Microsoft PowerPoint - Defference Between IGAAP & Ind-AS.ppt

FM revives the Ind-AS initiativeFMs Budget Speech :There is an urgent need to converge the current Indian accounting standards with the IFRSIproposeforadoptionofIndASfromfy2015-16voluntarilyand from fy 2016-17 on a mandatory basis the regulators will notify the date of implementation of Ind AS foroftaxBanks, Insurance companies etc.Standardsforthecomputation would be notified separately.IFRS, the Global RevolutionMore than 100 countries require, permit, or are converging to IFRS All major capital markets are changing. even the US?Overview of Ind-ASCountries converging to IFRS with the goal of adoption Countries that require or permit IFRSCountries with no current plan to adoptSlide 2IndiaConverging to IFRSUSConverging to IFRSUKIFRS for listedFranceIFRS for listedCanadaConverging to IFRSGermanyIFRS for listedJapanConverging to IFRSSpainIFRS for listedSwitzerlandIFRS or US GAAPAustraliaIFRS (adapted)IFRS StructureThe term IFRSs currently comprises of:

15 IFRSs, 15 Ind As ( 101 to 115) 20 IFRIC (merged into Ind AS) 24 IASs (originally 41), 24 Ind As 11 SIC interpretations, (merged into Ind AS) The Framework No separate framework

IFRS- SME has been issued in July 2009. No separate SME Ind AS

IFRS Current Scenario India had committed itself at the G20 summit to converge its Accounting Standards with IFRS in a phased manner starting April1,2011. After that what has happened ???? India has not adopted the IFRS in full, it has converged its ASs to get those in line with the IFRS with certain carve-outs to better reflect the Indian economic and business environment. In compliance of G20 commitment, the process of convergence of Indian ASs with IFRS has been carried out by the Ministry of Corporate Affairs(MCA) through wide ranging consultative exercise with all the stakeholders.Thirty Five Indian ASs converged with IFRS (named as Ind-AS) and have been notified by the MCA and placed on its website at www.mca.org .

Preface to IFRSOverview of Ind-ASObjectivesA single set of high quality, enforceable global accounting standardsWork with various national standard Setters for convergence

Scope and Authority of IFRSDesigned for profit oriented enterprisesGeneral purpose financial statementsBold and plain type, have equal authority

Due Process

English LanguageSlide 5Fundamental ChangesOverview of Ind-ASFull compliance (no qualification)More guidance and all are mandatoryFocus on risks and rewardsFocus on substance rather than formInvestor focused with more disclosuresAccounting more closer to businessComparability and transparencyIFRS may not be a solution for the current situation but can provide significant transparency!Slide 6Benefits of the global financial reporting frameworkUniform financial reporting platform engenders trustGreater comparability of financial information for investorsInvestors gain confidence to invest across bordersLower cost of accessing foreign capital

Indian GAAP - Journey2001-20061980-20002007-20082009-201020112014AS 1 - AS 14AS 15 - AS 29Cos (AS) Rules, 2006Fin. Instruments AS 30, 31, 32RecommendatoryIndia commits to IFRS alignmentat G-20 LondonMCA hosts 35 Ind-ASSEBI allows quarterly IFRS consolidated results on voluntary basis for listed companiesIFRS debate: India opts to convergeICAI announces a roadmapin April 2014Ind-AS adoption timetable set (budget speech)Legal Framework in placeInd AS to be notified under section 133 of the Companies Act, 2013

Existing Standards to prevail till such notification

Revised Schedule VI (Schedule III* under new Co. Act)

Provided format in line with IFRS (Current & Non-current classification)

Overriding status given to accounting standards in case of conflict

Adoption of component accounting and useful life for depreciation (Schedule II)Indian GAAP the gapQFinancial InstrumentsQBusiness Combinations QSpecial purpose entities QShare based paymentsQFair value measurementsQService ConcessionsQEmbedded leases and derivativesQHedge AccountingAccounting and reporting issues either not addressed or partially addressedInd AS addresses the gapInd AS : Relevance in Current ContextNeed for large amounts of Foreign Capital

Existing AS found wantingInfra sector : Concession business, Joint arrangements Real Estate thrust Need to professionalize the sector

