Millennium Post

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. 

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