8/13/2019 43 Overview of Ind as 1201
1/97
www.caaa.in 1
Overview of IndianOverview of Indian
Accounting StandardsAccounting Standards((Ind ASInd AS))
CA Rajkumar S AdukiaCA Rajkumar S Adukia
B.Com (Hons), FCA, ACS, ACWA, LLB, DIPR, DLLB.Com (Hons), FCA, ACS, ACWA, LLB, DIPR, DLL&LP, IFRS(UK), MBA&LP, IFRS(UK), MBA
emai i!"emai i!" $a%'ma$$a!'iacaaa.in$a
%'ma$$a!'iacaaa.in
Mo" *+-**1*/+0*+-*1*/+Mo" *+-**1*/+0*+-*1*/+
2o $ecei3e $e4'a$ '5!a6es in!7 sen! 6es6 emai 6o "
$a%'ma$8ca9s'sc$ie7a:oo4$o'5s.com&
$a%'ma$8ca;s'sc$ie4oo4e4$o'5s.com
8/13/2019 43 Overview of Ind as 1201
2/97
www.caaa.in
2:e nee! 6o now Acco'n6in42:e nee! 6o now Acco'n6in4
S6an!a$!sS6an!a$!sA'!i6o$ nee!s 6o now 6:e acco'n6in4A'!i6o$ nee!s 6o now 6:e acco'n6in4
5$o4$ess5$o4$ess
Acco'n6in4 is 'n!e$4oin4 c:an4e in In!iaAcco'n6in4 is 'n!e$4oin4 c:an4e in In!iaas 5e$ 4oa 8inancia $e5o$6in4.as 5e$ 4oa 8inancia $e5o$6in4.
W:a6 is acco'n6in4 s6an!a$!s 9 s6an!a$!sW:a6 is acco'n6in4 s6an!a$!s 9 s6an!a$!s
o8 acco'n6in4o8 acco'n6in4
Acco'n6in4 is a an4'a4e 6o $eco$!Acco'n6in4 is a an4'a4e 6o $eco$!
mone6a$7 6$ansac6ions in6o acco'n6in4mone6a$7 6$ansac6ions in6o acco'n6in4
en6$ies an! 8ina7 8inancia s6a6emen6sen6$ies an! 8ina7 8inancia s6a6emen6s-
8/13/2019 43 Overview of Ind as 1201
3/97
www.caaa.in
Acco'n6in4Acco'n6in4
Acco'n6in4 consis6s o8 6wo 6:in4s S7s6emsAcco'n6in4 consis6s o8 6wo 6:in4s S7s6ems
an! Me6:o!san! Me6:o!s
S7s6ems a$e o8 6wo 675es 9 Sin4e en6$7S7s6ems a$e o8 6wo 675es 9 Sin4e en6$7oo ee5in40!o'e en6$7 oo ee5in4oo ee5in40!o'e en6$7 oo ee5in4
Me6:o! o8 Acco'n6in4 9 Cas:, Acc$'a,Me6:o! o8 Acco'n6in4 9 Cas:, Acc$'a,
Mi
8/13/2019 43 Overview of Ind as 1201
4/97
www.caaa.in
P$inci5es o8 acco'n6in4P$inci5es o8 acco'n6in4
A acco'n6 :ea!s :a3e 6o 8a in 675esA acco'n6 :ea!s :a3e 6o 8a in 675es
Pe$sona, Rea an! ?ominaPe$sona, Rea an! ?omina
@o!en R'es@o!en R'es Pe$sona 9Dei6 6:e Recei3e$ , C$e!i6 6:ePe$sona 9Dei6 6:e Recei3e$ , C$e!i6 6:e
@i3e$@i3e$
Rea 9Dei6 w:a6 comes in, C$e!i6 w:a6 4oesRea 9Dei6 w:a6 comes in, C$e!i6 w:a6 4oes
o'6o'6
?omina 9Dei6 a e
8/13/2019 43 Overview of Ind as 1201
5/97
www.caaa.in
How 6o ea$n ?ew In! AsHow 6o ea$n ?ew In! As
