IFRS in India - jb nagar cpe study circle of wirc of icai

IFRS in India – Its Status, Overview of Concepts and Impact in IndiaEssentials of IFRS Conversion ApproachPhased approach - TransitionIFRS methodologyIndianObjectives ►Outputs ►Phase 1 Phase 2 Phase 3• Assess impact of IFRS on F/S• Assess how IFRS is currentlyimpacting the organization• Assess the financial reporting,business process and systems impact• Deploy Measurement and DisclosureChecklist• Develop informed business case andstrategy• High-level assessment of IFRS impactto F/S including financial reporting,business process and systems impact• Options for next steps includingstrategy with timeline• IFRS Workshop• Establish proper governance and project management• Complete Component Evaluation SM- Establish IFRS policies and determine adjustments- Assess impact at business unit level- Evaluate parent company policies and decisions• Develop IFRS shell F/S• Design, build and test IFRS reporting process (dualreporting period)• Prepare initial IFRS financial statements and recon(dual reporting period)• Operationalized Project Management Office (PMO)• Documented IFRS policies• IFRS adjustments• Data gaps inventory• Shell annual and quarterly IFRS F/S• IFRS reporting process and system• IFRS financial results for dual reporting period• Develop roadmap to embed IFRS asprimary reporting language• Embed IFRS into financial reportingprocesses and systems (corporate andbusiness units)• Embed IFRS into other financial andoperational processes and systems• Assess whether relevant contractualagreements and financial covenants reflecta different basis of accounting• Go live and close project• Prioritized project plan• Data and business requirements• System and configuration requirements• SOX and procedural documentation• Global Chart of Accounts (COA)• Pre- and post-implementation testingdocumentationRakesh Agarwal Slide 20