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Home » Blog » [Opinion] Bridging the Gap | How ITFG Facilitates Practical Implementation of Ind AS

[Opinion] Bridging the Gap | How ITFG Facilitates Practical Implementation of Ind AS

  • News|Blog|Account & Audit|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 23 April, 2025

Latest from Taxmann

Ind AS Transition Facilitation Group

CA Parin Shah – [2025] 173 taxmann.com 735 (Article)

1. Introduction

As India embraced the Indian Accounting Standards (Ind AS), aligning itself with international financial reporting norms, the transition brought with it a host of challenges. Recognising the need for practical clarity and expert guidance, the Institute of Chartered Accountants of India (ICAI) constituted the Ind AS Transition Facilitation Group (ITFG)—a support system designed to aid professionals and businesses in the seamless application of Ind AS.

2. Why ITFG Matters in the Ind AS Ecosystem

The shift from traditional Indian GAAP to Ind AS has transformed the way financial information is recorded, interpreted, and presented. While this shift promotes transparency and comparability, it also introduces complexities in several areas, such as:

  • Adoption principles under Ind AS 101
  • Financial instruments and their classification under Ind AS 109
  • Revenue recognition approaches under Ind AS 115
  • Lease accounting treatment in Ind AS 116
  • Business combinations and acquisition accounting under Ind AS 103
    Understanding and applying these standards correctly requires more than just theoretical knowledge. This is where the ITFG’s support is essential—offering clarity through practical, real-world examples and authoritative interpretations.

3. Key Highlights of ITFG Bulletins:

To support users during their transition journey, ITFG releases Clarification Bulletins—comprehensive documents structured in a question-and-answer format. Each bulletin is based on actual queries raised by preparers, auditors, and stakeholders, and addresses nuanced challenges encountered in day-to-day accounting practices.

Click Here To Read The Full Article

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on April 23, 2025Categories News, Blog, Account & Audit

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