43 Overview of Ind as 1201

8/13/2019 43 Overview of Ind as 1201

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Overview of IndianOverview of Indian

Accounting StandardsAccounting Standards((Ind ASInd AS))

CA Rajkumar S AdukiaCA Rajkumar S Adukia

B.Com (Hons), FCA, ACS, ACWA, LLB, DIPR, DLLB.Com (Hons), FCA, ACS, ACWA, LLB, DIPR, DLL&LP, IFRS(UK), MBA&LP, IFRS(UK), MBA

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What is Ind AS?What is Ind AS?

Indian Accounting StandardsIndian Accounting Standards, a$e3ia6e! as, a$e3ia6e! as

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List of IFRS


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SIC 1SIC 1 E5e$a6in4 Lease9 Incen6i3esE5e$a6in4 Lease9 Incen6i3es

// SIC -1SIC -1 Income 2a


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Ma%o$ 5$inci5es o8 IFRSsMa%o$ 5$inci5es o8 IFRSsT%&e of asset ' (ia)i(it%T%&e of asset ' (ia)i(it% Initia( MeasurementInitia( Measurement Su)se*uent measurementSu)se*uent measurement

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Meas'$emen6 o8 FinanciaMeas'$emen6 o8 Financia

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M 6 8 Fi i Meas'$emen6 o8 Financia


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Meas'$emen6 o8 FinanciaMeas'$emen6 o8 Financia

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The I"- AS !iteratureThe I"- AS !iterature

Preface to the Statements of AccountingPreface to the Statements of Accounting

StandardsStandardsse6s o'6se6s o'6 ASBs mission an! o%ec6i3esASBs mission an! o%ec6i3es

Sco5e o8 In! ASSco5e o8 In! AS

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an4'a4e 8o$ I?D ASan4'a4e 8o$ I?D AS


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The I"- AS !iteratureThe I"- AS !iterature

Framework for the Preparation and PresentationFramework for the Preparation and Presentation

of Financial Statementsof Financial Statements se$3es as a 4'i!e 6o $eso3in4 acco'n6in4 iss'es 6:a6se$3es as a 4'i!e 6o $eso3in4 acco'n6in4 iss'es 6:a6

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Acco'n6in4 S6an!a$!Acco'n6in4 S6an!a$!


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Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s

1.1. In! AS 1*1 Fi$s696ime A!o56ion o8 In!ian Acco'n6in4In! AS 1*1 Fi$s696ime A!o56ion o8 In!ian Acco'n6in4S6an!a$!sS6an!a$!s

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.. In! AS 1* B'siness Comina6ionsIn! AS 1* B'siness Comina6ions

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.. In! AS 1* =


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+.+. In! AS 1 P$esen6a6ion o8 Financia S6a6emen6sIn! AS 1 P$esen6a6ion o8 Financia S6a6emen6s

1*.1*. In! AS - In3en6o$iesIn! AS - In3en6o$ies

11.11. In! AS S6a6emen6 o8 Cas: FowsIn! AS S6a6emen6 o8 Cas: Fows

1-.1-. In! AS Acco'n6in4 Poicies, C:an4es inIn! AS Acco'n6in4 Poicies, C:an4es in

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1.1. In! AS 1* =3en6s a86e$ 6:e Re5o$6in4 Pe$io!In! AS 1* =3en6s a86e$ 6:e Re5o$6in4 Pe$io!

1/.1/. In! AS 11 Cons6$'c6ion Con6$ac6sIn! AS 11 Cons6$'c6ion Con6$ac6s1.1. In! AS 1- Income 2a


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1.1. In! AS 1 P$o5e$67, Pan6 an! =>'i5men6In! AS 1 P$o5e$67, Pan6 an! =>'i5men6

1.1. In! AS 1 LeasesIn! AS 1 Leases

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-1.-1. In! AS -1 2:e =88ec6s o8 C:an4es inIn! AS -1 2:e =88ec6s o8 C:an4es in

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-.-. In! AS -+ Financia Re5o$6in4 inIn! AS -+ Financia Re5o$6in4 in

H75e$in8a6iona$7 =conomiesH75e$in8a6iona$7 =conomies

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-.-. In! AS - Financia Ins6$'men6s"In! AS - Financia Ins6$'men6s"

P$esen6a6ionP$esen6a6ion

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*.*. In! AS / In6e$im Financia Re5o$6in4In! AS / In6e$im Financia Re5o$6in4

1.1. In! AS Im5ai$men6 o8 Asse6sIn! AS Im5ai$men6 o8 Asse6s

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.. In! AS /*In! AS /* Investment PropertyInvestment Property

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Accounting Standard $oardAccounting Standard $oard

