The Institute of Chartered Accountants of India (ICAI) is making every possible effort to bring the financial reporting in India in parity to the practices followed internationally. In this direction, the ICAI played a key role in formulating Indian Accounting Standards (Ind AS) substantially converged with IFRS standards.
Transition to Ind AS, a comprehensive set of principle based standards, involves huge efforts. ICAI has played an effective role in smooth transition of these Standards by issuing guidance and conducting trainings for implementation of these Standards. The Ind AS Implementation Group of ICAI is playing an active role in educating the members and providing guidance on practical issues that are being faced by the members and other stakeholders.
In this regard, ICAI’s Ind AS Implementation Group has come out with Educational Material which contains summary of on Ind AS 103, Business Combinations which by way of Frequently Asked Questions (FAQs) explains the principles enunciated in the Standard. This publication will provide significant guidance to the stakeholders in how to account for the Business Combinations and its disclosures.
Link to download the Educational Material: https://icai.org/new_post.html?post_id=14627&c_id=240