Overview of Indian Accounting Standards (Ind AS)

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What is Ind AS?

Indian Accounting Standards, a))$e3ia6e! as Ind AS a$e A se6 o8 acco'n6in4 s6an!a$!s no6i8ie! )7 6:e Minis6$7 o8 Co$5o$a6e A88ai$s Con3e$4e! wi6: In6e$na6iona Financia Re5o$6in4 S6an!a$!s (IFRS). 2:ese acco'n6in4 s6an!a$!s a$e 8o$m' a6e! )7 Acco'n6in4 S6an!a$!s Boa$! (ASB) o8 Ins6i6'6e o8 C:a$6e$e! Acco'n6an6s o8 In!ia.
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What is IFRS?

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In6e$na6iona Financia Re5o$6in4 S6an!a$!s 9 IFRS

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List of IFRS

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Meas'$emen6 o8 Financia Asse6s

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Meas'$emen6 o8 Financia Lia)i i67

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The I"- AS !iterature

Preface to the Statements of Accounting

Standards se6s o'6

ASBMs mission an! o)%ec6i3es Sco5e o8 In! AS D'e 5$ocess 8o$ !e3e o5in4 I?D AS In6e$5$e6a6ions Po icies on e88ec6i3e !a6es, 8o$ma6, an! an4'a4e 8o$ I?D AS
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The I"- AS !iterature

Framework for the Preparation and Presentation of Financial Statements

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

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

1.. 1C. 1,. 1+. -*.

In! AS 1. P$o5e$67, P an6 an! =>'i5men6 In! AS 1C Leases In! AS 1, Re3en'e In! AS 1+ =m5 o7ee Bene8i6s In! AS -* Acco'n6in4 8o$ @o3e$nmen6 @$an6s an! Disc os'$e o8 @o3e$nmen6 Assis6ance
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Lis6 o8 In!ian Acco'n6in4 S6an!a$!s

-1. --. -1. -/. -B.

In! AS -1 2:e =88ec6s o8 C:an4es in Fo$ei4n =<c:an4e Ra6es In! AS -1 Bo$$owin4 Cos6s In! AS -/ Re a6e! Pa$67 Disc os'$es In! AS -C Conso i!a6e! an! Se5a$a6e Financia S6a6emen6s In! AS -, In3es6men6s in Associa6es
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Lis6 o8 In!ian Acco'n6in4 S6an!a$!s

-.. -C. -,. -+.

In! AS -+ Financia Re5o$6in4 in H75e$in8 a6iona$7 =conomies In! AS 11 In6e$es6s in Hoin6 Den6'$es In! AS 1- Financia Ins6$'men6s" P$esen6a6ion In! AS 11 =a$nin4s 5e$ S:a$e
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Lis6 o8 In!ian Acco'n6in4 S6an!a$!s

1*. 11. 1-. 11. 1/. 1B.

In! AS 1/ In6e$im Financia Re5o$6in4 In! AS 1. Im5ai$men6 o8 Asse6s In! AS 1C P$o3isions, Con6in4en6 Lia)i i6ies an! Con6in4en6 Asse6s In! AS 1, In6an4i) e Asse6s In! AS 1+ Financia Ins6$'men6s" Reco4ni6ion In! AS /* Investment Property

( A55 ica) e SIC an! IFRIC 8o$m 5a$6 o8 6:e $e e3an6 In! AS (con3e$4e! wi6: IFRS))
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Accounting Standard $oard +AS$,

ICAI cons6i6'6e! ASB on -1s6 A5$i , 1+CC 2:e com5osi6ion o8 6:e ASB is 8ai$ 7 )$oa!9 )ase! an! ens'$es 5a$6ici5a6ion o8 a in6e$es69 4$o'5s in 6:e s6an!a$!9se66in4 5$ocess. ASB 5$o5a4a6es an! 5e$s'a!es conce$ne! 5a$6ies 6o a!o56 In! AS in 6:e 5$e5a$a6ion an! 5$esen6a6ion o8 Financia S6a6emen6s In! AS a$e iss'e! 'n!e$ 6:e a'6:o$i67 o8 6:e Co'nci o8 6:e ICAI

