Income Computation and Disclosure Standards (ICDS) - Master Class 2nd editionDelhi | Mumbai | Bengaluru | Kolkata

EY is pleased to announce 2nd edition of ICDS Master Class

A joint initiative by EY Tax Advisory and Accounting AdvisoryOn 31 March 2015, the Central Government (CG) notified ten Income Tax Computation & Disclosure Standards (ICDS) effective from financial year 2015–16 for compliance by all taxpayers following mercantile system of accounting for the purposes of computation of income chargeable to income-tax under the heads:

• Profits and gains of business or profession

• Income from other sources

ICDS has been notified with an aim to bring increased consistency in computation and reporting of taxable income, reduce litigation and minimize the alternatives provided by the existing Accounting Standards issued by the Institute of Chartered Accountants of India.

Being the first year of applicability, there are bound to be transitional concerns on income computation as well as disclosure under the ICDS vis-à-vis current established practices. Given that differences in the two practices could have significant cash and tax impact (including risk of a Best Judgement assessment in case of non-compliance). It is critical for all stakeholders to understand the applicability of new tax standards and its various practical application issues.

We realised the need and hence launching a two-day comprehensive Master Class on ICDS. The Master Class will provide a detailed understanding of ICDS, differences from the current Indian GAAP, insights into practical application issues, transitional provisions including changes required to IT systems.

This two-day comprehensive Master Class on ICDS aims to provide • Understanding of differences between Indian GAAP and ICDS (with

high-level inputs on comparability with IND-AS);• Understanding the disclosure requirements as proposed by

the ICDS;• Understanding the ultimate tax (including deferred tax) impact

arising due to such differences;• Guidance for transition to the ICDS regime;• Interplay between ICDS and MAT;• Understanding of ICDS with practical examples and case studies,

especially focusing on complex standards;• Understanding the IT systems impact of ICDS.

Overview of the topics

ICDS III Construction

Contracts

ICDS VII Government

Grants

ICDS X Provisions, Contingent

Liabilities and Contingent Assets

ICDS IV Revenue

Recognition

ICDS II Valuation of Inventories

ICDS VI The effects of

Changes in Foreign Exchange

Rates

ICDS IX Borrowing Costs

ICDS I Accounting

Policies

ICDS V Tangible Fixed

Assets

FacultyThis Master Class will be delivered by senior professionals from the Tax team and the Accounting Advisory team who have extensive training experience , as well as experience of working on tax and accounting assignments. Intertwining theoretical material with some case studies, the trainers will ensure that the class never runs out of an excuse to interact!

Who should attend?The Master Class will be highly beneficial to Tax Heads, Finance Heads, CFOs, Corporate Tax and Accounting professionals, practicing Tax and Accounting professionals.

Schedule07 - 08 October 2015, 9:30 am to 5:30 pm

BengaluruThe Chancery Hotel10/6, Levelle Road, M.G.Road, Bengaluru, Karnataka 560 001

DelhiHotel IBISDelhi Airport, Asset No.9 Hospitality District, Delhi Aerocity, IGI Airport, New Delhi,India

KolkataThe Lalit Great Eastern Kolkata 1,2,3, Old Court House Street, Dalhousie Square, Kolkata - 700 069, India

MumbaiHilton Mumbai International AirportSahar Airport Road,Andheri (East),Mumbai 400 099

Testimonials

Course fee

The fee is *INR 20,000 (exclusive of taxes) per attendee and includes training material, lunch and refreshments.

Delhi: Ashima Talwar Email : Ashima.Talwar@in.ey.com Mobile: + 91 99715 52561

Mumbai: Asif Chowgule Email: Asif.Chowgule@in.ey.com Mobile: + 91 99200 40333

Bengaluru: Pradeep Pandey Email: Pradeep.Pandey@in.ey.comMobile: + 91 78380 00185

Kolkata: Pradeep Pandey Email: Pradeep.Pandey@in.ey.com Mobile: + 91 78380 00185

Confirmatory mail will be sent once you have registered. For registration, kindly connect with:

Avail 10% early bird discount on registration up to 10 September 2015

Visit: ey.com/ICDStraining

It was great experience to attend EY Master Class on ICDS. The program is delivered with case studies module which helped in understanding the practical implications thrown open by new piece of legislation.

This master class has been a great forum for learning about the key implications of the ICDS. The presenters were not only knowledgeable but also very interactive throughout which made the class even more interesting. One of the best presentations ever attended.

ICDS masterclass provided a great insight into changes which will impact tax computation for the AY 2016-17. It also helped in understanding the differences between ICDS, Ind-AS & IGAAP. Examples given in the material are real world issue which are being faced on day to day basis. Speakers were well prepared on the subject.

Suhit Aggarwal, Telewings Communications Services Private Limited

Gaurav Jain, Experion Developers Private Limited

Pankaj Gupta, BT (India) Private Limited

Highlights of

Highlights of

Delhi Master Class

Mumbai Master Class

Highlights of

Master Class of other locations

Ernst & Young LLP

EY | Assurance | Tax | Transactions | Advisory

© 2015 Ernst & Young LLP. Published in India. All Rights Reserved.

EY refers to the global organization, and/or one or more of the independent member firms of Ernst & Young Global Limited