e88ec6i3e7e88ec6i3e7 Unea$n w:a6 we :a3e ea$ne! so 8a$Unea$n w:a6 we :a3e ea$ne! so 8a$
A557 !o'e en6$7 oo ee5in4A557 !o'e en6$7 oo ee5in4
5$inci5es an! 'n!e$s6an! %o'$na en6$ies5$inci5es an! 'n!e$s6an! %o'$na en6$ies
8o$ eac: 6$ansac6ion8o$ eac: 6$ansac6ion
Lea$n new 6e$minoo47 8o$ acco'n6 :ea!sLea$n new 6e$minoo47 8o$ acco'n6 :ea!s
Lea$n 8$om mae$ o$i4ina so'$ceLea$n 8$om mae$ o$i4ina so'$ce
8/13/2019 43 Overview of Ind as 1201
6/97
www.caaa.in
Few $ee3an6 wesi6esFew $ee3an6 wesi6es
www.i8$s.o$4www.i8$s.o$4
www.mca.4o3.inwww.mca.4o3.in
www.icai.o$4www.icai.o$4 www.i8ac.o$4www.i8ac.o$405'ic05'icsec6o$sec6o$
www.4as.o$4www.4as.o$4&& www.8as.o$4www.8as.o$4o8 USAo8 USA
8/13/2019 43 Overview of Ind as 1201
7/97
8/13/2019 43 Overview of Ind as 1201
8/97
www.caaa.in
a$io's se6s o8 Acco'n6in4a$io's se6s o8 Acco'n6in4
S6an!a$!sS6an!a$!s M'6i5e acco'n6in4 s6an!a$!sM'6i5e acco'n6in4 s6an!a$!s
Com5anies (Acco'n6in4 S6an!a$!s)Com5anies (Acco'n6in4 S6an!a$!s)
R'es,-**R'es,-**
Acco'n6in4 s6an!a$!s Un!e$ sec6ion 1/Acco'n6in4 s6an!a$!s Un!e$ sec6ion 1/
o8 Income 6a< Ac6 1+1o8 Income 6a< Ac6 1+1
Acco'n6in4 s6an!a$!s 8o$ oca o!iesAcco'n6in4 s6an!a$!s 8o$ oca o!iesiss'e! 7 ICAIiss'e! 7 ICAI
@ASAB S6an!a$!s9I@AS91 simia$ 6o@ASAB S6an!a$!s9I@AS91 simia$ 6o
IPSASIPSAS
8/13/2019 43 Overview of Ind as 1201
9/97
www.caaa.in
?ew 2e$minoo4ies?ew 2e$minoo4ies
2an4ie 8i'i679 S:a$e Ca5i6a , 5's Rese$3es &=>'i679 S:a$e Ca5i6a , 5's Rese$3es &S'$5'sS'$5's
B'siness Comina6ions9 w:en con6$o o8B'siness Comina6ions9 w:en con6$o o8
'siness is 6:e$e'siness is 6:e$e +
8/13/2019 43 Overview of Ind as 1201
10/97
www.caaa.in
?ew 2e$minoo4ies?ew 2e$minoo4ies
Financia Ins6$'men6s 8o$ a 8inanciaFinancia Ins6$'men6s 8o$ a 8inancia
asse6s9 Recei3aes, In3es6men6s inasse6s9 Recei3aes, In3es6men6s in
s:a$es, !een6'$es e6c.s:a$es, !een6'$es e6c.
S:a$e ase! Pa7men6S:a$e ase! Pa7men6
Im5ai$men6Im5ai$men6
Unwin!in4 o8 in6e$es69 5$esen6 3a'eUnwin!in4 o8 in6e$es69 5$esen6 3a'e Some conce56s a$e no6 6:e$e in newSome conce56s a$e no6 6:e$e in new
s7s6ems7s6em
1*
8/13/2019 43 Overview of Ind as 1201
11/97
8/13/2019 43 Overview of Ind as 1201
12/97
www.caaa.in
In! ASIn! AS
S6an!a$!s a$e no6 com5$e:ensi3e an!S6an!a$!s a$e no6 com5$e:ensi3e an!
