Thursday, June 14th,
2018
Time:
08:30 pm
- 11:30 pm
THE WESTIN MUMBAI GARDEN CITY, International Business Park, Oberoi Garden City, Goregaon (East) Mumbai - 400063
New Revenue recognition standard on Ind AS 115 differs considerably as compared to existing accounting principles for revenue recognition. The differences could result in changes in the identification of performance obligations, timing of revenue recognition, measurement and disclosures. Transition to new revenue recognition regime is expected to have significant impact across sectors especially in telecom, information technology, Media and entertainment. Transition to new revenue recognition standard is not only an accounting change but is likely to have significant impact on the company’s data, systems and processes.
Further, ICAI has issued exposure draft on New Lease standard on Ind AS 116 with effective date of 1 April 2019. The new standard represented a fundamental shift in accounting for leases, specifically for lessees. Additionally, it is expected to increase transparency and comparability of published financial information as analysts and investors would be able to see company's own assessment of its lease liabilities, calculated using a prescribed methodology under Ind AS.
In the recent past, Government has introduced tax incentives which have resulted in significant monetary benefits to companies in the ITeS Sector - specifically SEIS, PMRPY and Section 80JJA. SEIS has been introduced to encourage export of notified services from India. Companies have also been availing benefits under the PMRPY (Pradhnan Mantri Rojgar Protsahan Yojana) and under Section 80JJA of the Income tax Act.
NASSCOM under the aegis of CFO Forum is organizing a Round Table along with EY on " Impact of the recently notified Ind AS 115 and Exposure draft on Ind AS 116 and Tax Incentives to ITES Sector" on 14th June 2018 in Mumbai
