Blueprint your Brahmastra!


धर्मेच अर्थेच कामेच मोक्षेच भरतर्षभ

यदिहास्ति तदन्यत्र यन्नेहास्ति न कुत्रचित्।

The above verses, narrated by Lord Krishna to Arjuna in the Mahabharata can be roughly translated to mean: Every piece of knowledge about duty, finance and aspirations can trace its origins to the Mahabharata.

Welcome to our series of articles on business lessons from the Mahabharata. The epic has many analogies about crafting finance for non finance professional strategies to create a lasting business empire in the wake of market competition, industry obsolescence, reimagining your business model, not to mention global socio-political & environmental changes.

What is your Brahmastra?

In any war, the faction that is in possession of the Brahmastra (a supernatural weapon that can win any war) has higher odds of winning the war.

As an entrepreneur wanting to create a legacy business, what should be your Brahmastra? And how will you wield it?

Your Brahmastra is formulating a well-planned finance for non finance strategy that aligns with the vision of your business!

Let us learn some finance for non finance strategies from one of India’s most successful hypermarket retail corporations, which can be applied in any business, large or small.

How the biggest retail chain in India crafted their growth story – applying calibrated strategies at each step!

In May 2002, Radhakishan Damani opened a grocery chain store in India – “DMart” when people still preferred going to their neighborhood kirana store.

Did you know since then DMart has opened over 238 stores but has never had to shut a single store?

  1. Prototyping the Business Model

Dmart started with a single store instead of simultaneously launching multiple retail stores. By and by, DMart has opened more than 238 stores across 12 states in India in the last 19 years.

Your Strategy Shastra:

Start Small: DMart channeled their efforts on creating a “Minimum Viable Product”, (a single store in Powai, Mumbai) which allowed them to focus on realizing the core functionalities, strengths, and weaknesses of their business. This allowed them to prototype the most appropriate sales mix and market expectations accurately with minimum costs and time! In contrast, its major competitor Reliance Retail quickly forayed into multiple segments (electronics, furniture, etc.) upon its launch. DMart however, decided to create customer value by sticking with its limited sales mix (food, groceries and daily products).                                        

  1. Optimizing the Business Model

How does DMart manage to sell at the lowest prices in the market and still make considerable profits? It follows a strategy of “EDLP” – Every Day Low Price, instead of resorting to seasonal, weekly or flash sales. This goes a long way in assuring customers consistent low prices without any associated skepticism about the quality of goods on offer. Other complementary strategies followed by DMart are:

    • Entry (slotting/shelving) fee – To place their products on the shelves of DMart, manufacturers have to make a one-time payment to DMart. This reduces cost of that product for DMart & they’re able to sell those goods at a discount. This revenue model of DMart also helps it generate revenue from manufacturers.
    • Low Operating Costs – Every DMart store has the same structure and low-fuss interiors with effective utilization of space. DMart focuses on putting up more products on its shelves. They also prefer not to set up a store in malls due to high CAM (Common Area Maintenance) charges.
    • Share of Wallet vs. Customer Footfalls – Most retail hypermarkets either achieve an extensive Share of Wallet (the amount an existing customer spends regularly on your product) or high customer footfall (the number of people entering your store). However, DMart has managed to build both by sustained customer loyalty

Your Strategy Shastra:
DMart thrives on a low-cost functional business model to create value for their customers. The success of your business entirely depends on the functionality of your Business Model.

Your business model must answer the below questions to ensure that it is optimum for the business:

  • What critical business problems am I solving for my customers?
  • Am I creating value for my customers which is unique in nature giving me a competitive advantage in the market?
  • What am I charging for this value (to cover my business costs)?
  • Is there scope of any innovation in the design of my business model?

(Click here to download our free guide on other critical questions your business model must address to be effective!)

  1. Working Capital Efficiency

Prompt Payment Discount Model: DMart pays its vendors in less than 15 days. Beating the competitors in this aspect has enabled DMart in securing valuable discounts & preferential treatment from its vendors & suppliers.

Here is how DMart created a win-win-win situation for its suppliers, customers & itself:


Your Strategy Shastra:
The key to creating a cash-rich business lies in achieving Working Capital efficiency.

Businesses can benefit from paying their invoices on the last date to take full advantage of the offered credit period. You must also ensure timely collections from your debtors, otherwise your sales will only be numbers on a page, instead of cash in the bank. This strategy of lagging payments and leading receipts will help you achieve working capital efficiency.

