ifrs convergence

27
Convergence with IFRS in India Strategy, Benefits and Challenges By: CA Kamal Garg

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Page 1: IFRS Convergence

Convergence with IFRS in India

Strategy, Benefits and Challenges

By:

CA K

amal G

arg

Page 2: IFRS Convergence

Pre

sen

t S

tatu

s o

f In

dia

n A

cco

un

tin

g S

tan

da

rd

•P

rese

ntl

y, t

he

Acc

ou

nti

ng

Sta

nd

ard

s B

oa

rd (

AS

B)

of

the

In

stit

ute

of

Ch

art

ere

d

acc

ou

nta

nts

of

Ind

ia (

ICA

I) f

orm

ula

tes

Acc

ou

nti

ng

Sta

nd

ard

s (A

Ss)

ba

sed

on

th

e

IFR

Ss

kee

pin

g i

n v

iew

th

e l

oca

l co

nd

itio

ns

incl

ud

ing

le

ga

l a

nd

eco

no

mic

e

nv

iro

nm

en

t, w

hic

h h

ave

re

cen

tly

be

en

no

tifi

ed

by

th

e C

en

tra

l G

ove

rnm

en

t u

nd

er

the

Co

mp

an

ies

Act

, 1

95

6.

•A

cco

rdin

gly

, th

e A

ss d

ep

art

fro

m t

he

co

rre

spo

nd

ing

IF

RS

s to

ma

inta

in c

on

sist

en

cy

•A

cco

rdin

gly

, th

e A

ss d

ep

art

fro

m t

he

co

rre

spo

nd

ing

IF

RS

s to

ma

inta

in c

on

sist

en

cy

wit

h l

eg

al,

re

gu

lato

ry a

nd

eco

no

mic

en

vir

on

me

nt,

an

d k

ee

pin

g i

n v

iew

th

e l

eve

l o

f p

rep

are

dn

ess

of

the

in

du

stry

an

d t

he

acc

ou

nti

ng

pro

fess

ion

als

.

•In

so

me

ca

ses,

de

pa

rtu

res

are

ma

de

on

acc

ou

nt

of

con

cep

tua

l d

iffe

ren

ces

wit

h t

he

tr

ea

tme

nts

pre

scri

be

d i

n t

he

IF

RS

s.

Page 3: IFRS Convergence

Wh

at

is I

FR

S?

•IF

RS

is a

se

t o

f in

tern

ati

on

al

acc

ou

nti

ng

sta

nd

ard

s st

ati

ng

ho

w p

art

icu

lar

typ

es

of

tra

nsa

ctio

ns

an

d o

the

r e

ven

ts s

ho

uld

be

re

po

rte

d i

n f

ina

nci

al

sta

tem

en

ts.

•IF

RS

are

ge

ne

rall

y p

rin

cip

les-

ba

sed

sta

nd

ard

s a

nd

se

ek

to

avo

id a

ru

le-b

oo

k m

en

tali

ty.

Ap

pli

cati

on

of

IFR

S r

eq

uir

es

exe

rcis

e o

f ju

dg

me

nt

by

th

e p

rep

are

r a

nd

th

e a

ud

ito

r in

a

pp

lyin

g p

rin

cip

les

of

acc

ou

nti

ng

on

th

e b

asi

s o

f th

e e

con

om

ic s

ub

sta

nce

of

tra

nsa

ctio

ns.

•IF

RS

are

issu

ed

by

th

e I

nte

rna

tio

na

l A

cco

un

tin

g S

tan

da

rds

Bo

ard

.

•T

he

te

rm I

FR

S c

om

pri

ses

IFR

S is

sue

d b

y I

AS

B;

IAS

issu

ed

by

IA

SC

; a

nd

In

terp

reta

tio

ns

issu

ed

by

th

e S

tan

din

g I

nte

rpre

tati

on

s C

om

mit

tee

(S

IC)

an

d t

he

In

tern

ati

on

al

Fin

an

cia

l R

ep

ort

ing

In

terp

reta

tio

ns

Co

mm

itte

e (

IFR

IC)

of

the

IA

SB

.

Page 4: IFRS Convergence

Inte

rna

tio

na

l

Fin

an

cia

l

Re

po

rtin

g

Inte

rpre

tati

on

s

Inte

rna

tio

na

l

Acc

ou

nti

ng

Sta

nd

ard

(IA

S)

Inte

rna

tio

na

l

Fin

an

cia

l

rep

ort

ing

Sta

nd

ard

(IF

RS

)

IFR

SIn

terp

reta

tio

ns

Co

mm

itte

e (

IFR

IC)

Sta

nd

ing

Inte

rpre

tati

on

s

Co

mm

itte

e (

SIC

)

Sta

nd

ard

(IA

S)

Page 5: IFRS Convergence

Co

nv

erg

en

ce T

o I

FR

S

•T

he

IF

RS

iss

ue

d b

y t

he

In

tern

ati

on

al

Acc

ou

nti

ng

Sta

nd

ard

s B

oa

rd (

IAS

B)

are

incr

ea

sin

gly

be

ing

re

cog

niz

ed

as

Glo

ba

l R

ep

ort

ing

Sta

nd

ard

s.

•M

ore

th

an

10

0 c

ou

ntr

ies

such

as

cou

ntr

ies

of

Eu

rop

ea

n U

nio

n,

Au

stra

lia

, N

ew

Ze

ala

nd

an

d R

uss

ia c

urr

en

tly

re

qu

ire

or

pe

rmit

th

e u

se o

f IF

RS

s in

th

eir

co

un

trie

s.

•In

lin

e w

ith

th

e g

lob

al

tre

nd

, th

e I

nst

itu

te o

f C

ha

rte

red

Acc

ou

nta

nts

of

Ind

ia (

ICA

I)

ha

s p

rop

ose

d a

pla

n f

or

con

verg

en

ce w

ith

IF

RS

wit

h e

ffe

ct f

rom

Ap

ril

1,

20

11

.

•C

on

verg

en

ce t

o I

FR

S w

ou

ld m

ea

n I

nd

ia w

ou

ld j

oin

a l

ea

gu

e o

f m

ore

th

an

10

0

cou

ntr

ies,

wh

ich

ha

ve c

on

verg

ed

wit

h I

FR

S.

Page 6: IFRS Convergence

Wh

y C

on

ve

rge

nce

to

IF

RS

?

