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Preface
India, in 2011, joins the global accounting revolution: International Financial Reporting
Standards.ConvergencewithIFRSisnotjustaboutswitchingoverfromonesetofaccounting&
reporting standards to another. It takes the description of a revolution because conceptualdifferencesareexpected,asevidencedinthispublication.
Convergence ismore about a complete business and financial strategy to adopt international
standards which is expected to be a long drawn process involving investment of time andresources.WebelievethatnowistherighttimetogearupforIFRS.
ThisBDOIndiapublicationisanendeavortoprovideaconcisesummaryofthemeasurementdifferences that exist between IFRSand IndianGAAP.Weadvise readers to consult all the
relevantaccountingstandardsandapplicableregulations.
WeatBDOIndiaarecommittedtohelpyoumigratetoIFRSassmoothlyaspossible,andlookforwardtoteamingwithyouonthischallengingbutexcitingjourney.
GlobalKnowledgeServices
BDOIndia
701, Leela Business Park,Andheri Kurla Road, Andheri (East),Mumbai 400059
[email protected]: 6672 9999 / 6639 1101D: 6672 9606 / 6672 9617
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Thispublicationcontainsinformationinsummaryformandisthereforeintendedforgeneralguidanceonly.Itisnot
intendedtobeasubstitutefordetailedresearchortheexerciseofprofessionaljudgement.NeitherBDOIndianor
anymemberoftheorganisationcanacceptanyresponsibilityforlossoccasionedtoanypersonactingorrefraining
fromaction asa result ofanymaterial inthispublication.We recommend you seek professional advice before
takingactionsonspecificissues.
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IFRS IndianGAAP
CostV/sFairValue
Generally uses historical cost, but intangible
assets, property, plant and equipment (PPE)
andinvestmentpropertymaybemeasuredat
fairvalue.Derivatives, certain other financial
instruments and biological assets must be
revalued.
Uses historical cost, but Fixed Assets may be
revalued.
Certain derivatives are carried at fair value. No
comprehensive guidance on derivatives and
biologicalassets.
PresentationofFinancialStatements
ComponentsofFinancialStatements
IAS 1 provides overall requirements for the
presentationoffinancialstatements,guidanceon their structure, and the minimum
requirements for their content. Although it
does not prescribe a particular format, itprescribes the components of the financial
statementsthat togetherwouldbeconsidered
asacompletesetoffinancialstatements.
1. StatementofFinancialPosition(Balance
sheet),
2. Statement of Comprehensive Income /Income Statement (Profit and Loss
Account),
3. StatementofChangesinEquity(SOCIE),4. StatementofCashFlows,5. Notes comprising a summary of
significantaccounting policiesand otherexplanatoryinformation,and
6. StatementofFinancialPositionasatthebeginning of the earliest comparativeperiod when an entity applies an
accounting policy retrospectively or
makes a retrospective restatement of
itemsinitsfinancialstatements,orwhenit reclassifies items in its Financial
Statements
CompaniesActrequirespreparationof:
1. BalanceSheet,2. ProfitandLossAccount,and3. NotestoAccounts
As per AS 3 Cash Flow Statements Level 1enterprises are required to prepare a Cash Flow
Statementusingthedirectorindirectmethod.
SEBImandatestheuseofindirectmethodforlistedcompanies.
The insurance regulator IRDA requires insurancecompanies to prepare the Cash Flow Statement
usingthedirectmethod.
The conceptofSOCIEdoesnotprevail;however,
they are represented by the captions share capital
andreservesandsurplusinthebalancesheet.
StatementofFinancialPosition(BalanceSheet)Format
A current/non-current presentation of assets
and liability is used, unless a liquiditypresentation provides more relevant and
reliable information. Certainminimum items
arepresentedonthefaceofthebalancesheet.
Accountingstandardsdonotprescribea particular
format;certainitemsmustbepresentedonthefaceofthebalancesheet.Formatsareprescribedbythe
CompaniesActandotherregulationslikeBanking
Regulation Act, Insurance Regulatory and
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IFRS IndianGAAP
DevelopmentAuthorityActetc.
StatementofComprehensiveIncome(ProfitandLossAccount)Format
Presentedinoneoftwoformats(functionornature).Certainminimumitemsarepresented
onthefaceoftheincomestatement.
Underthenatureofexpensemethodexpenses
are aggregated in the income statement
according to their nature, (for example
depreciation,purchasesofmaterials,transportcosts,wages and salaries, advertising costs),
and are not reallocated amongst various
functionswithintheenterprise.
The function of expense or cost of sales
methodclassifiesexpensesaccordingtotheirfunction aspart ofcost of sales, distribution
oradministrativeactivities.
Does not prescribe a standard format; but certainincome and expenditure items are disclosed in
accordance with accounting standards and the
CompaniesAct.
Industry-specificformatsareprescribedbyindustry
regulations.
StatementofComprehensiveIncome-Structure
Entitieshavetheoptiontopresenteither:
1. Single Statement of ComprehensiveIncomeor
2. Twoseparatestatements-a. An Income Statement displaying
componentsofprofitorloss;and
b. AStatementofComprehensiveIncomebeginning with profit or loss anddisplaying components of other
comprehensiveincome.
ComponentsofOtherComprehensiveIncome
include:
a. Changesinrevaluationsurplusb. Actuarial gains and losses on defined
benefitplans
c. Gainsorlossesarisingfromtranslatingthe financial statements of foreignoperations
d. Gains and losses on remeasuringavailable-for-salefinancialassets
e. The effective portion of gains andlossesonhedginginstrumentsinacash
flowhedge.
No comprehensive income statement is prepared.
OnlyaProfitandLossAccountisprepared.
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IFRS IndianGAAP
StatementofChangesinEquity(SoCIE)
Statementshowscapitaltransactionswiththe
owners, the movement in accumulated
profit/loss and a reconciliation of all other
componentsofequity.
Noseparatestatementisrequired.
CashFlowStatements-BankOverdraft
Bank Overdraft repayable on demand istreatedasCashandCashEquivalentsifthey
form an integral part of the entitys Cash
Management
AS3CashFlowStatementsdoesnotprovideanyguidance on Bank Overdrafts. However, Bank
overdraft are treated as FinancingActivities as a
normalpractice
CashFlowStatements-Dividend/Interest
There is no guidance for classifying cash
flows arising due to Dividend & Interest.
They may be classified as Operating,FinancialorInvestingactivities.