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A&&(ica)i(it% of Ind AS
Acco'n6in4 S6an!a$!s a55 7 6o

@ene$a P'$5ose Financia S6a6emen6s an! E6:e$ Financia Re5o$6in4. In $es5ec6 o8 an7 en6e$5$ise
N W:e6:e$ o$4aniLe! in co$5o$a6e, co9o5e$a6i3e o$ o6:e$ 8o$ms N =n4a4e! in comme$cia , In!'s6$ia o$ )'siness ac6i3i6ies, N I$$es5ec6i3e o8 w:e6:e$ i6 is 5$o8i6 o$ien6e! o$ i6 is es6a) is:e! 8o$ c:a$i6a) e o$ $e i4io's 5'$5oses.
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A&&(ica)i(it% of Ind AS
Acco'n6in4 S6an!a$!s wi

no6 a55 7 6o

en6e$5$ises on 7 ca$$7in4 on 6:e ac6i3i6ies w:ic: a$e no6 o8 comme$cia , In!'s6$ia o$ )'siness na6'$e, (e.4., an ac6i3i67 o8 co ec6in4 !ona6ions an! 4i3in4 6:em 6o 8 oo! a88ec6e! 5eo5 e).

.
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A&&(ica)i(it% of Ind AS
=3en i8 a 3e$7 sma

5$o5o$6ion o8 6:e ac6i3i6ies o8 an en6e$5$ise is consi!e$e! 6o )e comme$cia , In!'s6$ia o$ )'siness in na6'$e, 6:e Acco'n6in4 S6an!a$!s wo' ! a55 7 6o a i6s ac6i3i6ies inc '!in4 6:ose w:ic: a$e no6 comme$cia , In!'s6$ia o$ )'siness in na6'$e

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@$o'5in4 o8 In! AS

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In! AS on @$o'5 Re5o$6in4

Standard "um)er Ind AS 103 Ind AS ./ Ind AS .0 Ind AS 12 Standard "ame Business Combinations Consolidated and separate financial statements Investment in Associates Interest in joint ventures

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B*

In! AS on Asse6s
Standard "um)er Ind AS . Ind AS 23 Ind AS 45 Ind AS 10 Standard "ame Inventories Property, Plant & !uipment Investment Property Intan"ible Assets

Ind AS 1.6 Ind AS #inancial Assets 176 Ind AS 25/6 Ind AS 257 Ind AS 258 IAS 2/ Ind AS 253 $on%Current Assets &eld for sale & 'iscontinued operations (eases )ploration and valuation of *ineral Assets

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B1

In! AS on =<5enses & Lia)i i6ies

In! AS 1-9 Income 2a<es In! AS 1+ A =m5 o7ee Bene8i6s In!9AS 1C A P$o3isions, Con6in4en6 Lia)i i6ies an! Con6in4en6 Asse6s In! AS 1*-9 S:a$e9)ase! Pa7men6

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B-

In! AS on Financia Ins6$'men6s

Financia Asse6s & Financia Lia)i i6ies In! AS 1- Financia Ins6$'men6s" P$esen6a6ion In! AS 1+ Financia Ins6$'men6s" Reco4ni6ion an! Meas'$emen6 In! AS 1*C Financia Ins6$'men6s" Disc os'$e

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B1

In! ASs on income

Cons6$'c6ion Con6$ac6s (In! AS 11) Re3en'e (In! AS 1,)

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B/

In! ASs on Disc os'$e

In! AS -/ Re a6e! Pa$67 Disc os'$es In! AS 1*, E5e$a6in4 Se4men6s

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BB

In!'s6$7 S5eci8ic In! ASs

In! AS 1*/ Ins'$ance Con6$ac6s In! AS 1*. =<5 o$a6ion & =3a 'a6ion o8

Mine$a Reso'$ces

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B.