!oes no6 co3e$ a mone7 6$ansac6ions!oes no6 co3e$ a mone7 6$ansac6ions
2:e Conce56'a F$amewo$ 8o$ Financia2:e Conce56'a F$amewo$ 8o$ Financia
Re5o$6in4Re5o$6in4
=emen6s o8 8inancia s6a6emen6s=emen6s o8 8inancia s6a6emen6s
Asse6s , Liaii6ies, =>'i67, Income an!Asse6s , Liaii6ies, =>'i67, Income an!=
8/13/2019 43 Overview of Ind as 1201
13/97
www.caaa.in
Com5onen6s o8 FinanciaCom5onen6s o8 Financia
S6a6emen6sS6a6emen6s
Baance s:ee6( inc'!es accom5an7in4Baance s:ee6( inc'!es accom5an7in4
s6a6emen6 o8 c:an4es in =>'i67)s6a6emen6 o8 c:an4es in =>'i67)
S6a6emen6 o8 5$o8i6 an! ossS6a6emen6 o8 5$o8i6 an! oss
S6a6emen6 o8 Cas: 8owsS6a6emen6 o8 Cas: 8ows
?o6es?o6es
I? SEM= CAS=S9 Baance S:ee6 a6 6:eI? SEM= CAS=S9 Baance S:ee6 a6 6:ee4innin4 o8 =a$ies6 Re5o$6in4 5e$io!e4innin4 o8 =a$ies6 Re5o$6in4 5e$io!
1
8/13/2019 43 Overview of Ind as 1201
14/97
www.caaa.in
W:7 Acco'n6in4 S6an!a$!s W:7 Acco'n6in4 S6an!a$!s
Asse6s ma7 e !ei6e! 6o e
8/13/2019 43 Overview of Ind as 1201
15/97
www.caaa.in
His6o$7 o8 Acco'n6in4His6o$7 o8 Acco'n6in4
E6:e$ co'n6$ies s6a$6e! main4 6:ei$ ownE6:e$ co'n6$ies s6a$6e! main4 6:ei$ own
s6an!a$!s UK, A's6$aia e6c.s6an!a$!s UK, A's6$aia e6c.
1+ commi66ee on acco'n6in4 (a6 wo$!1+ commi66ee on acco'n6in4 (a6 wo$!
e3e)e3e)
1+ In6e$na6iona Acco'n6in4 S6an!a$!s1+ In6e$na6iona Acco'n6in4 S6an!a$!s
Commi66eeCommi66ee
-**1 IFRS Fo'n!a6ion an! IASB-**1 IFRS Fo'n!a6ion an! IASB
1
8/13/2019 43 Overview of Ind as 1201
16/97
www.caaa.in
?ew P$inci5es?ew P$inci5es
Un6i now ++G o8 6$ansac6ions we$e a6Un6i now ++G o8 6$ansac6ions we$e a6
:is6o$ica cos6 e
8/13/2019 43 Overview of Ind as 1201
17/97
www.caaa.in
Few =
8/13/2019 43 Overview of Ind as 1201
18/97
www.caaa.in
Few =
8/13/2019 43 Overview of Ind as 1201
19/97
www.caaa.in 1+
What is Ind AS?What is Ind AS?
Indian Accounting StandardsIndian Accounting Standards, a$e3ia6e! as, a$e3ia6e! as
Ind ASInd ASa$ea$e
A se6 o8 acco'n6in4 s6an!a$!s no6i8ie! 7 6:eA se6 o8 acco'n6in4 s6an!a$!s no6i8ie! 7 6:e
Minis6$7 o8 Co$5o$a6e A88ai$sMinis6$7 o8 Co$5o$a6e A88ai$s Con3e$4e! wi6: In6e$na6iona Financia Re5o$6in4Con3e$4e! wi6: In6e$na6iona Financia Re5o$6in4
S6an!a$!s (IFRS).S6an!a$!s (IFRS).
2:ese acco'n6in4 s6an!a$!s a$e 8o$m'a6e! 72:ese acco'n6in4 s6an!a$!s a$e 8o$m'a6e! 7Acco'n6in4 S6an!a$!s Boa$! (ASB) o8 Ins6i6'6eAcco'n6in4 S6an!a$!s Boa$! (ASB) o8 Ins6i6'6e
o8 C:a$6e$e! Acco'n6an6s o8 In!ia.o8 C:a$6e$e! Acco'n6an6s o8 In!ia.
