MOVE TO ENABLE smooth transition to new accounting standards (Ind-AS) The Securities and Exchange Board of India may relax disclosure rules for companies planning to go for initial public offering in order to enable a smooth transition to the new accounting standards (Ind-AS), which will kick in next financial year. The market regulator has recently written to the Institute of Chartered Accountants of India (ICAI) seeking its views on the matter. ICAI and audit firms are holding discussions with the regulator on the implications of the new standards, said a person familiar with the matter. The new standards are in line with International Financial Reporting Standards (IFRS). Current Sebi rules mandate firms to disclose the previous five years' financial statements in IPO document. There is no clarity under the new standards whether a company needs to restate its accounts for the previous years if it goes in for IPOs immediately after the new rules come into effect. Because