Ind as vs ifrs

8/2/2019 Ind as vs ifrs

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1. Introduction

On 14 January 2011, ICAI posted on its website near-final exposure drafts (near-final ED)

of Indian Accounting Standards (Ind AS) converged with International Financial Reporting

Standards (IFRS). On 25 February 2011, the Ministry of Corporate Affairs (MCA) notified

the near-final ED of Ind AS after making certain amendments (notified Ind AS). However,

MCAs press release states that the date of implementation of the Ind AS will be notified at

a later date which was previously expected to be 1 April 2011. The press release further

states that Ind AS will be implemented in a phased manner only after various issues

including tax related issues are resolved to ensure that the convergence is achieved

smoothly for the stakeholders. MCAs press release and the full text of notified Ind AS are

available on the MCAs websitemca.gov.in.

This edition of Tracking IFRS highlights the amendments made by MCA to the near-final

ED which have been notified as standards, and the significant differences between these

standards and IFRS (as effective for annual reporting periods beginning on or after 1

January 2011, considering earlier applications, wherever permitted).

Tracking IFRSInd AS vs. IFRS:Overview of key differences

Issue 9

March 2011
http://www.mca.gov.in/http://www.mca.gov.in/http://www.mca.gov.in/http://www.mca.gov.in/


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Tracking IFRS | Ind AS vs. IFRS: Overview of key differences 2

2. List of Ind AS and corresponding IFRS

2.A. List of near-final exposure drafts of IFRS-converged Indian accounting

standards that have been notified

NotifiedInd AS Title of Ind AS

Corresponding IFRSComparisons

IAS/ IFRS IFRIC SIC

Ind AS 101 First Time Adoption of Indian Accounting

Standards

IFRS 1 - - Refer section 3.1

and Exhibit 1Ind AS 102 Share-based Payments IFRS 2 - - No significant

difference observed

Ind AS 103 Business Combinations IFRS 3 - - Refer section 3.2

Ind AS 104 Insurance Contracts IFRS 4 - - No significantdifference observed

Ind AS 105 Non-current Assets Held for Sale andDiscontinued Operations

IFRS 5 - - No significantdifference observed

Ind AS 107 Financial Instruments: Disclosures IFRS 7 - - Refer section 3.10

Ind AS 108 Operating Segments IFRS 8 - - No significantdifference observed

Ind AS 1 Presentation of Financial Statements IAS 1 - - Refer section 3.3

Ind AS 2 Inventories IAS 2 - - No significantdifference observed

Ind AS 7 Statement of Cash Flows IAS 7 - - Refer section 3.4

Ind AS 8 Accounting Policies, Changes in AccountingEstimates and Errors

IAS 8 - - No significantdifference observed

Ind AS 10 Events after the Reporting Period IAS 10 IFRIC 17 - No significantdifference observed

Ind AS 11 Construction Contracts IAS 11 IFRIC 12, 15 - Refer section 3.5.Also refer Table 2B.

Ind AS 12 Income Taxes IAS 12 - SIC 21,25 No significantdifference observed

Ind AS 16 Property, Plant and Equipment IAS 16 IFRIC 1 - No significantdifference observed

Ind AS 17 Leases IAS 17 IFRIC 4 SIC 15,27 No significantdifference observed.Also refer Table 2B.

Ind AS 18 Revenue IAS 18 IFRIC 13,18 SIC 29,31 No significantdifference observed

Ind AS 19 Employee Benefits IAS 19 IFRIC 14 - Refer section 3.6

Ind AS 20 Accounting for Government Grants andDisclosure of Government Assistance

IAS 20 - SIC 10 Refer section 3.7

Ind AS 21 The Effects of Changes in Foreign ExchangeRates

IAS 21 - - Refer section 3.1.v

Ind AS 23 Borrowing Costs IAS 23 - - No significantdifference observed

Ind AS 24 Related Party Disclosures IAS 24 - - No significantdifference observed

Ind AS 27 Consolidated and Separate FinancialStatements

IAS 27 - SIC 12 Refer section 3.8

Ind AS 28 Investments in Associates IAS 28 - - Refer section 3.8

and section 3.9Ind AS 29 Financial Reporting in Hyperinflationary

EconomiesIAS 29 IFRIC 7 - No significant

difference observed

Ind AS 31 Interests in Joint Ventures IAS 31 - SIC 13 Refer section 3.8

Ind AS 32 Financial Instruments: Presentation IAS 32 - - Refer section 3.10

Ind AS 33 Earnings per Share IAS 33 - - Refer section 3.11

Ind AS 34 Interim Financial Reporting IAS 34 IFRIC 10 - No significantdifference observed

