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INDIAN ACCOUNTING STANDARDS (IND AS)

INDIAN ACCOUNTING STANDARDS . ( ind as ). 1 Titre de la pr sentation AGENDA. Stepping into ind as . Key Implementation Challenges Clarifications provided by ITFG. Learning from global peers 01. STEPPING INTO ind as . Titre de la pr sentation Date ind as VS. ifrs . IAS/ ifrs Title ind as . IAS 1 Presentation of Financial Statement 1. IAS 2 Inventories 2. IAS 7 Statement of Cash Flows 7. IAS 8 ACCOUNTING Policies, Changes in ACCOUNTING Estimates and Errors 8. IAS 10 Events after the Reporting Period 10. IAS 11 Construction Contracts 11.

IND AS VS. IFRS IAS/IFRS Title Ind AS IAS 1 Presentation of Financial Statement 1 IAS 2 Inventories 2 IAS 7 Statement of Cash Flows 7 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 8 IAS 10 Events after the Reporting Period 10 IAS 11 Construction Contracts 11 IAS 12 Income Taxes 12 IAS 16 Property, Plant and Equipment 16 IAS 17 Leases 17 IAS 18 Revenue 18

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Transcription of INDIAN ACCOUNTING STANDARDS (IND AS)

1 INDIAN ACCOUNTING STANDARDS . ( ind as ). 1 Titre de la pr sentation AGENDA. Stepping into ind as . Key Implementation Challenges Clarifications provided by ITFG. Learning from global peers 01. STEPPING INTO ind as . Titre de la pr sentation Date ind as VS. ifrs . IAS/ ifrs Title ind as . IAS 1 Presentation of Financial Statement 1. IAS 2 Inventories 2. IAS 7 Statement of Cash Flows 7. IAS 8 ACCOUNTING Policies, Changes in ACCOUNTING Estimates and Errors 8. IAS 10 Events after the Reporting Period 10. IAS 11 Construction Contracts 11.

2 IAS 12 Income Taxes 12. IAS 16 Property, Plant and Equipment 16. IAS 17 Leases 17. IAS 18 Revenue 18. IAS 19 Employees Benefits 19. IAS 20 ACCOUNTING for Governments Grants and disclosure of 20. Government Assistance IAS 21 The Effects if Changes in Foreign Exchange Rates 21. IAS 23 Borrowing Costs 23. IAS 24 Related Party Disclosures 24. IAS 27 Separate Financial Statements 27. IAS 28 Investments in Associates and Joint Ventures 28. IAS 29 Financial Reporting in Hyperinflationary Economics 29. IAS 32 Financial Instruments: Presentation 32.

3 IAS 33 Earnings Per Share 33. ind as VS. ifrs . IAS/ ifrs Title ind as . IAS 34 Interim Financial Reporting 34. IAS 36 Impairment of Assets 36. IAS 37 Provisions, Contingent Liabilities and Contingent Assets 37. IAS 38 Intangible Assets 38. IAS 40 Investment Property 40. IAS 41 Agriculture 41. ifrs 1 First-time adoption of INDIAN ACCOUNTING STANDARDS 101. ifrs 2 Share-Based Payments 102. ifrs 3 Business Combinations 103. ifrs 4 Insurance Contracts 104. ifrs 5 Non-Current Assets Held for Sale and Discontiunued 105. Operations ifrs 6 Exploration for and Evaluation of Mineral Resources 106.

4 ifrs 7 Financial Instruments: Disclosures 107. ifrs 8 Operating Segments 108. ifrs 9 Financial Instruments 109. ifrs 10 Consolidated Financial Statements 110. ifrs 11 Joint Arrangements 111. ifrs 12 Disclosure of Interests in Other Entities 112. ifrs 13 Fair Value Measurement 113. ifrs 14 Regulatory Deferral Accounts 114. 5. ind as VS. ifrs . Note-1. ind as 11 and ind as 18 were replaced by ind as 115, on issue of ind as Rules, 2015 by MCA. However, in view of the future applicability of ifrs 15, MCA has recently deferred ind as 115.

5 Consequently, ind as 11 and 18 are revived in the intervening period. Note-2. Though ifrs 9 would apply to an annual reporting periods beginning on or after 1 January 2018; however ind as 109 is applicable earlier to it. PRESENTATION OF FINANCIAL STATEMENTS ( ind as . 1). Format Format not prescribed Prescribes components of FS, minimum disclosure requirements on the face of the balance sheet, statement of profit and loss and statement of changes in equity. Requires additional line items, headings and subtotals to be presented in the FS to enhance understanding of the financial position.

6 MD&A, other reports presented by management along with the FS, are outside scope of Ind ASs Sch III(R) prescribes the format for presentation of FS. PRESENTATION OF FINANCIAL STATEMENTS ( ind as . 1). A complete set of financial statements comprises: a balance sheet as at the end of the period;. a statement of profit and loss for the period;. statement of changes in equity for the period;. a statement of cash flows for the period;. notes, comprising a summary of significant ACCOUNTING policies and other explanatory information.

7 Comparative information; and balance sheet as at the beginning of the preceding period when an entity: - applies an ACCOUNTING policy retrospectively; or - makes a retrospective restatement of items in its financial statements; or - when it reclassifies items in its financial statements ind as FINANCIAL STATEMENTS- BALANCE SHEET. ind as FINANCIAL STATEMENTS- BALANCE SHEET. ind as FINANCIAL STATEMENTS- STATEMENT OF. PROFIT AND LOSS. The statement of profit and loss shall present: (a) profit or loss;. (b) total other comprehensive income.

8 (c) Total comprehensive income for the period, being the total of (a) and (b). The sections (a) and (b) shall further be disclosed as attributable to: non-controlling interests (minority interest), and owners of the parent. OCI comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other Ind ASs. Total comprehensive income is the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

9 ind as FINANCIAL STATEMENTS- STATEMENT OF. PROFIT AND LOSS. OCI Include Changes in revaluation surplus Re-measurements of defined benefit plans Gains and losses arising from translating the financial statements of a foreign operation Gains and losses on financial assets measured at fair value through OCI. The items of OCI shall be grouped into the following: will not be reclassified subsequently to profit or loss (together with tax impact); and will be reclassified subsequently to profit or loss (together with tax impact). ind as FINANCIAL STATEMENTS- STATEMENT OF.

10 PROFIT AND LOSS. ind as FINANCIAL STATEMENTS- STATEMENT OF. PROFIT AND LOSS. ind as FINANCIAL STATEMENTS- STATEMENT OF. PROFIT AND LOSS. ind as FINANCIAL STATEMENTS- STATEMENT OF. CHANGE IN EQUITY. Information to be presented on the face of the statement of changes in equity For each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period separately disclosing each change. Total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to minority interest.


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