Do you have a policy in place to ensure cash is collected from your debtors in time? In addition, are you disciplined about paying your suppliers on time?

  1. Strategic Pivoting

When the pandemic disrupted the supply chain of the retail industry, DMart pivoted and launched DMart Ready in October 2020. They provided customers the added safety and comfort of online shopping with its EDLP store prices and discounts! It offered customers 2 options: home delivery (with a nominal delivery charge) and pick-up points from where online orders could be collected.         

Your Strategy Shastra:
Whatever your business model, you must ensure constant upgradation, with a focus on customer-centric strategies such as:

Phygital: “Physical + Digital” – As an entrepreneur, you must leverage the latest that technology has to offer, in order to improve customer experience. A “phygital” strategy which bridges access to the digital world with the physical world, will provide an interactive experience for your customers.

Is your existing business model in line with the customer shift towards an increasingly digital world? Connect with me on LinkedIn and let’s discuss an innovative way for you to introduce a “phygital” strategy in your business!

BOPIS: While BPOIS stands for “Buy Online, Pick-up In-Store”, the underlying philosophy is to offer the best of both channels (online & physical store) to your customers. It is the perfect way for customers to browse and purchase items at discounted online prices and later pick them up from a physical location at their convenience.

Can your business create a delivery channel for its customers to offer a more flexible experience?

Parting Thoughts!

Not having a blueprint of your strategic plans is like driving a car without your hands on the steering wheel – You will invariably miss the turns you need to take to ensure sustainable success. Even worse, you might miss seeing the speed-breakers and roadblocks! I’ll leave you with these questions to ponder on:

  • Do you have a blueprint of your strategic plan?
  • Do you use that plan to make everyday decisions?
  • Do you carry periodic checks on whether you are in line with your strategic goals?

(When he was still the CEO of Amazon, Jeff Bezos used to carry out this activity with his team every Tuesday!)

  • Is your strategic plan ultimately centered around improving your customer experience?

Connect with me on LinkedIn and let me know if you’ve recently implemented any of the above finance for non finance strategies in your business. I’d love to know more about how it worked/didn’t work.

Impact of Contracts Modification on Manufacturing Companies Under IFRS 15

One of the critical IFRS standards, IFRS 15, is based on the revenue from contracts with customers. While the ultimate goal of this standard is to achieve revenue recognition, there are different criteria that need to be fulfilled for the same. For example, the important things to be in order are as described under:

  • The selling price is fixed or determinable from the company to the customer
  • A reasonable evidence of the arrangement is in place between the company and the consumer
  • Final rendering of services or delivery of products has happened

While many companies still do not realise the impact of IFRS 15, it is crucial to note that companies belonging to different sectors may have to focus on different aspects of this important IFRS standard. Say for manufacturing companies, there will be cases when they are required to deliver their total order in short bursts – i.e., delivering some quantity at regular intervals of time, especially for very large orders. Let us understand the potential impact of IFRS 15 on a manufacturing company that has a contract in place with a customer for one of its products and then the contract undergoes modification for the same product.


Take for example, a manufacturing company ABC that produces office chairs. It has an order of 900 chairs for total cost of INR 9,00,000 (INR 1000 per chair) from two different IT companies XYZ and DEF. For these orders, there is one contract each in place between ABC and the respective companies XYZ and DEF. Considering the magnitude of the order, the manufacturer (ABC) agrees to deliver equal number of chairs in 3 separate phases (over next three months) – making it 300 chairs per delivery for both the customers.

Now, after the first delivery of 300 chairs, XYZ demands for an additional 300 chairs over and above the earlier order of 900 chairs. For this additional order, ABC offers a volume discount to XYZ (a discount it normally offers to most of its clients ordering similar quantity of chairs), making it INR 900 per chair (total INR 2,70,000 for 300 chairs). So, they modify the contract for a total order of 1200 office chairs.

At the same time, after first delivery of 300 chairs, DEF demands for the same number of additional chairs (300) over and above the initial order of 900 chairs. Now, ABC decides to give a better volume discount to DEF as it expects more bulk orders from this particular client. So, it decides to offer the additional 300 chairs at just INR 800 per chair (total INR 2,40,000 for 300 chairs).

