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Transcript of Ind_as_vs_ifrs
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40 Ind AS 40 Investment Property Comparison with IAS 40, Investment Property
101
102 Ind AS 102 Share-based Payment Comparison with IFRS 2, Share-based Payment
103 Ind AS 103 Business Combinations Comparison with IFRS 3, Business Combinations
104 Ind AS 104 Insurance Contracts Comparison with IFRS 4, Insurance Contracts
105
106 Comparison with IFRS 6, Exploration for and Evaluation of Mineral Resources
107 Ind AS 107 Financial Instruments Disclosures Comparison with IFRS 7, Financial Instruments: Disclosures
108 Ind AS 108 Operating Segments Comparison with IFRS 8, Operating Segments
Ind AS 101 First-time Adoption of IndianAccounting Standards
Major differences between Indian Accounting Standard (Ind-AS) 101 First-timeAdoption of Indian Accounting Standards and IFRS 1
Ind AS 105 Non current Assets Held for Sale and
Discontinued Operations
Comparison with IFRS 5, Non-current Assets Held for Sale and Discontinued
OperationsInd AS 106 Exploration for and Evaluation ofMineral Resources
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Comparison with IAS 1, Presentation of Financial Statements
1 With regard to preparation of Statement of profit and loss, International
Accounting Standard (IAS) 1, Presentation of Financial Statements , provides
an option either to follow the single statement approach or to follow the two
statement approach. While in the single statement approach, all items of
income and expense are recognised in the statement of profit and loss, in the
two statements approach, two statements are prepared, one displaying
components of profit or loss (separate income statement) and the other
beginning with profit or loss and displaying components of other
comprehensive income. Ind AS 1 allows only the single statement approach.
Paragraph 84 of IAS 1 is with reference to the two statement approach. As Ind
AS 1 does not allow the aforesaid option, the paragraph 84 is deleted.
However, paragraph number 84 has been retained in Ind AS 1 to maintain
consistency with paragraph numbers of IAS 1.
2 IAS 1 requires preparation of a Statement of Changes in Equity as a separate
statement. Ind AS 1 requires the statement of changes in equity to be shownas a part of the balance sheet. Paragraph 10(c) of IAS 1 is with reference to
the separate statement of changes in equity. . As Ind AS 1 does not require it,
the same is deleted. However, paragraph number 10(c) has been retained in
Ind AS 1 to maintain consistency with paragraph numbers of IAS 1
3 Different terminology is used in Ind AS 1 e.g., the term balance sheet is used
instead of Statement of financial position and Statement of Profit and Loss is
used instead of Statement of comprehensive income. The words approval of
the financial statements for issue have been used instead of authorisation of
the financial statements for issue in the context of financial statementsconsidered for the purpose of events after the reporting period.
4 Paragraph 8 of IAS 1 gives the option to individual entities to follow different
terminology for the titles of financial statements. Ind AS 1 is changed to
remove alternatives by giving one terminology to be used by all entities.
However, paragraph number 8 has been retained in Ind AS 1 to maintain
consistency with paragraph numbers of IAS 1.
5 Paragraph 37 of IAS 1 permits the periodicity, for example, of 52 weeks for
preparation of financial statements. As Ind AS 1 does not permit it,the same is
deleted. However, paragraph number 37 has been retained in Ind AS 1 to
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maintain consistency with paragraph numbers of IAS 1.
6 Paragraph 99 of IAS 1 requires an entity to present an analysis of expenses
recognised in profit or loss using a classification based on either their nature or
their function within the equity. Ind AS 1 requires only nature-wise classification
of expenses. In IAS 1 the following paragraphs are with reference to functionwise
classification of expense. In order to maintain consistency with paragraph
numbers of IAS 1, the paragraph numbers are retained in Ind AS 1 :
(i) Paragraph 103
(ii) Paragraph 104
(iii) Paragraph 105
7 IAS 1 contains Implementation Guidance. Ind AS 1 does not include the same
because various enactments have prescribed formats, e.g., Schedule VI to the
Companies Act, 1956.
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Comparison with IAS 2, Inventories
1. Paragraph 38 of IAS 2 dealing with recognition of inventories as an expense based
on function-wise classification, has been deleted keeping in view the fact that
option provided in IAS 1 to present an analysis of expenses recognised in profit or
loss using a classification based on th eir function within the equity has been
removed and Ind AS 1 requires only nature -wise classification of expenses.
However, in order to maintain consistency with paragraph numbers of IAS 2, the
paragraph number is retained in Ind AS 2.
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in the following major respects:
1. In case of other than financial e ntities, IAS 7 gives an option to classify the interest paid
and interest and dividends received as item of operating cash flows. Ind AS 7 does not provide
such an option and requires these item to be classified as item of financing activity and investing
activity, respectively (refer to paragraph 33).
2. IAS 7 gives an option to classify the dividend paid as an item of operating activity.
However, Ind AS 7 requires it to be classified as a part of financing activity only.
3. Different terminology is used in this standard, e.g., the term balance sheet is used instead of
Statement of financial position and Statement of profit and loss is used instead of Statement
of comprehensive income.
4. Paragraph 2 of IAS 7 which states that IAS 7 supersedes the earlier version IAS 7 is deleted
in Ind AS 7 as this is not relevant in Ind AS 7. However, paragraph number 2 is retained in IndAS 7 to maintain consistency with paragraph numbers of IAS 7.
5. The following paragraph numbers appear as Dele ted in IAS 7. In order to maintain
consistency with paragraph numbers of IAS 7, the paragraph numbers are retained in Ind AS 7:
(i) paragraph 29
(ii) paragraph 30
Comparison with IAS 7, Statement of Cash Flows Ind AS 7 differs from International Accounting Standard (IAS) 7, Statement of CashFlows ,
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Comparison with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
1. Different terminology is used in this standard, e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and loss
is used instead of Statement of comprehensive income. The words approval of
the financial statements for issue have been used instead of authorisation of the
financial statements for issue in the context of financial statements considered
for the purpose of events after the reporting period .
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Comparison with IAS 10, Events after the Reporting Period and IFRIC Interpretation 17
1 Different terminology is used in this standard, e.g., the term balance sheet is used instead
of Statement of financial position. The words approval of the financial statements for
issue have been used instead of authorisation of the financial statements for issue in the
context of financial statements considered for the purpose of eve nts after the reporting
period.
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1. IAS 11 does not deal with accounting for construction contracts in respect of real
estate developers. However, this has been dealt with under Ind AS 11, since it has
been kept out of the scope t of Ind AS 18, Revenue.
2. The transitional provisions given in IFRIC 12 have not been given i n Ind AS 11,since all transitional provisions related to Ind ASs, wherever considered
appropriate have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of
International Financial Reporting Standards.