•A

sin

gle

se

t o

f a

cco

un

tin

g s

tan

da

rds

wo

uld

en

ab

le i

nte

rna

tio

na

lly

to

sta

nd

ard

ize

tra

inin

g a

nd

ass

ure

be

tte

r q

ua

lity

on

a g

lob

al

scre

en

.

•It

wo

uld

als

o p

erm

it i

nte

rna

tio

na

l ca

pit

al

to f

low

mo

re f

ree

ly,

en

ab

lin

g c

om

pa

nie

s

to d

eve

lop

co

nsi

ste

nt

glo

ba

l p

ract

ice

s o

n a

cco

un

tin

g p

rob

lem

s.

•It

wo

uld

be

be

ne

fici

al

to r

eg

ula

tors

to

o,

as

a c

om

ple

xity

ass

oci

ate

d w

ith

ne

ed

ing

to

un

de

rsta

nd

va

rio

us

rep

ort

ing

re

gim

es

wo

uld

be

re

du

ced

.

Page 7: IFRS Convergence

Me

an

ing

of

Co

nv

erg

en

ce w

ith

IF

RS

•C

on

verg

en

ce m

ea

ns

to a

chie

ve h

arm

on

y w

ith

IF

RS

s; i

n p

reci

se t

erm

s co

nve

rge

nce

ca

n b

e c

on

sid

ere

d “

to d

esi

gn

an

d m

ain

tain

na

tio

na

l a

cco

un

tin

g s

tan

da

rds

in a

wa

y

tha

t fi

na

nci

al

sta

tem

en

ts p

rep

are

d i

n a

cco

rda

nce

wit

h n

ati

on

al

acc

ou

nti

ng

st

an

da

rds

dra

w u

nre

serv

ed

sta

tem

en

t o

f co

mp

lia

nce

wit

h I

FR

Ss”

, i.

e.,

wh

en

th

e

na

tio

na

l a

cco

un

tin

g s

tan

da

rds

wil

l co

mp

ly w

ith

all

th

e r

eq

uir

em

en

ts o

f IF

RS

.

•B

ut

con

verg

en

ce d

oe

sn’t

me

an

th

at

IFR

S s

ho

uld

be

ad

op

ted

wo

rd b

y w

ord

, e

.g.,

re

pla

cin

g t

he

te

rm ‘

tru

e &

fa

ir’

for

‘pre

sen

t fa

irly

’, in

IA

S 1

, ‘P

rese

nta

tio

n o

f re

pla

cin

g t

he

te

rm ‘

tru

e &

fa

ir’

for

‘pre

sen

t fa

irly

’, in

IA

S 1

, ‘P

rese

nta

tio

n o

f F

ina

nci

al

Sta

tem

en

ts’.

Su

ch c

ha

ng

es

do

no

t le

ad

to

no

n-c

on

verg

en

ce w

ith

IF

RS

.

•T

he

IA

SB

acc

ep

ts i

n i

ts ‘

Sta

tem

en

t o

f B

est

Pra

ctic

e:

Wo

rkin

g R

ela

tio

nsh

ips

be

twe

en

th

e I

AS

B a

nd

oth

er

Acc

ou

nti

ng

Sta

nd

ard

s-S

ett

ers

’ th

at

“ad

din

g d

iscl

osu

re

req

uir

em

en

ts o

r re

mo

vin

g o

pti

on

al

tre

atm

en

ts d

o n

ot

cre

ate

no

nco

mp

lia

nce

wit

h

IFR

Ss.

Bu

t a

dd

itio

na

l d

iscl

osu

res

or

rem

ov

ing

of

op

tio

na

l tr

ea

tme

nt

sho

uld

be

m

ad

e c

lea

r so

th

at

use

rs o

f th

e I

FR

S a

re a

wa

re o

f th

e c

ha

ng

es.

Page 8: IFRS Convergence

IFR

S R

ep

ort

ing

In

In

dia

: P

rop

ose

d T

ime

lin

es

�R

ep

ort

ing

un

de

r IF

RS

, a

s p

rop

ose

d b

y I

CA

I, w

ou

ld b

e a

pp

lica

ble

fo

r a

cco

un

tin

g p

eri

od

s b

eg

inn

ing

on

or

aft

er

Ap

ril

1,2

01

1.

�T

he

fir

st s

et

of

IFR

S f

ina

nci

al

sta

tem

en

ts f

or

the

ye

ar

en

din

g M

arc

h 3

1,

20

12

wo

uld

re

qu

ire

pre

pa

rati

on

of:

�O

pe

nin

g b

ala

nce

sh

ee

t a

s o

n A

pri

l 1,

20

10

�C

om

pa

rati

ve f

ina

nci

al s

tate

me

nts

–ye

ar

en

din

g M

arc

h 3

1,

20

11

�R

ep

ort

ing

en

terp

rise

s w

ou

ld n

ee

d t

o e

nsu

re p

rep

are

dn

ess

fo

r IF

RS

re

po

rtin

g a

s e

arl

y a

s A

pri

l 20

10

.�

Re

po

rtin

g e

nte

rpri

ses

wo

uld

ne

ed

to

en

sure

pre

pa

red

ne

ss f

or

IFR

S r

ep

ort

ing

as

ea

rly

as

Ap

ril 2

01

0.

Page 9: IFRS Convergence

Pu

bli

c In

tere

st

Wh

ich

En

titi

es

wil

l b

e c

ov

ere

d u

nd

er

Co

nv

erg

en

ce S

tra

teg

y

•K

ee

pin

g i

n v

iew

th

e c

om

ple

x n

atu

re o

f IF

RS

s a

nd

th

e e

xte

nt

of

dif

fere

nce

s b

etw

ee

n t

he

e

xist

ing

AS

s a

nd

th

e c

orr

esp

on

din

g I

FR

Ss

an

d t

he

re

aso

ns

the

refo

re,

the

IC

AI

is o

f th

e

vie

w t

ha

t IF

RS

s sh

ou

ld b

e a

do

pte

d f

or

the

pu

bli

c in

tere

st e

nti

tie

s fr

om

th

e a

cco

un

tin

g

pe

rio

ds

be

gin

nin

g o

n o

r a

fte

r 1

st A

pri

l, 2

01

1.

