Financial reporting in India


Financial reporting in India is expected to change tremendously due to applicability of Ind-AS, since current Indian GAAP (Generally Accepted Accounting Principles) are divergent from the notified Ind-AS in many respects. Accounting for staff loans is one such area where Ind-AS differs from Indian GAAP, even though the effective impact on the bottom line over the years shall be the same under both Indian GAAP and Ind-AS, the presentation of the transaction differs in Ind- AS, since Ind-AS tend to portray the effective substance of a transaction. This article attempts to explain the change in the accounting of staff loans due to implementation of Ind-AS.


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