3. Different terminology is used in this standard, e.g., the term balance sheet is used
instead of Statement of financial position and Statement of profit and loss is
used instead of Statement of comprehensive income
4. . Paragraph 2 of IAS 11 which states that IAS 11 supersedes the earlier version ofIAS 11 is deleted in Ind AS 11 as this is not relevant in Ind AS 11. However,
paragraph number 2 is retained in Ind AS 7 to maintain consistency with paragraph
numbers of IAS 11.
Comparison with IAS 11, Construction Contracts, IFRIC 12, Service Concession Arrangements and SIC 29, Service ConcessionArrangements : Disclosures
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Comparison with IAS 12, Income Taxes
1. .The transitional provisions given in SIC 21 and SIC 25 have not been
given in Ind AS 12, since all transitional provisions related to Ind ASs,
wherever considered appropriate, have been included in Ind AS 101,
First-time Adoption of Indian Accounting Standards corresponding to
IFRS 1, First-time Adoption of International Financial Reporting
Standards.
2. Different terminology is used, as used in existing laws e.g., the term
balance sheet is used instead of Statement of financial position and
Statement of profit and loss is used instead of Statement of
comprehensive income. Words approved for issue have been used
instead of authorised for issue in the context of financial statements
considered for the purpose of events after the reporting period.
3. Requirements regarding presentation of tax expense (income) in the
separate income statement, where separate income statement ispresented, have been deleted. This change is consequential to the
removal of option regarding the two statement approach in Ind AS 1. Ind
AS 1 requires that the components of profit or loss and components of
other comprehensive income shall be presented as a part of the
statement of profit and loss.
4. The following paragraph numbers appear as Deleted in IAS 12. In
order to maintain consistency with paragraph numbers of IAS 12,
the paragraph numbers are retained in Ind AS 12 :
(i) paragraph 3
(ii) paragraph 32
(iii) paragraph 50
(iv) paragraph 61
(v) paragraphs 62(b) and (d)
(vi) paragraph 69
(vii) paragraph 70
(viii) paragraph 77A
(ix) paragraph 81(b)
(x) paragraph 83
(xi) paragraph B 10 of Appendix A
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5. As a consequence of not allowing fair value model in Ind AS 40 ,
the following paragraphs have been modified in Ind AS 12:
(i) paragraph 20
(ii) paragraph A.4 of Appendix A
(iii), paragraph A 10 of Appendix C
(iv) paragraph B 8 of Appendix C
6. Paragraph 68(a) has been modified as a consequence of different
accounting treatment of bargain purchase g ain in Ind AS 103,
Business Combinations, in comparison to IFRS 3, Business
Combination.
7. Paragraph 33 of Ind AS 12 has been modified due to not allowing
the option of deducting specified grant from the cost of the related
asset as in Ind AS 20.
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1. The transitional provisions given in IAS 16 and IFRIC 1 have not been given in
Ind AS 16, since all transitional provisions related to Ind ASs, wherever
considered appropriate have been included in Ind AS 101, First-time Adoption of
Indian Accounting Standards corresponding to IFRS 1, First-time Adoption of
International Financial Reporting Standards.
2. Different terminology is used in this standar d, e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and loss
is used instead of Statement of comprehensive income.
3. Paragraph number 64 appears as Deleted in IAS 16. In order to mainta in
consistency with paragraph numbers of IAS 16, the paragraph number is
retained in Ind AS 16.
Comparison with IAS 16, Property, Plant and Equipment and IFRIC 1, Changes in ExistingDecommissioning, Restoration and Similar Liabilities.
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Comparison with IAS 17, Leases
1. Paragraphs 18 of IAS 17 dealing with measurement of the land and buildings
elements when the lessees interest in both land and buildings is classified as an
investment property in accordance with Ind AS 40 Investment Property if the fair
value model is adopted and paragraph 19 of IAS 17 dealing with property interest
held under an operating Lease as an investment property, if the definition of
investment property is otherwise met and fair value model is applied, have beendeleted, since Ind AS 40, Investment Property, prohibits the use of fair value model.
However, paragraph numbers have been retained in Ind AS 17 to maintain
consistency with paragraph numbers of IAS 17.
2. Paragraph numbers 14 and 15 appear as Deleted in IAS 17. In order to maintain
consistency with paragraph numbers of IAS 17, the paragraph numbers are retained in
Ind AS 17.
3. The transitional provisions given in IAS 17 and IFRIC 4 have not been given in Ind
AS 17, since all transitional provisions related to Ind ASs, wherever consideredappropriate, have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of International
Financial Reporting Standards.
4. Different terminology is used in this standard, e.g., the term balance sheet is used
instead of Statement of financial position and Statement of profit and loss is used
instead of Statement of comprehensive in come.
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Comparison with IAS 18, Revenue
The transitional provisions given in IAS 18, SIC 13 and IFRIC 13 have not been given in
Ind AS 18, since all transitional provisions related to Ind ASs, wherever considered
appropriate have been included in Ind AS 101, First -time Adoption of Indian Accounting
Standards corresponding to IFRS 1, First -time Adoption of International Financial
Reporting Standards.
2. On the basis of principles of the IAS 18, IFRIC 15 on Agreement for Construction of
Real Estate prescribes that construction of real estate should be treated as sale of
goods and revenue should be recognised when the entity has transferred significant
risks and rewards of ownership and retained neither continuing managerial
involvement nor effective control. IFRIC 15 has not been included in Ind AS 18 to
scope out such agreements and to include the same in Ind AS 11, Construction
Contracts. Paragraph 9 of Illustrative Examples of IAS 18 which is with reference to
IFRIC 15 has been deleted in Appendix E (Illustrative Examples) of Ind AS 18.
However, paragraph number 9 has been retained in Appendix E of Ind AS 18 to
maintain consistency with paragraph numbers of IAS 18..
3. Paragraph 2 of IAS 18 which states that IAS 18 supersedes t he earlier version IAS 18
is deleted in Ind AS 18 as this is not relevant in Ind AS 18. However, paragraph
number 2 is retained in Ind AS 7 to maintain consistency with paragraph numbers of
IAS 18.
4. Paragraph number 31 appear as Deleted in IAS 18. In order to maintain consistency
with paragraph numbers of IAS 18, the paragraph number is retained in Ind AS 18.
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Comparison with IAS 19, Employee Benefits
1. IAS 19 permits various options for treatment of actuarial gains and losses for
post-employment defined benefit plans whereas Ind AS 19 requires recognition of
the same in other comprehensive income, both for post -employment defined benefit
plans and other long-term employment benefit plans. The actuarial gains recognised
in other comprehensive income should be recognised immediately in retained
earnings and should not be reclassified to profit or loss in a subsequent period.Changes consequent to the aforesaid have been made in the other paragraphs.