List

ed

En

titi

es

Ba

nk

ing

En

titi

es

Insu

ran

ce

Co

mp

an

ies

Larg

e S

ize

En

titi

es

Page 10: IFRS Convergence

Pu

bli

c

Inte

rest

En

titi

es

Wh

ich

En

titi

es

are

Pu

bli

c In

tere

st E

nti

tie

s

a)

wh

ose

eq

uit

y o

r d

eb

t

secu

riti

es

are

list

ed

or

are

in t

he

pro

cess

of

list

ing

on

an

y s

tock

ex

cha

ng

e,

wh

eth

er

in I

nd

ia o

r

ou

tsid

e I

nd

ia;

or

d)

wh

ich

ha

s p

ub

lic

de

po

sits

an

d/o

r b

orr

ow

ing

s

fro

m b

an

ks

an

d f

ina

nci

al

inst

itu

tio

ns

in e

xce

ss o

f

rup

ee

s 2

5 c

rore

at

an

y t

ime

du

rin

g t

he

imm

ed

iate

ly p

rece

din

g

acc

ou

nti

ng

ye

ar;

or

e)

wh

ich

is

a h

old

ing

or

a

sub

sid

iary

of

an

en

tity

me

nti

on

ed

a)

to d

) p

oin

ts.

c) w

ho

se t

urn

ov

er

(ex

clu

din

g o

the

r in

com

e)

ex

cee

ds

rup

ee

s 1

00

cro

re

In t

he

im

me

dia

tely

pre

ced

ing

acc

ou

nti

ng

ye

ar;

b)

wh

ich

is

a b

an

k (

incl

ud

ing

a c

oo

pe

rati

ve

ba

nk

),

fin

an

cia

l in

stit

uti

on

,

a m

utu

al

fun

d,

or

an

insu

ran

ce e

nti

ty;

or

Page 11: IFRS Convergence

MC

A P

ress

Re

lea

se (

Jan

ua

ry 2

2n

d,

20

10

)

•T

he

firs

tse

to

fA

cco

un

tin

gS

tan

da

rds

(i.e

.co

nve

rge

da

cco

un

tin

gst

an

da

rds)

wil

lb

ea

pp

lie

dto

spe

cifi

ed

cla

sso

fco

mp

an

ies

inp

ha

ses:

-

“Ph

ase

-I:-

Th

efo

llo

win

gca

teg

ori

es

of

com

pa

nie

sw

ill

con

ve

rtth

eir

op

en

ing

ba

lan

cesh

ee

tsa

sa

t1

stA

pri

l,2

01

1,

ifth

efi

na

nci

al

ye

ar

com

me

nce

so

no

ra

fte

r1

stA

pri

l,2

01

1in

com

pli

an

cew

ith

the

no

tifi

ed

acc

ou

nti

ng

sta

nd

ard

sw

hic

ha

reco

nve

rge

nt

wit

hIF

RS

.T

he

seco

mp

an

ies

are

:-a

reco

nve

rge

nt

wit

hIF

RS

.T

he

seco

mp

an

ies

are

:-

a.

Co

mp

an

ies

wh

ich

are

pa

rto

fN

SE

–N

ifty

50

b.

Co

mp

an

ies

wh

ich

are

pa

rto

fB

SE

-Se

nse

x3

0

c.C

om

pa

nie

sw

ho

sesh

are

so

ro

the

rse

curi

tie

sa

reli

ste

do

nst

ock

exc

ha

ng

es

ou

tsid

eIn

dia

d.

Co

mp

an

ies,

wh

eth

er

list

ed

or

no

t,w

hic

hh

ave

an

et

wo

rth

ine

xce

sso

fR

s.1

,00

0cr

ore

s.”

Page 12: IFRS Convergence

IFR

S f

or

Sm

all

an

d M

ed

ium

Siz

ed

En

titi

es

(SM

Es)

•S

ME

s n

ee

d n

ot

ad

op

t a

ll t

he

IF

RS

as

it w

ill

be

to

o v

olu

min

ou

s fo

r th

em

.

•A

se

pa

rate

sta

nd

ard

fo

r S

ME

s w

ill

be

fo

rmu

late

d b

ase

d o

n t

he

IF

RS

fo

r S

ME

s

wh

ich

is

stil

l in

exp

osu

re d

raft

sta

ge

.

•T

he

pro

po

sed

sta

nd

ard

re

pre

sen

ts a

sim

pli

fie

d s

et

of

sta

nd

ard

s fo

r S

ME

's w

ith

Th

e p

rop

ose

d s

tan

da

rd r

ep

rese

nts

a s

imp

lifi

ed

se

t o

f st

an

da

rds

for

SM

E's

wit

h

dis

clo

sure

re

qu

ire

me

nts

re

du

ced

, m

eth

od

s fo

r re

cog

nit

ion

an

d m

ea

sure

me

nt

sim

pli

fie

d a

nd

to

pic

s n

ot

rele

van

t to

SM

E's

eli

min

ate

d.

•IF

RS

fo

r S

ME

s w

ill

be

ad

op

ted

in

to

to o

r w

ith

mo

dif

ica

tio

ns,

if

ne

cess

ary

.

•C

om

pli

an

ce w

ith

th

is I

FR

S f

or

SM

Es

is n

ot

ne

cess

ary

to

ma

ke I

nd

ia I

FR

S-

com

pli

an

t.

Page 13: IFRS Convergence

Form

at

of

IFR

S f

or

Ind

ia

•T

he

fo

rma

t o

f IF

RS

s to

be

ad

op

ted

fo

r p

ub

lic

inte

rest

en

titi

es

sho

uld

be

th

e s

am

e

as

tha

t o

f IF

RS

s, in

clu

din

g t

he

ir n

um

be

rs.

•T

he

nu

mb

ers

of

the

exi

stin

g A

cco

un

tin

g S

tan

da

rds

ma

y b

e g

ive

n i

n b

rack

ets

fo

r th

e

pu

rpo

se o

f e

asi

er

ide

nti

fica

tio

n.

•W

he

reve

r re

qu

ire

d,

a s

ect

ion

ma

y b

e a

dd

ed

at

the

en

d o

f th

e a

do

pte

d I

FR

S

•W

he

reve

r re

qu

ire

d,

a s

ect

ion

ma

y b

e a

dd

ed

at

the

en

d o

f th

e a

do

pte

d I

FR

S

ind

ica

tin

g t

he

In

dia

n l

eg

al

an

d r

eg

ula

tory

po

siti

on

.