In such a scenario, how will the revenue be accounted for from the contract between ABC and XYZ, as well as from the contract between ABC and DEF, considering the entire order gets delivered that year?

Under Earlier Guidelines of IAS 18

In case of IAS 18, the revenue for the order delivery is taken into account at the time of delivery, and there is no requirement to consider stand-alone selling price of the products for the add-on order.

Revenue for that year (under IAS 18) from contract between ABC and XYZ =

INR 9,00,000 for the initial order of 900 chairs + INR 2,70,000 for the additional order of 300 chairs = INR 11,70,000 (for all the 1200 office chairs delivered)

Revenue for that year (under IAS 18) from contract between ABC and DEF =

INR 9,00,000 for the initial order of 900 chairs + INR 2,40,000 for the additional order of 300 chairs = INR 11,40,000 (for all the 1200 office chairs delivered)

Under New Rules of IFRS 15

In case of IFRS 15, this typical contract modification can be classified into two types:

1.Separate Contract

2.Not a Separate Contract

The contract modification is considered as a separate contract (original contract is considered as it is) when the following is fulfilled:

  • The add-on products / services in the contract modification should be distinct from the products / services in the original contract.
  • Amount considered for the products / services in the additional order should reflect the stand-alone selling price of those products / services.

If any or both of the above two criteria for a separate contract are not fulfilled, then, the contract modification is not a separate contract.

For the above scenario, the first criteria is met since the office chairs in the additional order are distinct from the ones in the initial order. So, the revenue recognition for the order from companies XYZ and DEF depends wholly on the second criteria about the amount of products (chairs) reflecting their stand-alone selling price.

For XYZ, the discount offered is a standard one which the manufacturer generally offers to every customer ordering this number of office chairs. Here, the price quoted in the add-on order reflects the stand-alone selling price of these office chairs. Thus, the subsequent contract modification is considered as a separate contract (resulting in the price change being considered only for the additional chairs ordered) and we have the calculation as under:

Revenue for that year (under IFRS 15) from contract between ABC and XYZ =

INR 9,00,000 for the initial order of 900 chairs + INR 2,70,000 for the additional order of 300 chairs = INR 11,70,000 (for all the 1200 office chairs delivered)

However, for DEF, the discount offered is much higher than the normal discount that the manufacturer offers generally to its customers, because it expects a long- term association with DEF. So, in this case, the price quoted for the chairs in the add-on order does not reflect their stand-alone selling price. Thus, the subsequent contract modification is considered as not a separate contract, but a part of the original contract itself. In simple words, the price change becomes applicable not only for the additional chairs ordered, but also for the chairs ordered as part of the original contract that were not delivered at the time of contract modification. So, we practically have to consider the revenue recognition before contract modification and after contract modification as under (for contract of ABC with DEF):

  1. Before contract modification

Transaction price = INR 3,00,000 for the 300 chairs delivered from the initial order (before contract modification; at INR 1000 per chair)

      2.  After contract modification

Overall Transaction price = INR 6,00,000 for the 600 chairs that were undelivered from the initial order (at the time of contract modification; at original price of INR 1000 per chair) + INR 2,40,000 (for the additional 300 chairs at discounted price of INR 800 per chair) = INR 8,40,000 for 900 chairs delivered after the contract modification

Thus, the price per chair post contract modification comes out to be INR 933. 33 ( 8,40,000 / 900). Thus, final revenue recognition for contract modification between ABC and DEF is done as under:

Revenue for that year (under IFRS 15) from contract between ABC and DEF =

INR 3,00,000 for the 300 chairs delivered from the initial order (before contract modification; at INR 1000 per chair) + INR 8,39,997 for the 900 chairs delivered after contract modification (at INR 933.33 per chair)

= INR 11,39,997 (for the total 1200 chairs)


Final Takeaway

Upon above comparison, the total revenue for contract between ABC and XYZ is the same under IAS 18 and under IFRS 15. And it is the same case for contract between ABC and DEF. So, what has been the impact of IFRS 15? Well, the timing of revenue is quite different. And this can have a significant impact on the taxes, financial ratios, dividends, etc. And as a manufacturing company, you need to be cautious about several things such as:

-Whether to recognize revenue over a period of time or at that point of time?

-How to take into account the contract modifications?

-How do you offer volume discounts to your customers?


To learn IFRS 15 and other IFRS standards from the industry subject matter experts, do check out our IFRS Acumen and Diploma in IFRS courses.