Further,the following paragraphs of IAS 19 which are with reference to the options for
the treatment of actuarial gains or losses for post-employment options have been
deleted in Ind AS 19. In order to maintain consistency with paragraph numbers of
IAS 19, the paragraph numbers are retained in Ind AS 19:
(i) Paragraph 54(b)
(ii) Paragraph 58A (b)
(iii) Paragraph 61 (d)
(iv) Paragraph 61 (g)
(v) Paragraph 93(vi) Paragraph 93A
(vii) Paragraph 95
(vii) Paragraph 108 (c)
(viii) Paragraph 120A (f) (i)
(ix) Paragraph 120A (f) (v)
(x) Paragraph 120A (f) (viii)
(xi) Paragraph 127 (a)
(xii) Paragraph 129(d)
(xiii) Paragraph 58A (b) in The Issue contained in Appendix D
(xiv) Example 3 contained in Appendix D
2. The transitional provisions given in IAS 19 have not been given in Ind AS 19,
since all transitional provisions related to Ind ASs, wherever considered appropriate
have been included in Ind AS 101, First -time Adoption of Indian Accounting
Standards corresponding to IFRS 1, First -time Adoption of International Financial
Reporting Standards.
3. The Ind AS 19 unlike IAS 19 gives guidance that detailed actuarial valuation
of defined benefit obligations may be made at intervals not exceeding three years.
4. According to Ind AS 19 the rate to be used to discount post -employment
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benefit obligation shall be determined by reference to the market yields on
government bonds, whereas under IAS 19, the government bonds can be used only
where there is no deep market of high quality corporate bonds.
5. Different terminology is used in this standard, e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and loss is
used instead of Statement of comprehensive income. The words approval of the
financial statements for issue have been u sed instead of authorisation of thefinancial statements for issue in the context of financial statements considered for
the purpose of events after the reporting period.
6 Paragraph number 35 appears as Deleted in IAS 19. In order to maintain
consistency with paragraph numbers of IAS 19, the paragraph number is retained in
Ind AS 19.
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Comparison with IAS 20, Accounting for Government Grants and Disclosure of Government Assistance
1. IAS 20 gives an option to measure non -monetary government grants either at
their fair value or at nominal value. Ind AS 20 requires measurement of such
grants only at their fair value. Thus, the option to measure these gr ants at
nominal value is not available under Ind AS 20.
2. IAS 20 gives an option to present the grants related to assets, including non -monetary grants at fair value in the balance sheet either by setting up the grant as
deferred income or by deducting the grant in arriving at the carrying amount of the
asset. Ind AS 20 requires presentation of such grants in balance sheet only by
setting up the grant as deferred income. Thus, the option to present such grants by
deduction of the grant in arriving at th e carrying amount of the asset is not available
under Ind AS 20. The following paragraphs of IAS 20 which are with reference to the
options for presentation of grants related to assets have been deleted in Ind AS 20.
In order to maintain consistency with p aragraph numbers of IAS 20, the paragraph
numbers are retained in Ind AS 20:
(i) Paragraph 25(ii) Paragraph 27
(iii) Paragraph 33
3. Requirements regarding presentation of grants related to income in the separate
income statement, where separate in come statement is presented under paragraph
29A of IAS 20 have been deleted. This change is consequential to the removal of
option regarding two statement approach in Ind AS 1. Ind AS 1 requires that the
components of profit or loss and components of other comprehensive income shall
be presented as a part of the statement of profit and loss. However, paragraph
number 29A has been retained in Ind AS 20 to maintain consistency with paragraph
numbers of IAS 20.
4. Different terminology is used in this sta ndard, e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and loss is
used instead of Statement of comprehensive income.
5. Paragraph number 37 appear as Deleted in IAS 20. In order to maintain
consistency with paragraph numbers of IAS 20, the paragraph number is retained in
Ind AS 20.
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Comparison with IAS 21, The Effects of Changes in Foreign Exchange Rates
1 The transitional provisions given in IAS 21 have not been given in the Ind AS 21,
since all transitional provisions related to Indian A Ss, wherever considered
appropriate, have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of International
Financial Reporting Standards.
2 Ind AS 21 permits an option to recognise exchange differences arising on
translation of certain long-term monetary items from foreign currency to functional
currency directly in equity. In this situation, Ind AS 21 requires the accumulated
exchange differences to be transferred to profit or loss in an appropriate man ner.
IAS 21 does not permit such a treatment.
3 Consequent to the optional treatment prescribed for some exchange differences
(as mentioned in 2 above), an additional disclosure has been added in paragraph
52 of Ind AS 21.
4 Different terminology is used in this Standard e.g., the term balance sheet is used
instead of Statement of financial position.
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Comparison with IAS 23, Borrowing Costs
1 IAS 23 provides no guidance as to how the adjustment prescribed in paragraph
6(e) is to be determined. Paragraph 6A is added in Ind AS 23 to provide the
guidance.
2 The following paragraph numbers app ear as Deleted in IAS 23. In order to
maintain consistency with paragraph numbers of IAS 23, the paragraph numbersare retained in Ind AS 37 :
(i) paragraph 6(a)
(ii) paragraph 6(b)
3 The transitional provisions given in IAS 23 have not been given in Ind AS 23,
since all transitional provisions related to Ind ASs, wherever considered
appropriate have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of
International Financial Reporting Standards.
*******
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Comparison with IAS 24, Related Party Disclosures
1. In the Ind AS 24, disclosures which conflict with confidentiality requirements of
statute/regulations are not required to be made since Accounting Standards can
not override legal/regulatory requirements. (Paragraphs 4A and 4B of Ind AS 24).
2. In the Ind AS 24, father, mother, brother and sister relatives as specified under
the meaning of relative under the Companies Act, 1956 are included in thedefinition of the close members of the family of a person
3. Paragraph 24A has been included in th e Ind AS 24. It provides additional
clarificatory guidance regarding aggregation of transactions for disclosure.
4. Different terminology is used in this standard, e.g., the term balance sheet is
used instead of Statement of financial position .
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Note: This Appendix is not a part of the Indian Accounting Standard. The purpose of
this Appendix is only to bring out the differences between Indian Accounting Standard
(Ind AS) 27 and the corresponding International Accounting Standard (IAS) 27,
Consolidated and Separate Financial Statements and SIC 12, ConsolidationSpecial
Purpose Entities.