•T

he

IF

RS

s w

he

n a

do

pte

d w

ill

als

o t

ake

in

to a

cco

un

t th

e I

nte

rna

tio

na

l F

ina

nci

al

Re

po

rtin

g I

nte

rpre

tati

on

s is

sue

d b

y t

he

IF

RIC

of

the

IA

SB

.

•O

nly

in

ra

re c

ircu

mst

an

ces

of

pu

bli

c in

tere

st a

ca

rve

ou

t fr

om

an

IF

RS

ma

y b

e

ma

de

.

Page 14: IFRS Convergence

En

do

rse

th

e I

FR

Ss

in

the

fo

rm o

f IF

RS

-eq

uiv

ale

nt

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

s

for

the

lo

cal

reg

ula

tory

fra

me

wo

rk w

ith

cha

ng

es

such

as

rem

ov

ing

op

tio

na

l

tre

atm

en

ts a

nd

ad

din

g d

iscl

osu

re

De

term

ine

wh

eth

er

ea

ch

IFR

S m

ee

ts s

pe

cifi

ed

crit

eri

a s

et

ou

t in

loca

l le

gis

lati

on

/re

gu

lati

on

Ro

le o

f A

SB

in

Po

st C

on

ve

rge

nce

Sce

na

rio

tre

atm

en

ts a

nd

ad

din

g d

iscl

osu

re

req

uir

em

en

ts,

wh

ere

ap

pro

pri

ate

Pre

sen

t th

e I

nd

ian

Acc

ou

nti

ng

Sta

nd

ard

s s

o d

ev

elo

pe

d f

or

ap

pro

va

l o

f N

ati

on

al

Ad

vis

ory

Co

mm

itte

e o

n A

cco

un

tin

g

Sta

nd

ard

s (

NA

CA

S)

for

the

pu

rpo

se o

f G

ov

ern

me

nt

no

tifi

cati

on

Page 15: IFRS Convergence

Be

ne

fits

of

Co

nv

erg

en

ce

Sin

gle

Re

po

rtin

gIn

cre

ase

Co

mp

ara

bil

ity

Acc

ess

to

Glo

ba

l

Ca

pit

al

Ma

rke

ts

Be

ne

fits

fo

r

Inv

est

ors

•C

on

verg

en

ce w

ith

IF

RS

eli

min

ate

s m

ult

iple

re

po

rtin

g

such

as

Ind

ian

GA

AP

, IF

RS

, U

S

GA

AP

•IF

RS

wil

l g

ive

mo

re c

om

pa

rab

ilit

y

am

on

g s

ect

ors

, co

un

trie

s a

nd

com

pa

nie

s.

•T

his

wil

l re

sult

in

mo

re t

ran

spa

ren

t

fin

an

cia

l re

po

rtin

g o

f a

co

mp

an

y’s

act

ivit

ies

wh

ich

wil

l b

en

efi

t

inve

sto

rs,

cust

om

ers

an

d o

the

r k

ey

sta

ke

ho

lde

rs in

In

dia

an

d o

vers

ea

s

•C

on

verg

en

ce w

ith

IF

RS

wil

l

en

ab

le I

nd

ian

en

titi

es

to h

ave

ea

sie

r a

cce

ss t

o g

lob

al c

ap

ita

l

ma

rke

ts a

nd

eli

min

ate

s b

arr

iers

to c

ross

-bo

rde

r li

stin

gs.

•It

en

cou

rag

es

inte

rna

tio

na

l

inve

stin

g a

nd

th

ere

by

le

ad

s to

mo

re f

ore

ign

ca

pit

al f

low

s to

th

e

•F

ina

nci

al s

tate

me

nts

pre

pa

red

usi

ng

a c

om

mo

n s

et

of

acc

ou

nti

ng

sta

nd

ard

s h

elp

inve

sto

rs b

ett

er

un

de

rsta

nd

inve

stm

en

t o

pp

ort

un

itie

s a

s

op

po

sed

to

fin

an

cia

l

sta

tem

en

ts p

rep

are

d u

sin

g a

dif

fere

nt

set

of

na

tio

na

l

Be

ne

fits

fo

r th

e

Ind

ust

ry

IFR

S b

ala

nce

sh

ee

t w

ill

be

clo

ser

to e

con

om

ic v

alu

eB

en

efi

ts t

o t

he

acc

ou

nti

ng

pro

fess

ion

al

Imp

rov

em

en

t in

fin

an

cia

l re

po

rtin

g

•C

on

verg

en

ce t

o I

FR

S w

ill

incr

ea

se t

he

op

po

rtu

nit

ies

for

Ind

ian

pro

fess

ion

als

in

ab

roa

d

as

the

y w

ill

be

ab

le t

o s

ell

the

ir s

erv

ice

s a

s e

xpe

rts

in

dif

fere

nt

pa

rts

of

the

wo

rld

•H

isto

rica

l co

st w

ill b

e s

ub

stit

ute

d

by

fa

ir v

alu

es

for

seve

ral

ba

lan

ce

she

et

ite

ms,

wh

ich

wil

l en

ab

le a

corp

ora

te t

o k

no

w it

s tr

ue

wo

rth

sta

ke

ho

lde

rs in

In

dia

an

d o

vers

ea

sm

ore

fo

reig

n c

ap

ita

l flo

ws

to t

he

cou

ntr

y.

dif

fere

nt

set

of

na

tio

na

l

acc

ou

nti

ng

sta

nd

ard

s

•C

urr

en

tly

co

mp

an

ies

ne

ed

to

pre

pa

re a

dd

itio

na

l fin

an

cia

l

sta

tem

en

ts b

ase

d o

n m

ult

iple

rep

ort

ing

fo

rma

ts t

o a

rise

cap

ita

l in

glo

ba

l ma

rke

t.

•C

on

verg

en

ce w

ith

IF

RS

wil

l

eli

min

ate

th

e r

eq

uir

em

en

t fo

r

du

al s

et

of

fin

an

cia

ls

sta

tem

en

ts a

nd

th

ere

by

red

uce

s th

e c

ost

of

rais

ing

fun

ds

by

th

e c

om

pa

nie

s

•B

ett

er

qu

ali

ty o

f fi

na

nci

al

rep

ort

ing

du

e t

o c

on

sist

en

t

ap

pli

cati

on

of

acc

ou

nti

ng

pri

nci

ple

s a

nd

imp

rove

me

nt

in

reli

ab

ilit

y o

f fi

na

nci

al s

tate

me

nts

.