Ramanujam Narayan

Business Head – Finance First | CFO – ConTeTra Universal LLP

Reading a Company’s Financial Statements


Any company’s financial statements across the world, are presented in the most boring document called “The Annual Report”. It is the antithesis of a suspense thriller unless you are a banker who has lent huge money to the company for a very long tenure. In fact, I prescribe it as the surest cure to insomnia. I also provide money back guarantee, if you don’t fall asleep by the 6th page itself.

Jokes apart, annual report is the most comprehensive report on company’s performance, its financial health and the cash resources that the company has with itself, at a given point in time. And since I said in the first para, that it is boring, there is an approach to read it.

Don’t start from the start. Don’t jump to balance sheet either. The best way to start reading the company’s financial statements is to start by reading, “Director’s Salary”. I got you again.

For listed Indian Companies, they have a section, called “Management Discussion and Analysis (MDA) “of financial statements. SEBI (Securities & Exchange Board of India) makes it mandatory for Indian companies to provide the top management’s view on financial statement of the company. In this section, the board writes about the economy, industry, the competition, company’s performance for the period presented and much more. In fact, if you take up an industry and read the MDA for five companies of that sector, you would get a wholistic perspective of how it functions.

The same information can be found in, “The Directors Report” for foreign companies. By knowing this information about your sector, you come across as a person who knows his stuff. This, I would also classify as smart work, since this section is not more than 10 % of the total annual report. This is the essence that one must read.

They say that respect is earned and not demanded. Equipped with this information, I am sure, in your company meetings, people would come across and say, that this person doesn’t open his mouth much, but whenever he does, he makes sense.

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Lease Accounting – Aspects No One is Talking About

Ind AS 116 – Leases, has already become effective for Companies from April 1, 2019. For listed Companies, this means that the results they declare for Q1 2019 must factor the effect of the new lease standards. Whereas the unlisted Companies have time till the declaration of their annual results for the adoption of the Standard.

Ever since the new Standard is released, there have been many articles which highlight what are the effects of the Standard on a company’s financial statement. So, unless you live under a rock, you would have already heard about it. To bring you up to speed, some significant implications of the new Standard are:

1.      No operating lease – all leases will be accounted as a finance lease.

2.      EBITDA Enlightenment – With rent expense converted to interest expense and depreciation, the EBITDA will show an improvement. (Well, a point to note is, EBITDA is a non-GAAP measure, i.e. not shown on the face of Statement of profit and loss. So, it’s a measure used by analysts and investors, don’t know why as interest and depreciation are recurring charge of running a business)

3.      Changing the ratios – the lease standard brings in newer assets (Right-of-use) and liability (lease liability) leading to change in important ratios such as Return on Assets and Debt-Equity ratio. This has called for corporates having loan covenants to immediately reach out to their lenders and re-discuss these relevant matrices unless they want to end up breaching the covenant and face hassles that go with it. (Well, some people do like excitement.)

Now let us take a more in-depth look at some finer points in this new lease standard which we do not hear so much about. These are the bitter nuances not discussed in boardroom (because they are boring – I meant the details, not the board members), and expected to the handled by the finance team, who were not nominated for any Ind AS / IFRS training as they are busy working on these new Standard (Huh, the irony!).

So, here are 4 such critical aspects that should help you get a better grip on the Standard (there are many more pointers, but I think these 4 can help you get started). All these points are from the lessee perspective (come on, who talks about lessors anyway!)


1.     Short term leases or Underlying asset value is low (optional) –

a.      Short term lease is a lease, at the commencement date, has a lease term of 12 months or less and does not contain a purchase option. Not the remaining lease term on the date of transition or period end but the total lease term estimated on inception is considered.

b.     Assets are be considered as low value in absolute term. Some examples of low value assets as given by the Standard are – tablet, personal computer, small items of office furniture and telephones.

In case of short term lease or leases with underlying asset value is low, the Standard provides an option to either account it as operating lease or account it is Right-of-use.

What many have assumed is that if the lease fits into either of this category then it must be accounted as operating lease. Unless one realizes that this is an option they are likely to make incorrect decision.

This is a good option to not let your loan-covenants get affected and avoid lender discussion by opting the operating lease accounting. Like-wise it may be more prudent for companies to account for all lease (even if they belong to this category) as Right-of-use, if there are volumes of such leases and if EBITDA is an important parameter.