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A&&(ica)i(it% of Ind ASA&&(ica)i(it% of Ind AS

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In $es5ec6 o8 an7 en6e$5$iseIn $es5ec6 o8 an7 en6e$5$iseN W:e6:e$ o$4anie! in co$5o$a6e, co9o5e$a6i3e o$W:e6:e$ o$4anie! in co$5o$a6e, co9o5e$a6i3e o$

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@$o'5in4@$o'5in4

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In! AS on @$o'5 Re5o$6in4In! AS on @$o'5 Re5o$6in4Standard "um)erStandard "um)er Standard "ameStandard "ame

Ind AS 103Ind AS 103 Business CombinationsBusiness Combinations

Ind AS ./Ind AS ./ Consolidated and separate financial statementsConsolidated and separate financial statements

Ind AS .0Ind AS .0 Investment in AssociatesInvestment in Associates

Ind AS 12Ind AS 12 Interest in joint venturesInterest in joint ventures


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In! AS on Asse6sIn! AS on Asse6s

Standard "um)erStandard "um)er

Standard "ameStandard "ame

Ind AS .Ind AS . InventoriesInventories

Ind AS 23Ind AS 23 Property, Plant & !uipmentProperty, Plant & !uipment

Ind AS 45Ind AS 45 Investment PropertyInvestment Property

Ind AS 10Ind AS 10 Intan"ible AssetsIntan"ible AssetsInd AS 1.6 Ind ASInd AS 1.6 Ind AS

176 Ind AS 25/6 Ind176 Ind AS 25/6 Ind

AS 257AS 257

#inancial Assets#inancial Assets

Ind AS 258Ind AS 258 $on%Current Assets eld for sale & 'iscontinued operations$on%Current Assets eld for sale & 'iscontinued operations

IAS 2/IAS 2/ (eases(easesInd AS 253Ind AS 253 )ploration and valuation of *ineral Assets)ploration and valuation of *ineral Assets

I ! AS = &I ! AS = &


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In! AS 1-9 Income 2a


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Financia Asse6s & Financia Liaii6iesFinancia Asse6s & Financia Liaii6ies

In! AS - Financia Ins6$'men6s" P$esen6a6ionIn! AS - Financia Ins6$'men6s" P$esen6a6ion

In! AS + Financia Ins6$'men6s" Reco4ni6ion an! Meas'$emen6In! AS + Financia Ins6$'men6s" Reco4ni6ion an! Meas'$emen6

In! AS 1* Financia Ins6$'men6s" Discos'$eIn! AS 1* Financia Ins6$'men6s" Discos'$e

In! AS on Financia Ins6$'men6sIn! AS on Financia Ins6$'men6s


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In! ASs on incomeIn! ASs on income

Cons6$'c6ion Con6$ac6s (In! AS 11)Cons6$'c6ion Con6$ac6s (In! AS 11)

Re3en'e (In! AS 1)Re3en'e (In! AS 1)


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In! ASs on Discos'$eIn! ASs on Discos'$e

In! AS -/ Rea6e! Pa$67 Discos'$esIn! AS -/ Rea6e! Pa$67 Discos'$es

In! AS 1* E5e$a6in4 Se4men6sIn! AS 1* E5e$a6in4 Se4men6s


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In!'s6$7 S5eci8ic In! ASsIn!'s6$7 S5eci8ic In! ASs

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In! ASs on Financia $e5o$6in4In! ASs on Financia $e5o$6in4

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Sco&e of Accounting StandardsSco&e of Accounting Standards

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An en6i67 s:a a557 6:is In!9AS in"An en6i67 s:a a557 6:is In!9AS in"

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"eed for Accounting Standards"eed for Accounting Standards

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O)jective of Financia( StatementO)jective of Financia( Statement

Is 6o :e5 5$o3i!eIs 6o :e5 5$o3i!e In8o$ma6ion ao'6 8inancia 5osi6ion isIn8o$ma6ion ao'6 8inancia 5osi6ion is

5$ima$i7 5$o3i!e! in a5$ima$i7 5$o3i!e! in a )a(ance sheet9)a(ance sheet9

In8o$ma6ion ao'6 5e$8o$mance is 5$ima$i7In8o$ma6ion ao'6 5e$8o$mance is 5$ima$i75$o3i!e! in a5$o3i!e! in a statement of &rofit andstatement of &rofit and(oss(oss

In8o$ma6ion ao'6 cas: 8ows is 5$o3i!e! inIn8o$ma6ion ao'6 cas: 8ows is 5$o3i!e! in6:e 8inancia s6a6emen6s 7 means o8 a6:e 8inancia s6a6emen6s 7 means o8 acash f(ow statement9cash f(ow statement9