•T

his

, in

tu

rn,

wil

l le

ad

to

incr

ea

sed

tru

st a

nd

re

lia

nce

pla

ced

by

inve

sto

rs,

an

aly

sts

an

d

oth

er

sta

ke

ho

lde

rs i

n a

com

pa

ny

’s f

ina

nci

al s

tate

me

nts

Page 16: IFRS Convergence

Ch

all

en

ge

s o

f C

on

ve

rge

nce

Ch

an

ge

to

re

gu

lato

ry

en

vir

on

me

nt

Lack

of

Pre

pa

red

ne

ssE

du

cati

ng

Sta

keh

old

ers

•F

or

the

su

cce

ss o

f co

nve

rge

nce

in

Ind

ia, c

ert

ain

re

gu

lato

ry a

me

nd

me

nt

is

req

uir

ed

.

•F

or

exa

mp

le,

Th

e C

om

pa

nie

s A

ct

(Sch

ed

ule

VI)

pre

scri

be

s th

e f

orm

at

for

pre

sen

tati

on

of

fin

an

cia

l sta

tem

en

ts f

or

Ind

ian

co

mp

an

ies,

wh

ere

as

the

pre

sen

tati

on

re

qu

ire

me

nts

are

sig

nif

ica

ntl

y d

iffe

ren

t u

nd

er

IFR

S.

So

, th

e

•A

do

pti

on

of

IFR

S b

y

ap

pro

xim

ate

ly 5

00

0 l

iste

d

com

pa

nie

s b

y 2

01

1 w

ou

ld r

esu

lt

in a

sig

nif

ica

nt

de

ma

nd

fo

r IF

RS

reso

urc

es.

Co

rpo

rate

In

dia

an

d

acc

ou

nti

ng

pro

fess

ion

als

ne

ed

to

be

tra

ine

d f

or

eff

ect

ive

mig

rati

on

to I

FR

S.

Ad

dit

ion

all

y a

ud

ito

rs

wo

uld

ne

ed

to

tra

in t

he

ir s

taff

to

•E

du

cati

ng

Sta

ke

ho

lde

rs

com

pri

sin

g o

f in

vest

ors

,

len

de

rs,

em

plo

ye

es,

au

dit

ors

, a

ud

it c

om

mit

tee

an

d e

tc w

ou

ld b

e a

big

cha

lle

ng

e a

s th

is w

ou

ld

req

uir

e a

co

nsi

de

rab

le t

ime

an

d e

ffo

rt

•S

ign

ific

an

t o

ne

-tim

e c

ost

s

of

con

vert

ing

to

IF

RS

(in

clu

din

g c

ost

s o

f in

tern

al

pe

rso

nn

el t

ime

, a

da

pti

ng

IT

syst

em

s, i

mp

lem

en

tin

g

revi

sed

re

po

rtin

g p

oli

cie

s

an

d p

roce

sse

s, t

rain

ing

pe

rso

nn

el a

nd

ed

uca

tin

g

Sig

nif

ica

nt

cost

Imp

act

on

fin

an

cia

l

pe

rfo

rma

nce

Co

mp

lex

ity

in

th

e

fin

an

cia

l re

po

rtin

g

pro

cess

sig

nif

ica

ntl

y d

iffe

ren

t u

nd

er

IFR

S.

So

, th

e

com

pa

nie

s a

ct n

ee

ds

to b

e a

me

nd

ed

in

lin

e w

ith

IF

RS

.

•U

nd

er

IFR

S,

com

pa

nie

s

wo

uld

ne

ed

to

incr

ea

sin

gly

use

fa

ir v

alu

e

me

asu

res

in t

he

pre

pa

rati

on

of

fin

an

cia

l

sta

tem

en

ts.

Co

mp

an

ies,

au

dit

ors

, u

sers

an

d

reg

ula

tors

wo

uld

ne

ed

to

ge

t fa

mil

iar

wit

h f

air

valu

e m

ea

sure

me

nt

tech

niq

ue

s

wo

uld

ne

ed

to

tra

in t

he

ir s

taff

to

au

dit

un

de

r IF

RS

en

viro

nm

en

t

•D

ue

to

th

e s

ign

ific

an

t

dif

fere

nce

s b

etw

ee

n I

nd

ian

GA

AP

an

d I

FR

S,

ad

op

tio

n o

f

IFR

S is

lik

ely

to

ha

ve a

sig

nif

ica

nt

imp

act

on

th

e

fin

an

cia

l po

siti

on

an

d

fin

an

cia

l pe

rfo

rma

nce

of

mo

st I

nd

ian

co

mp

an

ies

Co

mm

un

ica

tio

n o

f Im

pa

ct

of

IFR

S t

o i

nv

est

ors

•C

om

pa

nie

s a

lso

ne

ed

to

com

mu

nic

ate

th

e i

mp

act

of

IFR

S c

on

verg

en

ce t

o t

he

ir

inve

sto

rs t

o e

nsu

re t

he

y

un

de

rsta

nd

th

e s

hif

t fr

om

Ind

ian

GA

AP

to

IF

RS

.

pe

rso

nn

el a

nd

ed

uca

tin

g

inve

sto

rs,

an

aly

sts

an

d

me

mb

ers

of

the

bo

ard

)

Co

nce

ptu

al

dif

fere

nce

s

•F

or

exa

mp

le,

the

In

dia

n

sta

nd

ard

on

inta

ng

ible

s is

ba

sed

on

th

e c

on

cep

t th

at

all

inta

ng

ible

ass

ets

ha

ve a

de

fin

ite

life

, w

hic

h c

an

no

t

ge

ne

rall

y e

xce

ed

10

ye

ars

;

wh

ile

IF

RS

ack

no

wle

dg

e t

ha

t

cert

ain

inta

ng

ible

ass

ets

ma

y

ha

ve in

de

fin

ite

liv

es

an

d u

sefu

l

live

s in

exc

ess

of

10

ye

ars

are

no

t u

nu

sua

l

Page 17: IFRS Convergence

Leadership

Communication

Strategy

Cri

tica

l su

cce

ss f

act

ors

fo

r IF

RS

con

ve

rsio

n p

roje

cts

Resources

Knowledge

Project Management

Time

Cri

tica

l S

ucc

ess

Fact

ors

Page 18: IFRS Convergence

Categories of IFRS

Ca

teg

ori

zati

on

of

IFR

S b

y I

CA

I

�IC

AI

ha

s ca

teg

ori

ze t

he

IF

RS

in

fiv

e c

ate

go

rie

s b

ase

d o

n t

he

ext

en

t o

f ch

an

ge

s o

r th

e e

xte

nt

of

sup

po

rt r

eq

uir

ed

fro

m t

he

re

gu

lato

ry a

uth

ori

tie

s:

