Impact of New Accounting Standard (IAS / Ind AS / IFRS)

[lara]

Hello everyone, a new update to IFRS/Ind AS 16 is coming soon regarding asset revaluations. Has anyone started preparation? What steps are you taking to adapt your accounting policies

 

[Rick_Grimes]

Yeah, I’ve started looking into it. We’re reviewing our fixed asset register and checking which assets might be affected by the new revaluation approach. Also planning to update our accounting policy note once the final guidance is out. Mostly just keeping an eye on ICAI updates and making sure our auditors are on the same page.

 

[deepak]

Yes, we have begun getting ready for the asset revaluations update to IFRS/Ind AS 16. We're updating documentation, evaluating the frequency of revaluations, reviewing our current asset valuation policies, and educating employees on the new standards. In order to guarantee accurate reporting and seamless compliance, internal controls are also being reinforced.

 

[Samuel]

One of the effects of new accounting standards (IAS/Ind AS/IFRS) is the enhanced transparency, comparability, and consistency of financial reporting. Nevertheless, implementation may not be easy-going-it will need updates to the system, employee training, and financial report modification. It has an impact on asset valuation, revenue recognition and disclosures, which are all relevant to investors and the general performance of the business in terms of finance.

 

[jasminsain]

The effects of new accounting standards (IAS/Ind AS/IFRS) encompass the greater transparency, comparability, and similarity of financial reporting. Nevertheless, adoption may be a complex task, which involves updating systems, training of staff, and financial statements. It impacts asset valuation, revenue recognition, and disclosures, determining the decision of the investor and affecting the financial performance of a business in general.

 

[isabel]

I have begun examining my fixed asset books and revising the valuation techniques to meet the new changes under the IFRS/Ind AS 16. My accounting policies are also being changed.

 

[robertwilliam]

New accounting standards such as Ind AS and IFRS are the means by which companies not only attract international investment but also simplify cross-border transactions besides improving the availability of capital. Along with these benefits, they also provide transparency, comparability, and reliability in financial reporting.

 

[Gsusangrey]

Financial statements are now more transparent and globally comparable thanks to new accounting standards (IAS/Ind AS/IFRS). They frequently call for more thorough disclosures and adjustments to measurement (such as fair value), which have an effect on a company's reported profit, assets, and liabilities.

 

[Mayank]

The impact of new accounting standards (IAS/Ind AS/IFRS) ensures better transparency, consistency, and comparability in financial reporting. They enhance investor confidence, improve global business communication, and align Indian companies with international financial practices for greater accuracy and accountability.