$asic Assum&tions in the$asic Assum&tions in the


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&&:re&aration of Financia(:re&aration of Financia(

StatementsStatementsAcc$'a BasisAcc$'a Basis

@oin4 Conce$n@oin4 Conce$n

Com&onents of Financia(Com&onents of Financia(


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StatementsStatements I?D AS 1.1* !e6ais a se6 o8 Financia S6a6emen6s 6o eI?D AS 1.1* !e6ais a se6 o8 Financia S6a6emen6s 6o e

com5$ise! o8 6:e 8oowin4"com5$ise! o8 6:e 8oowin4" A com5e6e se6 o8 8inancia s6a6emen6s com5$ises"A com5e6e se6 o8 8inancia s6a6emen6s com5$ises"

(a) A aance s:ee6 as a6 6:e en! o8 6:e 5e$io! (inc'!in4(a) A aance s:ee6 as a6 6:e en! o8 6:e 5e$io! (inc'!in4s6a6emen6 o8 c:an4es in e>'i67 w:ic: is 5$esen6e! as as6a6emen6 o8 c:an4es in e>'i67 w:ic: is 5$esen6e! as a5a$6 o8 6:e aance s:ee6 )O5a$6 o8 6:e aance s:ee6 )O

() A s6a6emen6 o8 5$o8i6 an! oss 8o$ 6:e 5e$io!O() A s6a6emen6 o8 5$o8i6 an! oss 8o$ 6:e 5e$io!O

(c) (Pa$a4$a5: 1*(c) o8 IAS 1 is wi6: $e8e$ence 6o 6:e(c) (Pa$a4$a5: 1*(c) o8 IAS 1 is wi6: $e8e$ence 6o 6:ese5a$a6e s6a6emen6 o8 c:an4es in e>'i67. As In! AS 1se5a$a6e s6a6emen6 o8 c:an4es in e>'i67. As In! AS 1!oes no6 $e>'i$e i6, 6:e same is !ee6e!. Howe3e$,!oes no6 $e>'i$e i6, 6:e same is !ee6e!. Howe3e$,5a$a4$a5: n'me$ 1*(c) :as een $e6aine! in In! AS 15a$a4$a5: n'me$ 1*(c) :as een $e6aine! in In! AS 16o main6ain consis6enc7 wi6: 5a$a4$a5: n'me$s o8 IAS6o main6ain consis6enc7 wi6: 5a$a4$a5: n'me$s o8 IAS1)1)



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StatementsStatements

(!) A s6a6emen6 o8 cas: 8ows 8o$ 6:e 5e$io!O(!) A s6a6emen6 o8 cas: 8ows 8o$ 6:e 5e$io!O

(e) ?o6es, com5$isin4 a s'mma$7 o8 si4ni8ican6(e) ?o6es, com5$isin4 a s'mma$7 o8 si4ni8ican6acco'n6in4 5oicies an! o6:e$ e


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Com&(iance with Ind ASCom&(iance with Ind AS

Acco'n6in4 S6an!a$!s iss'e! 7 6:e ICAIAcco'n6in4 S6an!a$!s iss'e! 7 6:e ICAI

:a3e e4a:a3e e4a recognition through therecognition through the

Com&anies Act62783Com&anies Act62783, w:e$e7 e3e$7, w:e$e7 e3e$7

com5an7 is $e>'i$e! 6o com57 wi6: 6:ecom5an7 is $e>'i$e! 6o com57 wi6: 6:eAcco'n6in4 S6an!a$!sAcco'n6in4 S6an!a$!s Sec6ion -11 o8 6:e Com5anies Ac6, 1+ 9 6:eSec6ion -11 o8 6:e Com5anies Ac6, 1+ 9 6:e

8o$m an! con6en6s o8 aance s:ee6 an! 5$o8i68o$m an! con6en6s o8 aance s:ee6 an! 5$o8i6an! oss acco'n6.an! oss acco'n6.


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Sec6ion -1 (-AA) 9 P$esc$ies 6:a6 6:eSec6ion -1 (-AA) 9 P$esc$ies 6:a6 6:e

Boa$!s $e5o$6 s:o'! inc'!e aBoa$!s $e5o$6 s:o'! inc'!e a -irectors;-irectors;

Res&onsi)i(it% StatementRes&onsi)i(it% StatementIn!ica6in4 6:e$einIn!ica6in4 6:e$ein

6:a6 in 6:e 5$e5a$a6ion o8 6:e ann'a acco'n6s,6:a6 in 6:e 5$e5a$a6ion o8 6:e ann'a acco'n6s,6:e a55icae acco'n6in4 s6an!a$!s :a! een6:e a55icae acco'n6in4 s6an!a$!s :a! een

8oowe!8oowe!

