The assignment involved implementation of Ind-AS (Indian equivalent of the International Financial Reporting Standards-IFRS) in the Tamil Nadu Power Finance & Infrastructure Development Corporation Limited (TNPFC), a company wholly owned by Government of Tamil Nadu and registered with RBI as a Non-Banking Finance Company.
MaGC Approach and Methodology
The methodology involved discussions with the Board in order to understand the functioning of TNPFC, identifying different types of transactions and the relevant IndAS to be applied for different situations. An impact assessment was carried out and recommendations for changes to ensure compliance were outlined. A detailed approach was formulated outlining the challenges and proposed alternatives for implementing IndAS.
The revised accounting policy and financial statements for the current period were prepared as per Ind-AS along with the transition impact on the opening balances for the previous years. A clear road map allowed TNPFC personnel maintain books of accounts in compliance with Ind-AS in subsequent years.
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