Business Combinations

IPR valuation and disclosuresSNo.Ind AS Subject1101First-time Adoption of Indian Accounting Standards2102Share based Payment3103Business Combinations4104Insurance Contracts5105 Non-current Assets Held for Sale and Discontinued Operations6106Exploration for and Evaluation of Mineral Resources7107Financial Instruments: Disclosures8108Operating Segments9109Financial Instruments10110Consolidated Financial Statements11111Joint Arrangements`12112Disclosure of Interests in Other Entities13113Fair Value Measurement14114Regulatory Deferral Accounts15115Revenue from Contracts with Customers161Presentation of Financial Statements172Inventories187Statement of Cash FlowsIndian Accounting Standards (IND ASs) (28.02.2015) Status of the final Indian Accounting Standards (Ind ASs) as at 28.02.2015, finalised by the Council of the ICAI and notified by the Ministry of Corporate Affairs vide its notification dated February 16, 2015.

Changes in the Ind AS vis. a vis. corresponding IAS/IFRS are given in Appendix 1 appearing at the end of each Ind AS SNo.Ind AS Subject198Accounting Policies, Changes in Accounting Estimates and Errors2010Events after the Reporting Period2112Income Taxes2216Property, Plant and Equipment2317Leases2419Employee Benefits2520Accounting for Government Grants and Disclosure of Government Assistance2621The Effects of Changes in Foreign Exchange Rates2723Borrowing Costs2824Related Party Disclosures2927Separate Financial Statements3028Investments in Associates and Joint Ventures3129Financial Reporting in Hyperinflationary Economies3232Financial Instruments: Presentation3333Earnings per Share3434Interim Financial Reporting3536Impairment of Assets3637Provisions, Contingent Liabilities and Contingent Assets3738Intangible Assets3840Investment Property3941AgricultureIndian Accounting Standards (IND ASs) (28.02.2015) Status of the final Indian Accounting Standards (Ind ASs) as at 28.02.2015, finalised by the Council of the ICAI and notified by the Ministry of Corporate Affairs vide its notification dated February 16, 2015.

Changes in the Ind AS vis. a vis. corresponding IAS/IFRS are given in Appendix 1 appearing at the end of each Ind AS

IFRS IN INDIA 20Conceptual ChangesStandardDescriptionDifferencesIAS-1Presentation of Financial Statements2 new statementsa) OCI or Other Comprehensive Incomeb) SOCIE or Statement of Change in Equity & Substance over Form ConceptRedeemable Preference shares are treated as Liability & not Share & also their cost is Interest & not DividendIAS-8

Changes in A/c estimate & Error's

a) Estimates- Prospectiveb) Errors - Retrospective Back date c) Policy change- Retrospective Back datewith difference in Opening retained earnings

IAS-10

Events after Balance sheet date

Dividend Proposed- cannot be in the year untill approved

21Conceptual DifferencesStandardDescripitionDifferencesIAS-16Fixed AssetsBased on Fair values And Component based capitalization and depreciationIAS-34Interim Financial ReportingIFRS does not recognize any law/regulator precribingStatement- Compliance of IAS-34Also needs to make SOCIE & OCI for allIFRIC-4Lease Accountinga) Needs to validate the Vendor Contracts - they might fall under the definition of Lease Accounting (Conditions specified like Control and Fixed quantity Orders)IFRS IN INDIAContents of Financial StatementsStatementIFRS US GAAPINDIAN GAAPBalance SheetRequiredRequiredRequiredIncome StatementRequiredRequiredRequiredStatement of Comprehensive IncRequiredOther Income StatementNot RequiredCash Flow StatementRequiredRequiredNot for All EntitiesSOCIESeparately RequiredMay be combinedNo Separate StatementExplanatory NotesRequiredRequiredRequiredIFRS IN INDIAAccounting Differences

Depreciation-IFRS is Useful life only vs. India-Schedule XIV or useful life whichever is higherDepreciation on Revalued Assets- IFRS- Cannot be recouped from the Revaluation ReserveChange in Method of Depreciation- IFRS it is prospectively and in Indian GAAP it is retrospectivelyReporting Currency & Functional Currency- IFRS requires measurement of profit using the functional Currency. In India, INR is the reporting currency. Disclosure of Extra-Ordinary Items- IFRS prohibits such disclosure and No such items in IFRS .Indian GAAP talks of disclosure in NotesABOUT THE IFRS INDIATRANSITION

Indian IFRS 25In India, the Indian IFRS are called as Ind ASThere are some basic differences in the concept of - Ind AS & IFRSThese differences are classified in three categories based on the Impacts These are also termed as - Carve Outs.