Sec6ion --()(!) 9 D'67 '5on 6:eSec6ion --()(!) 9 D'67 '5on 6:e auditor ofauditor of

the com&an% to re&ortthe com&an% to re&orton s'c: com5ianceon s'c: com5iance


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Sec6ion -11(C) Sec6ion -11(C) "ACAS"ACAScons6i6'6e! 'n!e$cons6i6'6e! 'n!e$

sec6ion -1*A a!3ise 6:e Cen6$a @o3e$nmen6sec6ion -1*A a!3ise 6:e Cen6$a @o3e$nmen6

onon formu(ation and (a%ing down of theformu(ation and (a%ing down of the

accounting standards for ado&tion )%accounting standards for ado&tion )%com&aniescom&anies

N IRDA (P$e5a$a6ion o8 Financia S6a6emen6sIRDA (P$e5a$a6ion o8 Financia S6a6emen6s

an! A'!i6o$s Re5o$6 o8 Ins'$ancean! A'!i6o$s Re5o$6 o8 Ins'$ance

Com5anies) Re4'a6ions, -*** $e>'i$esCom5anies) Re4'a6ions, -*** $e>'i$esins'$ance com5anies 6o 8oow 6:e Acco'n6in4ins'$ance com5anies 6o 8oow 6:e Acco'n6in4

S6an!a$!s iss'e! 7 6:e ICAI.S6an!a$!s iss'e! 7 6:e ICAI.


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Com&(iance with ASCom&(iance with AS

S=BI an! RBIS=BI an! RBI $e>'i$e com5iance wi6: 6:e$e>'i$e com5iance wi6: 6:e

Acco'n6in4 S6an!a$!s iss'e! 7 6:e ICAIAcco'n6in4 S6an!a$!s iss'e! 7 6:e ICAI

8$om 6ime 6o 6ime8$om 6ime 6o 6ime


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Termino(ogies used in Ind ASTermino(ogies used in Ind AS

2:e 6e$m S6a6emen6 o8 Financia Posi6ionQ2:e 6e$m S6a6emen6 o8 Financia Posi6ionQ

:as een $e5ace! 7 Baance S:ee6Q:as een $e5ace! 7 Baance S:ee6Q

2:e 6e$m S6a6emen6 o8 Com5$e:ensi3e2:e 6e$m S6a6emen6 o8 Com5$e:ensi3e

IncomeQ 7 S6a6emen6 o8 P$o8i6 an! LossQIncomeQ 7 S6a6emen6 o8 P$o8i6 an! LossQ

2:e wo$!s a'6:o$ia6ion o8 6:e 8inancia2:e wo$!s a'6:o$ia6ion o8 6:e 8inancia

s6a6emen6s 8o$ iss'eQ :a3e een $e5ace!s6a6emen6s 8o$ iss'eQ :a3e een $e5ace!

7 a55$o3a o8 6:e 8inancia s6a6emen6s 8o$7 a55$o3a o8 6:e 8inancia s6a6emen6s 8o$iss'eQiss'eQ


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First Time Ado&tionFirst Time Ado&tion

Unie IFRS, In!ian Acco'n6in4 S6an!a$!s a$e aUnie IFRS, In!ian Acco'n6in4 S6an!a$!s a$e a

new se6 o8 acco'n6in4 s6an!a$!s iss'e! 7 ICAI,new se6 o8 acco'n6in4 s6an!a$!s iss'e! 7 ICAI,

w:ic: :a3e no6 een 8oowe! 7 an7 onew:ic: :a3e no6 een 8oowe! 7 an7 one

e8o$e,e8o$e, hence a(( the entities wi(( )e ado&tinghence a(( the entities wi(( )e ado&tingthese standards for the first time in India9these standards for the first time in India9

Pa$a -A 6o In! AS 1*1 :as 4$an6e! s5eciaPa$a -A 6o In! AS 1*1 :as 4$an6e! s5ecia

e


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Com&arative Financia(Com&arative Financia(

InformationInformation

In acco$!ance wi6: In!9AS 1*1, a 8i$s6 6imeIn acco$!ance wi6: In!9AS 1*1, a 8i$s6 6ime

a!o56e$ nee! no6 5$o3i!e 6:e co$$es5on!in4a!o56e$ nee! no6 5$o3i!e 6:e co$$es5on!in4