In! ASs on Financia $e5o$6in4

Se5a$a6e 8inancia

s6a6emen6s

In! AS 1,C,,,1*,-1,-+,11

In6e$im 8inancia

$e5o$6in4 s6a6emen6s

In! AS 1/ In! AS 1*1,In! AS -C,-,,11

Conso i!a6e! 8inancia

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BC

Sco&e of Accounting Standards

4ene$a 7 in conformit% with the &rovisions of the a&&(ica)(e (aws, c's6oms, 'sa4es an! )'siness en3i$onmen6 in In!ia. I8 a 5a$6ic' a$ Acco'n6in4 S6an!a$! is 8o'n! 6o )e no6 in con8o$mi67 wi6: aw, 6:e &rovisions of the said (aw wi(( &revai( an! 6:e 8inancia s6a6emen6s s:o' ! )e 5$e5a$e! in con8o$mi67 wi6: s'c: aw.
Accounting Standards are
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B,

Sco&e of Accounting Standards

2:e Acco'n6in4 S6an!a$!s a$e in6en!e! 6o

a55 7 on 7 6o i6ems w:ic: a$e materia( ?o s6an!a$! wi :a3e $e6$oac6i3e a55 ica6ion, 'n ess o6:e$wise s6a6e!. 2:e !a6e 8$om w:ic: a 5a$6ic' a$ S6an!a$! wi come in6o e88ec6, as we as 6:e c ass o8 en6e$5$ises 6o w:ic: i6 wi a55 7, wi a so )e s5eci8ie! )7 6:e ICAI.
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Sco&e of Accounting Standards

An en6i67 s:a

a55 7 6:is In!9AS in" (a) i6s 8i$s6 In!9AS 8inancia s6a6emen6s an! ()) eac: in6e$im 8inancia $e5o$6, i8 an7, 6:a6 i6 5$esen6s in acco$!ance wi6: In! AS 1/ Interim Financial Reporting 8o$ 5a$6 o8 6:e 5e$io! co3e$e! )7 i6s 8i$s6 In!9AS 8inancia s6a6emen6s.

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"eed for Accounting Standards

Acco'n6in4 S6an!a$!s a$e 8o$m' a6e! wi6: a 3iew 6o harmonise different accounting &o(icies an! 5$ac6ices in 'se in a In!ia. Reduce the use of a(ternative accounting &ractices 6o ens'$e com5a$a)i i67 o8 Financia S6a6emen6s 2:e Acco'n6in4 S6an!a$!s a$e iss'e! wi6: a 3iew 6o descri)e the accounting &rinci&(es an! 6:e me6:o!s o8 a55 7in4 6:ese 5$inci5 es in 6:e 5$e5a$a6ion an! 5$esen6a6ion o8 8inancia s6a6emen6s so 6:a6 6:e7 4i3e a 6$'e an! 8ai$ 3iew.
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O)jective of Financia( Statement

Is 6o :e 5 5$o3i!e In8o$ma6ion a)o'6 8inancia 5osi6ion is 5$ima$i 7 5$o3i!e! in a )a(ance sheet9 In8o$ma6ion a)o'6 5e$8o$mance is 5$ima$i 7 5$o3i!e! in a statement of &rofit and (oss In8o$ma6ion a)o'6 cas: 8 ows is 5$o3i!e! in 6:e 8inancia s6a6emen6s )7 means o8 a cash f(ow statement9
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$asic Assum&tions in the :re&aration of Financia( Statements

Acc$'a

Basis @oin4 Conce$n

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Com&onents of Financia( Statements

I?D AS 1.1* !e6ai s a se6 o8 Financia S6a6emen6s 6o )e com5$ise! o8 6:e 8o owin4" A com5 e6e se6 o8 8inancia s6a6emen6s com5$ises" (a) A )a ance s:ee6 as a6 6:e en! o8 6:e 5e$io! (inc '!in4 s6a6emen6 o8 c:an4es in e>'i67 w:ic: is 5$esen6e! as a 5a$6 o8 6:e )a ance s:ee6 )O ()) A s6a6emen6 o8 5$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 se5a$a6e s6a6emen6 o8 c:an4es in e>'i67. As In! AS 1 !oes no6 $e>'i$e i6, 6:e same is !e e6e!. Howe3e$, 5a$a4$a5: n'm)e$ 1*(c) :as )een $e6aine! in In! AS 1 6o main6ain consis6enc7 wi6: 5a$a4$a5: n'm)e$s o8 IAS 1)

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Com&onents of Financia( Statements