Interest and Dividends paid are classified as cash
flows from Financing Activities. Interest and
DividendreceivedareclassifiedascashflowsfromInvesting Activities. Only in case of a financial
enterprise, interest paid, interest received anddividendreceivedshouldbeclassifiedasoperating
activities.
EventsaftertheBalanceSheetDateNonadjustingevents
IFRS requires disclosure of significant non
adjusting event in the notes to the Financial
Statements
IndianGAAPrequiresdisclosureofsucheventsin
thereportoftheapprovingauthority.
DisclosureofcriticaljudgementsIAS 1 requires disclosure of criticaljudgements and estimates made by
managementinapplyingaccountingpolicies
ThereisnosuchspecificdisclosurerequirementinAS1orScheduleVI.
ConsolidatedFinancialStatements
IFRS considers Consolidated Financial
Statements as theGeneralPurpose Financial
Statements.
It is not mandatory to prepare Consolidated
Financial Statements underAS 21.SEBI requires
from listed companies to submit ConsolidatedFinancialStatements.BankingCompaniesarealso
required to prepare Consolidated Financial
Statements.
ExtraordinaryItems
Disclosure as extraordinary items either on
the face of the income statement or in thenotesisprohibited.
Aredefinedasincomeorexpensesthatarisefrom
eventsortransactionsthatareclearlydistinctfromthe ordinary activities of the enterprise and,
therefore, are not expected to recur frequently or
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IFRS IndianGAAP
regularly.
The nature and the amount of each extraordinaryitemshouldbeseparatelydisclosedinthestatement
ofProfitandloss.
OverrideofTrueandFairView
In extremely rare circumstances when
managementconcludes thatcompliancewith
arequirementofaStandardorInterpretationwould be misleading, and therefore that
departurefromarequirement isnecessaryto
achieve a fair presentation, an enterpriseshoulddisclose:
(a) that management has concluded that the
financial statements fairly present theenterprises financial position, financial
performanceandcashflows;
(b)thatithascompliedinallmaterialrespectswith applicable IAS except that it has
departedfromaStandardinordertoachievea
fairpresentation;(c)theStandardfromwhichtheenterprisehas
departed, the nature of the departure,
including the treatment that the Standard
wouldrequire,thereasonwhythattreatmentwouldbemisleadinginthecircumstancesand
thetreatmentadopted;and(d) the financial impact of the departure onthe enterprises net profit or loss, assets,
liabilities, equity and cash flows for each
periodpresented.
Theoverridedoesnotapplywherethereisa
conflict between local company law andIFRS; in such a situation, the IFRS
requirementsmustbeapplied.
Fair presentation requires compliance with the
applicable requirements of the Companies Act,
1956andtheotherregulatoryrequirementsandtheapplication of thequalitativecharacteristicsof the
AccountingStandardsFramework.
RestatementofFinancialStatements
ChangesinAccountingPolicy
Comparative years information is restatedand theamountoftheadjustmentrelating to
prior period is adjusted against opening
balances of retained earnings of the earliest
prior period presented, unless specificallyexempted.
Restatementisnotrequired.Theeffectofchangesis included in currentyear incomestatement. The
impactofchangeisdisclosed.
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IFRS IndianGAAP
Correctionoferrors
Theopeningbalancesofassets,liabilitiesand
equity for theearliest prior period presented
arerestated.
Restatement is not required. The effect of
correction is included in current years income
statementwithseparatedisclosures.
Property,PlantandEquipments(PPE)
ComponentAccounting
IAS 16 mandates component accounting.
Under this approach, each major part of an
item ofpropertyplant andequipmentwith acostthatissignificantinrelationtothetotal
costoftheitemisdepreciatedseparately.
AS 10 does not require full adoption of the
componentapproach. Itnearlyrecognizesthesaid
approach in one paragraph by stating thataccounting for tangible fixed assets may be
improved if total cost thereof is allocated to its
variesparts.
CostofPPE
Historicalcostor revaluedamountsareused.Regular valuationsofentireclassesofassetsare required when revaluation option is
chosen.
Historicalcostisused.Revaluationsarepermitted,however, no requirements on frequency ofrevaluation. Revaluation for the whole class of
assetsisnotrequired.
DepreciationonRevaluationofProperty,PlantandEquipment
Depreciation on revalued portion cannot be
recoupedoutofrevaluationreserve
Depreciation onrevalued portioncanberecouped
outofrevaluationreserve
UsefulLifeofPPE
Depreciationtobecalculatedbasedonuseful
life.
Depreciation calculation is based on higher of
usefullifeoftheAssetsorScheduleXIVrates
Assetdismantlement,removalandrestorationcosts
The cost of an item of property, plant and
equipment includes the present value of thecosts of its dismantling, removal or
restoration,theobligationforwhichanentity
incursasaconsequenceofinstallingtheitemand/or using the item during a particular
period for purposes other than to produce
inventories during that period. Change in
decommission or restoration obligations aregenerallyadded/deductedto/fromtherelated
asset.
Appendix to AS 29 Provisions, Contingent
Liabilities andContingentAssets requires any thebest estimate of an obligation being removal and
restorationcostsaretobeincludedinthecostofthe
asset and a provision is to be recognised for thesame.Nodiscountingrequired.
MajorInspectionCost
Cost of major inspectionsand overhauls are
recognisedinthecarryingamountofproperty
Costs of major inspection are expensed when
incurred.
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IFRS IndianGAAP
plantandequipment.
RevaluationReserveofProperty,PlantandEquipment
RevaluationReserveisdirectlytransferredtoRetainedEarningsonderecognition.
Revaluation Reserve is transferred to IncomeStatementonderecognition.
ReviewofUsefulLife,ResidualValue,DepreciationMethod
IAS 16 mandates review of useful life,residual value and depreciation method at
eachyearend.
AS10doesnotspecifyanysuchrequirement.
BiologicalAssets
Measuredatfairvaluelessestimatedpointof
sale costs, with changes in valuation
recognizedintheIncomeStatement.
Notspecified.GenerallyHistoricalcostused.
IntangibleAssetsValuationModels
Cost Model and Revaluation Model: An
entity shall choose either the cost model orthe revaluation model as its accounting
policy.
Cost Model only: After initial recognition, an
intangibleassetshouldbecarriedatitscostlessanyaccumulated amortisation and any accumulated
impairmentlosses.Revaluationofintangibleassets
isprohibited.
Activemarket
Revaluation model is permitted only wherethere is an activemarket for the underlying
intangibles.
Revaluationisprohibited.