Choices can be made only when one is aware of the options.

2.     Impact on transition –

Lessee can opt for either of the following transition approaches:

a.      Retrospectively to each reporting period – Under this approach the new lease standard is applied to all the reporting period as if the lease standard was always applied. All earlier period rental expenses are written back and the effect of interest expenses and depreciation is accounted. This results in the impact accounted in retained earnings at the beginning of the earliest reporting period i.e. while preparing the financials for Mar 2020, the comparative year end will be Mar 2019 and the effect of transition will be accounted on the retained earning as of 1 April 2018.

b.      Retrospectively with the cumulative effect of initially applying the Standard recognized at the date of initial application – This is same as point (a) with the only difference being that the effect of transition will be accounted on the retained earning as of 1 April 2019 (the date of transition)

Certain pointers which doing the transition working are:

·      Operating lease having a remaining life of less than 12 months as on the transition date can be kept out of the working i.e. they can be continued to be accounted on straight-line basis. This is an option.

·      Lease liability will be equal to the discounted value of the remaining future lease payments

·      Right-of-use assets can be accounted at a) Lease liability on commencement of the lease term which is depreciated for the lease term lapsed. or b) lease liability on the date of transition adjusted for any prepaid or accrued lease payments (i.e. rent straight lining). Option (b) is will result in no effect on retained earnings.

·      Leases accounted as finance leases under IGAAP, the value of the carrying amount of the right-of-use asset and the lease liability at the date of initial application shall be the carrying amount of the lease asset and lease liability immediately before that date measured applying Ind AS 17.

3.     Treatment on cash flows –

While determining the cash flow from operations we adjust the following 2 items (something we learned in our college days):

a)     Non-operating items

b) Non-cash items

Under IGAAP rental expenses was never adjusted as it is considered as an operating item, as these leased assets were used in the operating of the business. However, the new Standard replaces rental expense with interest expenses and depreciation, and it does have a impact on the cash flows as well.

The depreciation being non-cash expenses will be added back to the cash from operating activities, the payment of installment (Principal component) will be reflected under investing activity and the interest component will get classified as financing activity.

This surely put cash from operations in a positive light. This new Standard increases cash from operating activity even without a new penny of cash added to the business, beautiful isn’t it.

While all components of a financial statement are prepared on accrual basis only cash flow statement is prepared on cash basis. The entire idea of a business is to run an operating cycle and generate cash out of it and cash from operating activity is the prime indicator of how well the company can do this. This new Standard defiantly dilutes this perspective.

4.     Discount rate –

In determining the Lease liability i.e., the present value of all the future minimum lease payments a discount rate is required. This rate should be the interest rate implicit in the lease, this can be determined only if the cost of the asset is available so that the difference between the total lease value and the cost is considered as the interest component. However, it is likely that this is not available in most of the case (except for intercompany transactions).

In such a case, the discount rate can be considered as the incremental borrowing rate. The rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

So every time a new lease it taken or there is any modification the discount rate should be worked out as per the specifics of the lease. There is no single rate that will fit all the leases and all the companies.

However, for the limited purpose of transition, if option (b) “Retrospectively with the cumulative effect of initially applying the Standard recognized at the date of initial application“ is chosen then the lessee’s incremental borrowing rate at the date of initial application can be applied.

This seems to be a nicely crafted standard (by IASB who prepared IFRS – 16, India just “converged” it) and the working and implementation can be easy if you have 10 odd leases. I did say you will be facing challenges if you have more lease and haven’t began implementation till now.

Hoping that this article will help in bringing more clarity on the Standard. Watch out this space for more insights on IFRS. Do share with your friends who might find it helpful.


Ramanujam Narayan

Business Head – Finance First | CFO – ConTeTra Universal LLP


Challenges faced by NBFCs in the Adoption of Ind AS

Having assisted many companies in transition from IGAAP to Ind AS we have come across aspects that many companies ignore as part of their transition process. Everyone has been underestimating the time and efforts involved in the transition process and ends up resorting to some quick fixes to meet timelines.

These quick fixes do work for the purpose of a one-time transition, but management often misses out on planning on how the adjustments/working can become part of their periodic reporting, as all reporting going forward has to be under Ind AS only.

