Financial reporting in India is expected to change tremendously due to applicability of Indian Accounting Standards since current Indian GAAP (Generally Accepted Accounting Principles) are divergent from the notified Ind-AS in many respects. One of the articles written by me on the subject also got published in The Chartered Accountant May 2016 issue.

The article attempts to explain the change in the accounting of staff loans by the implementation of Ind-AS. Read the article on ICAI website by clicking here.