Income Computation and Disclosure Standards Master Class

UPCOMING BATCHES
Dates City DURATION PRICE (INR)  
Coming soon Delhi - Hours Will be updated soon
Coming soon Mumbai - Hours Will be updated soon
Coming soon Banglore - Hours Will be updated soon
Program Features
Key areas of impact
  1. Expected losses or mark-to-market (MTM) losses will not be recognized unless permitted by any specific ICDS. Provisions silent in relation to MTM gains
  2. ICDS is applicable to all open construction contract as on 31 March 2015
  3. Introduction of new formula for capitalization of borrowing costs in case of general purpose borrowings
  4. Only Forward Contracts and Foreign Currency Options (Forex derivatives) are covered by ICDS
  5. Recognition of provisions and contingent assets will be considered if outflow/inflow of economic resources is considered reasonably certain
  6. The service sector will mandatorily have to adopt Percentage of Completion Method (POCM) for revenue recognition
  7. Concept of “prudence” according to IGAAP1 modified by ICDS
  8. Inventory of service providers to be valued at lower of cost or NRV

Every assesse is required to implement ICDS, and potential impact will be considered by companies while estimating advance tax liability for FY 15–16, due on 15 June 2015. Non-compliance of ICDS will result in best judgement assessment by tax authorities, which may lead to protracted litigation.
Against this backdrop, we are launching a two-day comprehensive master class on ICDS. The master class will provide a detailed understanding of ICDS, differences from the current Indian GAAP, insights into practical application issues and transitional provisions, including changes required to IT systems.

Key takeaway of the master class
  1. Understanding of differences between Indian GAAP and ICDS  (with high-level inputs on comparability with IND-AS)
  2. Understanding of disclosure requirements as proposed by the ICDS
  3. Clarity on the ultimate tax (including deferred tax) impact arising due to such differences
  4. Guidance for transition to the ICDS regime
  5. Interplay between ICDS and MAT
Understanding of ICDS with practical examples and case studies, especially focusing on complex standards such as Accounting policies, revenue recognition, foreign exchange transactions, valuation of inventories, tangible fixed assets, securities, provisions and contingencies.

Focus Areas
  1. Critical Analysis of ICDS
  2. Ultimate tax impact
  3. GAAP differences
  4. Potential conflict over MAT
  5. Transition to ICDS
Who should attend?
The master class will be highly beneficial to Tax Heads, Finance Heads, CFOs, Corporate Tax and Accounting professionals, practicing Tax and Accounting professionals.
 
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ABOUT COURSE | Top 10 Queries

    Income Computation and Disclosure Standards Master Class

    The Central Government (CG) recently notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015–16. This will affect the compliance practice of all taxpayers following the mercantile system of accounting for computing income chargeable to income tax under the heads:
    1. Profits and gains of business or profession or
    2. Income from other sources

    The introduction of ICDS will help bring increased consistency in computation and reporting of taxable income, reduce litigation and minimize the alternatives provided by the existing Accounting Standards issued by the Institute of Chartered Accountants of India.

    Given that this is the first year of applicability, there could be transitional concerns on income computation, as well as disclosure under the ICDS vis-à-vis current established practices. Differences in the two practices could have significant cash and tax impact (including risk of a Best Judgement assessment in case of non-compliance). It is critical for all stakeholders to understand the applicability of new tax standards and its various practical application issues.

What is this master class about? Who all should enrol?

This master class aims to provide a detailed understanding of recently notified ten Income Tax Computation & Disclosure Standards (ICDS), effective from financial year 2015-16. Some of the key topics which would be covered are: 1.Understanding of differences between Indian GAAP and ICDS (with high-level inputs on comparability with IND-AS); 2.Understanding the disclosure requirements as proposed by the ICDS; 3.Understanding the ultimate tax (including deferred tax) impact arising on account of such differences; 4.Guidance for transition to the ICDS regime; 5.Interplay between ICDS and MAT; and 6.Understanding of ICDS with practical examples and case studies, especially focusing on complex standards such as Accounting policies, revenue recognition, foreign exchange transactions, valuation of inventories, tangible fixed assets, securities, Provisions & Contingencies. This unique master class will be highly beneficial to Tax Heads, Finance Heads, CFOs, Corporate Tax Team, Corporate Accounting Team, Practicing Tax & Accounting professionals.

Do the participants get any master class material before or after the workshop?

All participants will get the master class course content at the venue. In addition, other thought leadership material on ICDS is also available on our website.

Will the participants be allowed to interact on a one on one basis with the expert trainers?

The trainers will ensure that the sessions are as interactive as possible and participants are encouraged to ask questions. Additionally, a closing session has been planned to give participants an opportunity to ask questions to the trainers/experts and get their answers on a one-on-one basis.

How do I register? What are the various modes of payment?

Registration for the master class can be done by clicking here. The interested participants can use any of the following modes for payment: 1. Credit Card 2. Debit Card 3. Internet enabled bank account 4. Cash Card Cheque payment - for details contact via email info@henryharvin.com

Would an invoice for the payment made be available on request?

On completion of the registration, an invoice will be generated for the payment and one can save it from the webpage itself. The same shall also be emailed to the mailing address specified while registering.

Is there an option to register for a few sessions/ days out of the two-day master class?

For participants to derive the full benefit of the master class, it is important to attend both the sessions. Unfortunately, there is no option to register for selected sessions/days. Registering for the master class would entail attending both the sessions.

What is the process of cancellation/ refund of fees?

There are limited seats available for the course. There shall be no refund on cancellation of registration. However, we can allow someone else from the same company to attend the class.

What are the logistical facilities that are available to participants attending from other cities?

The course fee includes costs of refreshments and lunch only. Stay / travel arrangements have to be made by the participants themselves.

Would the course content practical challenges and experience sharing sessions?

This Master Class will be delivered by senior professionals jointly from Tax Team and Accounting Advisory Team who have extensive training experience , as well as experience of working on tax & accounting assignments. There will be experience sharing sessions and the course content has been structured in a way that participants are able to gain a full understanding of the practical challenges faced by corporates. Intertwining theoretical material with some case studies, the trainers will ensure that the class never runs out of an excuse to interact!

Will the course be specific to any particular industry or type of company?

The course has been designed keeping in mind the general provisions of the ICDS and it is not specific to any particular type of company or industry.

Will recorded versions of the sessions be available?

Session recordings will not be available to the participants. Hence, all participants are requested to attend all the sessions for their benefit.

Will we get any certificate upon completion of the program?

A certificate of completion will be issued at the end of the master class program.

How it is beneficial for you?

Advantages to different domains and industries

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