8/13/2019 43 Overview of Ind as 1201
20/97
www.caaa.in -*
What is IFRS?What is IFRS? IFRSs $e8e$s 6o 6:e en6i$e o!7 o8 IASBIFRSs $e8e$s 6o 6:e en6i$e o!7 o8 IASB
5$ono'ncemen6s, inc'!in4 s6an!a$!s an!5$ono'ncemen6s, inc'!in4 s6an!a$!s an!in6e$5$e6a6ions a55$o3e! 7 6:e IASB an! IASsin6e$5$e6a6ions a55$o3e! 7 6:e IASB an! IASsan! SIC in6e$5$e6a6ions a55$o3e! 7 6:ean! SIC in6e$5$e6a6ions a55$o3e! 7 6:e5$e!ecesso$ In6e$na6iona Acco'n6in4 S6an!a$!s5$e!ecesso$ In6e$na6iona Acco'n6in4 S6an!a$!sCommi66eeCommi66ee
IFRSIFRS
IASIAS SIC In6e$5$e6a6ionsSIC In6e$5$e6a6ions
IFRIC In6e$5$e6a6ionsIFRIC In6e$5$e6a6ions
8/13/2019 43 Overview of Ind as 1201
21/97
www.caaa.in -1
In6e$na6iona Financia Re5o$6in4In6e$na6iona Financia Re5o$6in4
S6an!a$!s 9 IFRSS6an!a$!s 9 IFRSThe IFRS StandardsThe IFRS Standards
2wo se6s o8 IFRS s6an!a$!s :a3e een iss'e!2wo se6s o8 IFRS s6an!a$!s :a3e een iss'e! IFRSIFRS IFRS for SMsIFRS for SMs( Sma an! Me!i'm =n6e$5$ises)( Sma an! Me!i'm =n6e$5$ises)
9$eease! on +6: '7 -**+9$eease! on +6: '7 -**+
TOTA! "#M$R OF IFRSTOTA! "#M$R OF IFRS
2o6a n'me$ o8 IFRS (w e 8 1s6 an'a$7 -*1) 2o6a n'me$ o8 IFRS (w e 8 1s6 an'a$7 -*1) IFRS 1IFRS 1 IAS -IAS - IFRIC 1IFRIC 1 SIC +SIC +
8/13/2019 43 Overview of Ind as 1201
22/97
www.caaa.in
List of IFRS
8/13/2019 43 Overview of Ind as 1201
23/97
www.caaa.in
IFRSs9IFRSsIFRSs9IFRSs
S.?oS.?o IFRSIFRS ?ame o8 6:e S6an!a$!?ame o8 6:e S6an!a$!
11 IFRS 1IFRS 1 Fi$s6 6ime A!o56ion o8 In6e$na6ionaFi$s6 6ime A!o56ion o8 In6e$na6ionaFinancia Re5o$6in4 S6an!a$!sFinancia Re5o$6in4 S6an!a$!s
-- IFRS -IFRS - S:a$e9ase! Pa7men6S:a$e9ase! Pa7men6
IFRS IFRS B'siness Comina6ionsB'siness Comina6ions
// IFRS /IFRS / Ins'$ance Con6$ac6sIns'$ance Con6$ac6s
IFRS IFRS ?on9c'$$en6 Asse6s He! 8o$ Sae an!?on9c'$$en6 Asse6s He! 8o$ Sae an!Discon6in'e! E5e$a6ionsDiscon6in'e! E5e$a6ions
IFRS IFRS =
8/13/2019 43 Overview of Ind as 1201
24/97
www.caaa.in
IFRSs9IFRSs (con6!)IFRSs9IFRSs (con6!)
S.?oS.?o IFRSIFRS ?ame o8 6:e S6an!a$!?ame o8 6:e S6an!a$!
IFRS IFRS E5e$a6in4 Se4men6sE5e$a6in4 Se4men6s
++ IFRS +IFRS + Financia Ins6$'men6s (Financia Ins6$'men6s ( 2:is s6an!a$! wi $e5ace2:is s6an!a$! wi $e5aceIAS + Financia Ins6$'men6s" Reco4ni6ion an!IAS + Financia Ins6$'men6s" Reco4ni6ion an!
