“Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.”— William Pollard.
The transition to the Indian Accounting Standards (Ind AS) regime is a landmark for Indian industry, bringing about a paradigm shift in reporting and disclosures, besides improving transparency of financial statements, benchmarking them to global standards and accounting practices. It is said that “no matter how great the talent or efforts, some things just take time.” The standards have been adopted, but the transition and implementation in the industry ecosystem will take some gestation time. As per the ICAI study “Ind AS Impact Analysis and Industry Experience”, a key driver of the impact for participant businesses in financial markets has been ‘Ind AS 109 Financial Instruments’ and 58% respondents acknowledged that ‘Hedge Accounting’ has been highly challenging to understand and implement. Hence, an attempt has been made herewith to evaluate the upgrade introduced in ‘Hedge…
