ICAI has issued an implementation Guide for guidance on the auditor’s reporting responsibilities on financial statements prepared as per Ind AS during the transition phase of switching over from AS to Ind AS Framework.
After issuance of rodmap for the implementation of the Indian Accounting Standards (Ind AS) by the MCA. the Ind AS are mandatory for certain classes of companies from the current financial year, i.e. 2016-17, and for other classes of companies from subsequent financial years.
There are substantial differences between the “Accounting Standards” used hitherto for preparation of financial statements and the “Ind AS”, the first time implementation of Ind AS has thrown up many challenges for the companies as well as their statutory auditors. Therefore, the AASB of ICAI has brought out the “Implementation Guide on Auditor’s Reports under Indian Accounting Standards for Transition Phase” for providing appropriate guidance to the members on the auditor’s reporting responsibilities on financial statements prepared as per Ind AS during the transition phase of switching over from the “Accounting Standards Framework” to the “Ind AS Framework”.