Ind AS ( Issues for Implementation) 26Three category of Carve Outs.

Category 1- Removal of Policy Choices ( IFRS offers multiple policy choices while Ind AS restrict these policy choices)

Category 2- Additional Policy Choices ( Ind AS gives you a Choice which are not there in IFRS)

Category 3- Significant mandatory deviations from IFRS (very less though)

Ind AS ( Issues for Implementation) 27Three category of Carve Outs.

Category 1-IFRS is giving you Choices, Ind-AS does not

Single Statement (P&L + OCI) . IFRS allows you to make 2 statementsClassification of Expenses by Nature (IFRS allows by Function / Nature)Cash Flows Statements Interest & Dividends are Financing/ Investing cash flow (IFRS permits Operating classification)No choice to carry Investment property at Fair Value (IFRS allows this)Recognition of Actuarial gains and Losses directly in Reserves (IFRS permits alternates including recognition in P&L)

NoMuchTension Ind AS ( Issues for Implementation) 28Three category of Carve Outs.

Category 2-

Ind AS gives a Choice & not there in IFRSTensionHiTension(may not be acceptable abroad)Choice to defer exchange differences on Long term Foreign currency Monetary Assets & Liabilities and to recognize such differences over the period of the underlying asset/liability. (IFRS requires all such differences to immediate charge to P&L)b) Choice to consider Indian GAAP carrying value as deemed cost for (as existing on transition date)i) Fixed Assets ii) Investment Propertyiii) Intangible Assets (IFRS offers no such choice but gives 2 choices Retrospective IFRS values or Fair Values Ind AS gives the 3rd choice)

Ind AS ( Issues for Implementation) 29Three category of Carve Outs.

Category 3-

Mandatory deviations from IFRS TensionHiTension(may not be acceptable abroad)High Impact AreasRevenue Recognition for Real Estate Sales on the basis of %age completion method (IFRS requires basis when the Final possession is given to the Customer).Accounting for the Equity portion (Foreign Currency Convertible Bond) as Equity component . (IFRS requires the conversion option to be periodically Marked to Market (MTM)) .Not so High Impact Areas Use of Govt. Bond rates ( Ind AS) vs. Corporate Bond Rates (IFRS) in the calculation of Discounted Employee Benefit Obligations Ind AS has defer the application of accounting of embedded lease arrangements & service Concession arrangements

Finally Ind-Assnotified Butwithout the effective date !!!Which in turn are contingent upon :-after various issues including tax related issues are resolved with the concernedDepartments.It is confirmed that Ind-ASs will be implemented in a phased manner.3Codification of Ind-ASIFRSInd-ASIFRS 1,2,3,4,5,6,7,8,& 9Ind-As 101,102,103,104,105,106,107,108 & 109.IAS 1.. 41Ind-As 1.40IFRIC & SIC SeparateNo Separate IFRIC & SIC,in form of Appendixthat too forming integral part of the Standard.4Appendices , Application Guidance &Illustrative Examples., Basis for Conclusions, Dissenting Opinions.Part AIntroduction INStandards ParasApplication Guidance Integral Part of the standardsPart BBasis for Conclusions (BC)Dissenting Opinions(DO)2. Illustrative Examples or Illustrative Guidance (e.g, IFRS 3 > IE, IFRS 1 IG)Ind-ASsNo > Two parts, Introduction, BC, DO, AG ,IG & IE> Retained.Appendix 1 = Differences between Ind-As and IFRS Not integral part of IFRS5Omni-present Changes TitlesBy IFRSsBy Ind-AssStatement of Financial PositionBalance SheetStatement of Comprehensive IncomeStatement of Profit and LossStatement of Cash FlowStatement Cash FlowStatement of Changes in EquityPart of Balance Sheet and not a separate statement.How Ind-ASs are different from IFRS ?Certain Standards have not been adopted

And Certain Standards have been adopted with changes carved out option.Standards not adopted?IAS 41: AgricultureIFRIC 15 : Agreement for the construction of real estateIAS 26 : Accounting and Reporting by Retirement Benefit Plans8Standards DeferredIFRIC 4 : Determining whether an arrangement contains a LeaseIFRIC 12 : Service Concession ArrangementsIFRS 6 : IFRS 6 Exploration for and Evaluation of Mineral ResourcesIAS -1Presentation of Financial Statements IAS 1 (Presentation of Financial Statements )Ind-As 1 : Presentation of Financial StatementsIAS 1IND AS1Statement of Changes in Equity A separate Statement