Ind AS 36 Impairment of Assets IAS 36 - - No significantdifference observed

Ind AS 37 Provisions, Contingent Liabilities andContingent Assets

IAS 37 IFRIC 5,6 - No significantdifference observed

Ind AS 38 Intangible Assets IAS 38 - SIC 32 No significantdifference observed

Ind AS 39 Financial Instruments: Recognition andMeasurement

IAS 39 IFRIC9,16,19

- Refer section 3.10

Ind AS 40 Investment Property IAS 40 - - Refer section 3.12


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2.B. List of near-final exposure drafts of IFRS-converged Indian accounting

standards whose notification has been deferred

Ind ASTitle of Ind

AS/ Appendix

Corresponding IFRS

RemarksIAS/IFRS

IFRIC SIC

Ind AS 106 Exploration for andEvaluation of

Mineral Resources

IFRS 6 - - The text of the Ind AS published on MCAswebsite states that Ind AS 106 will be applied

with modification from a date to be notifiedlater on.

Appendix A& B of IndAS 11

ServiceConcessionArrangements

-IFRIC12

-

The text of the Ind AS published on MCAswebsite states that notification of theappendices has been deferred and will beannounced separately.

Appendix Cof Ind AS 17

Determiningwhether anArrangementcontains a Lease

- IFRIC 4 -

The text of the Ind AS published on MCAswebsite states that notification of theappendix has been deferred and will beannounced separately.

2.C. List of IFRS standards for which corresponding Ind AS has not been issued

Title

Corresponding IFRS

RemarksIAS/IFRS

IFRIC SIC

Accounting and Reporting byRetirement Benefit Plans

IAS 26- -

As this standard is not relevant to thecompanies governed by the Act, nocorresponding Ind AS has been issued.

Agriculture IAS 41 - -Due to concerns in assessing fair value in theagricultural sector in India, correspondingInd AS is still under formulation.

Financial Instruments(corresponding to IFRS 9)

IFRS 9 - -As early adoption of IFRS 9 has beenprohibited by ICAI, no corresponding Ind AShas been issued.

Key of terms used in this publication

Act: The Companies Act, 1956

ICAI: the Institute of Chartered Accountants of India

OCI: Other comprehensive income

SOCE: Statement of changes in equity

SOCI: Statement of comprehensive income


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3. Ind AS vs. IFRS: Overview of key differences

3.1. First-time adoption

Particulars Near-final ED Amendments by MCA IFRS

Title of Ind AS/IFRS

Ind AS 101 First-timeadoption of IndianAccounting Standards

Ind AS 101 First-timeadoption of IndianAccounting Standards

IFRS 1 First-time adoption ofInternational FinancialReporting Standards

i. Date oftransition

Entities have to mandatorilytransition as of the beginningdate of financial year on orafter 1 April 2011 and are notrequired to presentcomparative information;however, entities have anoption to presentmemorandum* comparativeinformation based on deemedtransition date as of thebeginning date of immediatelypreceding financial year (on orafter 1 April 2010).

MCA has not amended thedefinition of date of transitionor the option to presentmemorandum comparatives inthe notified Ind AS. However,as the date of implementationof Ind AS has not beennotified, the same could resultin interpretation issues.

For example if implementationdate is notified for financialyears on or after 1 April 2012without amending thedefinition, it could beinterpreted that entities are

effectively required totransition from 1 April 2011 forits financial statements for theyear ending 31 March 2012(first reporting period).

Entities are required to presentcomparatives. The date oftransition is the beginning ofthe earliest period for which anentity presents full comparativeinformation under IFRS in itsfirst IFRS financial statements.