Meas'$emen6 on ein4 '5!a6e! com5e6e7)Meas'$emen6 on ein4 '5!a6e! com5e6e7)
1*1* IFRS 1*IFRS 1* Consoi!a6e! Financia S6a6emen6sConsoi!a6e! Financia S6a6emen6s
1111 IFRS 11IFRS 11 oin6 A$$an4emen6soin6 A$$an4emen6s
1-1- IFRS 1-IFRS 1- Discos'$e o8 In6e$es6s in E6:e$ =n6i6iesDiscos'$e o8 In6e$es6s in E6:e$ =n6i6ies
11 IFRS 1IFRS 1 Fai$ a'e Meas'$emen6Fai$ a'e Meas'$emen6
8/13/2019 43 Overview of Ind as 1201
25/97
www.caaa.in
IFRSs IASIFRSs IAS
S.?oS.?o IASIAS ?ame o8 6:e S6an!a$!?ame o8 6:e S6an!a$!
11 IAS 1IAS 1 P$esen6a6ion o8 Financia S6a6emen6sP$esen6a6ion o8 Financia S6a6emen6s
-- IAS -IAS - In3en6o$iesIn3en6o$ies
IAS IAS S6a6emen6 o8 Cas: FowsS6a6emen6 o8 Cas: Fows
// IAS IAS Acco'n6in4 Poicies, C:an4es in Acco'n6in4Acco'n6in4 Poicies, C:an4es in Acco'n6in4=s6ima6es an! =$$o$s=s6ima6es an! =$$o$s
IAS 1*IAS 1* =3en6s A86e$ 6:e Re5o$6in4 Pe$io!=3en6s A86e$ 6:e Re5o$6in4 Pe$io!
IAS 11IAS 11 Cons6$'c6ion Con6$ac6sCons6$'c6ion Con6$ac6s
IAS 1-IAS 1- Income 2a
8/13/2019 43 Overview of Ind as 1201
26/97
www.caaa.in
IFRSs IASs (con6!)IFRSs IASs (con6!) IAS 1IAS 1 P$o5e$67, Pan6 an! =>'i5men6P$o5e$67, Pan6 an! =>'i5men6
++ IAS 1IAS 1 LeasesLeases
1*1* IAS 1IAS 1 Re3en'eRe3en'e
1111 IAS 1+IAS 1+ =m5o7ee Bene8i6s=m5o7ee Bene8i6s
1-1- IAS -*IAS -* Acco'n6in4 8o$ @o3e$nmen6 @$an6s an!Acco'n6in4 8o$ @o3e$nmen6 @$an6s an!Discos'$e o8 @o3e$nmen6 Assis6anceDiscos'$e o8 @o3e$nmen6 Assis6ance
11 IAS -1IAS -1 2:e =88ec6s o8 C:an4es in Fo$ei4n =
8/13/2019 43 Overview of Ind as 1201
27/97
www.caaa.in
IFRSs IAS ( con6!)IFRSs IAS ( con6!)11 IAS-IAS- Acco'n6in4 an! Re5o$6in4 7 Re6i$emen6 Bene8i6Acco'n6in4 an! Re5o$6in4 7 Re6i$emen6 Bene8i6
PansPans
11 IAS-IAS- Se5a$a6e Financia S6a6emen6sSe5a$a6e Financia S6a6emen6s
11 IAS-IAS- In3es6men6s in Associa6es an! oin6 en6'$esIn3es6men6s in Associa6es an! oin6 en6'$es
1+1+ IAS-+IAS-+ Financia Re5o$6in4 in H75e$in8a6iona$7Financia Re5o$6in4 in H75e$in8a6iona$7=conomies=conomies
-*-* IAS-IAS- Financia Ins6$'men6s" P$esen6a6ionFinancia Ins6$'men6s" P$esen6a6ion
-1-1 IASIAS =a$nin4s Pe$ S:a$e=a$nin4s Pe$ S:a$e
---- IAS/IAS/ In6e$im Financia Re5o$6in4In6e$im Financia Re5o$6in4
-- IASIAS Im5ai$men6 o8 Asse6sIm5ai$men6 o8 Asse6s
8/13/2019 43 Overview of Ind as 1201
28/97
www.caaa.in
IFRSs IAS ( con6!)IFRSs IAS ( con6!)-/-/ IASIAS
P$o3isions, Con6in4en6 Liaii6ies an! Con6in4en6P$o3isions, Con6in4en6 Liaii6ies an! Con6in4en6Asse6sAsse6s
-- IASIAS
In6an4ie Asse6sIn6an4ie Asse6s
-- IASIAS++
Financia Ins6$'men6s" Reco4ni6ion an!Financia Ins6$'men6s" Reco4ni6ion an!Meas'$emen6Meas'$emen6
-- IASIAS
/*/*
In3es6men6 P$o5e$67In3es6men6 P$o5e$67
-- IASIAS/1/1
A4$ic'6'$eA4$ic'6'$e
IFRS Li 6 8 IFRICIFRS Li 6 8 IFRIC
8/13/2019 43 Overview of Ind as 1201
29/97
www.caaa.in
IFRSs9Lis6 o8 IFRICIFRSs9Lis6 o8 IFRIC
In6e$5$e6a6ionsJJ.In6e$5$e6a6ionsJJ.11 IFRIC 1IFRIC 1 C:an4es in =
8/13/2019 43 Overview of Ind as 1201
30/97
www.caaa.in
s9 s os9 s oIn6e$5$e6a6ions.In6e$5$e6a6ions.