Statement of Comprehensive may be presented in two ways as a single statement or two statements.Statement of Changes in Equity Part of Balance Sheet

Statement of Profit And Loss Account as a single statement only.Ind-As 1 : Presentation of Financial StatementsIAS 1Ind AS1Para 8 gives options of using different terminology , like Balance SheetPeriodicity of 52 weeks.Functional Classification allowed No such options allowedNo periodicity of 52 weeksJust one yearno functional ClassificationOnly Natural Classification Statement of comprehensive incomePresentation of financial statementsGeneral income statement (by function of expense)RevenueCost of sales Gross ProfitDistribution costsAdministrative expensesOther incomeOther losses/gains (net) Operating ProfitFinance costs (net) Profit before income taxesIncome tax expense Net Profit for the year Attributable to:Equity holders of the CompanyMinority interestOperating profitGeneral income statement (by nature of expense)RevenueOther incomeChanges in inventoriesEmployee benefits expenseDepreciation and amortizationTransportation expenseAdvertising costOther losses/gains (net)

Finance costs (net) Profit before income taxesIncome tax expense Net Profit for the year Attributable to:Equity holders of the CompanyMinority interestSlide 41Other Comprehensive Income (OCI) Components of Other Comprehensive IncomePresentation of financial statementsChanges in revaluation surplus (on account of PPE and intangibles)Actuarial gains and losses on defined benefit plans recognised in full in equity under Ind AS 19Gains and losses arising from translation of a foreign operationGains and losses on re-measuring available-for-sale financial assetsEffective portion of gains and losses on hedging instruments in a cash flow hedge.Items of income and expense are recognised in profit or loss unless standards prescribe or permit otherwise.Components of OCI shall be presented either net of related taxes or at gross of related tax with one amountrepresenting aggregate amount of income tax relating to those components.All non-owners change in equity are recognised in OCISlide 42Other Comprehensive Income (OCI) Recycling of other comprehensive incomeReclassifications (recycling) - as required by standards items previously recognised in OCI shall be transferred to Statement of Comprehensive IncomePresentation of financial statementsItemsRecycled under IFRS?RemarksRevaluation of PPE and intangible assetsNoDecrease can only be recognised in OCI if they reverse previous increments for the same assetFX gains/losses from the translation of foreign operationsYesTransfer to P&L requiredGain/losses on revaluation of available-for-sale financial assetsYesTransfer to P&L requiredEffective portion of gains/losses from cash flow hedgesYesTransfer to P&L or include in cost/carrying amount of non-financial asset or liability (basis adjustment)Ind AS 1 and IAS 1 (Presentation of Financial Statements )Key Features of IAS-1

A complete set of Financial Statements under IFRS comprises :Statement of Financial Position (also called as balance Sheet) Statement of Comprehensive Income ( 2 methods single statement and 2 different statements covering P&L and Other comprehensive Income) Statement of cash flowsStatement of Changes in equity (SOCIE)Notes to accounts covering Accounting policies and Explanatory Notes 5 Statements Indian GAAP with IFRS with Ind AS Indian GAAPIFRSInd ASComponents of Financial statements are 4 B/Sheet, P&Loss A/c, Cash Flow (criteria based) & notes to Accounts5 Statements The Balance Sheets includes SOCIE (part of Balance sheet), Comprehensive Income not includedAS-21 has not made it mandatory for consolidation . Only Listed companies are required to prepare Standalone and Consolidated Financial Statements .Consolidation is mandatory in case the criteria is met.Does not mandate the consolidation.Indian GAAP with IFRS with Ind AS Indian GAAPIFRSInd ASPresentation of financial statements: Extraordinary Items are disclosed separately in P&Loss statement Extraordinary is prohibitedSimilar to IFRS

