image-269\" width=\"491\" height=\"243\"\/><\/figure>\n\n\n\n<p>The key challenge is the change in the taxonomy\nitself. All these years, such companies would have prepared XBRL file using \u2018I-GAAP\u2019\ntaxonomy based on the Indian GAAP accounting standard. Companies and\nprofessionals must have gained an understanding and experience in working with\nthe old taxonomy. Several XBRL software work on the basis of \u2018Roll-forward\u2019\nthat uses prior period XBRL tag to generate subsequent period\u2019s XBRL document.\nThis process will take a hit when taxonomies change. The tags in the new\ntaxonomy are obviously different from the old. As a result, companies need to\nspend considerable time to select the right XBRL tag for the first period. The\ncorrectness and accuracy of the XBRL output depends on whether such XBRL files\nare prepared in-house or by their company secretary or by an outsourced service\nprovider.<\/p>\n\n\n\n<p>Secondly, the entire industry is new to the IFRS\nstandards, on which the&nbsp;Ind AS&nbsp;is based. Be it the Company\nSecretaries, Chartered Accountants or Software Developers, these are some major\nchanges that the nation hasn\u2019t seen since the Indian Accounting Standards were\nframed.<\/p>\n\n\n\n<p>At this juncture, it is important for companies to\nmake the right choice for preparing the XBRL for filing with MCA. &nbsp;They\ncould either choose to get this done using a Company Secretary, a Chartered\nAccountant or by using an XBRL service provider experienced in handling IFRS\nstandards. We at Pratham Consultants, handle more than 1,500 XBRL statements annually.\nOur accountants\u2019 experts have been trained on the latest taxonomies to carry\nout the XBRL conversion process at ease. You could save a lot of time and\neffort by opting to outsource your XBRL requirements to us.<\/p>\n\n\n\n<p>About Pratham Consultants:&nbsp;Pratham Consultants, a &nbsp;&nbsp;specialised\ncorporate advisory firm promoted by young and dynamic professionals in\npreparation of financial statements in XBRL formats for filing with MCA. XBRL\nExperts prepares more than 1,500 XBRL statements annually for filing with MCA\nin India.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is no new news that ICAI has been working on IFRS convergence with Indian Accounting Standards for several years [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4424,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,64,74],"tags":[161,183,191,193,218,294,267,287],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>XBRL impact on the new Ind AS Accounting Standards - BAK - Main<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prathamconsult.com\/bak-main\/blog\/2017\/07\/24\/xbrl-impact-on-the-new-ind-as-accounting-standards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XBRL impact on the new Ind AS Accounting Standards - 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