Category I

CategoryII

CategoryIII

Category V

Category IV

Category I A

Category I B

Category III A

Category III B

Page 19: IFRS Convergence

Ca

teg

ory

I I

FR

S

•IA

S 1

1,

Co

nst

ruct

ion

Co

ntr

act

s

Ca

teg

ory

I A

IFR

Ss

wh

ich

do

no

t h

ave

an

y d

iffe

ren

ces

wit

h t

he

co

rre

spo

nd

ing

In

dia

n

Acc

ou

nti

ng

Sta

nd

ard

s

•IA

S 2

In

ven

tori

es

•IA

S 7

,Ca

sh F

low

Sta

tem

en

ts

Ca

teg

ory

I B

IFR

S w

hic

h h

as

cert

ain

min

or

dif

fere

nce

s w

ith

th

e c

orr

esp

on

din

g

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

s

•IA

S 1

1,

Co

nst

ruct

ion

Co

ntr

act

s

•IA

S 2

3,

Bo

rro

win

g C

ost

s

•IA

S 7

,Ca

sh F

low

Sta

tem

en

ts

•IA

S 2

0,

Acc

ou

nti

ng

fo

r G

ove

rnm

en

t

Gra

nts

an

d D

iscl

osu

re o

f G

ove

rnm

en

t

Ass

ista

nce

•IA

S 3

3,

Ea

rnin

gs

Pe

r S

ha

re

•IA

S 3

6,

Imp

air

me

nt

of

Ass

ets

•IA

S 3

8,

Inta

ng

ible

Ass

ets

Page 20: IFRS Convergence

Ca

teg

ory

II

IFR

S

Ca

teg

ory

II:

IFR

Ss

wh

ich

ma

y

req

uir

e s

om

e t

ime

to

re

ach

a

leve

l of

tech

nic

al p

rep

are

dn

ess

by

IAS

18

, R

eve

nu

e

IAS

21

,Th

e E

ffe

cts

of

IFR

S 2

, S

ha

re-b

ase

d

IAS

40

, In

vest

me

nt

Pro

pe

rty

(Co

rre

spo

nd

ing

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

is

un

de

r p

rep

ara

tio

n)

leve

l of

tech

nic

al p

rep

are

dn

ess

by

the

ind

ust

ry a

nd

pro

fess

ion

als

kee

pin

g in

vie

w t

he

exi

stin

g

eco

no

mic

en

vir

on

me

nt

an

d o

the

r

fact

ors

IAS

21

,Th

e E

ffe

cts

of

Ch

an

ge

s in

Fo

reig

n

Exc

ha

ng

e R

ate

s

IAS

26

, A

cco

un

tin

g a

nd

Re

po

rtin

g b

y

Re

tire

me

nt

Be

ne

fit

Pla

ns

IFR

S 5

, N

on

-cu

rre

nt

Ass

ets

He

ld f

or

Sa

le a

nd

Dis

con

tin

ue

d O

pe

rati

on

s

(Co

rre

spo

nd

ing

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

is

un

de

r p

rep

ara

tio

n)

Pa

ym

en

t

(Co

rre

spo

nd

ing

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

is

un

de

r p

rep

ara

tio

n)

Page 21: IFRS Convergence

Ca

teg

ory

III

IF

RS

•IA

S 1

7,L

ea

ses

Ca

teg

ory

III

A

IFR

Ss

ha

vin

g c

on

cep

tua

l d

iffe

ren

ces

wit

h

the

co

rre

spo

nd

ing

In

dia

n A

cco

un

tin

g

Sta

nd

ard

s th

at

sho

uld

be

ta

ke

n u

p w

ith

th

e

IAS

B

•IA

S 1

2,

Inco

me

Ta

xes

Ca

teg

ory

III

B

IFR

Ss

ha

vin

g c

on

cep

tua

l d

iffe

ren

ces

wit

h t

he

corr

esp

on

din

g I

nd

ian

Acc

ou

nti

ng

Sta

nd

ard

s

tha

t n

ee

d t

o b

e e

xam

ine

d t

o d

ete

rmin

e

wh

eth

er

the

se s

ho

uld

be

ta

ke

n u

p w

ith

th

e

IAS

B o

r sh

ou

ld b

e r

em

ove

d b

y t

he

IC

AI

itse

lf

•IA

S 1

9,

Em

plo

yee

Be

ne

fits

•IA

S 2

7,C

on

soli

da

ted

an

d S

ep

ara

te

Fin

an

cia

l Sta

tem

en

ts

•IA

S 2

8,

Inve

stm

en

ts in

Ass

oci

ate

s

•IA

S 3

1,

Inte

rest

s in

Jo

int

Ve

ntu

res

•IA

S 3

7,

Pro

vis

ion

s, C

on

tin

ge

nt

Lia

bil

itie

s a

nd

Co

nti

ng

en

t A

sse

ts

•IA

S 2

4,

Re

late

d P

art

y D

iscl

osu

res

•IA

S 4

1,

Ag

ricu

ltu

re (

Co

rre

spo

nd

ing

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

is u

nd

er

pre

pa

rati

on

)

•IF

RS

3,

Bu

sin

ess

Co

mb

ina

tio

ns

•IF

RS

6,

Exp

lora

tio

n f

or

an

d E

valu

ati

on

of

Min

era

l Re

sou

rce

s

•IF

RS

8,

Op

era

tin

g S

eg

me

nts

Page 22: IFRS Convergence

Ca

teg

ory

IV

an

d V

IF

RS

•IA

S 1

, P

rese

nta

tio

n o

f F

ina

nci

al S

tate

me

nts

•IA

S 8

, A

cco

un

tin

g P

oli

cie

s, C

ha

ng

es

in

Acc

ou

nti

ng

Est

ima

tes

an

d E

rro

rs

•IA

S 1

0,

Eve

nts

Aft

er

the

Ba

lan

ce S

he

et

Da

te

Ca

teg

ory

IV

IFR

Ss,

th

e a

do

pti

on

of

wh

ich

wo

uld

re

qu

ire

cha

ng

es

in la

ws/

reg

ula

tio

ns

be

cau

se c

om

pli

an

ce w

ith

su

ch I

FR

Ss

is n

ot

po

ssib

le u

nti

l th

e r

eg

ula

tio

ns/

law

s a

re

am

en

de

d.