IFRS 3 IND AS 103 Business Combination Treatment of Entities under common control.IFRS 3Ind AS103business entities control.IFRS3isnotapplicableto acquisitionof between\amongstunder commonSuch transactions are scoped out of IFRS 3. Besides scoping out, this standard is silent on how to account for such transactions ?IND AS 103 though does not specifically scopes out transactionsbetween\amongst undercommonentities control.However, it does prescribes the accounting treatment in Appendix C to the standardsIFRSIND AS 103Gain From Bargain Purchase ( negative goodwill) is recognised in Profit or Loss accountGain from Bargain purchase ( negative goodwill) is recognised in Comprehensive income and accumulated in Capital Reserves.IFRS 3 IND AS 103 Business Combination Treatment of Entities under common control.Ind-As 7 : Statement of Cash FlowsIAS 7Ind AS7Incaseofotherfinancial entities, IAS 7 gives an option to classify the interest paid andinterest receivedanddividends asitemofoperating cash flows.maybe asfinancingDividend classified activities.thanDoes not provide such an option and requires these item to be classified as item of financing activity and investing activity, respectivelyDividend classifiedisittobe asapart offinancing activity only.Ind-As 8 : Accounting Policies, Changes in Accounting Estimates and ErrorsIAS 8Ind AS8AS,firstmanagement may considerthemostrecentpronouncements of Other Standard Setters.Para10&11,mentionsthat in absence of an IndPara10&11,mentions that in absence of an IndAS, managementmay firstconsiderthemostrecent ofpronouncements InternationalAccountingStandards Board .Ind-AS 19 Employee Benefits - RecognitionIAS 19Ind AS19IASoptions for treatment of actuarial gains and losses forpost-employment defined benefit plans19permitsvariousRequiresrecognitionofthesamein comprehensive bothfor employmentother income,post- definedbenefitplansandotherlong-termemploymentbenefitplans,shouldberecognised immediately in retained earnings and should not be reclassified to profit or loss in a subsequent period.Ind-AS 19 Employee Benefits Discounting RateIAS 19Ind AS19obligations will be determined by reference to market yields on high quality corporate bonds.The rate used to discountpost-employmentbenefitRequiresthediscountrate to be determined by reference to the market yields on government bonds, in all cases.Ind-AS 20 Accounting for Government Grants and Disclosure of Government AssistanceIAS 20Ind AS20Gives an option to measure non-monetary government grants either at their fair value or at nominal value.Requires measurement of such grants only at their fair value. Thus, the option to measure these grants at nominal value is not availableInd-AS 20 Accounting for Government Grants and Disclosure of Government AssistanceIAS 20Ind AS20Givesanoptiontopresent the grants related to assets, including non- monetary grants at fair value in the balance sheet either by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset.Requires presentation of such grants in balance sheet only by setting up the grant as deferred income. Thus, the option to present such grants by deduction of the grant in arriving at the carrying amount of the asset is not available under Ind AS 20.Ind-AS 21 The Effects of Changes in Foreign Exchange RatesIAS 21Ind AS21Permits an option to recognise exchange differences arising on translation of certain long- term monetary items from foreign currency to functionalcurrency directly in equity. The amount so accumulated shall be transferred to profit orperiodoflong-termthe such itemslossover maturityof monetary appropriatemanner.inanThisisirrevocable option.Requires differences restatementexchange arising on of foreigncurrency monetary items, both long term and short terms, to be recognized in profit or loss for the periodInd-AS 40 Investment PropertiesIAS 40Ind AS 40Doesnotpermittheuse offairvaluemodel butmandatesthefair disclosuresvalueforinvestment property.Permitsbothcostmodelandfair (except situations)valuemodel insome for ofmeasurement investmentpropertiesafter initial recognition.Ind-AS 40 Investment PropertiesIAS 40Ind AS 40Permitstreatmentofpropertyinterestheldininvestmentproperty,thedefinitioninvestmentproperty otherwisemetandanoperatingleaseasif of is fairvalue model is applied. In such cases, the operating lease would be accounted as if it were a finance lease.Since Ind AS 40 prohibits the use of fair value model, this treatment is prohibited in Ind AS 40Ind-AS 39 Financial Instruments Recognition & measurementIAS 39Ind AS 39Thatindeterminingthe fair value of the financialinitialrecognitionliabilitieswhichuponaredesignated at fair value through profit or loss, any change