AAI to appoint consultant for Ind AS implementation
To ensure a smooth transition to the new accounting standard, AAI will appoint a professional consultant which will carry out impact assessment and train its officials. Seeking applications from interested entities, the Airports Authority of India (AAI) said the professional consultant would be responsible for preparing a "detailed road map" with clearly defined activities for ensuring successful implementation of Indian Accounting Standards (Ind AS).
Ind AS, which is converged with International Financial Reporting Standards (IFRS), has been made mandatory for certain class of companies starting April 1, 2016.
The consultant would be required to advise and assist in identification of differences between the current accounting policies, systems and practices of AAI and the requirements under Ind AS.
As per the tender issued for "appointment of professional consultant for implementation of Ind AS", AAI said the entity would also provide a detailed presentation on the likely impact of Ind AS on financial as well as non-financial matters.
Among others, the consultant would have to "review the terms and conditions of the existing contracts and suggest changes to coincide with new reporting standards".
A mini-ratna undertaking, the financial statements of AAI are prepared under historical cost convention on accrual basis as per generally accepted accounting principles.
Air India seeking $225-mn bridge loan for 2 Dreamliners' purchase
National carrier Air India is seeking a 'bridge loan' of up to $225 million (over Rs 1,500 crore) for part funding of induction of two Boeing 787 Dreamliner aircraft. Air India, which is scheduled to take delivery of two more 787 aircraft between November and December, has invited offers from banks/financial institutions to arrange the bridge financing for a period of up to 15 months. A bridge-loan is typically used to meet payment commitments until a long-term financing is arranged. The government-run airline at present has 21 Boeing 787-800s in its fleet. In January 2006, it had placed orders for 68 Boeing aircraft, including 27 Dreamliners and 41 B-777s and B-737-800s. It has not taken delivery of these planes since June, 2015. The airline, according to the bid document, is offering the aircraft as security and will repay the loan after it concludes a sale and lease-back arrangement, it said, adding there will be no government guarantee for the loan.