(!) A s6a6emen6 o8 cas: 8 ows 8o$ 6:e 5e$io!O (e) ?o6es, com5$isin4 a s'mma$7 o8 si4ni8ican6 acco'n6in4 5o icies an! o6:e$ e<5 ana6o$7 in8o$ma6ionO an! (8) A )a ance s:ee6 as a6 6:e )e4innin4 o8 6:e ea$ ies6 com5a$a6i3e 5e$io! w:en an en6i67 a55 ies an acco'n6in4 5o ic7 $e6$os5ec6i3e 7 o$ ma&es a $e6$os5ec6i3e $es6a6emen6 o8 i6ems in i6s 8inancia s6a6emen6s, o$ w:en i6 $ec assi8ies i6ems in i6s 8inancia s6a6emen6s.
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.B

Com&(iance with Ind AS

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

:a3e e4a recognition through the Com&anies Act62783, w:e$e)7 e3e$7 com5an7 is $e>'i$e! 6o com5 7 wi6: 6:e Acco'n6in4 S6an!a$!s

Sec6ion -11 o8 6:e Com5anies Ac6, 1+B. 9 6:e 8o$m an! con6en6s o8 )a ance s:ee6 an! 5$o8i6 an! oss acco'n6.
..

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Com&(iance with Ind AS

Sec6ion -1C (-AA) 9 P$esc$i)es 6:a6 6:e Boa$!Ks $e5o$6 s:o' ! inc '!e a -irectors; Res&onsi)i(it% Statement In!ica6in4 6:e$ein 6:a6 in 6:e 5$e5a$a6ion o8 6:e ann'a acco'n6s, 6:e a55 ica) e acco'n6in4 s6an!a$!s :a! )een 8o owe! Sec6ion --C(1)(!) 9 D'67 '5on 6:e auditor of the com&an% to re&ort on s'c: com5 iance

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.C

Com&(iance with Ind AS

Sec6ion -11(1C) A "ACAS cons6i6'6e! 'n!e$ sec6ion -1*A a!3ise 6:e Cen6$a @o3e$nmen6 on formu(ation and (a%ing down of the accounting standards for ado&tion )% com&anies IRDA (P$e5a$a6ion o8 Financia S6a6emen6s an! A'!i6o$Ks Re5o$6 o8 Ins'$ance Com5anies) Re4' a6ions, -*** $e>'i$es ins'$ance com5anies 6o 8o ow 6:e Acco'n6in4 S6an!a$!s iss'e! )7 6:e ICAI.
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Com&(iance with AS

S=BI an! RBI $e>'i$e com5 iance wi6: 6:e Acco'n6in4 S6an!a$!s iss'e! )7 6:e ICAI 8$om 6ime 6o 6ime

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More a)out Ind AS

Ind ASs a$e 6:e nea$ 8ina In!ian Acco'n6in4 S6an!a$!s iss'e! )7 Ins6i6'6e o8 C:a$6e$e! Acco'n6an6s o8 In!ia an! no6i8ie! )7 6:e @o3e$nmen6 o8 In!ia. A 6:e 1B s6an!a$!s iss'e! a$e con3e$4e! wi6: IFRS. 2:e !a6e o8 im5 emen6a6ion o8 6:e In! AS wi )e no6i8ie! )7 6:e Minis6$7 o8 Co$5o$a6e A88ai$s a6 a a6e$ !a6e. Bo6: )7 5$esen6a6ion an! meas'$emen6 5$inci5 es 6:e7 a$e new se6 o8 acco'n6in4 s6an!a$!s !e3e o5e! in 6:e ine o8 IFRS

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C*

Termino(ogies used in Ind AS

2:e 6e$m PS6a6emen6 o8 Financia

Posi6ionQ :as )een $e5 ace! )7 PBa ance S:ee6Q 2:e 6e$m PS6a6emen6 o8 Com5$e:ensi3e IncomeQ )7 PS6a6emen6 o8 P$o8i6 an! LossQ 2:e wo$!s P a'6:o$iLa6ion o8 6:e 8inancia s6a6emen6s 8o$ iss'eQ :a3e )een $e5 ace! )7 Pa55$o3a o8 6:e 8inancia s6a6emen6s 8o$ iss'eQ
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C1