LifeofIntangibleAssets
Anentityshallassesswhethertheusefullife
ofanintangibleassetisfiniteorindefinite.If
finite,thelengthof,ornumberofproductionorsimilarunitswouldconstituteusefullife.
Anintangible asset shall be regarded by theentityashavinganindefiniteusefullifewhen,
based on an analysis of all of the relevant
factors, there is no foreseeable limit to the
period over which the asset is expected togeneratenetcashinflowsfortheentity.
There is a rebuttable presumption that the useful
lifeofanintangibleassetwillnotexceedtenyears
fromthedatewhentheassetisavailableforuse.
Reviewofresidualvalue
An entity is required to review the residual
valueoftheintangibleassetsateachyearend
Nosuchrequirement.
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IFRS IndianGAAP
and give the effect accordingly. In case
revisedresidualvalueexceedscarryingvalue
nodepreciationwillbechargedagainstthose.
Intangiblesacquiredasapartofbusinesscombination
Ifanintangibleassetisacquiredinabusiness
combination,thecostofthatintangibleassetis its fair value at the acquisition date. The
intangible is recorded by the acquirer
irrespective of whether the asset had beenrecognised by the acquiree before the
businesscombinationornot.
If an intangible asset is acquired in anamalgamation in thenatureofpurchase, thesame
should be accounted at cost or fair value if the
cost/fair value can be reliably measured. If the
sameisnotreliablymeasurableitisincludedasapartofgoodwill.Intangibleisrecordedevenifthat
intangible asset had not been recognised in the
financial statements of the transferor. Intangibleassetsacquiredinanamalgamationinthenatureof
merger,oracquisitionofa subsidiaryarerecorded
atbookvalues,whichmeansthatiftheintangibleasset was not recognized by the acquiree, the
acquirerwouldnotbeabletorecordthesame.
ImpairmentofAssets
ReversalofImpairmentLoss
An impairment loss recognised in prior
periodsforanassetotherthangoodwillshall
be reversed if, andonly if, there has been achangeintheestimatesusedtodeterminethe
assets recoverable amount since the last
impairmentlosswasrecognised.Ifthisisthecase, the carrying amount of the asset shall,beincreasedtoitsrecoverableamount.That
increaseisareversalofanimpairmentloss.
Animpairmentlossrecognisedforanassetinprior
accountingperiodsshouldbereversediftherehas
beenachangeintheestimatesofcashinflows,cashoutflows or discount rates used to determine the
asset's recoverable amount since the last
impairmentlosswasrecognised.Ifthisis thecase,the carrying amount of the asset should beincreased to its recoverable amount.That increase
isareversalofanimpairmentloss.
AllocationofgoodwillincaseofCGU
For the purpose of impairment testing,
goodwill acquired inabusiness combinationshall, from theacquisition date, beallocated
to each of the acquirers cash-generating
units,orgroupsofcash-generatingunits,that
areexpectedtobenefitfromthesynergiesofthecombination,irrespectiveofwhetherother
assets or liabilities of the acquiree are
assigned to those units or groups of units.Each unit or group of units to which the
goodwill is so allocated shall represent the
lowest level within the entity at which thegoodwill is monitored for internal
GoodwillisallocatedtoCGUbasedonbottom-up
approach, i.e. identify whether allocated to aparticularCGUonconsistentandreasonablebasis
and then, compare the recoverable amount of the
cash-generating unit under review to its carrying
amountandrecognizeimpairmentloss.
However, if none of the carrying amount of
goodwill can be allocated on a reasonable andconsistent basis to the cash-generating unit under
review;and if, inperforming the 'bottom-up' test,
the enterprise could not allocate the carryingamountofgoodwillonareasonableandconsistent
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IFRS IndianGAAP
managementpurposes;andnotbelargerthan
asegmentbasedoneithertheentitysprimary
or the entitys secondary reporting formatdetermined in accordance with IFRS 8
OperatingSegment.
basistothecash-generatingunitunderreview,the
enterprise should also perform a 'top-down' test,
that is, the enterprise should identify the smallestcash-generating unit that includes the cash-
generating unit under review and to which the
carryingamountofgoodwillcanbeallocatedonareasonable and consistent basis (the 'larger' cash-
generatingunit);andthen,comparetherecoverable
amount of the larger cash-generating unit to itscarryingamountandrecognizeimpairmentloss.
InvestmentProperty
Definition
IAS 40 defines investment property asproperty (land or a building-or part of a
building-orboth)held(bytheownerorbythe
lesseeunderafinancelease)toearnrentalsor
for capital appreciation or both, rather thanforuse intheproductionor supplyofgoods
orservicesorforadministrativepurposes;or
saleintheordinarycourseofbusiness.
AS 13 defines an investment property as aninvestment in land or buildings that are not
intendedtobeoccupiedsubstantiallyforuseby,or
intheoperationsof,theinvestingenterprise.
SubsequentMeasurement
Anentity has anoption toapply either costmodelorfairvaluemodel.Iffairvaluemodel
is adopted, then changes in fair value are
recognised in P&L A/c. In the fair valuemodel the carrying amount is notdepreciated. In the costmodel, the asset is
carriedatcostlessdepreciation.
EAChasopinedthattheinvestmentpropertyneedstobedepreciatedasitisadepreciableasset.Hence,
depreciated cost model must be applied for
subsequentmeasurement. Impairment is providedforwhereapplicable,andreversalofimpairmentsispermitted
Transfersto/fromInvestmentProperty
When there is a change in use of the
investment property, the standard providesdetailed guidance for subsequent
classificationanditsmeasurement.
NoGuidance
InventoryNetrealizablevalue
AnewassessmentofNRV isrequired tobe
madeineachsubsequentperiod.Writedownofinventoryis reversed ifcircumstancesthat
previously caused inventories to be written
down below cost no longer exist or when
NospecificguidanceinAS2.
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IFRS IndianGAAP
there is clearevidence of an increase in the
NRV because of changes in economic
circumstances.
Inventoriesofaserviceprovider
IAS-2 includes provisions relating to the
work-in-progressofaserviceprovider.Under
IAS-2 such WIP consists primarily of thelabour and other costs of personnel directly
engaged in providing the service, including
supervisory personnel, and attributableoverheads.Labourandothercostsrelatingto
salesandgeneraladministrativepersonnelare
notincludedbutarerecognisedasexpensesintheperiodinwhichtheyareincurred.
AS 2 excludes work in progress arising in the
ordinary course of business of service providers.
Hence,thereisnoguidanceforthesame.
