The IND-AS means transaction to Indian Accounting standard for the real Estate Sector Dhiren Shah is the advisory for the real estate IND-AS in which we see the roadmap transaction will begin the transition date 1st april 2015 and the reporting date of the IND-AS is 31st March 2016 both have to standalone and consolidated financial statements. There are various area to be assessed like revenue, Extended credit terms, Lease rentals , control , joint development agreements, Financial instrument , Investment property, deferred tax. Investment property in IND-AS where land building, part of the building both held to earn rental and capital that used by the both that initial and subsequent accounting is on same line as fixed assets. The disclosure of the fair value of investment property is required.
Deferred tax in IND-AS is often to real estate companies that creating multiple layers of investment in subsidiaries and joint venture for execution of the projects different tax resulting that decrease in tax expense in the consolidated income statement. This is recognizing deferred tax on undistributed profits, joint venture that except the parent company which able to control ultimate distribution of the profits that not are reverse in the near future.
Dhiren Shah & Co for IND-AS Transition Advisory in Ahmedabad and IND-AS Transition Advisory in Gujarat, India