‘New Accounting Standard to bring crucial changes in accounting & auditing’

Indore : “Following implementation of Indian Accounting Standard (Ind-AS) there would be crucial changes in accounting and auditing field, however there would be no difference between operating and finance lease,” said former national president of The Institute of Chartered Accountants of India (ICAI) CA Manoj Fadnis.

Fadnis was addressing a session organised on the concluding day of the National Conference of CAs at Daly College, here on Saturday.

Fadnis presented important information about Ind-AS at the conference and also, explained the possible changes a company would have to adopt following the implementation of Ind-AS. “After the launch of Ind-AS, a trader or company will have to keep different records of sale and purchase,” he suggested.

Two-day national convention of CAs concludes

Addressing the conference, CA Yagnesh Desai from Mumbai expressed his views on Ind-AS. He said that “Ind-AS 10 brought new concept of component accounting, where goods and parts require different treatment.”

 CA Sunil Ghabawala from Mumbai shared some important features of GST. “The place of supply will decide the GST rate on different dealings.”

 Joint commissioner of SGST, Sudip Gupta also spoke at the conference.