Adoption of IndAS/IFRS-Insights for Internal Auditors in the area of lease accounting

The transition to the Ind AS  is a business transformation process that goes beyond debit and credit of transactions. Besides its effect on financials and disclosures, it has a substantial impact on every aspect of the organization, including its systems and processes, business practices, internal controls, IT and human resource management increase. Changes in disclosure requirements could result in a significant amount of changes to the existing framework and documentations. Revenue recognition, lease accounting and pensions are among the areas where companies may need to rethink certain business operations strategies and agreements as a result of transition. It is therefore important for Internal Auditors to acquaint themselves with the impact of adoption of IND AS on the businesses they audit. In this session we will focus on the changes in lease accounting and the related business impacts.