IFRIC1-IFRIC1- Se$3ice Concession A$$an4emen6sSe$3ice Concession A$$an4emen6s
++ IFRIC1IFRIC1 C's6ome$ Lo7a67 P$o4$ammesC's6ome$ Lo7a67 P$o4$ammes
1*1* IFRIC1/IFRIC1/ IAS 1+9 2:e Limi6 on a De8ine! Bene8i6 Asse6,IAS 1+9 2:e Limi6 on a De8ine! Bene8i6 Asse6,Minim'm F'n!in4 Re>'i$emen6 an! 6:ei$Minim'm F'n!in4 Re>'i$emen6 an! 6:ei$In6e$ac6ionIn6e$ac6ion
1111 IFRIC1IFRIC1 A4$eemen6s 8o$ 6:e Cons6$'c6ion o8 ReaA4$eemen6s 8o$ 6:e Cons6$'c6ion o8 Rea=s6a6e=s6a6e
1-1- IFRIC1IFRIC1 He!4es o8 a ?e6 In3es6men6 in a Fo$ei4nHe!4es o8 a ?e6 In3es6men6 in a Fo$ei4nE5e$a6ionE5e$a6ion
11 IFRIC1IFRIC1 Dis6$i'6ion o8 ?on Cas: asse6s 6o owne$sDis6$i'6ion o8 ?on Cas: asse6s 6o owne$s
1/1/ IFRIC1IFRIC1 2$ans8e$ o8 asse6s 8$om c's6ome$s2$ans8e$ o8 asse6s 8$om c's6ome$s
11 IFRIC1+IFRIC1+ =
8/13/2019 43 Overview of Ind as 1201
31/97
www.caaa.in
IFRSs9Lis6 o8 SICIFRSs9Lis6 o8 SIC
In6e$5$e6a6ions..In6e$5$e6a6ions..11 SIC SIC In6$o!'c6ion o8 6:e =UREIn6$o!'c6ion o8 6:e =URE
-- SIC 1*SIC 1* @o3e$nmen6 Assis6ance9 ?o S5eci8ic Rea6ion 6o@o3e$nmen6 Assis6ance9 ?o S5eci8ic Rea6ion 6oE5e$a6in4 Ac6i3i6iesE5e$a6in4 Ac6i3i6ies
SIC 1SIC 1 E5e$a6in4 Lease9 Incen6i3esE5e$a6in4 Lease9 Incen6i3es
// SIC -1SIC -1 Income 2a
8/13/2019 43 Overview of Ind as 1201
32/97
www.caaa.in -
IFRS 8o$ SM=sIFRS 8o$ SM=s
En + '7 -**+, 6:e IASB iss'e! 6:eEn + '7 -**+, 6:e IASB iss'e! 6:e IFRS for SMEsIFRS for SMEs..
