12.11.2015

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IFRS vs IndAs vs IAS

IFRS Indian Accounting

As per MCA notification applicability of  Ind AS in India 



Financial Year 
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Effective date 
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Mandatorily Applicability
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2015-16 1-4-2015 onwards Companies may voluntarily adopt Ind AS for financial statements for accounting periods beginning on or after from the effective date with the comparatives for the periods ending 31 March 2015 or thereafter. It is mandatory to follow same Ind AS for the all subsequent financial years once opted for.
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2016-17 1-4-2016 onwards The following companies are required to follow Ind AS in India:-
a.Companies whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India(listed companies)and having net worth of INR 500 crores or more
b.Unlisted companies having a net worth of INR 500 crores or more
c.Holding,subsidiary,joint ventures or associate companies of the listed and unlisted companies covered under (a)&(b).
d.Comparative for these financial statements will be periods ending 31 March 2016 or thereafter.

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2017-18 1-4-2017 onwards The following companies are required to follow Ind AS in India:-
a.Companies whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India(listed companies)and having net worth of INR 500 crores
b.Unlisted companies having net worth of INR 250 crores or more but less than INR 500 crores.
c.Holding,subsidiaries,joint ventures or associate companies covered in (a) &(b).
d.Comparative for these financial statements will be periods ending 31 March 2017 or after.
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2018-19 onwards 1-4-2018 onwards The following companies are required to follow Ind AS in India:-
a.Companies whose net worth become greater than INR 250 crores
b.NBFCs having net worth of INR 500 crores or more
c.Holding,subsidiary,joint ventures or associate companies of the listed and unlisted companies covered under (a)&(b) as per notification of mca dated 30thMarch,2016.
d.Comparative for these financial statements will be periods ending 31 March 2018 or after.
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2019-20 onwards 1-4-2019 onwards The following NBFCs are required to follow Ind AS in India:-
a.NBFCs whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having net worth of INR 500 crores
b.Unlisted NBFCs having net worth of INR 250 crores or more but less than INR 500 crores.
c.Holding,subsidiaries,joint ventures or associate companies covered in (a) &(b).
d.Comparative for these financial statements will be periods ending 31 March 2019 or after.

The above applicability is as per the Companies(Indian Accounting Standards)Rules,2015& further amended by Companies(Indian Accounting Standards)(Amendment)Rules 2016.



The following companies are not covered under Ind AS:


1.The insurance companies,banking companies and non-banking finance companies shall not be required to follow it.
2.The Banking Companies and Insurance Companies shall apply the  Ind ASs as notified by the RBI and IRDA respectively.
3. An insurer or insurance company shall however, follow Ind AS  for compliant financial statement data for the
     purpose of preparation of consolidated financial statements by its parent or investor or venturer, as required
    by the parent or investor or venturer to comply with the requirements of these rules.



The following important points to be noted here :-
a. Financial Statements under Ind AS includes:-
(i)Balance Sheet at the end of the period.
(ii)Statement of profit and loss for the period
(iii)Statement of changes in equity for the period 
(iv)Statement of cash flows for the period ,notes,comprising a summary of significant accounting policies and other explanatory information.
b. Comparatives mean shall mean comparative figures for the preceding accounting period.
c. Net Worth means same as mentioned under Sec 2(57) of the Companies Act,2013.Net Worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate value of the accumulated losses,deferred expenditure and miscellaneous expenditure written off , as per the audited balance sheet ,but does not include reserve created out of revaluation of assets,write-back of depreciation and amalgamation.
   
d.NBFCs mean those Non-Banking Financial Companies as defined in clause (f) of Sec.45 -I of the Reserve Bank of India
    Act,1934 and includes Housing Finance Companies,Merchant Banking Companies,Micro Finance Companies,
    Mutual Benefit Companies,Venture Capital Fund Companies,Stock Broker or Sub-Broker Companies,Nidhi Companies,
    Chit Companies,Securitisationand Reconstruction Companies,Mortgage Guarantee Companies,Pension Fund
    Companies,Asset Management Companies and Core Investment Companies.



The following are the detailed list of Ind AS:-



Topics
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As per AS & IFRS
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As per Ind AS
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Presentation of Financial Statement AS-1 :Disclosure of Accounting Policies

Ind AS 1:Presentation of financial statements
Inventories AS-2:Valuation of Inventories

Ind AS 2:Inventories
Statement of Cash Flow AS-3:Cash Flow Statements

Ind AS 7:Statement of Cash Flows
Accounting Policies,Changes in Accounting Estimates and Error AS 5:Net Profit or Loss for the Period,Prior Period Items and Changes in Accounting Policies

Ind AS 8:Accounting Policies,Changes in Accounting Estimates and Errors
Events after the Reporting Period AS-4:Contingencies and Events Occuring after the Balance Sheet Date

Ind AS 10:Events after the Reporting Period
Construction Contracts AS 7 :Construction Contracts

