Duff & Phelps Managing Director Abhishek Pandey Elaborates on Ind AS Implementation for Banks

Abhishek Pandey, Managing Director in the Valuation Advisory Services practice at Duff & Phelps, shares his views on how banks should gear up for implementation of Ind AS. 

The Reserve Bank of India’s (RBI) deferment of implementation of Indian Accounting Standard (Ind AS) by a year is an opportune time to discuss the roadmap of Ind AS adoption and its overall impact.

In contrast to Indian Generally Accepted Accounting Principles (IGAAP), which is a rule-based accounting framework, Ind AS is a principles-based framework. Such a framework allows greater flexibility and it doesn’t prescribe a one-size-fits-all approach. Though its broad guidelines can be practical for a variety of circumstances, it can also be prone to manipulation because of its flexibility. Hence, the onus on ‘Disclosures’ is much higher under Ind AS compared to IGAAP.

Click here to read the complete article - ETCFO Insight: Ind AS accounting is inevitable, its abuse is not