Ind AS Master Class. Practical insights on transition to Ind-AS. Tenth edition Delhi Mumbai Bengaluru

Transcription

1 Ind AS Master Class Practical insights on transition to Ind-AS (including insights on MAT exposure arising on transition to Ind-AS) Tenth edition Delhi Mumbai Bengaluru

2 Year 2016 witnessed Indian companies transitioning to Ind-AS a new accounting framework converged with IFRS. The MCA has mandated transitioning to Ind-AS in a phased manner based on the listing status and net worth of a company. From 1 April 2016, companies with a net worth of INR500 crore or more have started applying the new standards. More than 1,000 groups and companies are transitioning to Ind-AS in phase 1! The second phase of Ind AS (beginning from ) will cover all listed entities and other entities with net worth of INR250 crore or more. There are significant GAAP differences between the existing Indian GAAP and Ind-AS, especially in areas of: financial instruments, business combination & consolidation revenue recognition & leases share-based payments & Income Taxes and presentation and disclosures A pharmaceutical company reported a 31% decrease in net profit due to accounting for financial instruments A telecom company reported an impact of 27% on its net profit due to the reinstatement of previously amortized goodwill and the effect of the reinstatement of past business combinations. A automotive company reported a decrease in revenue by 62% from IGAAP to Ind AS. However, its net profit was impacted by only 0.20% because of deferral of revenue on future performance. A company from the consumer/industrial products and retail sector, a couple of pharmaceutical companies and a company from the extractive industry reported an increase of more than 20% in net profits due to deferred tax adjustments. *EY review of the quarterly financial results of BSE s top 100 list. 2 Ind AS Master Class: Practical insights on transition to Ind-AS

3 Further, the transition to Ind-AS is not a mere accounting change, but has significant business consequences too. These include: Modification to transaction modules required in the Corporate IT system Impact on key performance indicators such as EBITDA, liquidity ratios, net worth, debt covenants and executive compensation plan We recently completed our ninth edition of Ind-AS Master Class, which received positive feedback. In continuation of the same, we are now launching the tenth Edition of the Ind-AS Master Class. Basis our experience and learning, we have now restructured the content and delivery of this program to highlight the challenges faced by Phase 1 companies while transiting to Ind-AS. This 4-day comprehensive Master Class on Ind-AS aims to provide: Understanding of Ind-AS with practical examples focusing on complex accounting standards such as business combination, financial instruments, consolidation and Revenue Recognition Experience sharing: Highlighting the areas of differences as identified by different companies Identifying areas of opportunities as identified by several companies while transition to Ind-AS How to plan for transition to Ind-AS Insights on MAT exposure arising on transition to Ind-AS This Master Class will be delivered by senior professionals who have extensive training experience, as well as experience of IFRS/GAAP conversion engagements. Facilitators will also share global best practices and perspectives to provide a holistic understanding of the challenges related to the transition to Ind-AS. Overview of topics covered Introduction to Ind-AS Ind-AS 18 Revenue recognition & Ind AS 11 Construction contracts Ind-AS 103 Business combinations Ind-AS 110 Consolidated Financial statements Ind-AS 111 Joint arrangements Ind-AS 109 & Ind-AS 32 Financial instruments (including hedge accounting) GAAP differences - Property, plant and equipment and related standards Ind-AS 16, Ind-AS 40, Ind-AS 17 Ind-AS 12 Income taxes Ind-AS 19 Employee benefits Ind-AS 102 Shared Based Payment Ind-AS 101 First-time Adoption of Indian Accounting Standards Other GAAP differences Ind-AS 1, Ind-AS 8, Ind-AS 10, Ind-AS 21, Ind-AS 20 Transition to Ind-AS Impact on IT systems insights on MAT exposure arising on transition to Ind-AS Ind AS Master Class: Practical insights on transition to Ind-AS 3