1. Paragraphs 8, 10 and 42 have been deleted and paragraphs 11, 39 and 43 have
been modified as the applicability or exemptions to the Indian Accounting
Standards is governed by the Companies Act and the Rules made ther eunder.
However, paragraph numbers 8, 10 and 42 have been retained in Ind AS 27 to
maintain consistency with paragraph numbers of IAS 27.
2 The transitional provisions given in IAS 27 have not been given in Ind AS 27, since
all transitional provisions related to Ind ASs, wherever considered appropriate
have been included in Ind AS 101, First-time Adoption of Indian Accounting
Standards corresponding to IFRS 1, First-time Adoption of International Financial
Reporting Standards.
3 Different terminology is used, as used in existing laws e.g., the term balance
sheet is used instead of Statement of financial position and Statement of profit
and loss is used instead of Statement of comprehensive income.
Comparison with IAS 27, Consolidated and Separate Financial Statements and SIC 12, ConsolidationSpecial PurposeEntities
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Comparison with IAS 28, Investments in Associates
1. Where the financial statements of an associate used in applying equity method
are prepared as of a date different from that of the investor, IAS 28 requires that
this difference should not be more than three months. However, paragraph 25
(Ind AS) 28 provides that this difference should not be more than three months,
unless impracticable. Similarly, paragraph 26 of Ind AS 28 requires use of
uniform accounting policies, unless impracticable, which IAS 28 does notprovide. These changes have been made because the investor does not have
control over the associate, it may not be able to influence the associate to
prepare additional financial statements or to follow the accounting policies that
are followed by the investor .
2. Paragraph 1(b) of IAS 28 has been deleted in Ind AS 28 as the Companies Act,
1956, is not applicable to mutual funds, unit trusts and similar entities including
investment linked insurance funds and, thus, this standard would not be
applicable to such entities. However, paragraph number 1(b) has been r etained
in Ind AS 28 to maintain consistency with IAS 28.
3. Paragraphs 5, 13(b) and 13(c) have been deleted as the applicability or
exemptions to the Indian Accounting Standards is governed by the Companies
Act and the Rules made thereunder. However, paragr aph numbers have been
retained in Ind AS 28 to maintain consistency with IAS 28.
4. Paragraph number 16 appears as Deleted in IAS 28. In order to maintain
consistency with paragraph numbers of IAS 28, the paragraph number is
retained in Ind AS 28
5. Paragraph 23 (b) has been modified on the lines of Ind AS 103 to transfer excessof the investors share of the associates identifiable assets and liabilities over the
cost of investment in capital reserve whereas in IAS 28, it is recognised in profit
or loss.
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Comparison with IAS 29, Financial Reporting in Hyperinflationary Economies
1 Ind AS 29 requires an additional disclosure regarding the duration of the
hyperinflationary situation existing in the economy as compared to IAS 29.
2 Paragraph number 23 appears as Deleted in IAS 29. In order to maintain
consistency with paragraph numbers of IAS 29, the paragraph number is
retained in Ind AS 29.
3 Different terminology is used in this standard, e.g., term balance sheet is used
instead of Statement of financial position a nd Statement of profit and loss is
used instead of Statement of comprehensive income.
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Comparison with IAS 31, Interests in Joint Ventures
1. The transitional provisions given in IAS 31 have not been given in Ind AS 31,
since all transitional provisions related to Ind ASs, wherever considered appropriate
have been included in Ind AS 101, First -time Adoption of Indian Accounting Standar ds
corresponding to IFRS 1, First -time Adoption of International Financial Reporting
Standards.
2. Different terminology is used, as used in existing laws e.g., the term balance
sheet is used instead of Stastement of financial position and Statement of profit and
loss is used instead of Statement of comprehensive income.
3. Paragraph 1(b) of IAS 31 has been deleted in Ind AS 31 as the Companies Act,
1956, is not applicable to mutual funds, unit trusts and similar entities including
investment linked insurance funds and, thus, this standard would not be applicable to
such entities. However, paragraph number 1(b) has been retained in Ind AS 31 to
maintain consistency with IAS 31
4. Sub-Paragraphs 2(b) and (c) and paragraph 6 have been deleted as the
applicability or exemptions to the Indian Accounting Standards is governed by the
Companies Act and the Rules made thereunder. However, paragraph number 6 has
been retained in Ind AS 31 to maintain consistency with IAS 31.
5. Paragraph 44 has been deleted by IASB. However, the paragraph number has
been retained in Ind AS 31 to maintain consistency with IAS 31.
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Comparison with IAS 32, Financial Instruments: Presentation
Note: This appendix is not a part of the Indian Accounting Standard. The purpose of
this Appendix is only to bring out the differences, between Indian Accounting Standard
(Ind AS) 32 and the corresponding International Accounting Standard (IAS) 3 2, Financial
Instruments; Presentation issued by the International Accounting Standards Board .
1. As an exception to the definition of financial liability in paragraph 11 (b) (ii), Ind AS32 considers the equity conversion option embedded in a convertible bond
denominated in foreign currency to acquire a fixed number of entitys own equity
instruments is considered an equity instrument if the exercise price is fixed in any
currency. This exception is not provided in IAS 32.
2. The transitional provisions given in IAS 32 have not been given in Ind AS 32, since
all transitional provisions related to Ind ASs, wherever considered appropriate have
been included in Ind AS 101, First -time Adoption of Indian Accounting Standards
corresponding to IFRS 1, First -time Adoption of International Financial Reporting
Standards.
3. Different terminology is used, as used in existing laws e.g .,the term balance
sheet is used instead of Statement of financial position and Statement of profit
and loss. is used instead of Statement of comprehensive income.
4. Requirements regarding presentation of d ividends classified as an expense in the
separate income statement, where separate income stateme nt is presented, have
been deleted. This change is consequential to the removal of option regarding two
statement approach in Ind AS 1 . Ind AS 1 requires that the components of profit or
loss and components of other comprehensive income shall be presented as a part
of the statement of profit and loss.
5. Example 7: IE 32 and Example 8: IE 33 are in the context of IFRIC 2, Members
Shares in Co-operative Entities and Similar Instruments issued by IASB As only an
individual can hold shares in cooperative entities, this IFRIC would not be relevant
for the companies. Hence, these examples are deleted in Ind AS 32. In order to
maintain consistency with paragraph numbers of IAS 32, the paragraph numbers
are retained in Ind AS 32.
5. The following paragraph numbers appear as Deleted in IAS 32. In order to maintain
consistency with paragraph numbers of IAS 32, the paragraph numbers are
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retained in Ind AS 32 :
(i) paragraph 1
(ii) paragraph 4(c)
(iii) paragraphs 5-7
(iv) AG24 of Appendix A
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Comparison with IAS 33, Earnings per Share
1 IAS 33 provides that when an entity presents both consolidated financial statements and
separate financial statements, it may give EPS related information in consolidated financial
statements only, whereas, the Ind AS 33 requires EPS related information to be disclosed
both in consolidated financial statements and separate financial statements.
