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of <h1>GST Impact on Financial Reporting: Key Ind AS Adjustments, Inventory Valuation, and Tax Credit Reconciliation Explained</h1> Indian Accounting Standards (Ind AS) under the Companies Act, 1956, guide the presentation of financial statements to ensure comparability. The GST regime in India has significantly impacted financial reporting, necessitating adjustments in accounting practices. Key areas of focus include the disclosure of accounting policies, valuation of inventory, cash flow statements, contingencies, and employee benefits. For instance, under GST, supplies on behalf of a principal are part of an agent's turnover, and certain disposals without consideration can be treated as sales if input tax credit was claimed. Auditors must reconcile differences between financial statements and GST law, considering specific provisions for input tax credits and turnover reporting.
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