Inventoriesacquiredondeferredsettlementterms
IAS 2 specifically requires that where
inventory is acquired on deferred settlement
terms, the difference between the purchase
pricefornormalcredittermsandtheamountpaid is to be accounted as interest expense
overtheperiodoffinancing.
There is no express requirement under AS 2
specifying treatment of inventories acquired on
deferredsettlementterms.
Noncurrentassetsheldforsaleanddiscontinuedoperations
Scope
IFRS-5 sets out requirements for
classification, measurement and presentationof Non-current assets held for sale and the
classificationandpresentationofdiscontinuedoperations.
There is no specific standard which prescribes
classification,measurementandpresentationofallnon-currentassetsheldforsale.HoweverasperAS
10itemsofFixedassetsthathavebeenretiredfromactive use and are held for disposal are stated at
lower or their net book value and net realizable
valueandshowninthefinancialstatements.
As 24 deals with disclosures relating todiscontinuedoperations.
Classification
Anentityshallclassifyanon-currentasset(ordisposalgroup)asheldforsaleifitscarrying
valuewillberecoveredprincipallythroughasale transaction rather than through
continuinguse
AS10givesaverylimitedguidance
Measurement
Non-current assets held for sale should be
measured at the lower of carrying value orfair value less cost to sell. After
Nospecificguidanceexceptabove.
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reclassification theseassetswillnolongerbe
subjecttosystematicdepreciation.
PeriodofdisposalforNon-currentassetsheldforsale
Completed within a year, with limited
exceptions.
Notimeframespecified.
Definition-DiscontinuedOperations
Acomponentofanentitythateitherhasbeendisposed of or is classified as held for sale
and:
(a) represents a separate major line ofbusinessorgeographicalareaofoperations,
(b) is part of a single coordinated plan to
disposeofaseparatemajorlineofbusinessorgeographicalareaofoperationsor
(c)isasubsidiaryacquiredexclusivelywitha
viewtoresale.
A discontinuing operation is a component of anenterprise:
a. thattheenterprise,pursuanttoasingleplan,is (i) disposing of substantially in itsentirety,suchasbysellingthecomponentin
asingletransactionorbydemergerorspin
off of ownership of the component to theenterprises shareholders; (ii) disposing of
piecemeal, such as by selling off the
componentsassetsandsettlingitsliabilitiesindividually; or (iii) terminating through
abandonment;
b. that represents a separate major line ofbusinessorgeographicalareaofoperations;and
c. that can bedistinguishedoperationallyandforfinancialreportingpurposes
Methodofdiscontinuance
Operations and cash flows that have beendisposedofareclassifiedasheldforsale
Pursuanttoa singleplan,eithersubstantiallyinitsentirety or piecemeal or terminated through
abandonment.
Presentation
A single amount ispresented on the faceof
theincomestatementcomprisingtheposttax
profitor loss ordiscontinued operationsandananalysisofthis amounteitheron theface
of the income statement or in the notes for
both current and prior periods. Separateclassificationon the balance sheet for assets
andliabilitiesforthecurrentperiodonly
Thefollowingisseparatelydisclosedonthefaceof
the profit and loss account separately from
continuingoperations:
pre-taxprofitorlossandrelatedtaxes pre-taxgainorlossondisposalIncome/expense line items from continuing anddiscontinuing operations are segregated and
disclosed in the notes toaccount;butispresentedonacombinedbasisintheincomestatement.Noseparatepresentationisrequiredfor
BalanceSheetitems.
FinancialInstruments
Under IndianGAAP therewasnoaccounting standard specifically forfinancial instruments.TheICAI has issued standards for recognition and measurement of financial instruments and their
presentation and disclosure which are recommendatory from 1.4.2009 and mandatory from
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IFRS IndianGAAP
1.4.2011.HencethecomparisongivenbelowiswithoutconsideringtheimpactoftheseStandards.
Also,itisnecessarytonotethatrecognition,measurement,presentationanddisclosureoffinancial
instrumentsisgovernedbytherespectiveregulatorsofvariousindustrieslikeRBI,SEBIandIRDA.
Definition
A financial instrument is any contract that
givesrisetoafinancialassetofoneentityanda financial liability or equity instrument of
anotherentity.
No specific standard on financial instruments.However, accounting of certain financial
instrumentsareprovidedinAS13Accountingfor
InvestmentsandGuidanceNoteonAccountingfor
EquityIndexandEquityStockFuturesandOptionsissuedbytheICAI.
FinancialAssetsClassification
Financialassetisclassifiedinfourcategories:
1)FinancialAssetatFairValuethroughP&LA/c2)HeldtoMaturity
3)LoansandReceivables4)AvailableforSale.
AS 13 classifies investments into long-term and
currentinvestments.
Detailed classificationof Investments forbanks isprescribedbyRBIwhichissimilartoIFRS.
FinancialAssets-Measurement
1)Initialmeasurementoffinancialassetsisat fair value. Transaction cost is alsoincludedintheinitialcarryingvalueunless
theyarecarriedatfairvaluethroughprofit
orloss
2)Subsequentmeasurementisat:a. amortisedcostusingeffectiveinterest
method for Loans and Receivables
andHeld-to-maturityinvestmentsb. fair value for Financial assetsat fair
value through profit or loss and
Available-for-salefinancialassets.Changesincarryingamountareaccounted
in the IncomeStatement for all financial
assets except for Available-for-salefinancial assets which is accounted
throughEquity.
Long term investments are recorded at cost less
diminution, other than temporary. Currentinvestmentsarerecordedatlowerofcostormarket
valueinaccordancewithAS13.
HoweverforBanking,MutualFundandInsurance
sectors, the respective regulators (i.e. RBI, SEBIandIRDA)prescribeguidelinesformeasurementof
Investments.
FinancialLiabilitiesClassification
Financial Liabilities is classified in two
categories:
1) Financial Liabilities at Fair ValuethroughP&LA/c
2) OtherLiabilities
NoGuidance.
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IFRS IndianGAAP
FinancialLiabilitiesMeasurement
Initialmeasurementoffinancialliabilitiesis
atfairvalueoftheconsiderationreceived.
Subsequentmeasurementisat:a. amortisedcostusingeffectiveinterest
methodforotherliabilities
b. fairvalueforFinancialLiabilitiesatfairvaluethroughprofitorloss
NoGuidance.
FinancialAssets-Reclassification
1. FVTPL:a. Reclassification into and out FVTPL
on initial recognition andreclassification of derivatives is
prohibited Held for trading may be
reclassifiedintoAFS,HTMandL&R
incertainrarecircumstances.