5$e3io's 5e$io! 8inancia s6a6emen6s in5$e3io's 5e$io! 8inancia s6a6emen6s in

acco$!ance wi6: In! 9 AS w:en i6 $e5o$6s i6s 8i$s6acco$!ance wi6: In! 9 AS w:en i6 $e5o$6s i6s 8i$s6In!9AS 8inancia s6a6emen6sIn!9AS 8inancia s6a6emen6s

2:e 8i$s6 6ime a!o56e$ s:a 5$esen6 a6es62:e 8i$s6 6ime a!o56e$ s:a 5$esen6 a6es6

co$$es5on!in4 5$e3io's 5e$io!s 8inanciaco$$es5on!in4 5$e3io's 5e$io!s 8inancia

s6a6emen6s 5$e5a$e! as 5e$ 6:e 5$e3io's @AAPs6a6emen6s 5$e5a$e! as 5e$ 6:e 5$e3io's @AAPw:en 5$esen6in4 i6s 8i$s6 In!9AS 8inanciaw:en 5$esen6in4 i6s 8i$s6 In!9AS 8inancia

s6a6emen6s.s6a6emen6s.



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In 6e$ms o8 6:is In!9AS, a 8i$s6 6ime a!o56e$In 6e$ms o8 6:is In!9AS, a 8i$s6 6ime a!o56e$

:as 6:e 8oowin4 6wo o56ions":as 6:e 8oowin4 6wo o56ions" 2:is 8i$s6 In!9AS 8inancia s6a6emen6s wo'!2:is 8i$s6 In!9AS 8inancia s6a6emen6s wo'!

inc'!e 6:e 5$e3io's 7ea$s com5a$a6i3einc'!e 6:e 5$e3io's 7ea$s com5a$a6i3e8i4'$es as 5e$ 6:e 5$e3io's @AAP.8i4'$es as 5e$ 6:e 5$e3io's @AAP.

o'n6a$i7 5$o3i!e 6:e 5$e3io's 7ea$so'n6a$i7 5$o3i!e 6:e 5$e3io's 7ea$s

com5a$a6i3es co$$es5on!in4 6o 6:e 8i$s6 In!com5a$a6i3es co$$es5on!in4 6o 6:e 8i$s6 In!

9AS 8inancia s6a6emen6s aso 'n!e$ In!9AS on9AS 8inancia s6a6emen6s aso 'n!e$ In!9AS on

a memo$an!'m asisa memo$an!'m asis



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An en6i67s com5a$a6i3e 8inancia s6a6emen6sAn en6i67s com5a$a6i3e 8inancia s6a6emen6s'n!e$ In!9ASs s:o'!"'n!e$ In!9ASs s:o'!"

i. A557 consis6en6 acco'n6in4 5oicies 8o$ 6:e 8i$s6i. A557 consis6en6 acco'n6in4 5oicies 8o$ 6:e 8i$s6In!9AS 8inancia s6a6emen6s an! com5a$a6i3eIn!9AS 8inancia s6a6emen6s an! com5a$a6i3e

5e$io!5e$io!ii. A557 6:e o56iona e


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Transition


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Reconci(iationsReconci(iations

An en6i67s 8i$s6 In! 9AS 8inancia s6a6emen6s s:aAn en6i67s 8i$s6 In! 9AS 8inancia s6a6emen6s s:ainc'!e"inc'!e"

(a)(a) Reconci(iation of its *uit%Reconci(iation of its *uit%$e5o$6e! in$e5o$6e! inacco$!ance wi6: In! 9ASs 6o i6s e>'i67 inacco$!ance wi6: In! 9ASs 6o i6s e>'i67 in

acco$!ance wi6: 5$e3io's @AAP on 6:e !a6e o8acco$!ance wi6: 5$e3io's @AAP on 6:e !a6e o86$ansi6ion 6o In!9ASs.6$ansi6ion 6o In!9ASs.

() Si4ni8ican6 !i88e$ences e6ween 5$e3io's @AAP() Si4ni8ican6 !i88e$ences e6ween 5$e3io's @AAPan! In! 9AS in $es5ec6 o8 i6san! In! 9AS in $es5ec6 o8 i6s tota(tota(com&rehensive incomecom&rehensive income(o$ i8 i6 !i! no6 $e5o$6(o$ i8 i6 !i! no6 $e5o$6s'c: a 6o6a, 5$o8i6 o$ oss).s'c: a 6o6a, 5$o8i6 o$ oss).