First Time Ado&tion

Un i&e IFRS, In!ian Acco'n6in4 S6an!a$!s a$e a new se6 o8 acco'n6in4 s6an!a$!s iss'e! )7 ICAI, w:ic: :a3e no6 )een 8o owe! )7 an7 one )e8o$e, hence a(( the entities wi(( )e ado&ting these standards for the first time in India9 Pa$a -A 6o In! AS 1*1 :as 4$an6e! s5ecia e<em56ion 6o en6i6ies )7 4$an6in4 6:em s5ecia concession 5e$6ainin4 6o 5$e5a$a6ion o8 o5enin4 )a ance s:ee6 as 5e$ In! AS.

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Com&arative Financia( Information

In acco$!ance wi6: In!9AS 1*1, a 8i$s6 6ime a!o56e$ nee! no6 5$o3i!e 6:e co$$es5on!in4 5$e3io's 5e$io! 8inancia s6a6emen6s in acco$!ance wi6: In! 9 AS w:en i6 $e5o$6s i6s 8i$s6 In!9AS 8inancia s6a6emen6s 2:e 8i$s6 6ime a!o56e$ s:a 5$esen6 a6es6 co$$es5on!in4 5$e3io's 5e$io!sK 8inancia s6a6emen6s 5$e5a$e! as 5e$ 6:e 5$e3io's @AAP w:en 5$esen6in4 i6s 8i$s6 In!9AS 8inancia s6a6emen6s.

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Com&arative Financia( Information

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

:as 6:e 8o owin4 6wo o56ions"

2:is 8i$s6 In!9AS 8inancia s6a6emen6s wo' ! inc '!e 6:e 5$e3io's 7ea$sK com5a$a6i3e 8i4'$es as 5e$ 6:e 5$e3io's @AAP. Do 'n6a$i 7 5$o3i!e 6:e 5$e3io's 7ea$sK com5a$a6i3es co$$es5on!in4 6o 6:e 8i$s6 In! 9AS 8inancia s6a6emen6s a so 'n!e$ In!9AS on a memo$an!'m )asis
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Com&arative Financia( Information

An en6i67Ks com5a$a6i3e 8inancia s6a6emen6s 'n!e$ In!9ASs s:o' !" i. A55 7 consis6en6 acco'n6in4 5o icies 8o$ 6:e 8i$s6 In!9AS 8inancia s6a6emen6s an! com5a$a6i3e 5e$io! ii. A55 7 6:e o56iona e<em56ions consis6en6 7 as a6 6:e !a6e o8 6$ansi6ion, i.e, )e4innin4 !a6e o8 6:e 8inancia 7ea$ 8o$ w:ic: an en6i67 5$esen6s 8inancia in8o$ma6ion 'n!e$ In! 9ASs an! iii.Deeme! !a6e o8 6$ansi6ion, i.e, )e4innin4 !a6e o8 6:e com5a$a6i3e 8inancia 7ea$ 8o$ w:ic: an en6i67 5$esen6s 8inancia in8o$ma6ion 'n!e$ In!9ASs.

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Transition <&(anation = Ind AS

Acco$!in4 6o Pa$a -1 o8 6:e In! AS 1*1

PAn entity shall explain how the transition from previous AAP to Ind ! ASs affected its reported "alance Sheet# financial performance and cash flows$%

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Reconci(iations
An en6i67Ks 8i$s6 In! 9AS 8inancia s6a6emen6s s:a inc '!e" (a) Reconci(iation of its *uit% $e5o$6e! in acco$!ance wi6: In! 9ASs 6o i6s e>'i67 in acco$!ance wi6: 5$e3io's @AAP on 6:e !a6e o8 6$ansi6ion 6o In!9ASs. ()) Si4ni8ican6 !i88e$ences )e6ween 5$e3io's @AAP an! In! 9AS in $es5ec6 o8 i6s tota( com&rehensive income (o$ i8 i6 !i! no6 $e5o$6 s'c: a 6o6a , 5$o8i6 o$ oss).