Phase 2 of the roadmap of adoption of Ind AS for NBFC has been made effective 1 April 2019. By virtue of this, all NBFCs meeting the phase 2 criteria are required to report all interim and annual period financial as per Ind AS.

Unlike other sectors, for an NBFC the areas affected are multifold with wide implications due to the Financial Instruments accounting standard. Listed NBFCs (Debt as well as equity) have already reported and are in process of reporting their Sept ended financials as per Ind AS. However, for unlisted NBFCs 31 March 2020 will be their first Ind AS reporting to be published latest by 30 Sept 2020.

Management of these NBFCs would consider Sep 2020 to be ample of time to make all the necessary adjustments and would not have even begun the transition process. However, this may not be true given the wide range of Ind AS implications for NBFCs.

In our interactions with CFO’s and financial controllers, below are 5 key challenges that Finance function of NBFCs have encountered which others who are in process of implementation can learn from:

1.     Late starters:

Many CFOs admit that they started the process of Ind AS adoption very late as they underestimated the time, skill, efforts and resources involved in the process. Starting late had many disadvantages for the company such as:

  • Diverting significant resources and time towards the transition process thereby effecting the regular Finance operations.
  • Missing out on some of the areas which have Ind AS implications
  • Taking quick fixes that are difficult to untangle for accounting in subsequent periods

2.     System Upgradation:

Some key areas that have implication for an NBFCs are:

  • Accounting for all income and expenses related loan asset using effective interest rate method
  • Cost incurred for issues of debt to be amortized using the effective interest rate method
  • Accounting of 100s of leases as per Ind AS 116, requiring creation of Right of Use assets and lease liability
  • Fair valuation of security deposits

These are some of the areas which due to their complexity or volume are best automated. Without evaluating the need for system changes for such areas, it can lead to cumbersome excel workings period-on-period which can be prone to errors.

3.     Upskilling the team:

This is one of the most ignored activities on the mind of many CFOs. Ind AS adoption can be a one-time activity that can be accomplished by the involvement of professional consultants however what about all future reporting periods?

There is an acute need to upgrade the skills of the finance team so that they are well versed with Ind AS and its implication on companies’ financials and reporting. A skilled finance team can be a great asset to the management as they will be able to handle aspects such as:

  • Ongoing financial statement preparation
  • Anticipate the income statement and tax implication of any financial instruments
  • Identify System and process changes needed to ensure relevant data is made available and much more.

4.     Ratio changes:

This is what analysts, investors, regulators, and other stakeholders look out for. Not paying attention to the change in the ratio can be a costly mistake. Adoption of Ind AS is likely to change many of the ratios that an NBFC’s is required to report and this may require management to take some action such as aligning stakeholders, evaluating any carve-outs available under Ind AS, etc.

Companies who are not planning Ind AS transition well in advance are likely to face time constraints to be able to take any decision once the ratio is affected due to Ind AS adoption.

5.     Data issues:

This has been one of the biggest challenges faced by many Ind AS adopters. For Phase 2 NBFCs the date of adoption of Ind AS is 1 April 2019. However, the date of transition for Ind AS will be 1 April 2018 hence Ind AS will be adopted for comparative period as well.

For adoption of Ind AS in the comparative period the company is required to make available all the necessary data existing as of each period end as well as for during those periods.

Further for the purpose of building the Expected Credit Loss (ECL) model companies will be required to make available the data of the past 1-2 years prior to the date of transition.

Extracting all the past data has been a challenge for many companies and it can easily take weeks to just get the right set of data and build models around it. Without proper data, nothing can be possible.

These are just some of the challenges that are faced by CFOs and the finance team in the adoption of Ind AS. It is advisable for those who are yet to adopt Ind AS to learn from what others have encountered and plan well for a smooth transition to Ind AS.

Hope this article helps you in planning your transition to Ind AS and adopting Ind AS holistically rather than considering it as a one-time affair. If you or any of your colleagues are looking for IFRS / Ind AS implementation for any NBFC, do get in touch with us at ConTeTra Universal, where we have implemented Ind AS successfully for a few NBFCs and listed companies. Do share with your friends who might find it helpful.

For more information on Ind AS transition, you can download our free ebook – IFRS Changing the Financial Landscape. This ebook highlights, how India’s financial reporting perspectives are undergoing a significant change and aspects that Ind AS adopters need to look out for.

Ramanujam Narayan

Business Head – Finance First | CFO – ConTeTra Universal LLP

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