2 Different terminology is used, as used in existing laws e.g., the term Statement of profitand loss is used instead of Statement of comprehensive income. The words approval of
the financial statements for issue have been used instead of authorisation of the
financial statements for issue in the context of financial statements considered for the
purpose of events after the reporting period.
3 Paragraph 2 of IAS 33 requires that the entire standard applies to :
(a) the separate or individual financial statements of an entity:
(i) whose ordinary shares or potential ordinary shares are traded in a public
market (a domestic or foreign stock exchange or an over-the-counter market,
including local and regional markets) or
(ii) that files, or is in the process of filing, its financial statements with a Securities
Regulator or other regulatory organisation for the purpose of issuing ordinary
shares in a public market; and
(b) the consolidated financial statements of a group with a parent:
(i) whose ordinary shares or potential ordinary shares are traded in a public
market (a domestic or foreign stock exchange or an over-the-counter market,
including local and regional markets) or
(ii) that files, or is in the process of filing, its financial statements with a Securities
Regulator or other regulatory organisation for the purpose of issuing ordinary
shares in a public market..
It also requires that an entity that discloses earnings per share shall calculate anddisclose earnings per share in accordance with this Standard .
The above have been deleted in the Ind AS as the applicability or exemptions to the Indian
Accounting Standards is governed by the Companies Act and the Rules made thereunder.
However, the paragraph number has been retained in Ind AS 33 to maintain consistency
with paragraph numbers of IAS 33.
4 Paragraph 4 has been modified in Ind AS 33 to clarify that an entity shall not present in
separate financial statements, earnings per share based on the information given in
consolidated financial statements, besides requiring as in IAS 33, that earnings per share
based on the information given in separate financial statements shall not be presented in
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the consolidated financial statements.
5 In Ind AS 33, a paragraph has been added after paragraph 12 on the following lines -
Where any item of income or expense which is otherwise required to be recognized in
profit or loss in accordance with accounting standards is debited or credited to securities
premium account/other reserves, the amount in respect thereof shall be deducted from
profit or loss from continuing operations for the purpose of calculating basic earnings per
share.
6 In Ind 33 paragraph 15 has been amended by adding the phrase, irrespective of
whether such discount or premium is debited or credited to securities premium
account to further clarify that such discount or premium shall also be amortised to
retained earnings.
7 Requirements regarding disclosure of amounts per share using a reported component,
basic and diluted earnings per share and basic and diluted earnings per share for
discontinued operations in the separate income statement, where separate income
statement is presented under following paragraphs of IAS 33 have been deleted:
(i) paragraph 4A
(ii) paragraph 67A
(iii) paragraph 68A
(iv) paragraph 73A
This change is consequential to the removal of option regarding the two statement
approach in Ind AS 1. Ind AS 1 onlyrequires that the components of profit or loss and
components of other comprehensive income shall be presented as a part of the statement
of profit and loss. However, paragraph numbers have been retained in Ind AS 33 to
maintain consistency with paragraph numbers of IAS 33.
7 Paragraph number 25 appears as Deleted in IAS 33. In order to maintain consistency withparagraph numbers of IAS 33, the paragraph number is retained in Ind AS 33:
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Comparison with IAS 34, Interim Financial Reporting
1. With regard to preparation of statement of profit and loss, International Accounting
Standard (IAS) 34, Interim Financial Reporting, provides option either to follow single
statement approach or to follow two statement approache s. But, Ind AS 34 allows
only single statement approach on the lines of Ind AS 1, Presentation of Financial
Statements which also allows only single statement approach . Paragraphs 8A and
11A of IAS 34 which provides the option are deleted. In order to maintainconsistency with paragraph numbers of IAS 34, the paragraph numbers are retained
in Ind AS 34
2. IAS 34 requires preparation of a Statement of Changes in Equity as a separate
statement. Ind AS 34 requires the statement of changes in equity to be sho wn as a
part of the balance sheet on the lines of Ind AS 1, Presentation of Financial
Statements. Paragraphs 5(c), 8(c) and 20(c) of IAS 34 which requires preparation of
a Statement of Changes in Equity as a separate statement are deleted in Ind AS 34.
In order to maintain consistency with paragraph numbers of IAS 34, the paragraph
numbers are retained in Ind AS 34.
3. Paragraph 12 of IAS 34 which makes the reference of Implementation Guidance
included in IAS 1 has been deleted in Ind AS 34 as Ind AS 1 does not include the
Implementation Guidance. In order to maintain consistency with paragraph numbers
of IAS 34, the paragraph number is retained in Ind AS 34.
4. Different terminology is used in Ind AS 34 e.g., the term balance sheet is used
instead of Statement of financial position and Statement of Profit and Loss is used
instead of Statement of comprehensive income.
5. In Examples of the Use of estimates, the IAS 34 gives reference of IAS 40 for fairvalue accounting. In Ind AS 34, the ref erence is deleted as Ind AS 40 permits only
cost model.
6. The following paragraph numbers appear as Deleted in IAS 34. In order to maintain
consistency with paragraph numbers of IAS 34, the paragraph numbers are retained
in Ind AS 34:
(i) paragraph 13
(ii) paragraphs16
(iii) paragraphs17-18
(iv) paragraph B 27 of Appendix B
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*******
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Comparison with IAS 36, Impairment of Assets
Note: This appendix is not a part of the Indian Accounting Standard. The purpose of
this Appendix is only to bring out the differences between Indian Accounting Standard
(Ind AS) 36 and the corresponding International Accounting Standard (IAS) 3 6,
Impairment of Assets issued by the International Accounting Standards Board .
1 Paragraph 2(f) of IAS 36 states that the standard shall not be applied foraccounting for the impairment of the investment property that is measured at fair
value. Ind AS 36 does not specify so as Ind AS 40 permits the cost model only.
2 The transitional provisions given in IAS 36 have not been given in Ind AS 36, since
all transitional provisions related to Ind ASs, wherever considered appropriate
have been included in Ind AS 101, First-time Adoption of Indian Accounting
Standards corresponding to IFRS 1, First-time Adoption of International Financial
Reporting Standards.
2. Different terminology is used, as used in existing laws e.g., the term balance
sheet is used instead of Statement of financial position and Statement of profit
and loss is used instead of Statement of comprehensive income.
3 Paragraphs 91-95 appear as Deleted in IAS 36. In order to maintain consistency
with paragraph numbers of IAS 36, the paragraph numbers are retained in Ind
AS 36.