2. HTM:a. If significant amount of HTM is
reclassified or sold, the remaining
investments inHTM category are to
be reclassified into AFS and noinvestmentcanbeclassifiedasHTM
foraperiodof2years(alsoknowas
tainting).
3. AFS:a. AFS that would have met the
definitionofL&R(ifithadnotbeendesignated as AFS) it may be
transferredintoL&Riftheentityhas
the intention and ability to hold thefinancial asset for the foreseeable
futureoruntilmaturity.
Where long-term investments are reclassified as
currentinvestments,transfersaremadeatthelower
ofcostandcarryingamountatthedateoftransfer.
Whereinvestmentsarereclassifiedfromcurrenttolong-term, transfers aremadeat the lower of cost
andfairvalueatthedateoftransfer.
FinancialAssets-Derecognition
Financial assets are derecognised based on
risks and rewards first; control is secondarytest.
There is limited guidance for derecognition.
Usually,financialassetsarederecognisedbasedontransferofrisksandrewards.
The ICAI has issued a Guidance Note on
securitization which requires derecognition based
oncontrol.
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IFRS IndianGAAP
Classificationbetweenliabilityandequity
The issuer of a financial instrument shall
classify the instrument, or its component
parts, on initial recognition as a financial
liability, a financial asset or an equityinstrument in accordancewith the substance
of the contractual arrangement and the
definitionsofafinancialliability,afinancialasset and an equity instrument. The
applicationoftheseprincipalsrequirescertain
instrumentswhichhavetheformofequitytobe classified as liability. For example
redeemablepreferenceshareonwhichafixed
dividendispayableareclassifiedasliability.
Classification is based on form rather than
substance.For example preference shares are
treated as capital, even though in many case insubstanceitmaybealiability.
CompoundFinancialInstruments
IAS 32 requires compound financial
instruments,suchasconvertiblebonds,tobesplit into liability component and equity
component and each component is recorded
separately.
No split accounting required and financial
statementsareclassifiedeitherasequityorliabilitydependingon their primarynature.Forexamplea
convertible debenture is generally treated as
liability.
Derivatives
Aderivativeisafinancialinstrumentorother
contractwithinthescopeofthisIAS39withallthreeofthefollowingcharacteristics:
1) its value changes in response to thechange in a specified interest rate,financialinstrumentpriceetc.
2) it requires no or smaller initial netinvestment;and
3) itissettledatafuturedate.
There is no specific standard dealing with
derivatives; though, there are somepronouncementswhichdealwith specific typesof
derivatives.Consequently,manyderivativesremain
outsidethebalancesheet.
EmbeddedDerivatives
All embedded derivatives are required tobe
recognizedseparatelyfromhostcontractif:
1. theeconomiccharacteristicsandrisksofthe embedded derivative are not closelyrelated to the economic characteristicsandrisksofthehostcontract,
2. aseparateinstrumentwiththesametermsas the embedded derivativewouldmeetthedefinitionofaderivative;and
3. thehybrid (combined) instrument is not
Thereisnospecificguidancedealingwithseparate
recognitionofembeddedderivatives.
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IFRS IndianGAAP
measured at fair value with changes in
fairvaluerecognisedinprofitorloss
Ifanembeddedderivativeisseparated,
1) the host contract shall be accounted forunder this Standard if it is a financial
instrument,and
2) in accordance with other appropriateStandards if it is not a financial
instrument.
DeferredTax
Basis
IFRSrequiresentities toaccountfortaxation
using the Balance Sheet liability approachwhich focuses on temporary differencebetween the carrying amount of an asset or
liability inthestatementoffinancialpositionanditstaxbase.
Deferred tax is accounted for using the Income
statement approach, which focuses on timingdifference.
DeferredtaxonrevaluationofPPEandIntangibleAssets
Deferredtaxistobecreatedonrevaluationof
PPE and Intangible assets and the same is
recognisedinothercomprehensiveincome
Deferredtaxisnotrecognisedasitisconsideredto
beapermanentdifference.
RecognitionofdeferredtaxassetsincaseofbusinesscombinationUnderIFRS,thecostofbusinesscombination
is allocated to the identifiable assets andliability assumedby reference to fair values.
However, if no equivalent adjustment is
allowedfortaxpurpose,itwouldgiverisetoatemporarydifference.
Under IndianGAAP, businesscombination(other
thanamalgamation)willnotgiverisetoadeferredtaxadjustment.
DeferredTaxonConsolidation
Temporarydifferencearisewhenthecarryingamount of investments in subsidiaries,
branches or associates or interests in joint
ventures (namely the parent or investorsshare of the net assets including carrying
amountofgoodwill) becomesdifferent from
the tax base (which is often cost) of theinvestment/interest.
Under Indian GAAP, consolidation will not giverisetoadeferredtaxadjustment.
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IFRS IndianGAAP
DeferredtaxonunrealisedIntra-groupprofits
Deferred taxonunrealised intragroupprofit
isrecognisedatthebuyersrate.
Deferred tax is not recognised as deferred tax
expense is an aggregation from separate financial
statementofeachgroupentityandnoadjustmentis
madeonconsolidation.
RecognitionCriteria
A deferred tax asset is recognised if it is
probable(morelikelythannot)thatsufficienttaxableprofitwillbeavailableagainstwhich
the unused tax losses and tax credits canbe
utilised.
Deferredtaxassetsisrecognised(a)ifrealisationis
virtually certain for entities with tax losses carry-forward, whereas (b) if realisation is reasonably
certainforentitieswithnotaxlossescarry-forward
Liabilities
ProvisionsGeneral
Provision are discounted to Present value
wheretheeffectofthetimevalueofmoneyismaterial
Discountingofprovisionsisnotpermitted
ProposedDividend
Liabilityfordividendsdeclaredtoholdersofequity instruments are recognised in the
periodwhendeclared
Dividendsarerecognisedasanappropriationfromprofitsandrecordedasliabilityatthebalancesheet
date, if proposed or declared subsequent to the
reporting period but before approval of the
financialstatements
FinancialLiabilitiesversusEquityClassification
Capital Instruments areclassified,dependingon substance of issuers contractual
obligations as either liability or equity or
equityandliability.
Mandatory redeemable preferenceshares are
classifiedasliabilities.
No specific guidance. Inpractice, classification isbasedonlegalformratherthansubstance.
All preference shares are disclosed separately as
sharecapitalundershareholdersfunds.
