India
GAAP FOCUS

 


GAAP FOCUS, a quarterly newsletter by KPMG in India, aims at providing inputs on recent developments in international financial reporting such as US GAAP and IFRS impacting SEC issuers and others including auditors, initiatives by regulators such as SEC, PCAOB etc. and related themes around audit quality and role of audit committees. The articles endeavor to analyze how these international developments may impact entities in India.

In this edition, we have discussed how the new consolidation rules under IFRS may have significant financial reporting implications for investment companies (IC) and fund managers, which in turn may require reassessment of previous consolidation conclusions. The article also discusses FASB’s new proposal on accounting by investment property entities (IPE) - being a relatively new concept under US GAAP. Finally, where relevant, the accounting guidance for IC and IPE has been contrasted between US GAAP and IFRS.

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