The transition to a new framework for both financial reporting and tax reporting purposes will be a big change for companies and analysts say it may not be that smooth.

"Companies should start assessing the impact of Ind-AS adoption on their business, financial reporting, systems and processes, training needs and start preparing for the change, as these changes are not restricted to just the accounting function but have an organisation-wide impact, and possibly the way the company business and raises capital," KPMG's Sai said.

Banks, financial institutions and insurance companies are expected to have a separate road map, which will be announced by their sectoral regulators in due course. (ET)