Revenue
Additionalconditionforrecognitionofrevenuefromsaleofgoodsorrenderingofservices
IAS18prescribesanadditionalconditionthat
thecostsincurredortobeincurredinrespect
ofthetransactioncanbemeasuredreliablytobefulfilledbefore therecognitionofrevenue
fromsaleofgoods.
This condition is not required to be fulfilled for
recognizingrevenueunderAS9.
BarterTransactions
Theaccountingtreatmentdependsonwhether
theexchange transactioninvolves goodsand
NoSpecificGuidance
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services of similar nature and value (for
example,exchangeofcommoditieslikeoilor
milk).Exchangesofsimilarassets:1. Carryingamountof theasset received=
Carryingamountoftheassetsurrendered
+cashorcashequivalenttransferred.2. Nogainsorlossesarerecognised.Exchangesofdissimilarassets:
1. Carryingamountof theasset received=Fairvalueoftheasset received+/-cash
orcashequivalenttransferred
2. Gainorlosstoberecognised=Fairvalueof the asset received +/- cash or cashequivalent transferred- carrying amount
oftheassetsurrendered
Interest
Interest income is recognised using the
effectiveinterestmethod.
Interest is recognised on a time proportion basis
takingintoaccounttheamountoutstandingandtherateapplicable
RenderingofServices
Requires recognition using percentage ofcompletion method. Revenues from
installation fees and production commission
are recognised with reference to stages ofcompletion, unless the installation is
incidentaltosale
Completed service contract method orproportionatecompletionmethodpermitted
CustomerLoyaltyPrograms
Awardcreditsareaccountedforasaseparate
identifiablecomponentofasalestransaction,
with theconsideration allocated between theawards credit and the other components of
sale.
Nospecificguidance.
EmployeeBenefits
Actuarialgainsandlosses
Actuarialgainsandlossesmaybe: recognisedimmediatelyinprofitorloss; recognised immediately in other
comprehensiveincome;or
deferred upto a maximum with anyexcess of 10% of the greater of thedefined benefit obligation or the fair
valueoftheplanassetsattheendofthe
Actuarial gains and losses should be recognisedimmediately inthe statementof profit and loss as
anincomeorexpense.
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IFRS IndianGAAP
previous reporting period being
recognised over the expected average
remaining working lives of theparticipating employees or other
acceleratedbasis
EffectsofChangesinForeignExchangeRates
FunctionalandPresentationCurrency
Thereisaconceptof3currencies:Functional
Currency,ForeignCurrencyandPresentation/
Reporting Currency, which are defined asunder.
Functional Currency is the currency of theprimary economic environment inwhich the
entityoperates.
Foreign currency is a currency other thanfunctionalcurrency.
PresentationcurrencyisthecurrencyinwhichtheFinancialStatementsarepresented.
ThereisnoconceptofFunctionalCurrency.
Foreign currency is a currency other than thereportingcurrencywhich is the currencyinwhich
FinancialStatementsarepresented.
TranslationsintheConsolidatedFinancialStatements
Nodistinction ismadebetween integral and
non-integralforeignoperationsunderIAS21.
All entities are required to prepare theirFinancial statements in Functional currency.Any exchange gain/loss to record a
transaction in its functional currency is
recognised in the income statement. Intranslating the Financial Statement from
functionalcurrency topresentation currency,
thereportingentityshouldusethefollowingprocedures:
a. Assetsand liabilities,bothmonetaryandnon-monetaryshouldbe translatedat the
closingrate.b. Income and expenses items should betranslatedatexchangeratesatthedateof
transactions;andc. Allresultingexchangedifferencesshould
be accumulated in foreign currency
translation reserve until the disposal oftheinvestment.
Translationoffinancialstatementstothereportingcurrency of the parent/investee depends on the
classification of that operation as integral or nonintegral.
Inthecaseofanintegraloperation,monetaryassets
are translated at closing rate; non-monetary itemsaretranslatedathistoricalrateiftheyarevaluedat
costandatclosingrateiftheyarevaluedonother
valuationbasisandincomeandexpenseitemsaretranslated at historical/average rate. Exchange
differencesaretakentothestatementofprofitand
loss.
For non-integral operations, closing rate method
shouldbefollowed(i.e.allassetsandliabilitiesare
tobetranslatedatclosingratewhileprofitandlossaccountitemsaretranslatedatactual/averagerates).
The resulting exchange difference is taken to
reserve and is recycled to profit and loss on thedisposalofthenon-integralforeignoperation.
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IFRS IndianGAAP
OperatingSegments(IFRS8v/sAS17)
Applicability
Thisstandardisapplicableto
separate or individual financialstatementsofanentitywhosedebtor
equity instruments are listed or
proposedtobelisted,and
Consolidated Financial Statements ofa groupwith a parent whose debt or
equity instruments are listed or
proposedtobelisted.
ThisstandardisapplicabletoalllevelIentities.
DeterminationofSegments
IFRS imposesa ManagementApproach totheidentificationofoperatingsegmentswhich
is to be based on internal reports that areregularly reviewed by the entitys ChiefOperatingDecisionMaker(CODM)inorder
to allocate resources to the segment and
assessitsperformance.
AS17requiresanenterprisetoidentifytwosetsofsegments(businessandgeographical),usingarisks
andrewardsapproach,withtheenterprisessystemof internal financial reporting tokeymanagementpersonnelservingonlyasthestartingpointforthe
identificationofsuchsegments.
Measurement
Segmentprofitorlossisreportedonthesame
measurement basisas that used by the chiefoperating decision maker. There is no
definition of segment revenue, segment
expense,segmentresult,andsegmentassetorsegmentliability
Segment information is prepared in conformity
with theaccountingpoliciesadoptedforpreparingand presenting the financial statements of the
enterprise as a whole. Segment revenue, segment
expense,segmentresult,segmentassetandsegmentliabilityhavebeendefined
Conformitywithaccountingpolicies
IFRS 8 does not define segments as eitherbusiness or geographical segment and does
notrequiremeasurement ofsegment amount
based on entitys accounting policies, anentity must disclose how it determined its
reportable operating segments and the basison which disclosed amount have been
measured
AS17 requires that segment informationmustbepreparedinconformitywiththeaccountingpolicies
adoptedforpreparingandpresentingtheFinancial
Statementsoftheconsolidatedgrouporentity.
Reconciliation
Requires reconciliation of segment
performance measures, and segment assetsandliabilitieswiththecorrespondingamounts
reportedinthefinancialstatements
Reconciliation is presented between the
informationdisclosed for reportablesegments andthe aggregated information in the enterprises
financialstatements.