2:is is 6:e 8i$s6 se6 o8 in6e$na6iona acco'n6in42:is is 6:e 8i$s6 se6 o8 in6e$na6iona acco'n6in4
$e>'i$emen6s !e3eo5e! s5eci8ica7 8o$ sma an!$e>'i$emen6s !e3eo5e! s5eci8ica7 8o$ sma an!
me!i'm9sie! en6i6ies (SM=s).me!i'm9sie! en6i6ies (SM=s).
I6 :as een 5$e5a$e! on IFRS 8o'n!a6ions '6 is aI6 :as een 5$e5a$e! on IFRS 8o'n!a6ions '6 is a
s6an!9aone 5$o!'c6 6:a6 is se5a$a6e 8$om 6:e 8' se6 o8s6an!9aone 5$o!'c6 6:a6 is se5a$a6e 8$om 6:e 8' se6 o8
In6e$na6iona Financia Re5o$6in4 S6an!a$!s (IFRSs).In6e$na6iona Financia Re5o$6in4 S6an!a$!s (IFRSs).
2:e2:e IFRS for SMEsIFRS for SMEs:as sim5i8ica6ions 6:a6 $e8ec6 6:e:as sim5i8ica6ions 6:a6 $e8ec6 6:e
nee!s o8 'se$s o8 SM=s 8inancia s6a6emen6s an! cos69nee!s o8 'se$s o8 SM=s 8inancia s6a6emen6s an! cos69
ene8i6 consi!e$a6ions.ene8i6 consi!e$a6ions.
8/13/2019 43 Overview of Ind as 1201
33/97
www.caaa.in
Ma%o$ 5$inci5es o8 IFRSsMa%o$ 5$inci5es o8 IFRSsT%&e of asset ' (ia)i(it%T%&e of asset ' (ia)i(it% Initia( MeasurementInitia( Measurement Su)se*uent measurementSu)se*uent measurement
In3en6o$iesIn3en6o$ies Cos6Cos6 Lowe$ o8 cos6 an! ne6Lowe$ o8 cos6 an! ne6$eaiae 3a'e$eaiae 3a'e
P$o5e$67, Pan6 an!P$o5e$67, Pan6 an!=>'i5men6=>'i5men6
Cos6Cos6 Cos6 mo!e o$ $e3a'a6ionCos6 mo!e o$ $e3a'a6ionmo!emo!e
In3es6men6 5$o5e$67In3es6men6 5$o5e$67 Cos6Cos6 Fai$ 3a'e mo!e o$ cos6Fai$ 3a'e mo!e o$ cos6mo!emo!e
In6an4ie asse6sIn6an4ie asse6s Cos6Cos6 Cos6 mo!e o$ $e3a'a6ionCos6 mo!e o$ $e3a'a6ionmo!emo!e
=
8/13/2019 43 Overview of Ind as 1201
34/97
www.caaa.in /
Meas'$emen6 o8 FinanciaMeas'$emen6 o8 Financia
Asse6sAsse6s"ature of Financia("ature of Financia(
AssetsAssetsInitia( recognitionInitia( recognition Su)se*uentSu)se*uent
measurementmeasurement
He! 8o$ 6$a!in4He! 8o$ 6$a!in4 A6 8ai$ 3a'eA6 8ai$ 3a'e A6 8ai$ 3a'e (6:$o'4:A6 8ai$ 3a'e (6:$o'4:5$o8i6 o$ oss)5$o8i6 o$ oss)
A3aiae 8o$ saeA3aiae 8o$ sae A6 8ai$ 3a'e 5's !i$ec67A6 8ai$ 3a'e 5's !i$ec67
a66$i'6ae 6$ansac6iona66$i'6ae 6$ansac6ioncos6scos6s
A6 8ai$ 3a'e(6:$o'4:A6 8ai$ 3a'e(6:$o'4:
e>'i67)e>'i67)
He! 6o ma6'$i67He! 6o ma6'$i67 A6 8ai$ 3a'e 5's !i$ec67A6 8ai$ 3a'e 5's !i$ec67a66$i'6ae 6$ansac6iona66$i'6ae 6$ansac6ioncos6scos6s
A6 amo$6ise! cos6A6 amo$6ise! cos6
Loans an! Recei3aesLoans an! Recei3aes A6 8ai$ 3a'e 5's !i$ec67A6 8ai$ 3a'e 5's !i$ec67a66$i'6ae 6$ansac6iona66$i'6ae 6$ansac6ioncos6scos6s
A6 amo$6ise! cos6A6 amo$6ise! cos6
