The new accounting standards based on IndAS are closer to the global standards of reporting financial results and rely on segment revenue, segment assets, segment liabilities and segment results. Photo: MintMumbai: In a relief for listed companies, the Securities and Exchange Board of India (Sebi) on Tuesday deferred the timelines for implementation of new accounting standards. Starting financial year 2017 companies were required to transition from the current reporting format for financial results that is based on Generally Accepted Accounting Principles (GAAP) to Indian Accounting Standards Rules, 2015 or IndAS Rules. “For the quarter ending 30 June 2016, IndAS-compliant financial results for the corresponding quarter ended 30 June 2015 shall be provided. Starting fiscal 2017 firms must transition from the current reporting format for financial results to Indian Accounting Standards Rules (IndAS)The IndAS rules are different from GAAP as they are based on the fair valuation method.

Source: Mint July 05, 2016 14:55 UTC