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IFRS IndianGAAP
Discretereporting
IFRS 8 allows for discrete reporting of a
componentofanentitythatsellsprimarilyor
exclusivelytootheroperatingsegmentsofan
entity.
AS 17 requires only those segments which sell
exclusivelyorprimarilytoexternalcustomerstobe
deemedreportablesegments.
ShareBasePayment(GrantDateAccounting)
Accountingstandard
There is a detailed standardwith respect to
sharebasedpayment
Nospecificstandard.However, ICAI hasissueda
recommendatory Guidance Note for Employee
sharebasedpayment.
Measurement
Employee share base payment should be
accountedforusingfairvaluemethod.
Employee share based payments are accounted
eitheratintrinsicvalueorfairvalue
ConsolidatedFinancialStatements(CFS)Applicability
All entities have to prepare Consolidated
FinancialStatementsunderIFRS
Consolidated Financial Statements are mandated
only by the regulator i.e. Securities ExchangeBoardofIndia(SEBI)forlistedcompanies
DefinitionofControl
Control is the power togovern the financialand operating policies of an entity so as to
obtainbenefitsfromitsactivities.
Controlis:1. the ownership, directly or indirectly through
subsidiary(ies), of more than one-half of the
votingpowerofanenterprise;or2. control of the composition of the board of
directors in the case of a company or of thecomposition of the corresponding governing
body incase of any other enterprise so as toobtaineconomicbenefitsfromitsactivities.
Thereforeamereownershipofmore than 50%of
equity shares is sufficient to constitute controlunderIndianGAAP,whereasthisisnotnecessarily
sounderIFRS.
DualControl
Onlyoneentitycan have control (as distinct
from joint control) over another entity.
Therefore, when two or more entities each
hold significantvoting rights, certain factorsare reassessed todetermine which partyhas
control.
Inararesituation,whenanenterpriseiscontrolled
bytwoenterprisesonewhichcontrolsbyvirtueof
ownershipofmajorityofthevotingpowerandthe
otherwhichcontrols,byvirtueofanagreementorotherwise, the composition of the board of
directors, the first mentioned enterprise will be
considered as subsidiary of both the controllingenterprises and therefore,both theenterpriseswill
needtoconsolidatethefinancialstatementsofthat
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IFRS IndianGAAP
enterprise.
PotentialVotingRights
The existence and effect of potential voting
rights that are currently exercisable or
convertible, including potential voting rights
held by another entity, are considered whenassessingcontrol.
As per ASI 18, potential voting rights are not
consideredfordeterminingsignificant influence in
thecaseofanassociate.
Subsidiariesexcludedfromconsolidation
CFS includes all subsidiaries. A subsidiary
thatmeets, on acquisition, the criteria to be
classifiedasheldforsaleinaccordancewithIFRS5,NonCurrentAssetsHeldforSaleand
Discontinued Operation, applies the
presentation for assets held for sale (i.e.separate presentation of assets and liabilities
to be disposed), rather than normal line by
lineconsolidation.
Precludeconsolidationofasubsidiarywhencontrol
over that subsidiary is likely to be temporary.
Considersasubsidiarytobetemporarilycontrolledwhen it is acquired and held exclusively with a
viewtoitssubsequentdisposalinthenearfuture.
Also precludes consolidation of a subsidiary thatoperatesunderseverelongtermrestrictions,which
significantly impair its ability to transfer funds to
theparent. IntheCFS, theprecludedsubsidiaries
areaccountedasperAS-13andthereasonsfornotconsolidatingaredisclosed.
Reportingperiod
When financial statements of a subsidiary
usedinpreparationofCFSarepreparedasof
a reporting date different from that of the
parent, adjustments shall be made for theeffects of significant transactions or events
that occur between that and the date of the
parents financial statements. In any case thedifference between the reporting dateof the
subsidiaryand that ofthe parent shallbeno
morethanthreemonths.
SimilartoIFRS,exceptthatthedifferencebetween
the reporting dates should not be more than six
months.
Uniformaccountingpolicies
Compliancewithuniformaccountingpolicies
ismandatory.
CFSshouldbepreparedusinguniformaccounting
policies for like transactions and other events insimilarcircumstances.Ifitisnotpracticabletouse
uniformaccountingpolicies inpreparing theCFS,that fact should be disclosed together with the
proportions of the items in the CFS towhich thedifferentaccountingpolicieshavebeenapplied.
SpecialPurposeEntities
SIC12statesthataSpecialPurposeEntity
(SPE) should be consolidated when the
Nospecificguidance.
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IFRS IndianGAAP
substance of the relationship between an
entityand the SPE indicates that the SPE is
controlledbythatentity.
AccountingforInvestmentinSubsidiaryinParentsSeparateFinancialStatements
Parents investment in a subsidiary be
accounted for in the parents separatefinancial statements (a) at cost, or (b) as
available-for-salefinancialassetsasdescribed
inIAS39.
Investmentsinsubsidiaryshouldbeaccountedforin accordance with AS 13, Accounting for
Investments, which is cost as adjusted for any
diminutionother than temporary invalueof those
investments.
InvestmentsinJointventures
If the reporting enterprise does not prepareconsolidated financial statements because it
has no subsidiaries, its Jointly Controlled
Entities should be either proportionatelyconsolidatedorequityaccounted.
At cost less impairment if consolidated financialstatementsarenotprepared.
BusinessCombinations
Scope
Appliestomostbusinesscombinationboth
amalgamation (where acquiree loses itsidentity)and acquisition (where acquiree
continues its existence). IFRS 3 does not
apply to common control transactions,formation of JVs, combinations involving
mutual entities and combinations throughcontractalone.
There is no one comprehensive standard. AS-14
applies only to amalgamation. AS-21, 23, 27applies to accounting for investments in
subsidiaries, associates and joint ventures
respectively.AS-10wouldapplywhereademergeddivisionisacquiredonalump-sumbasisbyanother
entity.
Acquisitiondate
The date on which the acquirer effectivelyobtainscontroloftheacquiree.
The date of amalgamation as defined in
Amalgamation/ acquisition scheme of High
Court/RBI.
ContingentLiabilities
Contingent Liabilities are to be included in
NetAssetsatfairvalue.
ContingentliabilitiesarenotrecordedasLiabilities.
MethodofAccounting
All business combinations are accounted
underPurchaseMethodatfairvalues.PoolingofInterestMethodisprohibited.
BothPurchaseMethod(agreedvalues)andPooling
ofInterestMethod(carryingamount)arepermitted.
