New accounting standards will bolster foreign fund inflows

In its new road map, the CA institute has recommended that all listed and unlisted companies having net worth of over `500 crore be required to prepare their consolidated financial statements only under Ind AS with effect from the accounting year beginning April 1, 2016. This would require such companies to prepare previous year comparatives in Ind AS for the year 2015-16. The taxman is mostly concerned with standalone financial statements and implementing Ind AS with consolidated financial statements will not have tax implications.