Ind AS 11:Construction Contracts
Income Taxes AS 22 :Accounting for Taxes on Income

Ind AS 12:Income Taxes
Property,Plant and Equipment AS 6:Depreciation Accounting &AS10:Accounting for Fixed Assets Ind AS 16:Property,Plant and Equipment
Leases AS 19:Leases

Ind AS 17:Leases
Employee Benefits AS 15:Employee Benefits(Revised 2015)

Ind AS 19:Employee Benefits
Government Grants AS 12:Accounting for Government Grants Ind AS 20:Accounting for Government Grants and Disclosure of Government Assistance
Foreign Exchange AS 11:The Effects of Changes in Foreign Exchange Rates

Ind AS 21:The Effects of Changes in Foreign Exchange Rates
Borrowing Costs AS 11:Borrowing Costs

Ind AS 23:Borrowing Costs
Related Party Disclosures AS 18:Related Party Disclosures

 Ind AS 24:Related Party Disclosures
Consolidated Financial Statements AS 21:Consolidated Financial Statements

Ind AS 27:Separate Financial Statements
Investments in Associates and Joint Ventures AS 23:Accounting for Investments in Associates in Consolidated Financial Statements Ind AS 28:Investments in Associates and Joint Ventures
Reporting in Hyper inflationary Economics There is no equivalent standard Ind AS 29:Financial Reporting in Hyperinflationary Economies
Financial Instruments: Presentation AS 31-Financial Instruments: Presentation

Ind AS 32:Financial Instruments: Presentation
Earnings Per Share AS 20-Earnings Per Share

Ind AS 33:Earnings Per Share
Interim Financial Reporting
AS 25-Interim Financial Reporting

Ind AS 34:Interim Financial Reporting
Impairment of Assets AS 28-Impairment of Assets
AS 26-Intangible Assets

Ind AS 36:Impairment of Assets
Provisions,Contingent Assets and Contingent Liabilities AS 25-Provisions,Contingent Assets and Contingent Liabilities

Ind AS 37:Provisions,Contingent Assets and Contingent Liabilities
Intangible Assets AS 26-Intangible Assets

Ind AS 38:Intangible Assets
Investment Property AS-13-Accounting for Investment

Ind AS 40:Investment Property
Agriculture There is no equivalent standard

Ind AS 41:Agriculture
First Time Adoption
There is no equivalent standard
 but covered under IFRS 1:First Time Adoption of International Financial Reporting Standards

Ind AS 101:First Time Adoption of Indian Accounting Standards
Shared-based Payment There is no equivalent standard but covered under IFRS 2:Share-based Payment

Ind AS 102:Shared-based Payment
Business Combinations AS14-Accounting for Amalgamation & IFRS 3:Business Combinations 

Ind AS 103:Business Combinations
Insurance Contracts
There is no equivalent standard but covered under IFRS 4:Insurance Contracts

Ind AS 104:Insurance Contracts
Non-Current Assets Held  Sale and Discontinued Operations AS 24:Discontinuing Operations &IFRS5:Non-Current Assets Held for Sale and Discontinued Operations

Ind AS 105:Non-Current Assets Held for Sale and Discontinued Operations
Exploration for and Evaluation of Mineral Resources AS 28-Impairment of Assets & IFRS 6:Exploration for and Evaluation of Mineral Resources

Ind AS 106:Exploration for and Evaluation of Mineral Resources
Financial Instruments:Disclosures AS 32-Financial Instruments:Disclosures & IFRS 7:Financial Instruments

Ind AS 107:Financial Instruments:Disclosures
Segments AS 17-Segment Reporting & IFRS 8:Operating Segments Ind AS 108:Operating Segments
Financial Instruments AS 13-Accounting for Investment

AS 30-Financial Instruments:Recognition and Measurements & IFRS 9:Financial Instruments

Ind AS 109:Financial Instruments
Separate and Consolidated Financial Instruments AS 21 &IFRS 10:Consolidated Financial Statements & IFRS 12 :Disclosure of Interests in Other Entities

Ind AS 110:Consolidated Financial Statements
Ind AS 112:Disclosure of Interests in Other Entities
Interest in Joint Arrangements AS 27:Financial Reporting of Interest in Joint Ventures &IFRS-Joint Arrangements

Ind AS 111:Joint Arrangements
Fair Value There is no equivalent standard but covered under IFRS 13:Fair value measurements

Ind AS 113:Fair value measurements
Regulatory Deferral Accounts There is no equivalent standard but covered under IFRS 14:Regulatory Deferral Accounts

Ind AS 114:Regulatory Deferral Accounts
Revenue from Contract with customers There is no equivalent standard but covered under AS 9:Revenue Recognition
AS 7:Construction Contracts
Ind AS 115:Revenue from Contracts with customers(omitted by  the Companies (Indian Accounting Standards)(Amendment Rules 2016 w.e.f 30-3-2016