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Ind AS presentation

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Rammohan Bhave CA, CMA, CS

This document provides biographical and professional information about Rammohan N Bhave, the managing director of ConsultIFRS.com. It outlines his educational qualifications and professional experience working for 28 years in industry. It then summarizes the services offered by ConsultIFRS.com, including first time adoption of IFRS and Ind AS, ongoing compliance, valuation, consultancy, and training. Industry sectors that ConsultIFRS.com has experience implementing IFRS/Ind AS for and providing training to are also listed.

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Copyrights reserved www.ConsultIFRS.Com
Rammohan N Bhave Managing Director, ConsultIFRS.com Email : mohanbhave@gmail.com mohanbhave@consultifrs.com Mob : +91 9167446744 Copyrights reserved www.ConsultIFRS.Com Collegian B Com 1976 LL.B. (G) 1981 Professional CA 1980 ICWA 1984 CS - 1987 Strategic IIM (A) M & A 2005 SAP - 2000 Global IFRS London 2009 Six Sigma 2009 XBRL 2009
Copyrights reserved www.ConsultIFRS.Com MY JOURNEY Rammohan Bhave - 28 Years industry Now IFRS, valuation, M & A, ECB, FDI, Listing on foreign stock exchange Consultant & faculty Mittal Europe 2006-09 MD & Chief Finance Director Europe Gammon India 2004-06 Reliance Infocomm 2002- 04 Business Controller Foundation software USA Y2K, Sing 2001, Australia 2002 Blue Star & Blue star infotech 1997 99 Mumbai - CFO Mafatlal 1991 94 Surat 1995- 96 Mumbai Crompton Greaves - 1980 to 1990 Nasik Started career
About ConsultIFRS.Com and implementation experts Copyrights reserved www.ConsultIFRS.Com Rammohan Bhave Limca record holder on IFRS, FCA, FCMA, ACS, Six Sigma Green Belt, Dip. IFRS (ACCA,UK), Cert. IFRS (ICAI) Worked in USA, Singapore, Australia and of late in London and Bulgaria for the Mittal Group Worked with reputed companies like Reliance Infocomm, Mittal Group, Blue Star Ltd, Crompton Greaves etc. Speaker at national cost conference in Jan 2011 held by ICWAI at Chennai Speaker at National Company secretary conference at Hyderabad in Nov 2009 Felicitated by ICSI for special achievements FLAGBEARER OF THE PROFESSION on 14th August, 2015 at hands of Chief Minister Kerala & president ICSI
ConsultIFRS.com - Practical implementation Copyrights reserved www.ConsultIFRS.Com First time adoption of Ind AS and IFRS Ongoing compliance of accounts with Ind AS and IFRS Valuation Consultancy Advisory opinion
ConsultIFRS.com - Experience Copyrights reserved www.ConsultIFRS.Com Implemented IFRS and Ind AS to various organisations Implementation of Ind AS is in process Provided IFRS and Ind AS implementation training to more than 50 companies Providing consultancy services on various complicated IFRS and Ind AS issues Clients in India as well as in the foreign countries like Qatar, Dubai,
ConsultIFRS- IFRS and Ind AS Implementation industry sectors Copyrights reserved www.ConsultIFRS.Com Construction Banking and financial Publication Mobile aggregator Wind mill Engineering
ConsultIFRS- IFRS and Ind AS training industry sectors Copyrights reserved www.ConsultIFRS.Com Entertainment and media Power Banking and financial Wind mill energy Reputed top consultancy firms (CA, CMA etc.) Manufacturing Energy Government bodies Publication Electrical and consumer lifestyle Diamonds Automobiles Pharmaceuticals Infotech Wine Institutes
ConsultIFRS.com - Practical implementation Copyrights reserved www.ConsultIFRS.Com First time adoption of IFRS and Ind AS Ongoing compliance of accounts with IFRS and Ind AS Valuation Consultancy Advisory opinions