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If an entit% did not &resent financia(If an entit% did not &resent financia(

statements for &revious &eriods6 itsstatements for &revious &eriods6 its

first Ind AS financia( statements sha((first Ind AS financia( statements sha((

disc(ose that fact9disc(ose that fact9

8 E S


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A55ica6ion o8 E6:e$ S6an!a$!sA55ica6ion o8 E6:e$ S6an!a$!s

In! AS 1*/ on Ins'$ance Con6$ac6s 2:eIn! AS 1*/ on Ins'$ance Con6$ac6s 2:e

s6an!a$! is ma!e e88ec6i3e 8o$ 6:es6an!a$! is ma!e e88ec6i3e 8o$ 6:e

acco'n6in4 5e$io! e4innin4 on o$ a86e$acco'n6in4 5e$io! e4innin4 on o$ a86e$

6:e !a6e o8 6$ansi6ion, :ence 6:e$e is no6:e !a6e o8 6$ansi6ion, :ence 6:e$e is no>'es6ion o8 $e6$os5ec6i3e e88ec6 'nie>'es6ion o8 $e6$os5ec6i3e e88ec6 'nie

IFRS w:ic: $e>'i$es $e6$os5ec6i3eIFRS w:ic: $e>'i$es $e6$os5ec6i3e

a55ica6ion in acco$!ance wi6: 6$ansi6ionaa55ica6ion in acco$!ance wi6: 6$ansi6iona5$o3ision 6:a6 !a6es ac 6o 6:e acco'n6in45$o3ision 6:a6 !a6es ac 6o 6:e acco'n6in4

5e$io! e4innin4 on o$ a86e$ 1./ -**/5e$io! e4innin4 on o$ a86e$ 1./ -**/

A i i 8 E : S ! !


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A55ica6ion o8 E6:e$ S6an!a$!sA55ica6ion o8 E6:e$ S6an!a$!s

In! AS - Bo$$owin4 Cos6 2$ansi6ionaIn! AS - Bo$$owin4 Cos6 2$ansi6iona

5$o3isions o8 In! AS - on Bo$$owin4 Cos65$o3isions o8 In! AS - on Bo$$owin4 Cos6

is a55icaeis a55icae

In! AS ?o6i8ie! MCA P$essIn! AS ?o6i8ie! MCA P$ess


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-


Reease !a6e! -.-.-*11Reease !a6e! -.-.-*11

2:i$67 8i3e In!ian Acco'n6in4 S6an!a$!s2:i$67 8i3e In!ian Acco'n6in4 S6an!a$!scon3e$4e! wi6: In6e$na6iona Financiacon3e$4e! wi6: In6e$na6iona FinanciaRe5o$6in4 S6an!a$!s (:ence8o$6: cae!Re5o$6in4 S6an!a$!s (:ence8o$6: cae!

I?D AS) a$e ein4 no6i8ie! 7 6:e Minis6$7I?D AS) a$e ein4 no6i8ie! 7 6:e Minis6$7an! 5ace! on 6:e wesi6e.an! 5ace! on 6:e wesi6e.

2:ese a$e" I?D ASs 1, -, , , 1*, 11, 1-,2:ese a$e" I?D ASs 1, -, , , 1*, 11, 1-,1, 1, 1, 1+, -*, -1, -, -/, -, -, -+,1, 1, 1, 1+, -*, -1, -, -/, -, -, -+,

1, -, , /, , , , +, /*, 1*1,1, -, , /, , , , +, /*, 1*1,1*-, 1*, 1*/, 1*, 1*, 1* an! 1*.1*-, 1*, 1*/, 1*, 1*, 1* an! 1*.



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Reease !a6e! -.-.-*11Reease !a6e! -.-.-*11

2:e Minis6$7 o8 Co$5o$a6e A88ai$s wi im5emen62:e Minis6$7 o8 Co$5o$a6e A88ai$s wi im5emen66:e IFRS con3e$4e! In!ian Acco'n6in46:e IFRS con3e$4e! In!ian Acco'n6in4S6an!a$!s in a 5:ase! manne$ a86e$ 3a$io'sS6an!a$!s in a 5:ase! manne$ a86e$ 3a$io'siss'es inc'!in4 6a< $ea6e! iss'es a$e $eso3e!iss'es inc'!in4 6a< $ea6e! iss'es a$e $eso3e!

wi6: 6:e conce$ne! De5a$6men6s.wi6: 6:e conce$ne! De5a$6men6s. I6 wo'! e ens'$e! 6:a6 6:e im5emen6a6ion o8I6 wo'! e ens'$e! 6:a6 6:e im5emen6a6ion o8

6:e con3e$4e! s6an!a$!s in a 5:ase! manne$ is6:e con3e$4e! s6an!a$!s in a 5:ase! manne$ issmoo6: 8o$ 6:e s6ae:o!e$s.smoo6: 8o$ 6:e s6ae:o!e$s.