* Note Considerations for compiling memorandum comparatives under Ind AS

Entities electing to provide memorandum comparatives will effectively have two dates of transition. For example,assuming 1 April 2011 as the transition date for entities, with March 31 year-end, electing to provide memorandumcomparatives will have 1 April 2010 as deemed date of transition and 1 April 2011 as the actual date of transition. Forpreparing memorandum comparative Ind AS financial statements, entities shall:

i. apply consistent accounting policies for the first Ind AS financial statements and comparative period; and

ii. apply the optional exemptions consistently as at the date of transition, i.e. beginning date of the financial yearfor which an entity presents financial information under Ind AS and deemed date of transition, i.e. beginningdate of the comparative financial year for which an entity presents financial information under Ind AS.

ii. Additional

comparatives asper previousGAAP

Irrespective of the option

elected for presentation ofmemorandum Ind AScomparatives, the first timeadopter shall present latestcorresponding previousperiods financial statementsprepared as per the previousGAAP (existing Indian GAAP,also refer point iv. for choice ofprevious GAAP). Suchprevious GAAP financialstatements shall bereclassified to the extentpracticable, when presentingits first Ind AS f inancialstatements.

- There is no requirement to

present additionalcomparatives under previousGAAP.


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iii. Choice ofprevious GAAP,and option forentities alreadyfiling IFRSfinancialstatements

It is mandatory for entities toconsider existing Indian GAAPas the previous GAAP (exceptwhen the option to use IFRSfinancial statements is availed)for the purpose of transition toInd AS.

Entities that have filed IFRSfinancial statements withregulatory authorities can electto adopt, the balance sheet sofiled as at the end of theimmediately precedingfinancial year as the openingInd AS balance sheet aftermaking adjustments fordifferences between Ind ASand IFRS. Entities electing thisoption are not permitted toavail first-time adoptionexemptions under Ind AS 101.

The option to consider IFRSbalance sheet as the openingbalance sheet has beeneliminated.

It is not mandatory for entitiesto consider existing IndianGAAP as the previous GAAPfor the purpose of transition toInd AS and can use otherGAAP financial statementsbeing presented by them totransition to Ind AS.

Note Consequent to different requirements for comparative information and date of transition the contents of first Ind AS/IFRS financial statements differ under the Ind AS and IFRS, respectively. Refer Exhibit 1 which illustrates the reportingrequirements in the first financial statements under notified Ind AS and IFRS.

iv. Exemption toconsider previousGAAP carryingvalue of property,plant andequipment (PPE)as deemed cost

Entities have an option to useprevious GAAP carryingvalues of PPE as of 31 March2007 (or relevant dateimmediately preceding datewhere it has a differentfinancial year) as deemed costunder Ind AS. A similarexemption is available forintangible assets andinvestment properties.

Entities have an option to useprevious GAAP carrying valuesof PPE as of the date oftransition as deemed costunder Ind AS. A similarexemption is available forintangible assets andinvestment properties.

There is no exemptionpermitting previous GAAPcarrying value of PPE asdeemed cost under IFRS(except for certain specific oiland gas assets, and rateregulated assets).

v. Exemption forunrealised foreigncurrencyexchange

differences onlong-termmonetary assetsand liabilities

Ind AS 21 provides an optionto recognise unrealisedexchange differences arisingon translation of long-term

monetary assets and liabilitieseither in equity or in profit orloss. If recognised in equity,the amount so accumulatedshall be transferred to profit orloss over the period of maturityof such long-term monetaryitems in an appropriatemanner. The aforesaid optionis irrevocable and, if elected,should be applied for all long-term monetary items.

Accordingly, an exemption onfirst-time adoption has beenadded to provide that theaforesaid option may beexercised prospectively and

such unrealised exchangedifferences on said items maybe deemed to be zero on thedate of transition.

- The unrealised exchangedifferences arising on long -term monetary assets andliabilities are recognised

immediately in profit or loss.

vi. Exemption fromretrospectiveapplication ofeffective interestmethod andimpairmentrequirements

If it is impracticable toretrospectively apply theeffective interest method or theimpairment requirements forfinancial instruments, the fairvalue of the financial asset atthe date of transition shall bethe new amortised cost of thatfinancial asset at the date oftransition.

- There is no exemption fromretrospective application ofeffective interest method orthe impairment requirementsfor financial instruments.


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3.2. Business combinations



Ind AS 103 BusinessCombinations

Ind AS 103 BusinessCombinations

IFRS 3 BusinessCombinations

i. Common controltransactions

Common control transactionsare included in the scope; andadditional guidance isprovided. The additionalguidance provides thatbusiness combinationtransactions between entitiesunder common control shouldbe accounted for using thepooling of interest method.