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A55 ica6ion o8 E6:e$ S6an!a$!s

In! AS , !oes no6 a55 7 6o c:an4es in acco'n6in4 5o icies an en6i67 ma&es w:en i6 a!o56s In!9ASs o$ 6o c:an4es in 6:ose 5o icies 'n6i a86e$ i6 5$esen6s i6s 8i$s6 In!9AS 8inancia s6a6emen6s. I8 !'$in4 6:e 5e$io! co3e$e! )7 i6s 8i$s6 In! 9AS 8inancia s6a6emen6s an en6i67 c:an4es i6s acco'n6in4 5o icies o$ i6s 'se o8 6:e e<em56ions con6aine! in 6:is In!9AS, i6 s:a e<5 ain 6:e c:an4es )e6ween i6s 8i$s6 In!9AS in6e$im 8inancia $e5o$6 an! i6s 8i$s6 In!9AS 8inancia s6a6emen6s

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If an entit% did not &resent financia( statements for &revious &eriods6 its first Ind AS financia( statements sha(( disc(ose that fact9

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A55 ica6ion o8 E6:e$ S6an!a$!s

In! AS 1*/ on Ins'$ance Con6$ac6s A 2:e s6an!a$! is ma!e e88ec6i3e 8o$ 6:e acco'n6in4 5e$io! )e4innin4 on o$ a86e$ 6:e !a6e o8 6$ansi6ion, :ence 6:e$e is no >'es6ion o8 $e6$os5ec6i3e e88ec6 'n i&e IFRS w:ic: $e>'i$es $e6$os5ec6i3e a55 ica6ion in acco$!ance wi6: 6$ansi6iona 5$o3ision 6:a6 !a6es )ac& 6o 6:e acco'n6in4 5e$io! )e4innin4 on o$ a86e$ 1./ -**/
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A55 ica6ion o8 E6:e$ S6an!a$!s

In! AS -1 A Bo$$owin4 Cos6 A 2$ansi6iona 5$o3isions o8 In! AS -1 on Bo$$owin4 Cos6 is a55 ica) e

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In! AS ?o6i8ie! A MCA P$ess Re ease !a6e! -B.-.-*11

2:i$67 8i3e In!ian Acco'n6in4 S6an!a$!s

con3e$4e! wi6: In6e$na6iona Financia Re5o$6in4 S6an!a$!s (:ence8o$6: ca e! I?D AS) a$e )ein4 no6i8ie! )7 6:e Minis6$7 an! 5 ace! on 6:e we)si6e. 2:ese a$e" I?D ASs 1, -, C, ,, 1*, 11, 1-, 1., 1C, 1,, 1+, -*, -1, -1, -/, -C, -,, -+, 11, 1-, 11, 1/, 1., 1C, 1,, 1+, /*, 1*1, 1*-, 1*1, 1*/, 1*B, 1*., 1*C an! 1*,.
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In! AS ?o6i8ie! A MCA P$ess Re ease !a6e! -B.-.-*11

2:e Minis6$7 o8 Co$5o$a6e A88ai$s wi im5 emen6 6:e IFRS con3e$4e! In!ian Acco'n6in4 S6an!a$!s in a 5:ase! manne$ a86e$ 3a$io's iss'es inc '!in4 6a< $e a6e! iss'es a$e $eso 3e! wi6: 6:e conce$ne! De5a$6men6s. I6 wo' ! )e ens'$e! 6:a6 6:e im5 emen6a6ion o8 6:e con3e$4e! s6an!a$!s in a 5:ase! manne$ is smoo6: 8o$ 6:e s6a&e:o !e$s. 2:e !a6e o8 im5 emen6a6ion o8 6:e I?D AS wi )e no6i8ie! )7 6:e Minis6$7 a6 a a6e$ !a6e.