C i i h IAS 37 P i i C i Li bili i d C i A IFRIC 5 d IFRIC 6
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Comparison with IAS 37, Provisions, Contingent Liabilities and Contingent Assets, IFRIC 5 and IFRIC 6
1 The transitional provisions given in IAS 37 and IFRIC 5 and IFRIC 6 have not been
given in Ind AS 37, since all transitional provisions related to Ind ASs, wherever
considered appropriate have been included in Ind AS 101, First-time Adoption of
Indian Accounting Standards corresponding to IFRS 1, First-time Adoption of
International Financial Reporting Standards
2 Different terminology is used in this standard, e.g., term balance sheet is used
instead of Statement of financial position and Statement o f profit and loss is used
instead of Statement of comprehensive income. Words approval of the financial
statements for issue have been used instead of authorisation of the financial
statements for issue in the context of financial statements conside red for the
purpose of events after the reporting period.
3 The following paragraph numbers appear as Deleted in IAS 37. In order to
maintain consistency with paragraph numbers of IAS 37, the paragraph numbers
are retained in Ind AS 37 :
(i) paragraph 1(a)
(ii) paragraph 4
*******
C i ith IAS 38 I t ibl A t d SIC I t t ti 32 I t ibl A t W b Sit C t
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Comparison with IAS 38, Intangible Assets and SIC Interpretation 32 Intangible AssetsWeb Site Costs
Note: This appendix is not a part of the Indian Accounting Standard. The purpose of
this Appendix is only to bring out the differences, b etween Indian Accounting Standard
(Ind AS) 38 and the corresponding International Accounting Standard (IAS) 38,
Intangible Assets (amended up to November 2009) issued by the International
Accounting Standards Board and SIC Interpretation 32 Intangible Asse tsWeb Site
Costs:
1. With regard to the acquisition of an intangible asset by way of a government
grant, IAS 38, Intangible Assets, provides the option to an entity to recognise
both asset and grant initially at fair value or at a nominal amount plus any
expenditure that is directly attributable to preparing the asset for its intended use.
Ind AS 38 allows only fair value for recognising the intangible asset and grant in
accordance with Ind AS 20.
2 The transitional provisions given in IAS 38 have not been given in Ind AS 38,
since all transitional provisions related to Ind ASs, wherever considered
appropriate, have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of
International Financial Reporting Standards.
3 Different terminology is used in this standard, e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and loss
is used instead of Statement of comprehen sive income.
4 Paragraph number 38 appears as Deleted in IAS 38. In order to maintain
consistency with paragraph numbers of IAS 38, the paragraph number is
retained in Ind AS 38.
Comparison with IAS 39 Financial Instruments: Measurement and Recognition
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Comparison with IAS 39, Financial Instruments: Measurement and Recognition
Note: This appendix is not a part of the Indian Accounting Standard. The purpose of
this Appendix is only to bring out the differences between Indian Accounting Standard
(Ind AS) 39 and the corresponding International Accounting Standard (IAS) 3 9, Financial
Instruments; Recognition and Measurement issued by the International Accounting
Standards Board.
1 A provisio has been added in Ind AS 39 that in determining the fair value of the
financial liabilities which upon initial recognition are designated at fair value through
profit or loss, any change in fair value consequent to changes in the entitys own
credit risk shall be ignored. IAS 39 requires all changes in fair values in such
liabilities to be recognised in profit or loss.
2 IAS 39 does not change the requirements relati ng to employeebenefit plans that
comply with IAS 26, Accounting and Reporting by Retirement Benefit Plans. Ind AS
39 does not mention so as IAS 26 is not relevant for companies
3 The transitional provisions given in IAS 39 and IFRIC 6, IFRIC 16 and IFRIC
19 have not been given in Ind AS 39, since Accounting Standard
corresponding to IFRS 1, First-time Adoption of International Financial
Reporting Standards, will deal with the same. The transitional provisions given in
IAS 39 and IFRIC 6, IFRIC 16 and IFRIC 19 have not been given in Ind AS 39,
since all transitional provisions related to Ind ASs, wherever considered
appropriate have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of International
Financial Reporting Standards
4 Different terminology is used, as used in existing laws e.g., the term balancesheet is used instead of Statement of financial position and Statement of profit
and losses is used instead of Statement of comprehensive income.
5 The following paragraph numbers appear as Deleted in IAS 39. In order to
maintain consistency with paragraph numbers of IAS 39, the paragraph numbers
are retained in Ind AS 39 :
(i) paragraph 2(f)
(ii) paragraph 3
*************
Comparison with IAS 40 Investment Property
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Comparison with IAS 40, Investment Property
1 IAS 40 permits both cost model and fair value model (except in some situations) for
measurement of investment properties after initial recognition . Ind AS 40 permits only
the cost model. The following paragraphs of IAS 40 which deal with fair value model
have been deleted in Ind AS 40. In order to maintain consistency with paragraph
numbers of IAS 40, the paragraph numbers are retained in Ind AS 40:
(i) Paragraph 6
(ii) Paragraph 31
(iii) Paragraphs 32A-32C
(iv) Paragraphs 33-35
(v) Paragraph 41
(vi) Paragraph 50
(vii) Paragraph 52
(viii) Paragraphs 60-65
(ix) Paragraph 75(b)
(x) Paragraph 75(f)(iv)
(xi) Paragraphs 76-78
2 The transitional provisions given in IAS 40 have not been included in Ind AS 40 since
all transitional provisions related to I nd ASs, wherever considered appropriate have
been included in Ind AS 101, First -time Adoption of Indian Accounting Standards
corresponding to IFRS 1, First -time Adoption of International Financial Reporting
Standards.
3 IAS 40 requires disclosure of fair values of investment property when cost model is
used. Since this requirement is retained in Ind AS 40, paragraphs 53, 53A, 53B, 54
and 55 and certain other paragraphs of IAS 40 have been modified. The modifications
include substitution of fair value measurement with fair value determination/disclosureand deletion of reference to use of cost model when fair value determination is
unreliable.
4 IAS 40 permits treatment of property interest held in an operating lease as investment
property, if the definition of investment propert y is otherwise met and fair value model
is applied. In such cases, the operating lease would be accounted as if it were a
finance lease. Since Ind AS 40 prohibits the use of fair value model, this treatment is
prohibited in Ind AS 40. As a result, paragrap h 6 of IAS 40 has been deleted in Ind AS
40 (see point 1(i) above). In addition, the expression investment property under a
finance or operating lease appearing in paragraph 74 of IAS 40 has been modified as
investment property under a finance lease in Ind AS 40.