- Common control transactionsare excluded from the scope.

ii. Gain on bargainpurchase

Gain on bargain purchase isrecognised in OCI andaccumulated in equity ascapital reserve if there is aclear evidence of theunderlying reason forclassification of the businesscombination as a bargain

purchase; otherwise, theresulting gain is recogniseddirectly in equity as capitalreserve.

- Gain on bargain purchase isrecognised in profit or lossafter reassessment of the fairvalue of assets acquired andliabilities assumed.

3.3. Presentation of financial statements



Ind AS 1 Presentation ofFinancial Statements

Ind AS 1 Presentation ofFinancial Statements

IAS 1 Presentation ofFinancial Statements

i. Classification ofexpensesrecognised in profitor loss

Entities should present ananalysis of expensesrecognised in profit or lossusing a classification basedonly on the nature of expense.

- Entities can present ananalysis of expensesrecognised in profit or lossusing either nature, orfunctional classification,whichever provides informationthat is reliable and morerelevant.

ii. Presentation ofSOCI

SOCI is presented only in asingle statement.

- SOCI can be presented eitherin a single statement or twoseparate statements.

3.4. Statement of cash flows


Title of Ind AS/

IFRS

Ind AS 7 Statement of Cash

Flows

Ind AS 7 Statement of Cash

Flows

IAS 7 Statement of Cash

Flowsi. Classification ofinterest anddividends paidand received forentities other thanfinancial institution

Interest and dividends paid isclassified as financing cashflows and interest anddividends received is classifiedas investing cash flows.

- Interest and dividends paidand received shall bedisclosed separately, and eachshall be classified in aconsistent manner from periodto period as operating cashflows, investing cash flows orfinancing cash flows.


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3.5. Construction contracts



Ind AS 11 ConstructionContracts

Ind AS 11 ConstructionContracts

IAS 11 ConstructionContracts;

IFRIC 15 Agreements forConstruction of real Estate

i. Construction ofreal estate Revenue from agreements forconstruction of real-estate isrecognised using percentageof completion without furtherevaluation.

- Revenue from agreements forconstruction of real-estate willgenerally be recognised oncompletion of the contract.Percentage of completionmethod to recognise revenueis applied for such contractsonly if such contracts meet thespecified criteria.

3.6. Employee benefits



Ind AS 19 Employee Benefits Ind AS 19 Employee Benefits IAS 19 Employee Benefits

i. Actuarial gainsand losses forpost-employmentdefined benefitplans and otherlong-termemployee benefitplans

All actuarial gains and lossesfor post-employment definedbenefit plans and other-longterm employment benefit plansare recognised in OCI.

- Actuarial gains and losses fordefined benefit plans can berecognised using one of thefollowing three alternatives: inprofit or loss; or in OCI orusing corridor approach.

Actuarial gains and losses forother-long term employmentbenefit plans are recognised inprofit or loss.

ii. Discount ratefor employeebenefit obligations

Discount rate used to discountemployee benefit obligationsshall be determined byreference to market yields atthe end of the reporting periodon government bonds only.

- Discount rate used to discountemployee benefit obligationsshall be determined byreference to market yields atthe end of the reporting periodon high quality corporate

bonds. In countries, wherethere is no deep market insuch bonds, the market yields(at the end of the reportingperiod) on government bondsshall be used.

3.7. Government grants



Ind AS 20 Accounting forGovernment Grants andDisclosure of GovernmentAssistance

Ind AS 20 Accounting forGovernment Grants andDisclosure of GovernmentAssistance

IAS 20 Accounting forGovernment Grants andDisclosure of GovernmentAssistance

i. Loan fromGovernment at nilor low interestrates

Benefit resulting fromgovernment loan at nil or lowrate of interest is recognisedand measured in accordancewith Ind AS 39 and thedifference between theproceeds from the loan andthe initial carrying value of theloan is recognised asgovernment grant.

- Benefit resulting fromgovernment loan at nil or lowrate of interest is recognisedand measured in accordancewith IAS 39 FinancialInstruments: Recognition andMeasurementand thedifference between theproceeds from the loan andthe initial carrying value of theloan is recognised asgovernment grant.

ii. Non-monetarygrants

Grants are recognised only attheir fair value.