Ind AS Training on implementation Copyrights reserved www.ConsultIFRS.Com Days Topics 1 1st time adoption 2 PPE Intangibles 3 Investments 4 Revenue recognition EPS Defined benefits 5 Live exercise of conversion
Why Ind AS? Copyrights reserved www.ConsultIFRS.Com Investors are acting on a global market M & A s happen using fair value standards of Ind AS Cross border acquisitions possible only by using common valuations thru Ind AS based financial statements
Salient Features of IFRS - converged Ind AS Principle-based Standards Applicable on separate as well as consolidated financial statements Give more importance to concept of substance over form, i.e., economic reality of a transaction Rely more on fair valuation approach, and measurements based on time value of money Require more disclosures of all the relevant information and assumptions used Require higher degree of judgment and estimates Copyrights reserved www.ConsultIFRS.Com
Benefits to Capital Markets Copyrights reserved www.ConsultIFRS.Com Interest cost reduction Credibility of local market to foreign investors More cross-border investment Efficient capital allocation Comparability across political boundaries Facilitates global education and training
Benefit to Companies Copyrights reserved www.ConsultIFRS.Com Lower cost of capital Facilitates raising capital abroad Integrated IT systems One set of books + easier consolidation Better understanding of financial statements from business partners abroad
A principle based standard Copyrights reserved www.ConsultIFRS.Com No exceptions Core principles (objectives) No inconsistencies Tied to conceptual framework Judgement Minimum guidance
Copyrights reserved www.ConsultIFRS.Com Adoption or convergence? India signed G20 agreed to Go for IFRS from 1/4/11 Previous years accounts were 10-11 2010 issue came up - Adoption or convergence -Convergence was agreed Prepared Indias convergent accounts with IFRS Now after postponements finance minister Arun Jaitley has declared voluntary 15-16 & mandatory from 16-17
Roadmap for Implementation on Ind ASs Copyrights reserved www.ConsultIFRS.Com
Roadmap released by MCA on16th Feb 2015 1/4/15 voluntary e.g. Crompton Greaves 1/4/16 mandatory net worth >= 500 cr listed & unlisted 1/4/17 mandatory net worth > =250 cr unlisted Listed all remaining are covered from 1/4/17 Net worth on 31/3/14 Any such company covered, it means its all groups companies are covered holding, subsidiary, associate, joint ventures Schedule III format of Ind AS financial statements by MCA declared Feb 2016 Copyrights reserved www.ConsultIFRS.Com
Roadmap for Implementation on Ind ASs Copyrights reserved www.ConsultIFRS.Com On 11 February 2016, the Reserve Bank of India (RBI) circular RBI/2015-16/315 requires scheduled commercial banks to comply Ind AS accounting periods beginning from 1 April 2018 onwards comparatives for ending 31 March 2018 both standalone & consolidated financial statements This circular reiterates the timeline for Ind AS implementation by banks that was issued by MCA - press release dtd 18 January 2016 further direction on critical issues that banks need to consider in their Ind AS implementation plan need to be in preparedness to submit proforma Ind AS financial statements to the Reserve Bank from the half-year ended September 30, 2016, onwards & strategy for Ind AS implementation, including the progress made in this regard. These disclosures shall be made from the financial year 2016-17 until implementation
Thank you Copyrights reserved www.ConsultIFRS.Com Contact & whatsapp : +91 9167446744 Email: mohanbhave@gmail.com mohanbhave@consultIFRS.com Rammohan N Bhave Limca Record Holder on IFRS FCA, FCMA, ACS, LL.B. (G.), IFRS ICAI, Six sigma green belt. Diploma in IFRS, ACCA, London