in fair value consequent to changes in the entitys own credit risk shall be ignored.Requires all changes in fair values in such liabilities to be recognised in profit or lossInd-AS 39: Financial InstrumentsIAS 39Ind AS 39financial having derivative option) While measureAFCCB istreatedasa hybrid instrument liabilityand (conversion components. companiesliability at amortized cost,the derivative component is measured as fair value through profit or loss at each reporting date.Thederivative component will be treated as a fixed equity component, if the exercise price is fixed in any currency. Hence, such FCCBs under Ind-AS will not be subject to fair value accounting through profit or loss at each reporting date.IFRS 1 Ind-As 101 First Time AdoptionComparativesIFRSIND ASMinimum Two years Comparatives of information is requiredNo Such Requirement , it is optional to the entity to give one years comparative information.IFRS 1 Ind-As 101 Non applicabilityIFRSIND ASIFRS 1 provides various examples of first IFRS financial statements in Para 4Ind-AS 101specifies at para 2A that it is not applicable to entities that, in respect of its most recent previous financial statements, have filed such financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by International Accounting Standards Board with regulatory authorities.IFRS 1 Ind-As 101 Date of TransitionIFRSIND ASThe beginning of the earliest period for which an entity presents full comparative information under IFRSs in its first IFRS financial statements.The beginning date of financial year on or after 1 April 2011 for which an entity presents financial information under Ind-ASs in its first Ind-AS financialstatements.Andin optiontoadditionprovidesan present comparativefinancial statements in accordance with Ind-AS on a memorandum basis.IFRS 1 Ind-As 101 Non-IFRS Comparative InformationIFRSIND ASIFRS1requiresifthespecific entitydisclosures provides comparativenon-IFRS informationand historical summaries.Such disclosures are not required under Ind-AS 101.IFRS 1 Ind-As 101 ReconciliationsIFRSIND ASRequires reconciliations for opening equity, total comprehensive income, cash flow statement and closing equity for the comparativeperiodto transitiontoexplainthe IFRSfromprevious GAAP.Provides an option to provide a comparative period financial statements on memorandumbasis.Accordingly, that donotentities providecomparatives need not providefor income,total cashandclosingreconciliation comprehensive flowstatement equityinthefirstyearoftransition .Option I for ComparativesOption I for ComparativesDescription31stMarch,20111st April, 201131st March 2012GAAPI GAApInd-AsInd-AsBalance SheetYesYesYesStatement of Changes in Equity as part of Balance SheetNoNoYesProfit or Loss AccountYesNoYesCash Flow StatementsYesNoYesNotes and Comparative InformationYesNoYes30Option II for ComparativesOption II for Comparatives* On Memoranda Basis1-4-2010*1-4-201131-3-201131-3-2012GAAPInd-AsInd-AsI GAAPInd-AsBalance SheetYesYesYesYesStatement of Changes in Equity as part of Balance SheetNoYesNoYesProfit or Loss AccountNoNoYesYesCash Flow StatementsNoNoYesYesNotes and Comparative InformationNoNoYesYesIFRS 1 Ind-As 101 Reconciliations IIIFRSIND ASRequires reconciliations for opening equity, total comprehensive income, cash flow statement and closing equity for the comparativeperiodto transitiontoexplainthe IFRSfromprevious GAAP.entitiesaretodisclose differencesHowever, expected significant pertainingtocomprehensiveEntitiesthattotal income. providecomparatives would have to provide reconciliations which are similar to IFRS.IFRS 1 Ind-As 101 Inclusion Modification of Certain Exemptions Ind-AS 16, Carrying Amount of Property , Plant & EquipmentIFRSIND ASIFRS 1 Para D-7 requires an entity to retrospectively compute depreciation, if the depreciation method does not matchwith the method of depreciation under IFRSParagraph D7A has been added to provide for transitional relief from the retrospective application of Ind AS 16: Property, Plant and Equipment. Paragraph D7A provides an entity option to use carrying values of all such assets on or before April 1, 2007 in accordance with previous GAAP as an acceptable starting point under Ind-AS.IFRS 1 Ind-As 101 Inclusion Modification of Certain Exemptions Measurement of Financial Instrument Carried at amortised CostIFRSIND ASNo Such relied under IFRS 1If retrospective calculation of amoritsedcostis impracticable, an entity may calculate the amortised cost as at the date of the Transition to Ind-Ass.ParaD 19A has been added to provide for the said exemption.IFRS 1 Ind-As 101 Inclusion Modification of Certain Exemptions Measurement of Financial