4 Date and time Course fee Delhi: 11,12,18 and 19 August 2017 Mumbai: 09,10,16 and 17 June 2017 Bengaluru: 09,10,16 and 17 June 2017 The fee of *INR 30,000 (exclusive of applicable taxes) per attendee includes the training material, lunch and refreshments Confirmatory mail will be sent subject to realization of registration fee For registration, kindly connect with: Delhi: Ashima Talwar M: ashima.talwar@in.ey.com Mumbai: Asif Chowgule M: asif.chowgule@in.ey.com Bengaluru: Rohit Gupta M: rohit13.gupta@in.ey.com For more details log on to ey.com/indastraining For corporate registrations OR enquiry for any other / customized training program, you may contact us at ey.learningsolution@in.ey.com For more details contact: Mohd. Furqan Warsi Director, Assurance, FAAS Ernst & Young Associates LLP M: furqan.warsi@in.ey.com Anand Akhouri Senior Manager, Assurance, FAAS Ernst & Young Associate LLP M: anand.akhouri@in.ey.com 4 Ind AS Master Class: Practical insights on transition to Ind-AS

5 Highlights of Mumbai Master Class Ind AS Master Class: Practical insights on transition to Ind-AS 5

6 Highlights of Delhi Master Class Master class - a glimpse! The four-day Master Class training conducted in Bengaluru, Delhi and Mumbai succeeded in providing deep insights and practical knowledge on Ind-AS. Senior finance professionals from more than 80 companies attended the program. The subject matter experts, through their diverse experience and knowledge, helped participants understand the level of change and complexities associated with the implementation of Ind-AS. Intertwined with practical examples, the sessions were highly interactive. All the topics including revenue recognition, consolidation, business combinations and financial instruments were of high interest to participants. As the Indian corporate sector embarks on a new journey, the four-day master class helped provide a holistic view of Ind-AS. 6 Ind AS Master Class: Practical insights on transition to Ind-AS

7 Our offices Ahmedabad 2 nd floor, Shivalik Ishaan Near C.N. Vidhyalaya Ambawadi Ahmedabad Tel: Fax: Bengaluru 6 th, 12 th & 13 th floor UB City, Canberra Block No.24 Vittal Mallya Road Bengaluru Tel: Fax: Ground Floor, A wing Divyasree Chambers # 11, O Shaughnessy Road Langford Gardens Bengaluru Tel: Fax: Chandigarh 1 st Floor, SCO: Sector 9-C, Madhya Marg Chandigarh Tel: Fax: Chennai Tidel Park, 6 th & 7 th Floor A Block (Module 601, ) No.4, Rajiv Gandhi Salai Taramani, Chennai Tel: Fax: Delhi NCR Golf View Corporate Tower B Sector 42, Sector Road Gurgaon Tel: Fax: rd & 6 th Floor, Worldmark-1 IGI Airport Hospitality District Aerocity, New Delhi Tel: Fax th & 5 th Floor, Plot No 2B Tower 2, Sector 126 NOIDA Gautam Budh Nagar, U.P. Tel: Fax: Hyderabad Oval Office, 18, ilabs Centre Hitech City, Madhapur Hyderabad Tel: Fax: Jamshedpur 1st Floor, Shantiniketan Building Holding No. 1, SB Shop Area Bistupur, Jamshedpur Tel: BSNL: Kochi 9 th Floor, ABAD Nucleus NH-49, Maradu PO Kochi Tel: Fax: Kolkata 22 Camac Street 3 rd Floor, Block C Kolkata Tel: Fax: Mumbai 14 th Floor, The Ruby 29 Senapati Bapat Marg Dadar (W), Mumbai Tel: Fax: th Floor, Block B-2 Nirlon Knowledge Park Off. Western Express Highway Goregaon (E) Mumbai Tel: Fax: Pune C-401, 4 th floor Panchshil Tech Park Yerwada (Near Don Bosco School) Pune Tel: Fax: Ind AS Master Class: Practical insights on transition to Ind-AS 7

8 Ernst & Young Associates LLP EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young Associates LLP is one of the Indian client serving member firms of EYGM Limited. For more information about our organization, please visit www. ey.com/in. Ernst & Young Associates LLP is a Limited Liability Partnership, registered under the Limited Liability Partnership Act, 2008 in India, having its registered office at 22 Camac Street, 3rd Floor, Block C, Kolkata Ernst & Young Associates LLP. Published in India. All Rights Reserved. EYIN1703-XXX ED None This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither Ernst & Young LLP nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. JG