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Ind AS presentation

  • 2. Rammohan N Bhave Managing Director, ConsultIFRS.com Email : mohanbhave@gmail.com mohanbhave@consultifrs.com Mob : +91 9167446744 Copyrights reserved www.ConsultIFRS.Com Collegian B Com 1976 LL.B. (G) 1981 Professional CA 1980 ICWA 1984 CS - 1987 Strategic IIM (A) M & A 2005 SAP - 2000 Global IFRS London 2009 Six Sigma 2009 XBRL 2009
  • 3. Copyrights reserved www.ConsultIFRS.Com MY JOURNEY Rammohan Bhave - 28 Years industry Now IFRS, valuation, M & A, ECB, FDI, Listing on foreign stock exchange Consultant & faculty Mittal Europe 2006-09 MD & Chief Finance Director Europe Gammon India 2004-06 Reliance Infocomm 2002- 04 Business Controller Foundation software USA Y2K, Sing 2001, Australia 2002 Blue Star & Blue star infotech 1997 99 Mumbai - CFO Mafatlal 1991 94 Surat 1995- 96 Mumbai Crompton Greaves - 1980 to 1990 Nasik Started career
  • 4. About ConsultIFRS.Com and implementation experts Copyrights reserved www.ConsultIFRS.Com Rammohan Bhave Limca record holder on IFRS, FCA, FCMA, ACS, Six Sigma Green Belt, Dip. IFRS (ACCA,UK), Cert. IFRS (ICAI) Worked in USA, Singapore, Australia and of late in London and Bulgaria for the Mittal Group Worked with reputed companies like Reliance Infocomm, Mittal Group, Blue Star Ltd, Crompton Greaves etc. Speaker at national cost conference in Jan 2011 held by ICWAI at Chennai Speaker at National Company secretary conference at Hyderabad in Nov 2009 Felicitated by ICSI for special achievements FLAGBEARER OF THE PROFESSION on 14th August, 2015 at hands of Chief Minister Kerala & president ICSI
  • 5. ConsultIFRS.com - Practical implementation Copyrights reserved www.ConsultIFRS.Com First time adoption of Ind AS and IFRS Ongoing compliance of accounts with Ind AS and IFRS Valuation Consultancy Advisory opinion
  • 6. ConsultIFRS.com - Experience Copyrights reserved www.ConsultIFRS.Com Implemented IFRS and Ind AS to various organisations Implementation of Ind AS is in process Provided IFRS and Ind AS implementation training to more than 50 companies Providing consultancy services on various complicated IFRS and Ind AS issues Clients in India as well as in the foreign countries like Qatar, Dubai,
  • 7. ConsultIFRS- IFRS and Ind AS Implementation industry sectors Copyrights reserved www.ConsultIFRS.Com Construction Banking and financial Publication Mobile aggregator Wind mill Engineering
  • 8. ConsultIFRS- IFRS and Ind AS training industry sectors Copyrights reserved www.ConsultIFRS.Com Entertainment and media Power Banking and financial Wind mill energy Reputed top consultancy firms (CA, CMA etc.) Manufacturing Energy Government bodies Publication Electrical and consumer lifestyle Diamonds Automobiles Pharmaceuticals Infotech Wine Institutes
  • 9. ConsultIFRS.com - Practical implementation Copyrights reserved www.ConsultIFRS.Com First time adoption of IFRS and Ind AS Ongoing compliance of accounts with IFRS and Ind AS Valuation Consultancy Advisory opinions
  • 10. Ind AS Training on implementation Copyrights reserved www.ConsultIFRS.Com Days Topics 1 1st time adoption 2 PPE Intangibles 3 Investments 4 Revenue recognition EPS Defined benefits 5 Live exercise of conversion
  • 11. Why Ind AS? Copyrights reserved www.ConsultIFRS.Com Investors are acting on a global market M & A s happen using fair value standards of Ind AS Cross border acquisitions possible only by using common valuations thru Ind AS based financial statements
  • 12. Salient Features of IFRS - converged Ind AS Principle-based Standards Applicable on separate as well as consolidated financial statements Give more importance to concept of substance over form, i.e., economic reality of a transaction Rely more on fair valuation approach, and measurements based on time value of money Require more disclosures of all the relevant information and assumptions used Require higher degree of judgment and estimates Copyrights reserved www.ConsultIFRS.Com
  • 13. Benefits to Capital Markets Copyrights reserved www.ConsultIFRS.Com Interest cost reduction Credibility of local market to foreign investors More cross-border investment Efficient capital allocation Comparability across political boundaries Facilitates global education and training
  • 14. Benefit to Companies Copyrights reserved www.ConsultIFRS.Com Lower cost of capital Facilitates raising capital abroad Integrated IT systems One set of books + easier consolidation Better understanding of financial statements from business partners abroad
  • 15. A principle based standard Copyrights reserved www.ConsultIFRS.Com No exceptions Core principles (objectives) No inconsistencies Tied to conceptual framework Judgement Minimum guidance
  • 16. Copyrights reserved www.ConsultIFRS.Com Adoption or convergence? India signed G20 agreed to Go for IFRS from 1/4/11 Previous years accounts were 10-11 2010 issue came up - Adoption or convergence -Convergence was agreed Prepared Indias convergent accounts with IFRS Now after postponements finance minister Arun Jaitley has declared voluntary 15-16 & mandatory from 16-17
  • 17. Roadmap for Implementation on Ind ASs Copyrights reserved www.ConsultIFRS.Com
  • 18. Roadmap released by MCA on16th Feb 2015 1/4/15 voluntary e.g. Crompton Greaves 1/4/16 mandatory net worth >= 500 cr listed & unlisted 1/4/17 mandatory net worth > =250 cr unlisted Listed all remaining are covered from 1/4/17 Net worth on 31/3/14 Any such company covered, it means its all groups companies are covered holding, subsidiary, associate, joint ventures Schedule III format of Ind AS financial statements by MCA declared Feb 2016 Copyrights reserved www.ConsultIFRS.Com
  • 19. Roadmap for Implementation on Ind ASs Copyrights reserved www.ConsultIFRS.Com On 11 February 2016, the Reserve Bank of India (RBI) circular RBI/2015-16/315 requires scheduled commercial banks to comply Ind AS accounting periods beginning from 1 April 2018 onwards comparatives for ending 31 March 2018 both standalone & consolidated financial statements This circular reiterates the timeline for Ind AS implementation by banks that was issued by MCA - press release dtd 18 January 2016 further direction on critical issues that banks need to consider in their Ind AS implementation plan need to be in preparedness to submit proforma Ind AS financial statements to the Reserve Bank from the half-year ended September 30, 2016, onwards & strategy for Ind AS implementation, including the progress made in this regard. These disclosures shall be made from the financial year 2016-17 until implementation
  • 20. Thank you Copyrights reserved www.ConsultIFRS.Com Contact & whatsapp : +91 9167446744 Email: mohanbhave@gmail.com mohanbhave@consultIFRS.com Rammohan N Bhave Limca Record Holder on IFRS FCA, FCMA, ACS, LL.B. (G.), IFRS ICAI, Six sigma green belt. Diploma in IFRS, ACCA, London