- Grants can be recognisedeither at their fair value or atnominal value.

iii. Presentation ofgrant relatedassets

Grant related assets arepresented only by setting upthe grant as deferred income.

- Grant related assets can bepresented either by setting upthe grant as deferred incomeor by deducting the grant inarriving at the carrying amountof the asset.


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3.8. Consolidation, proportionate consolidation and equity method of accounting



Ind AS 27 Consolidated andSeparate FinancialStatements

Ind AS 28 Investments inAssociates*

Ind AS 31 Investments inJoint Ventures*

Ind AS 27 Consolidated andSeparate FinancialStatements

Ind AS 28 Investments inAssociates*

Ind AS 31 Investments inJoint Ventures*

IAS 27 Consolidated andSeparate FinancialStatements

IAS 28 Investments inAssociates

IAS 31 Investments in JointVentures

i. Presentation ofconsolidatedfinancialstatements

Ind AS does not mandatepresentation of consolidatedfinancial statements asrequirements to presentconsolidated or separatefinancial statements isregulated by governing statutesin India.

- Presentation of consolidatedfinancial statements ismandatory subject to limitedexceptions.

* Note Investments in associates and joint ventures

Similar to amendments in Ind AS 27, Ind AS 28 and Ind AS 31 do not discuss the applicability/exemption of/fromrequirements of the said accounting standards, respectively, as the same is regulated by the governing statutes in India.

3.9. Investments in associates



Ind AS 28 Investments inAssociates

Ind AS 28 Investments inAssociates

IAS 28 Investments inAssociates

i. Uniformaccountingpolicies

Ind AS provides an exemptionfrom the use of uniformaccounting policies for liketransactions and events insimilar circumstance if it isimpracticable to do so.

- The investors financialstatements should be preparedusing uniform accountingpolicies for like transactionsand events in similarcircumstances.

ii. Gain on bargainpurchase

Gain on bargain purchase onacquisition of investment inassociates should berecognised in capital reserve.

- Gain on bargain purchase onacquisition of investment inassociates should berecognised in profit or loss.


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3.10. Financial instruments



Ind AS 39 FinancialInstruments: Recognition andMeasurement;

Ind AS 32 FinancialInstruments: Presentation;

Ind AS 107 FinancialInstruments: Disclosures

Ind AS 39 FinancialInstruments: Recognition andMeasurement;

Ind AS 32 FinancialInstruments: Presentation;

Ind AS 107 FinancialInstruments: Disclosures

IAS 39 Financial Instruments:Recognition andMeasurement;

IAS 32 Financial Instruments:Presentation;

IFRS 7 Financial Instruments:Disclosures

i. Conversionoption embeddedin foreigncurrencyconvertible bonds

Conversion option to acquirefixed number of equity sharesfor fixed amount of cash in anycurrency (entitys functionalcurrency or foreign currency) istreated as equity andaccordingly is not required tobe remeasured at fair value atevery reporting date.

- Conversion option to acquirefixed number of equity sharesfor fixed amount of cash inentitys functional currency onlyis treated as equity. Thus, aconversion option embedded inforeign currency convertiblebonds is treated as embeddedderivative, and accordingly fairvalued through profit or loss atevery reporting period end.

ii. Changes in fairvalue of financialliabilities due tochanges in creditrisk

In determining the fair value ofthe financial liabilitiesdesignated at fair valuethrough profit or loss uponinitial recognition, any changein fair value due to changes inthe entitys own credit risk areignored.

- In determining the fair value ofthe financial liabilitiesdesignated at fair valuethrough profit or loss uponinitial recognition, any changein fair value due to changes inthe entitys own credit risk areconsidered.

3.11. Earnings per share



Ind AS 33 Earnings perShare

Ind AS 33 Earnings per Share IAS 33 Earnings per Share

i. Presentation ofearnings per

share (EPS)

EPS is required to bepresented in both,

consolidated as well asseparate financial statements.

- When an entity presents bothconsolidated financial

statements and separatefinancial statements, EPS isrequired to be presented only inthe consolidated financialstatements. An entity maydisclose EPS in its separatefinancial statements voluntarily.

