Accounting Norms

The proposed standards also present two additional subtotals in the profit or loss section: 'operating profit or loss' and 'profit or loss before financing and income taxes'

Income statements in the US haven't changed since maybe 1920

Rajiv Mehrishi says as India's Comptroller and Auditor General he had submitted a report to the President under Constitution's Artcile 150 'advising on form and nature' of accounts' in March-April 200

EY, KPMG, Deloitte and PwC have sought to head off being split up by voluntarily agreeing not to offer consultancy services to audit clients

Some smaller firms missed deadline citing practical difficulties

Switch to Ind-AS standards reclassifies many items; margins could also take a hit

Adoption of Ind AS will impact net worth, earnings