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标题：Transition to Ind-AS - A Corporate Governance Perspective...
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作者：Ajit S. Joshi ; Ajit S. Joshi
期刊名称：Procedia - Social and Behavioral Sciences
印刷版ISSN：1877-0428
出版年度：2012
卷号：37
页码：344-353
DOI：10.1016/j.sbspro.2012.03.300
语种：English
出版社：Elsevier
摘要：Transition to International Financial Reporting Standards (IFRS), in the form of Ind-AS, is most certainly a significant event for an Emerging Economy like India. This convergence, however, poses a serious challenge before Corporate Governance. Contemporary Institution of Corporate Governance, based on Auditors (Internal & External), Audit Committee and Statutes, needs to reinvent and reinforce its role for meaningful and honest implementation of Ind-AS. One of the principle concepts in these standards is - Fair Value. However, there is considerable subjectivity and judgement associated in this area, leaving broad scope to management discretion. Treatment to Financial Instruments under IFRS, is one of the most important area of concern for all the concerned stakeholders, especially on the background of Financial meltdown of 2008, from which the world is yet far from recovered. IAS 32, 39 and IFRS 7 and commensurate Ind-AS deal with the initial Recognition, Measurements and Disclosure related to Financial Instruments. These are also the standards, where Fair Value is predominantly used. In this regard, this paper to investigate the interrelationship in Corporate Governance and Ind-AS, with special emphasis on the logical application of Fair Value concept and suitable nomenclature for the same. In this quest, following areas were highlighted: (i) Requirements of the standards vis-a-vis increased responsibilities of the components of Corporate Governance; (ii) Subsequent analysis of certain areas such as Derivatives as Hedge Instruments, Embedded Derivatives, Debt Instruments; and (iii) Examples from the experiences in the developed world as well as emerging economies such as China and Russia. This is an effort to emphasis the need for evolving procedures, nomenclature and benchmarks, which can lead to smooth transition and strategic, operational, and economic benefits to the entity from the convergence and subsequent application of the Ind-As.
关键词：Derivatives;Financial Instruments;IFRS 32;IFRS 39;IFRS 7;Ind-AS