2:e !a6e o8 im5emen6a6ion o8 6:e I?D AS wi e2:e !a6e o8 im5emen6a6ion o8 6:e I?D AS wi eno6i8ie! 7 6:e Minis6$7 a6 a a6e$ !a6e.no6i8ie! 7 6:e Minis6$7 a6 a a6e$ !a6e.

R i ! S : ! IR i ! S : ! I


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Re3ise! Sc:e!'e IRe3ise! Sc:e!'e I

2:e Minis6$7 o8 Co$5o$a6e A88ai$s (MCA) :as on2:e Minis6$7 o8 Co$5o$a6e A88ai$s (MCA) :as onFe$'a$7 -, -*11 $eease! a $e3ise! 3e$sion o8Fe$'a$7 -, -*11 $eease! a $e3ise! 3e$sion o8Sc:e!'e I 6:a6 wi a557 6o a com5aniesSc:e!'e I 6:a6 wi a557 6o a com5anies'ni8o$m7 8o$ 6:e 8inancia s6a6emen6s 6o e'ni8o$m7 8o$ 6:e 8inancia s6a6emen6s 6o e5$e5a$e! 8o$ 6:e 8inancia 7ea$ -*1*911 an!5$e5a$e! 8o$ 6:e 8inancia 7ea$ -*1*911 an!onwa$!s.onwa$!s.

2:e $e3ise! Sc:e!'e I :as een 8$ame! as2:e $e3ise! Sc:e!'e I :as een 8$ame! as5e$ 6:e e


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MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS

-etermination of A&&(ica)i(it%-etermination of A&&(ica)i(it%2.2.thth>anuar% .525'..>anuar% .525'..ndnd>anuar% .525'12>anuar% .525'12ststMarch .525'58March .525'58thth

A&ri( .525A&ri( .525 Com&anies covered in :hase ICom&anies covered in :hase Iwi 5$e5a$e 6:ei$wi 5$e5a$e 6:ei$

financia( statements for .5222. in accordance withfinancia( statements for .5222. in accordance with

the first set of Accounting Standardsthe first set of Accounting Standards(i.e. 6:e(i.e. 6:econ3e$4e! Acco'n6in4 S6an!a$!s) '6 wi s:ow 5$e3io'scon3e$4e! Acco'n6in4 S6an!a$!s) '6 wi s:ow 5$e3io's7ea$s 8i4'$es as 5e$ 6:e 8inancia s6a6emen6s 8o$ -*1*97ea$s 8i4'$es as 5e$ 6:e 8inancia s6a6emen6s 8o$ -*1*911 i.e. as 5e$ non9con3e$4e! acco'n6in4 s6an!a$!s.11 i.e. as 5e$ non9con3e$4e! acco'n6in4 s6an!a$!s.

2:e en6i67 s:a :a3e 6:e o56ion 6o a!! an a!!i6iona2:e en6i67 s:a :a3e 6:e o56ion 6o a!! an a!!i6iona

co'mn 6o in!ica6e w:a6 6:ese 8i4'$es co'! :a3e een i8co'mn 6o in!ica6e w:a6 6:ese 8i4'$es co'! :a3e een i86:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s (i.e. con3e$4e!6:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s (i.e. con3e$4e!acco'n6in4 s6an!a$!s) :a! een a55ie! in 6:a6 5$e3io'sacco'n6in4 s6an!a$!s) :a! een a55ie! in 6:a6 5$e3io's7ea$7ea$

MCA ? 6i8i 6i IFRSMCA ? 6i8i 6i IFRS


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Com5anies w:ic: mae 6:is a!!i6ionaCom5anies w:ic: mae 6:is a!!i6iona!iscos'$e wi, 8o$ 6:is 5'$5ose, con3e$6 6:ei$!iscos'$e wi, 8o$ 6:is 5'$5ose, con3e$6 6:ei$o5enin4 aance s:ee6 as a6 6:e !a6e on w:ic:o5enin4 aance s:ee6 as a6 6:e !a6e on w:ic:6:is 5$e3io's 7ea$ commences6:is 5$e3io's 7ea$ commences

Com&anies covered in .nd ' 1rd &haseCom&anies covered in .nd ' 1rd &hase8o$8o$a55ica6ion o8 6:ea55ica6ion o8 6:e first set of Accountingfirst set of AccountingStandardsStandardswi :a3e an o56ion 8o$ a55ica6ion o8wi :a3e an o56ion 8o$ a55ica6ion o86:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e. 6:e6:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e. 6:e

con3e$4e! Acco'n6in4 S6an!a$!s) on7 8o$ 6:econ3e$4e! Acco'n6in4 S6an!a$!s) on7 8o$ 6:e8inancia 7ea$ commencin4 on 1s6 A5$i, -*11 o$8inancia 7ea$ commencin4 on 1s6 A5$i, -*11 o$