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Re3ise! Sc:e!' e DI
2:e Minis6$7 o8 Co$5o$a6e A88ai$s (MCA) :as on Fe)$'a$7 -,, -*11 $e ease! a $e3ise! 3e$sion o8 Sc:e!' e DI 6:a6 wi a55 7 6o a com5anies 'ni8o$m 7 8o$ 6:e 8inancia s6a6emen6s 6o )e 5$e5a$e! 8o$ 6:e 8inancia 7ea$ -*1*911 an! onwa$!s. 2:e $e3ise! Sc:e!' e DI :as )een 8$ame! as 5e$ 6:e e<is6in4 non9con3e$4e! In!ian Acco'n6in4 S6an!a$!s no6i8ie! 'n!e$ 6:e Com5anies (Acco'n6in4 S6an!a$!s), R' es, -**. an! :as no6:in4 6o !o wi6: 6:e con3e$4e! In!ian Acco'n6in4 S6an!a$!s.

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MCA ?o6i8ica6ions on IFRS

-etermination of A&&(ica)i(it% 2.th >anuar% .525'..nd >anuar% .525'12st March .525'58th A&ri( .525 Com&anies covered in :hase I wi 5$e5a$e 6:ei$ financia( statements for .522?2. in accordance with the first set of Accounting Standards (i.e. 6:e con3e$4e! Acco'n6in4 S6an!a$!s) )'6 wi s:ow 5$e3io's 7ea$sK 8i4'$es as 5e$ 6:e 8inancia s6a6emen6s 8o$ -*1*9 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!!i6iona co 'mn 6o in!ica6e w:a6 6:ese 8i4'$es co' ! :a3e )een i8 6:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s (i.e. con3e$4e! acco'n6in4 s6an!a$!s) :a! )een a55 ie! in 6:a6 5$e3io's 7ea$
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MCA ?o6i8ica6ions on IFRS

Com5anies w:ic: ma&e 6:is a!!i6iona !isc os'$e wi , 8o$ 6:is 5'$5ose, con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 6:e !a6e on w:ic: 6:is 5$e3io's 7ea$ commences Com&anies covered in .nd ' 1rd &hase 8o$ a55 ica6ion o8 6:e first set of Accounting Standards wi :a3e an o56ion 8o$ a55 ica6ion o8 6:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e. 6:e con3e$4e! Acco'n6in4 S6an!a$!s) on 7 8o$ 6:e 8inancia 7ea$ commencin4 on 1s6 A5$i , -*11 o$ 6:e$ea86e$

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MCA ?o6i8ica6ions on IFRS

:hase I Com&anies ? wi(( &re&are their financia( statements for .522?2. in accordance with the first set of Accounting Standards Com5anies w:ic: a$e 5a$6 o8 ?S= A?i867 B* Com5anies w:ic: a$e 5a$6 o8 BS= ASense< 1* Com5anies w:ose s:a$es o$ o6:e$ sec'$i6ies a$e is6e! on s6oc& e<c:an4es o'6si!e In!ia Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs.1, *** c$o$es
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MCA ?o6i8ica6ions on IFRS

$anking Com&anies and "$FCs ? wi(( convert their o&ening )a(ance sheet at 2st A&ri( .521 A sc:e!' e! comme$cia )an&s an! 6:ose '$)an co9o5e$a6i3e )an&s w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs. 1** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*11 in com5 iance wi6: 6:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e., con3e$4e! acco'n6in4 s6an!a$!s)

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MCA ?o6i8ica6ions on IFRS

?BFCs Com5anies w:ic: a$e 5a$6 o8 ?S= A ?i867 B* Com5anies w:ic: a$e 5a$6 o8 BS=A Sense< 1* Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs.1, *** c$o$es. 2:e !a6e 8o$ !e6e$mina6ion o8 6:e c$i6e$ia is 6:e Ba ance S:ee6 as a6 11s6 Ma$c: -*11 o$ 6:e 8i$s6 Ba ance S:ee6 5$e5a$e! 6:e$ea86e$ w:en 6:e acco'n6in4 7ea$ en!s on ano6:e$ !a6e
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MCA ?o6i8ica6ions on IFRS

:hase II Com&anies ? wi(( convert their o&ening )a(ance sheet as at 2st A&ri(6 .521.2:e com5anies, w:e6:e$ is6e! o$ no6, :a3in4 a ne6 wo$6: e<cee!in4 Rs. B** c$o$es )'6 no6 e<cee!in4 Rs. 1,*** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*11, i8 6:e 8inancia 7ea$ commences on o$ a86e$ 1s6 A5$i , -*11 in com5 iance wi6: 6:e no6i8ie! acco'n6in4 s6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRS.
90 +*

