CFOs lose sleep over year-end compliance blues

Corporate India is adapting to the new accounting standard, preparing for the new GST regime

For Sanjeev Kumar, group CFO, Interglobe Enterprises, last 12 to 18 months have been tough. Kumar and his team of finance professionals had to go through each and every contract the aviation-travel-hospitality major had entered into as the group went about the exercise of making its reporting of financial statements compatible with the Indian accounting standard, Ind-AS. “There was a lot to see afresh,” says Kumar, referring to the financial numbers. He was addressing a group of 100-odd finance professionals who had gathered to brainstorm the challenges that the fraternity faces while gearing up for financial year closure on March