L&T will transition to new accounting standards (IND?AS) from 1QFY17. The company held an analyst call to discuss the impact on its consolidated financials. Even though L&T’s financial subsidiaries are not required to move to the new standards in 1QFY17, for consolidation, L&T will report financials of these subsidiaries as per IND?AS. Other than the impact of reclassification of major subsidiaries as JVs and Expected Credit Loss (ECL), there should not be any material change to L&T’s recurring earnings.The new standards have no material impact on earnings, as most of the initial impact would be routed through the balance sheet. As this does not change their view of the business, Phillip Capital maintain our Neutral rating and SOTP?based target price of Rs 1420.Trendlyne has 16 reports on Larsen & Toubro Limited - LT updated in the last year from 5 brokers with an average target of Rs 1499.3. Brokers have a rating for LT with 1 downgrade,2 price downgrades and 3 price upgrades in past 6 months,4 price downgrades in past 12 months.