•IA

S 2

9,

Fin

an

cia

l Re

po

rtin

g in

Hyp

er-

infl

ati

on

ary

Eco

no

mie

s

Ca

teg

ory

V

IFR

Ss

corr

esp

on

din

g t

o w

hic

h n

o I

nd

ian

Acc

ou

nti

ng

Sta

nd

ard

is r

eq

uir

ed

fo

r th

e t

ime

be

ing

.

•IA

S 1

0,

Eve

nts

Aft

er

the

Ba

lan

ce S

he

et

Da

te

•IA

S 1

6,

Pro

pe

rty,

Pla

nt

an

d E

qu

ipm

en

t

•IA

S 3

2,

Fin

an

cia

l In

stru

me

nts

: P

rese

nta

tio

n

(Exp

osu

re D

raft

of

the

Co

rre

spo

nd

ing

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

ha

s b

ee

n is

sue

d)

•IA

S 3

4,

Inte

rim

Fin

an

cia

l Re

po

rtin

g

•IA

S 3

9,

Fin

an

cia

l In

stru

me

nts

: R

eco

gn

itio

n

an

d M

ea

sure

me

nt

(Exp

osu

re D

raft

of

the

Co

rre

spo

nd

ing

Ind

ian

Acc

ou

nti

ng

Sta

nd

ard

ha

s b

ee

n iss

ue

d)

•IF

RS

1,

Fir

st-t

ime

Ad

op

tio

n o

f In

tern

ati

on

al

Fin

an

cia

l Re

po

rtin

g S

tan

da

rds

•IF

RS

4,

Insu

ran

ce C

on

tra

cts

•IF

RS

7,

Fin

an

cia

l In

stru

me

nts

: D

iscl

osu

res

Page 23: IFRS Convergence

Wh

ich

wa

y o

f A

do

pti

on

of

IFR

S i

s p

refe

rre

d:

sta

ge

wis

e o

n t

he

ba

sis

of

cate

go

ry o

f IF

RS

or

all

at

on

ce f

rom

a s

pe

cifi

ed

fu

ture

da

te

•T

he

IC

AI

exa

min

ed

wh

eth

er

a s

tag

e-w

ise

ap

pro

ach

to

co

nve

rge

nce

sh

ou

ld b

e

foll

ow

ed

wh

ere

by

ce

rta

in I

FR

S a

re a

do

pte

d i

mm

ed

iate

ly (

Ca

teg

ory

I)

an

d c

ert

ain

o

the

r IF

RS

are

ad

op

ted

wit

hin

a s

ho

rt p

eri

od

of

tim

e,

say

tw

o y

ea

rs (

Ca

teg

ory

II

an

d I

II)

an

d t

he

ba

lan

ce s

tan

da

rds

are

ad

op

ted

on

ly w

he

n t

he

la

ws

an

d r

eg

ula

tio

n

are

ch

an

ge

d.

•H

ow

eve

r, t

he

IC

AI

con

clu

de

d t

ha

t su

ch a

sta

ge

-wis

e a

pp

roa

ch m

ay

re

sult

in

se

vera

l a

pp

lica

tio

n c

om

ple

xiti

es

be

cau

se m

an

y a

cco

un

tin

g s

tan

da

rds

are

in

ter-

rela

ted

. S

o,

ap

pli

cati

on

co

mp

lexi

tie

s b

eca

use

ma

ny

acc

ou

nti

ng

sta

nd

ard

s a

re i

nte

r-re

late

d.

So

, co

nsi

de

rin

g t

he

ch

all

en

ge

s to

tra

nsi

tio

n,

the

IC

AI

ha

s o

pte

d f

or

an

ap

pro

ach

w

he

reb

y a

ll I

FR

S s

ho

uld

be

ad

op

ted

fo

r th

e d

efi

ne

d e

nti

tie

s fo

r a

cco

un

tin

g p

eri

od

s co

mm

en

cin

g o

n o

r a

fte

r A

pri

l 1

, 2

01

1.

•T

he

IC

AI

be

lie

ves

tha

t th

is t

ran

siti

on

pe

rio

d t

ill

Ap

ril

1,

20

11

wil

l e

na

ble

all

p

art

icip

an

ts i

n t

he

fin

an

cia

l re

po

rtin

g p

roce

ss t

o h

elp

in

bu

ild

ing

th

e e

nv

iro

nm

en

t su

pp

ort

ing

th

e a

do

pti

on

of

IFR

S.

Page 24: IFRS Convergence

Pro

ject

Ma

na

ge

me

nt

for

IFR

S C

on

ve

rge

nce

Pro

ject

•C

om

ple

x ta

sks

are

ea

sie

r w

he

n d

ivid

ed

in

to m

an

ag

ea

ble

pie

ces

an

d i

t is

tru

e f

or

IFR

S c

on

verg

en

ce p

roje

ct a

lso

. P

roje

ct c

an

be

bro

ken

do

wn

in

to t

hre

e k

ey

ph

ase

s.

1.

Ide

nti

fy t

he

ke

y d

ate

s a

nd

th

e d

ate

of

tra

nsi

tio

n t

o I

FR

S

2 D

eve

lop

an

IF

RS

tra

inin

g p

lan

fo

r

Assess

Design

10

.P

rep

are

an

op

en

ing

IF

RS

ba

lan

ce

she

et

at

the

da

te o

f tr

an

siti

on

to

IFR

S

11

Exp

lain

th

e i

mp

act

of

tra

nsi

tio

n

fro

m p

revi

ou

s G

AA

P t

o I

FR

S a

s

req

uir

ed

by

IF

RS

1

12

Ap

ply

IF

RS

as

bu

sin

ess

as

usu

al.

5 R

ed

eve

lop

re

po

rtin

g m

an

ua

l i.e

., d

eve

lop

IFR

S a

cco

un

tin

g m

an

ua

l mo

dif

yin

g c

ha

rt o

f

acc

ou

nts

an

d c

on

tain

ing

de

tail

ed

inst

ruct

ion

s.

6 M

ea

sure

th

e i

mp

act

of

the

dif

fere

nce

s

ide

nti

fie

d o

n t

he

la

test

fin

an

cia

l pre

pa

red

un

de

r In

dia

n G

AA

P.