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investment property under a finance lease in Ind AS 40.
5 As a result of prohibition of use of fair value model in Ind AS 40, there are some
modifications in the wording of paragraph 26 (removal of the words for the fair value
model), paragraphs 30 and 32 (Accounting policy), heading above para graph 33
(Fair value determination instead of Fair value model), para graph 56 , paragraph
59 (deletion of portion relating to fair value model), para graph 68 (deletion of a
portion dealing with fair value model), heading above para graph 74 (deletion of the
heading Fair value model and cost model ) and 75(a) (disclosure of accounting
policy) as compared to the wording used in IAS 40 .
6 Different terminology is used in this Standard e.g., the term balance sheet is used
instead of Statement of financial position.
7 The following paragraphs appear as Deleted in IAS 40. In order to maintain
consistency with paragraph numbers of IAS 40, the paragraph numbers are retained
in Ind AS 40:
(i) Paragraph 9(d)
(ii) Paragraph 22(iii) Paragraph 57(e)
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Note: This Appendix is not a part of the Indian Accounting Standard (Ind AS) 101, First -time
Adoption of Indian Accounting Standards. The purpose of this Appendix is only to highlight
differences between Ind AS 101 and corresponding International Financial Reporting
Standard (IFRS) 1, First-time Adoption of International Financial Reporting Standards.
1. Paragraph 2A of Ind AS 101 states that the entities that have filed financial statements
prepared in accordance with IFRS with regulatory authorities can adopt, for the purpose
of Ind AS 101, the balance sheet so filed as at the end of the immediately preceding
financial year as the opening Ind AS balance sheet after making adjustments for
differences between Ind-ASs and IFRSs. IFRS 1 does not have such a specific
requirement. Consequential to this, new paragraphs 24A and 32B have been included in
Ind AS 101.
2. Ind-AS 101 specifies that an entitys first Ind-AS financial statements are the first annualfinancial statements in which the entity adopts Ind -ASs in accordance with Ind-ASs
notified under the Companies Act, 1956 whereas IFRS 1 provides various examples of
first IFRS financial statements.
3. Paragraph 4 of IFRS 1 provides various examples of instances when an entity does not
apply this IFRS. Ind AS 101 does not provides the same. In order to maintain
consistency with paragraph numbers of IFRS 1, the paragraph number is retained in Ind
AS 101.
4. Paragraph 32 (c) of IFRS 1 has been deleted in Ind AS 101 and included as paragraph
32A as a consequence of redrafting of the paragraph 32 in Ind AS 101. In order to
maintain consistency with paragraph numbers of IFRS 1, the paragraph number is
retained in Ind AS 101.
5. IFRS 1 defines transitional date as beginning of the earliest period for which an entity
presents full comparative information under IFRS. It is this date which is the starting
point for IFRS and it is on this date the cumulative impact of transition is recorded based
on assessment of conditions at that date by applying the standards retrospectively
except to the extent specifically provided in this standard as optional exemptions and
mandatory exceptions.
Ind-AS 101, however, provides that the date of transition is the beginning of the currentperiod and in addition provides an option to present comparative financial statements in
accordance with Ind-AS on a memorandum basis.
Arising from this fundamental change, there are other consequential changes to Ind -AS
101. For example, disclosures required under paragraph 21 and reconciliations under
Major differences between Indian Accounting Standard (Ind-AS) 101 First-time Adoption of Indian Accounting
Standards and IFRS 1
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recgonition requirements for transactions entered after 1 January, 2004. However,
for Ind-AS 101 purposes, all these dates have been changed to coincide with the
transition date elected by the entity adopting th ese converged standards i.e. Ind-AS;
Paragraph D2 of IFRS 1 provides that an entity is encouraged, but not required, to
apply IFRS 2 Share-based Payment to equity instruments that were granted on or
before 7 November 2002 or to instruments that were granted after 7 November 2002
and vested before the later of (a) the date of transition to IFRSs and (b) 1 January
2005. However, for Ind-AS 101 purposes, all these dates have been changed to
coincide with the transition date elected by the entity adopting these converged
standards i.e. Ind-AS;
(b) Deletion of certain exemptions not relevant for India. Certain instances of such items
are as follows:
Paragraph D10 of IFRS 1 provides an entity that adopted the corridor approach for
recording actuarial gain and losses arising from accounting for employee obligations
with an option to recognize the entire such gain or loss to retained earnings, at the
date of transition, rather than requiring them to split such gains and losses as
recognized and unrecognized gains and losses. In India, since corridor approach isnot elected, the resultant first time transition provision has been deleted ,. In order to
maintain consistency with paragraph numbers of IFRS 1, the paragraph number is
retained in Ind AS 101;
Paragraph D23 of IFRS 1 provides for transitional adjustment requiring companies to
apply the provisions of IAS 23 to be applied prospectively after the transition date.
However, this was considered as not releva nt in Indian situation as Ind AS 23 AS 16
always required an entity to capitalize borrowing costs as compared to IAS 23 where
it provided an option to expense out such borrowing cost . Consequently, paragraphs
IG 23 and IG 24 have also been deleted. In order to maintain consistency with
paragraph numbers of IFRS 1, the paragraph numbers are retained in Ind AS 101.
and
(c) Inclusion/modification of existing exemptions to make it relevant for India. For
example,
Paragraph D7A has been added to provide for transitional relief from the
retrospective application of Ind AS 16 : Property, Plant and Equipment . Paragraph
D7A provides an entity option to use carrying values of all such assets on or
before April 1, 2007 in accordance with previous GAAP as an acceptable starting
point under Ind-AS. Paragraph 27B has been included in Ind AS 101 which
requires the disclosure that if an entity adopts for first time exemption the option
provided in accordance with paragraph D7A, the fact and the accounting policy
shall be disclosed by the entity until such time that significant block of suchassets is fully depreciated or derecognised from the entitys Balance Sheet.
Paragraph D9 provides for transitional relief from retrospective application of
paragraphs 6-9 of the Appendix C of Ind AS 17.
Paragraph D11A has been added to provide the transitional relief from the
Comparison with IFRS 2, Share-based Payment
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1. The transitional provisions given in IFRS 2 and portions related thereto
have not been given in Ind AS 102, since all transitional provisions related
to Indian ASs, wherever considered appropriate, have been included in Ind
AS 101, First-time Adoption of Indian Accounting Standards corresponding
to IFRS 1, First-time Adoption of International Financial Reporting
Standards. This has resulted in deletion of Paragraph IG8 in Appendix E.