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MCA ?o6i8ica6ions on IFRS

:hase?III@ ? wi(( convert their o&ening )a(ance sheet as at 2st A&ri( .524. Lis6e! com5anies w:ic: :a3e a ne6 wo$6: o8 Rs. B** c$o$es o$ ess wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*1/, i8 6:e 8inancia 7ea$ commences on o$ a86e$ 1s6 A5$i , -*1/, w:ic:e3e$ is a6e$, in com5 iance wi6: 6:e no6i8ie! acco'n6in4 s6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRS

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MCA ?o6i8ica6ions on IFRS

$anking com&anies A sc:e!' e! comme$cia )an&s an! 6:ose '$)an co9 o5e$a6i3e )an&s (UCBs) w:ic: :a3e a net worth in e<cess of Rs9 155 crores wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*11 U$)an co9o5e$a6i3e )an&s w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs. -** c$o$es )'6 no6 e<cee!in4 Rs. 1** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6s as a6 1s6 A5$i , -*1/ U$)an co9o5e$a6i3e )an&s w:ic: :a3e a ne6 wo$6: no6 e<cee!in4 Rs. -**c$o$es an! Re4iona R'$a )an&s (RRBs) wi no6 )e $e>'i$e! 6o a55 7 6:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s
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MCA ?o6i8ica6ions on IFRS

Insurance Com&anies 9 A ins'$ance com5anies wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*1- in com5 iance wi6: 6:e con3e$4e! In!ian Acco'n6in4 S6an!a$!s. "$FCs ?on9)an&in4 8inancia com5anies (?BFCs) wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*11 a$e

Com5anies w:ic: a$e 5a$6 o8 ?S= A ?i867 B* Com5anies w:ic: a$e 5a$6 o8 BS= 9 Sense< 1* Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs.1, *** c$o$es.
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MCA ?o6i8ica6ions on IFRS

A is6e! ?BFCs an! 6:ose 'n is6e! ?BFCs w:ic: !o no6 8a in 6:e a)o3e ca6e4o$ies an! w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs. B** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i -*1/ Un is6e! ?BFCs w:ic: :a3e a ne6 wo$6: o8 Rs. B** c$o$es o$ ess wi no6 )e $e>'i$e! 6o 8o ow 6:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e 6:e con3e$4e! In!ian acco'n6in4 s6an!a$!s), 6:o'4: 6:e7 ma7 3o 'n6a$i 7 o56 6o !o so, )'6 nee! 6o 8o ow on 7 6:e no6i8ie! In!ian acco'n6in4 s6an!a$!s w:ic: a$e no6 con3e$4e! wi6: 6:e IFRSs.

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A)o'6 6:e A'6:o$

&A$ Ra'kumar S Adukia is an eminent (usiness consultant# academician# writer# and speaker$ )e is the senior partner of Adukia * Associates$ In addition to (eing a &hartered Accountant# &ompany Secretary# &ost Accountant# M"A# +ip IFR ,-./# Mr$ Adukia also holds a +egree in 0aw and +iploma in 0a(or 0aws and IPR$
Mr$ Adukia# a rank holder from "om(ay -niversity completed the &hartered Accountancy examination with 1st Rank in Inter &A * 2th Rank in Final &A# and 3rd Rank in Final &ost Accountancy &ourse in 1453$ )e started his practice as a &hartered Accountant on 1st 6uly 1453# in the three decades following which he left no stone unturned# (e it academic expertise or professional development$

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A)o'6 6:e A'6:o$

)e has (een coordinating with various Professional Institutions# Associations# -niversities# -niversity rants &ommission and other Educational Institutions$ Authored more than 78 (ooks on a vast range of topics including Internal Audit# "ank Audit# SE9# &AR:# PM0A# Anti!dumping# Income ;ax Search# Survey and Sei<ure# IFRS# 00P# 0a(our 0aws# Real estate# ERM# In(ound and :ut(ound Investments# reen Audit etc$ ;he author can (e reached at rajkumarradukia@caaa.in= Mo( > 845?88218@4 A 843?38218@4 For more details log on to www$caaa$in

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