6:e$ea86e$6:e$ea86e$



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:hase I Com&anies wi(( &re&are their:hase I Com&anies wi(( &re&are theirfinancia(financia(statements for .5222. in accordance withstatements for .5222. in accordance withthe first set of Accounting Standardsthe first set of Accounting Standards

Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *

Com5anies w:ic: a$e 5a$6 o8 BS= Sense< *Com5anies w:ic: a$e 5a$6 o8 BS= Sense< *

Com5anies w:ose s:a$es o$ o6:e$ sec'$i6ies a$eCom5anies w:ose s:a$es o$ o6:e$ sec'$i6ies a$eis6e! on s6oc e


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$anking Com&anies and "$FCs wi(( convert$anking Com&anies and "$FCs wi(( converttheir o&ening )a(ance sheet at 2st A&ri( .521their o&ening )a(ance sheet at 2st A&ri( .521

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wo$6: in e


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?BFCs?BFCs Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 * Com5anies w:ic: a$e 5a$6 o8 BS= Sense


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:hase II Com&anies wi(( convert their:hase II Com&anies wi(( convert theiro&ening )a(ance sheet as at 2st A&ri(6o&ening )a(ance sheet as at 2st A&ri(6.521.521.2:e com5anies, w:e6:e$ is6e! o$ no6,.2:e com5anies, w:e6:e$ is6e! o$ no6,:a3in4 a ne6 wo$6: e


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:haseIII@ :haseIII@ wi(( convert their o&ening )a(ancewi(( convert their o&ening )a(ancesheet as at 2st A&ri( .524sheet as at 2st A&ri( .524 . Lis6e! com5anies. Lis6e! com5anies

w:ic: :a3e a ne6 wo$6: o8 Rs. ** c$o$es o$ essw:ic: :a3e a ne6 wo$6: o8 Rs. ** c$o$es o$ ess

wi con3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6wi con3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6

A5$i, -*1/, i8 6:e 8inancia 7ea$ commences onA5$i, -*1/, i8 6:e 8inancia 7ea$ commences on

o$ a86e$ 1s6 A5$i, -*1/, w:ic:e3e$ is a6e$, ino$ a86e$ 1s6 A5$i, -*1/, w:ic:e3e$ is a6e$, in

com5iance wi6: 6:e no6i8ie! acco'n6in4com5iance wi6: 6:e no6i8ie! acco'n6in4

s6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRSs6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRS



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$anking com&anies$anking com&anies A sc:e!'e! comme$cia ans an! 6:ose '$an co9A sc:e!'e! comme$cia ans an! 6:ose '$an co9

o5e$a6i3e ans (UCBs) w:ic: :a3eo5e$a6i3e ans (UCBs) w:ic: :a3e a net worth ina net worth ine


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Insurance Com&aniesInsurance Com&anies9 A ins'$ance9 A ins'$ancecom5anies wi con3e$6 6:ei$ o5enin4 aancecom5anies wi con3e$6 6:ei$ o5enin4 aances:ee6 as a6 1s6 A5$i, -*1- in com5iance wi6:s:ee6 as a6 1s6 A5$i, -*1- in com5iance wi6:6:e con3e$4e! In!ian Acco'n6in4 S6an!a$!s.6:e con3e$4e! In!ian Acco'n6in4 S6an!a$!s.

"$FCs"$FCs ?on9anin4 8inancia com5anies (?BFCs) wi?on9anin4 8inancia com5anies (?BFCs) wicon3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6con3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6

A5$i, -*1 a$eA5$i, -*1 a$e Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 * Com5anies w:ic: a$e 5a$6 o8 BS= 9 Sense< *Com5anies w:ic: a$e 5a$6 o8 BS= 9 Sense< * Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6

wo$6: in e


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Ao'6 6:e A'6:o$Ao'6 6:e A'6:o$

)e has (een coordinating with various Professional Institutions#)e has (een coordinating with various Professional Institutions#

Associations# -niversities# -niversity rants &ommission and otherAssociations# -niversities# -niversity rants &ommission and otherEducational Institutions$Educational Institutions$

Authored more than 78 (ooks on a vast range of topics including InternalAuthored more than 78 (ooks on a vast range of topics including InternalAudit# "ank Audit# SE9# &AR:# PM0A# Anti!dumping# Income ;ax Search#Audit# "ank Audit# SE9# &AR:# PM0A# Anti!dumping# Income ;ax Search#Survey and Sei 845?88218@4 843?38218@4

For more details log on toFor more details log on to www$caaa$inwww$caaa$in


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43 Overview of Ind as 1201