3.12. Investment property



Ind AS 40 InvestmentProperty

Ind AS 40 InvestmentProperty

IAS 40 Investment Property

i. Measurement

after initialrecognition

Investment properties are

measured using only costmodel.

- Investment properties can be

measured using either costmodel or fair value model.


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Exhibit 1

List of reporting requirements for Indian entities for the year 2011-12 (assuming year ends

31 March)

Particulars Notified Ind AS Under IFRS**

Comparative option elected

for Ind AS

Entities adopting

Ind AS withoutmemorandum Ind AScomparatives*

(assuming first Ind ASreporting period is the yearending on 31 March 2012i.e. transition date 1 April2011)

Entities adopting Ind ASwith memorandum Ind AScomparatives*

(assuming first Ind ASreporting period is the yearending on 31 March 2012i.e. transition date 1 April2011 and deemed transitiondate 1 April 2010)

Entities adopting IFRS


1. Financial statements requirements

Ind AS/ IFRS** financial statements for 2011-12 comprising of:

1. Balance sheet as at andSOCE for the year ended 31March 2012

(with memorandumcomparatives*)

(with comparatives)

2. Statement of profit and loss(total comprehensive income)for the year ended 31 March2012


(with comparatives)

3. Statement of cash flows forthe year ended 31 March 2012

(with memorandum

comparatives*)

(with comparatives)

4. Related notes to accountsfor the year ended 31 March2012


(with comparatives)

5. Opening Ind AS/ IFRS**balance sheet on the date oftransition

(as of 1 April 2011)



6. Memorandum* opening IndAS balance sheet on thedeemed date of transition i.e.

1 April 2010

n/a n/a

7. Reclassified, to the extentpracticable, financialstatements as per previousGAAP for the previous year(i.e. balance sheet, SOCE,statement of profit and loss,statement of cash flows andrelated notes for the yearended 31 March 2011)

x


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for Ind AS

Entities adopting







2. Reconciliations requirements/ explanation of transition to Ind AS/ IFRS**

2.1. Equity reconciliations

1. Reconciliation of equityreported in accordance withInd AS/ IFRS** to equity underprevious GAAP on the date oftransition




2. Reconciliation of equityreported in accordance withInd AS to equity underprevious GAAP on thedeemed date of transition***

x (as of 1 April 2010)

x

3. Reconciliation of equity inaccordance with Ind AS/IFRS** as at the end of thecomparative period presented(i.e. as at 31 March 2011) toits equity reported inaccordance with previousGAAP

x (as of 31 March 2011 basedon memorandumcomparatives*)

2.2. Income reconciliations

1. Significant differencesbetween previous GAAP andInd AS in respect of totalcomprehensive income/ profitor loss for the year ended 31March 2012 (for this purpose,the entity assumes that theprevious GAAP would havecontinued to be applied foryear ended 31 March 2012)

(for the year ended 31March 2012)

X x

2. Reconciliation of totalcomprehensive income inaccordance with Ind AScompiled on a memorandumbasis to total comprehensiveincome/ profit or loss inaccordance with previousGAAP for the comparativeperiod (i.e. for the year ended31 March 2011)

x (for the year ended 31March 2011)

x


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for Ind AS

Entities adopting







3. Reconciliation of totalcomprehensive income for theyear ended 31 March 2011under Ind AS/ IFRS** with thetotal comprehensive income/profit and loss for the yearended 31 March 2011 underthe previous GAAP

x x (for the year ended 31March 2011)

* Assuming first Ind AS reporting period is the year ending on 31 March 2012, memorandum previous year comparativesunder Ind AS would mean memorandum financial statements for the year ended 31 March 2011, with deemed transitiondate of 1 April 2010. The memorandum comparatives are only for presentation purpose.

** Considering if the reporting entity first time adopts IFRS as issued by IASB as its financial reporting framework for thereporting period ending on 31 March 2012.

*** Near-final ED did not include this requirement and the same been added by MCA at the time of notification of IndAS.


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Contacts

For more information, please contact:

Ritesh Sanyal

Senior Director

Deloitte Touche Tohmatsu India

Private Limited

+91 80 6627 6111

[email protected]

Yogesh Sharma

Director

Deloitte Touche Tohmatsu India

Private Limited

+91 80 6627 6120

[email protected]

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