Ind As 103 Essay
IND-AS 103 has significant bearing on all the stages of acquisition that starts from planning the deal, execution of deal and post-acquisition. It is critical that organizations consider IND-AS accounting implications in each of the acquisition phases to avoid any accounting hurdle subsequently. Organizations should sensitize all the departments like legal, tax, Mergers & acquisition team and other relevant stakeholders about nuances of IND-AS. In an acquisition where non-controlling shareholders continue to be present, the rights given to them under the shareholders agreement will significantly determine the manner of acquisition accounting in future.
Following are the manner of accounting under IND-AS after the acquisition.
1) All assets and liabilities including contingent liabilities acquired has to be recorded at fair Value.
2)
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5) Under current GAAP there is no specific guidance for potential payments made in the future for acquisition. They used to adjust such payment against goodwill. But IND-AS 103 focuses on such payments as it will have impact on profit or reserves.
6) IND-AS, goodwill is not allowed to be amortized. It is always tested for impairment.
Following are key disclosures which are required under IND AS 103:
1) The acquisition-date fair value of the total consideration transferred and the acquisition-date fair value of each major class of consideration.
2) The total amount of goodwill that is expected to be deductible for tax purposes.
3) The amount of the non-controlling interest in the acquired company is recognized at the acquisition date at fair value.
4) The amounts of profit /loss of the acquire (target) since the acquisition date included in the consolidated statement of comprehensive income for the reporting period has to be
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