Transition to Indian Accounting Standards (Ind AS) has brought a set of challenges for companies as well as the regulators. SEBI vide its circular dated 5 July 2016 (CIR/CFD/FAC/62/2016) requires listed companies to comply with the formats prescribed under the SEBI Circular dated 30 November 2015, for reporting financial results till 31 December 2016. The 31 March 2017 financial results onwards are required in the formats prescribed in Revised Schedule III of the Companies Act 2013. The format prescribed by SEBI permits ‘Income from Operations’ to be disclosed net of excise duty. However, Schedule III of the Companies Act, 2013 (2013 Act) notified on 6 April 2016, requires ‘Revenue from Operations’ to be disclosed inclusive of excise duty. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) issued a notification on behalf of SEBI, on 20 September 2016, which clarifies that companies should follow a uniform approach in their revenue disclosures. Accor...
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