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IFRS IndianGAAP
SubsequentadjustmenttoAssetsandLiabilities
A12monthwindowperiodisallowedtoget
theacquisitionaccountingright.Upto the12
month period, any adjustments to the fair
value of assets/liabilities taken over arerecognized with a corresponding effect to
goodwill. After the 12 months period, any
adjustments to the fair value ofassets/liabilities takenoverarerecognized in
the income statement. In respect of
adjustments arising out of contingentconsideration, correction of errors and
deferred taxes, the 12 months time barring
periodisnotapplicableandany adjustmentsontheseaccounts,thecorrespondingeffectis
taken togoodwill, even if the same is made
after12months.
Nochangeispermitted
ContingentConsideration
Considerationfortheacquisitionincludesthe
acquisition date fair value of contingentconsideration. Changes in Contingent
consideration resulting from the events after
theendofthereportingperiodarerecognisedinprofitorloss.
Nospecificguidance.
AccountingforGoodwill
The acquirer shall, at the acquisition daterecognise goodwill acquired in a businesscombinationasanasset;andinitiallymeasure
thatgoodwill atits cost, being the excessof
thecostofthebusinesscombinationovertheacquirersinterestinthenetfairvalueofthe
identifiable assets, liabilities and contingent
liabilitiesrecognised.Afterinitialrecognition,theacquirershallmeasuregoodwill acquired
in a business combination at cost less any
accumulated impairment losses. Goodwill
amortizationisprohibited.
Treatment of goodwill differs in differentaccounting standards. Goodwill arising onamalgamationinnatureofpurchaseisamortisedto
P&Lover5years.GoodwillunderAS-21,23and
27 need not be amortised though there is noprohibition. In case of amalgamation innature of
merger,excessamountovernetassetstakenoveris
adjusted against revenue reserves.All goodwill istestedforimpairment.
NegativeGoodwill
Iftheacquirersinterestinthenetfairvalueof the identifiable assets, liabilities and
contingent liabilities recognised exceeds the
costofthebusinesscombination,theacquirershall reassess the identification and
RecordedasCapitalReserve.
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IFRS IndianGAAP
measurement of the acquirees identifiable
assets,liabilitiesandcontingentliabilitiesand
the measurement of the cost of thecombination; and recognise immediately in
profitorlossanyexcessremainingafterthat
reassessment.
Acquisitionrelatedcosts
Acquisitionrelatedcostssuchasfindersfees,
due diligence fees, legal fees etc, areaccounted for an expenses in the period in
which the costare incurred and services are
received.
Nospecificguidance.
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Appendix:ListofIFRS
IFRS
IFRS1 First-timeAdoptionofInternationalFinancialReportingStandards
IFRS2 Share-basedPayment
IFRS3 BusinessCombinations
IFRS4 InsuranceContracts
IFRS5 Non-currentAssetsHeldforSaleandDiscontinuedOperations
IFRS6 ExplorationforandEvaluationofMineralResources
IFRS7 FinancialInstruments:Disclosures
IFRS8 OperatingSegments
IFRS9 FinancialInstruments(replacementofIAS39)
IAS
IAS1 PresentationofFinancialStatements
IAS2 InventoriesIAS7 StatementofCashFlows
IAS8 AccountingPolicies,ChangesinAccountingEstimatesandErrors
IAS10 EventsaftertheReportingPeriod
IAS11 ConstructionContracts
IAS12 IncomeTaxes
IAS16 Property,PlantandEquipment
IAS17 Leases
IAS18 Revenue
IAS19 EmployeeBenefits
IAS20 AccountingforGovernmentGrantsandDisclosureofGovernment
Assistance
IAS21 TheEffectsofChangesinForeignExchangeRates
IAS23 BorrowingCosts
IAS24 RelatedPartyDisclosures
IAS26 AccountingandReportingbyRetirementBenefitPlans
IAS27 ConsolidatedandSeparateFinancialStatements
IAS28 InvestmentsinAssociates
IAS29 FinancialReportinginHyperinflationaryEconomies
IAS31 InterestsinJointVentures
IAS32 FinancialInstruments:Presentation
IAS33 EarningsperShareIAS34 InterimFinancialReporting
IAS36 ImpairmentofAssets
IAS37 Provisions,ContingentLiabilitiesandContingentAssets
IAS38 IntangibleAssets
IAS39 FinancialInstruments:RecognitionandMeasurement
IAS40 InvestmentProperty
IAS41 Agriculture
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IFRIC
IFRIC1 ChangesinExistingDecommissioning,RestorationandSimilarLiabilities
IFRIC2 MembersSharesinCo-operativeEntitiesandSimilarInstruments
IFRIC4 DeterminingwhetheranArrangementcontainsaLeaseIFRIC5 RightstoInterestsarisingfromDecommissioning,Restorationand
EnvironmentalRehabilitationFunds
IFRIC6 LiabilitiesarisingfromParticipatinginaSpecificMarketWaste
ElectricalandElectronicEquipment
IFRIC7 ApplyingtheRestatementApproachunderIAS29FinancialReporting
inHyperinflationaryEconomies
IFRIC8 ScopeofIFRS2
IFRIC9 ReassessmentofEmbeddedDerivatives
IFRIC10 InterimFinancialReportingandImpairment
IFRIC11 IFRS2GroupandTreasuryShareTransactions
IFRIC12 ServiceConcessionArrangementsIFRIC13 CustomerLoyaltyProgrammes
IFRIC14 IAS19TheLimitonaDefinedBenefitAsset,MinimumFunding
RequirementsandtheirInteraction
IFRIC15 AgreementsfortheConstructionofRealEstate
IFRIC16 HedgesofaNetInvestmentinaForeignOperation
IFRIC17 DistributionsofNon-cashAssetstoOwners
IFRIC18 TransfersofAssetsfromCustomers
SIC
SIC7 IntroductionoftheEuro
SIC10 GovernmentAssistanceNoSpecificRelationtoOperatingActivities
SIC12 ConsolidationSpecialPurposeEntities
SIC13 JointlyControlledEntitiesNon-MonetaryContributionsbyVenturers
SIC15 OperatingLeasesIncentives
SIC21 IncomeTaxesRecoveryofRevaluedNon-DepreciableAssets
SIC25 IncomeTaxesChangesintheTaxStatusofanEntityoritsShareholders
SIC27 EvaluatingtheSubstanceofTransactionsInvolvingtheLegalFormof
SIC29 ServiceConcessionArrangements:Disclosures
SIC31 RevenueBarterTransactionsInvolvingAdvertisingServices
SIC32 IntangibleAssetsWebSiteCosts