7 A

pp

ly la

test

ve

rsio

n o

f IF

RS

co

nsi

ste

ntl

y

8 A

pp

ly I

FR

S 1

wh

ich

de

als

wit

h f

irst

-tim

e

ad

op

tio

n o

f IF

RS

.

9 I

de

nti

fy p

erm

itte

d e

xem

pti

on

s fr

om

spe

cifi

ed

IF

RS

as

pe

r IF

RS

1.

2 D

eve

lop

an

IF

RS

tra

inin

g p

lan

fo

r

acc

ou

nti

ng

an

d f

ina

nce

pe

rso

nn

el.

3 I

de

nti

fy d

iffe

ren

ces

in t

he

re

leva

nt

acc

ou

nti

ng

po

lici

es.

4 I

de

nti

fy g

ap

s in

sy

ste

ms

an

d p

roce

sse

s

to g

ath

er

info

rma

tio

n n

ee

de

d u

nd

er

IFR

S a

nd

th

e c

urr

en

tly

ava

ila

ble

info

rma

tio

n.

Implement

Page 25: IFRS Convergence

Co

ncl

usi

on

•B

en

efi

ts d

eri

ved

fro

m c

on

verg

en

ce a

re l

ot

bu

t a

lso

th

e c

ha

lle

ng

es.

Th

e s

ucc

ess

of

the

co

nve

rge

nce

to

IF

RS

in

In

dia

wil

l de

pe

nd

on

co

op

era

tio

n f

rom

go

vern

me

nt,

re

gu

lato

rs a

nd

ta

x d

ep

art

me

nts

.

•U

ltim

ate

ly, it

is

imp

era

tive

fo

r In

dia

n e

nti

tie

s to

im

pro

ve t

he

ir p

rep

are

dn

ess

fo

r IF

RS

ad

op

tio

n

an

d g

et

the

co

nve

rsio

n p

roce

ss r

igh

t. G

ive

n t

he

cu

rre

nt

ma

rke

t co

nd

itio

ns,

an

y r

est

ate

me

nt

of

resu

lts

du

e t

o e

rro

rs i

n t

he

co

nve

rsio

n p

roce

ss w

ou

ld b

e d

etr

ime

nta

l to

th

e c

om

pa

ny

invo

lve

d a

nd

wo

uld

se

vere

ly d

am

ag

e in

vest

or

con

fid

en

ce i

n t

he

fin

an

cia

l sys

tem

.

•T

he

tra

nsi

tio

n t

o I

FR

S i

s li

kely

to

be

ch

all

en

gin

g f

or

corp

ora

te I

nd

ia.

Ho

we

ver,

if

the

Th

e t

ran

siti

on

to

IF

RS

is

like

ly t

o b

e c

ha

lle

ng

ing

fo

r co

rpo

rate

In

dia

. H

ow

eve

r, i

f th

e

tra

nsi

tio

ne

d is

pla

nn

ed

an

d m

an

ag

ed

su

cce

ssfu

lly,

it

wil

l g

en

era

lly b

e p

osi

tive

fo

r fi

na

nci

al

rep

ort

ing

in

In

dia

. T

his

wil

l im

pro

ve t

he

qu

ali

ty a

nd

tra

nsp

are

ncy

of

the

fin

an

cia

l re

po

rtin

g

pro

cess

an

d f

urt

he

r a

lig

n c

orp

ora

te I

nd

ia t

o t

he

glo

ba

l eco

no

my a

nd

th

e g

lob

al c

ap

ita

l m

ark

ets

.

•T

he

re i

s a

n u

rge

nt

ne

ed

to

ad

dre

ss t

he

se c

ha

lle

ng

es

an

d w

ork

to

wa

rds

full

ad

op

tio

n o

f IF

RS

in

In

dia

. T

he

mo

st s

ign

ific

an

t n

ee

d i

s to

bu

ild

ad

eq

ua

te I

FR

S s

kil

ls a

nd

an

exp

an

sive

kn

ow

led

ge

b

ase

am

on

gst

In

dia

n a

cco

un

tin

g p

rofe

ssio

na

ls t

o m

an

ag

e t

he

co

nve

rsio

n p

roje

cts

for

Ind

ian

e

nti

tie

s .

Th

is c

an

be

do

ne

by l

eve

rag

ing

th

e k

no

wle

dg

e a

nd

exp

eri

en

ce g

ain

ed

fro

m I

FR

S

con

vers

ion

in

oth

er

cou

ntr

ies

an

d in

corp

ora

tin

g I

FR

S i

nto

th

e c

urr

icu

lum

fo

r p

rofe

ssio

na

l a

cco

un

tin

g c

ou

rse

s.

Page 26: IFRS Convergence

Ho

w w

e c

an

Ass

ist

1.

IFR

S T

rain

ing

;

2.

Ide

nti

fica

tio

n o

f In

dia

n G

AA

P a

nd

IF

RS

Dif

fere

nce

s;

3.

Pre

pa

rati

on

of

Co

nve

rge

nce

Ma

nu

al;

4.

Do

cum

en

tati

on

of

IFR

S C

on

verg

en

ce;

4.

Do

cum

en

tati

on

of

IFR

S C

on

verg

en

ce;

5.

Pre

pa

rati

on

of

IFR

S F

ina

nci

al

Sta

tem

en

ts;

6.

IFR

S a

nd

In

dia

n G

AA

P R

eco

nci

lia

tio

n;

7.

Po

st I

mp

lem

en

tati

on

re

vie

w a

nd

fo

llo

w u

p

Page 27: IFRS Convergence

Ma

jor

Tra

inin

g C

lie

nte

le A

dd

ress

ed

•M

aric

o L

imited

;

•A

pollo T

yre

s Lim

ited

;

•K

irlo

skar

Bro

ther

s Lim

ited

;

•A

CC

Lim

ited

;

•Em

erso

n C

lim

ate

Tec

hnolo

gie

s (India

) Lim

ited

;

•L &

T Infras

truct

ure

Fin

ance

Co. Lim

ited

;

•Tam

il N

adu N

ewsp

rint an

d P

aper

s Lim

ited

;

•Super

Auto

Forg

e Lim

ited

;

•Par

adee

p P

hosp

hat

es L

imited

;

•U

ttar

Guja

rat V

IJ C

om

pan

y L

imited

;

•U

nio

n B

ank o

f In

dia

;

•N

TPC

Lim

ited