Instrument Carried at Fair ValueIFRSIND ASNo Such relied under IFRS1D19Bprovidehasbeenthataddedto financialinstruments measured at fair value shall be measured at fair value as on the date of transition to Ind-AS.Ind-As 27, Ind As -28, & Ind AS 31IFRSIND ASProvidecompaniesanfromexemption consolidated statements applicationfinancial (CFS),ofequitymethod or proportionate consolidation, if certain criteria are met. They also requirecertain disclosures to be made in such cases.TheseincludedinInd-ASaspectsarenot27,Ind-AS 28 and Ind-AS 31 since the Companies Act and rules framed there- under will govern the preparation of CFS.Ind As -28, & Ind AS 31IFRSIND ASto infunds, similarincludingContainscopeexclusion with regard investments associates/ joint ventures heldbymutualunittrustsand entitiesinvestment-linked insurancefunds,under certain circumstances .Thisscopeexclusionhas been deleted from Ind-AS28 and Ind-AS 31 since the Companies Act, 1956, is not applicable to mutual funds, unit trusts and similar entities includinginvestment linked insurance funds.Ind As -28IFRSIND ASRequiresthatuseduniform policies in theoffinancialoftheaccounting shouldbe preparation statements investor.Ind-AS 28 also contains similar requirements. However, it provides an exemption from both the requirements on the grounds of impracticality.Ind As -27IFRSIND ASIAS27,however,doesnotcontain format preparation presentationanyspecific fortheandofFinancialConsolidated StatementsAformatpreparationbeenaddedforthe ofCFShasinanAppendix to Ind-AS 27. It requires a parent to use the said format, or as near thereto as circumstances admit, in the preparation of its Consolidated Financial StatementsInd-As 10 : Events after the Reporting PeriodIAS 10Ind AS10The words AuthorisedThewordsapprovalof forissue have been usedthefinancialstatementsforissuehavebeenusedinsteadof ofthestatementsauthorisationfinancial forissueinthecontextoffinancialstatements considered for the purpose of events after the reporting period.Ind-As 11 : Construction ContractsIAS 11Ind AS11Does not deal withaccounting for construction contracts in respect of real estate developers.However, this has been dealt with under Ind AS 11, since it has been kept out of the scope t of Ind AS 18, Revenue, as also to justify dropping of IFRIC 15Ind-As 12 : Income TaxesIAS 12Ind AS12alternate to Statement of Loss in twoSincean present Profitand statementsisremoved,consequently tax amount is to be presented in one statement only.PresentationexpensesinofTax aseparatestatementis permitted as per IAS 1Ind-As 12 : Income TaxesIAS 12Ind AS12tobedifferenceinthecarryingamountofanasset and the tax base of an asset. Consequently, references are made in relevant paras.Asaresultoffairvaluemodel,thereareboundConsequentialchangese.g. as per Ind As 40, FairValue allowed, bargainmodelgain purposeisnot frominIndAS 103 is not recognised in profit or loss account , IASInd-As 16: Property Plant & EquipmentIAS 16Ind AS16ofassetcanbe byGovernmentamount reduced Grant.IAS 16 does refer to such paragraphs ,e.g., para 28, which states that carryingConsequential changes only , as a result of for example, Ind AS 20 does not allow deduction of Government grant fromthe carrying value of the assets or Ind AS 40, Investment property , fair value is not allowed.Ind-As 17: LeasesIAS 17Ind AS17Para18ofthisstandardChangesconsequentto does refer to such option.changes in IndAS 40 , bynotallowingleaseesinterestinlandandorbuildingtobeclassifiedas investment property if fair value model is followed.Ind-As 18: RevenueIAS 18Ind AS18Para18ofthisstandardChangesconsequentto does refer to such option.changes in IndAS 40 , bynotallowingleaseesinterestinlandandorbuildingtobeclassifiedas investment property if fair value model is followed.Ind-AS 20 Accounting for Government Grants and Disclosure of Government AssistanceIAS 20Ind AS20IAS 20 permits presentation of grant in a separate statementRequirements regarding presentation of grants related to income in theseparate statement, separate statementincome where income ispresentedunderparagraph29Aof IAS 20 have been deleted.Ind-AS 21The Effects of Changes in Foreign Exchange RatesIAS 21Ind AS21IndAS21requiresanof inadditional disclosure the date of change functional currency.When there is a change in functional currency of either the reporting currency or a significant foreign operation, IAS 21 requires disclosure of that fact and the reason for the change in functional currency.Ind-As 2 : InventoryIAS 2Ind AS2Recognition of inventories as an expense based on function-wise classificationDeleted keeping in view the changes in Ind-As 1, prohibiting function-wise classification of expenses