In order to maintain consistency with paragraph numbers of IFRS 2, the
paragraph number is retained in Ind AS 102:
2. Cross-reference to paragraphs B1-B4 of IFRS 3 contained in paragraph 5
of IFRS 2 has been modified as cross-reference to Appendix C of Ind AS
103 in paragraph 5 of Ind AS 102. This is consequential to the insertion of
Appendix C in Ind AS 102 to deal with business combination of entities
under common control.
3. Different terminology is used in the Standard. e.g., the term balance sheet
is used instead of Statement of financial position.
4. Paragraph number 3 appears as Deleted in IFRS 2. In order to maintain
consistency with paragraph numbers of IFRS 2, the paragraph number is
retained in Ind AS 102.
Comparison with IFRS 3, Business Combinations
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1. IFRS 3 excludes from its scope business combinations of entities under common
control. Ind AS 103 (Appendix C) gives the guidance in this regard. Consequently,
paragraph 2 has been modified in Ind AS 103. Further, paragraphs B1-B4 of IFRS
103 have been deleted in Ind AS 103. In o rder to maintain consistency with
paragraph numbers of IFRS 3, the paragraph numbers are retained in Ind AS 103 .
2. The transitional provisions given in IFRS 3 have not been given in Ind AS 103,
since all transitional provisions related to Ind A Ss, wherever considered
appropriate have been included in Ind AS101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of International
Financial Reporting Standards, will deal with the same.
3. IFRS 3 requires bargain purchase gain arising on business combination to be
reconised in profit or loss. Ind AS 103 requires the same to be recognised in other
comprehensive income and accumulated in equity as capital reserve, unless there
is no clear evidence for the underlying reason f or classification of the business
combination as a bargain purchase, in which case, it shall be recognised directly inequity as capital reserve. This has some consequential changes such as change in
wording of paragraphs 34 and 36, paragraphs IE47 and IE48 of illustrative
examples, additional disclosure in paragraph B64(n) and addition of new
paragraph 36A. Cross-reference to the new paragraph 36A has been added in
paragraphs B46, B64(n), Appendix E-heading above paragraph IE45 and text
below paragraph IE48.
4. Different terminology is used, as used in existing laws e.g., the term balance
sheet is used instead of Statement of financial position, Statement of profit and
loss is used instead of Statement of comprehensive income. The wordsapproved the financial statements for issue have been used instead of authori sed
the financial statements for issue in the context of financial statements considered
for the purpose of events after the reporting period.
Comparison with IFRS 4, Insurance Contracts
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1. Different terminology is used, to make it consistent with existing laws e.g.,
term balance sheet is used instead of Statement of financial position and
Statement of profit and loss is used instead of Statement of comprehensive
income.
2. The transitional provisions given in IFRS 4 have not been given in Ind AS
104, since all transitional provisions related to Ind ASs, wherever considered
appropriate have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS1, First-time Adoption of
International Financial Reporting Standards .
3. Paragraphs 39(b), IG 44, IG 49, IG 50, IG 54, IG 63 and IG 65 have been
deleted in IFRS 4 by IASB. However, paragraph numbers have be en retained
in Ind AS 104 to maintain consistency with IFRS 4.
Comparison with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations
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Note: This appendix is not a part of the Indian Accounting Standard. The purpose of
this Appendix is only to bring out the differences, if any, between Indian Accounting
Standard (Ind AS) 105 and the corresponding International Financial Reporting
Standard (IFRS) 5, Non-current Assets Held for Sale and Discontinued Operations
issued by the International Accounting Standards Board .
1. The transitional provisions given in IFRS 5 have not been given in Ind AS 105,
since all transitional provisions related to Ind ASs, wherever considered
appropriate have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of
International Financial Reporting Standards.
2 Different terminology is used in this standard, e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and
loss is used instead of Statement of comprehensive income. Words
approval of the financial statements for issue have been used instead of
authorisation of the financial statements for issue in the context of financialstatements considered for the purpose of events after the reporting period.
3. Requirements regarding presentation of dis continued operations in the
separate income statement, where separate income statement is presented
under paragraph 33A of IFRS 5 have been deleted. This change is
consequential to the removal of option regarding two statement approach in Ind
AS 1. Ind AS 1 requires that the components of profit or loss and components
of other comprehensive income shall be presented as a part of the statement
of profit and loss. However, paragraph number 33A has been retained in Ind
AS 105 to maintain consistency with p aragraph numbers of IFRS 5.
Comparison with IFRS 6, Exploration for and Evaluation of Mineral Resources
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1. The transitional provisions given in IFRS 6 have not been given in Ind AS 106, since all
transitional provisions related to Ind ASs, wherever considered appropriate have been
included in Ind AS 101, First-time Adoption of Indian Accounting Standards
corresponding to IFRS 1, First-time Adoption of International Financial Reporting
Standards.
Comparison with IFRS 7, Financial Instruments: Disclosures
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1. The transitional provisions given in IAS 107 have not been given in Ind AS 107, since all
transitional provisions related to Ind ASs, wherever considered appropriate have been included
in Ind AS 101, First-time Adoption of Indian Accounting Standards corresponding to IFRS 1,
First-time Adoption of International Financial Reporting Standards.
2. Different terminology is used, as used in existing laws e.g., the term balance sheet is
used instead of Statement of financial position and Statement of profit and loss is used
instead of Statement of comprehensive income. Words approved for issue have been used
instead of authorised for issue in the context of financial statements considered for the pu rpose
of events after the reporting period.
3. Requirements regarding disclosure of description of gains and losses presented in the
separate income statement, where separate income statement is presented, have been deleted.
This change is consequential to t he removal of option regarding two statement approach in Ind
AS 1 as compared to IAS 1. Ind AS 1 requires that the components of profit or loss and
components of other comprehensive income shall be presented as a part of the statement of
profit and loss.
4. The following paragraph numbers appear as Deleted in IFRS 7. In order to maintain
consistency with paragraph numbers of Ind 107, the paragraph numbers are retained in Ind AS 107
(i) paragraph 3(c)
(ii) paragraph 36 (d)
(iii) paragraph 37(c)
(iv) paragraphs B12-B16 of Appendix B
(v) paragraphs IG3- IG4 of Appendix D
(vi) paragraphs IG30-IG31 of Appendix D
Comparison with IFRS 8, Operating Segments
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1. The transitional provisions given in IFRS 108 has not been given in Ind AS 1 08,
since all transitional provisions related to Ind ASs, wherever considered
appropriate, have been included in Ind AS 101, First-time Adoption of Indian
Accounting Standards corresponding to IFRS 1, First-time Adoption of International
Financial Reporting Standards
2. Different terminology is used, as used in existing laws e.g., the term balance
sheet is used instead of Statement of financial position and Statement of profit
and loss is used instead of Statement of comprehensive income.