M 6 8 Fi i Meas'$emen6 o8 Financia
8/13/2019 43 Overview of Ind as 1201
35/97
www.caaa.in
Meas'$emen6 o8 FinanciaMeas'$emen6 o8 Financia
Liaii67Liaii67"ature of Financia("ature of Financia(!ia)i(it%!ia)i(it% Initia( recognitionInitia( recognition Su)se*uentSu)se*uentmeasurementmeasurement
Financia iaii6ies a6 8ai$Financia iaii6ies a6 8ai$3a'e 6:$o'4: 5$o8i6 an!3a'e 6:$o'4: 5$o8i6 an!oss inc'!es !e$i3a6i3eoss inc'!es !e$i3a6i3eiaii67iaii67
A6 8ai$ 3a'e !i$ec67A6 8ai$ 3a'e !i$ec67a66$i'6ae 6$ansac6iona66$i'6ae 6$ansac6ioncos6 is c:a$4e! 6o 5$o8i6cos6 is c:a$4e! 6o 5$o8i6an! oss acco'n6an! oss acco'n6
A6 8ai$ 3a'eA6 8ai$ 3a'e
Financia iaii67 a$isin4Financia iaii67 a$isin4o'6 o8 con6in'in4o'6 o8 con6in'in4in3o3emen6 asse6in3o3emen6 asse6
Meas'$e! a6 amo$6ise!Meas'$e! a6 amo$6ise!cos6 o$ 8ai$ 3a'ecos6 o$ 8ai$ 3a'e
Financia 4'a$an6eeFinancia 4'a$an6eecon6$ac6 ess c'm'a6i3econ6$ac6 ess c'm'a6i3e
amo$6isa6ion $eco4nise!amo$6isa6ion $eco4nise!
Hi4:e$ o8 6:eHi4:e$ o8 6:e1.1.Amo'n6 ini6iaAmo'n6 ini6ia
$eco4ni6ion$eco4ni6ion-.-.a'a6ion as 5e$ IAS a'a6ion as 5e$ IAS
E6:e$ 8inancia iaii6iesE6:e$ 8inancia iaii6iesinc'!in4 !een6'$es,inc'!in4 !een6'$es,on!s, 5$e8e$enceon!s, 5$e8e$ences:a$es cassi8ie! ass:a$es cassi8ie! as
A6 8ai$ 3a'e !i$ec67A6 8ai$ 3a'e !i$ec67a66$i'6ae 6$ansac6ionsa66$i'6ae 6$ansac6ionscos6 is inc'!e! in 6:e 8ai$cos6 is inc'!e! in 6:e 8ai$3a'e3a'e
A6 amo$6ise! cos6A6 amo$6ise! cos6
8/13/2019 43 Overview of Ind as 1201
36/97
8/13/2019 43 Overview of Ind as 1201
37/97
www.caaa.in
The I"- AS !iteratureThe I"- AS !iterature
Preface to the Statements of AccountingPreface to the Statements of Accounting
StandardsStandardsse6s o'6se6s o'6 ASBs mission an! o%ec6i3esASBs mission an! o%ec6i3es
Sco5e o8 In! ASSco5e o8 In! AS
D'e 5$ocess 8o$ !e3eo5in4 I?D ASD'e 5$ocess 8o$ !e3eo5in4 I?D AS
In6e$5$e6a6ionsIn6e$5$e6a6ions
Poicies on e88ec6i3e !a6es, 8o$ma6, an!Poicies on e88ec6i3e !a6es, 8o$ma6, an!
an4'a4e 8o$ I?D ASan4'a4e 8o$ I?D AS
8/13/2019 43 Overview of Ind as 1201
38/97
www.caaa.in
The I"- AS !iteratureThe I"- AS !iterature
Framework for the Preparation and PresentationFramework for the Preparation and Presentation
of Financial Statementsof Financial Statements se$3es as a 4'i!e 6o $eso3in4 acco'n6in4 iss'es 6:a6se$3es as a 4'i!e 6o $eso3in4 acco'n6in4 iss'es 6:a6
a$e no6 a!!$esse! !i$ec67 in a s6an!a$!.a$e no6 a!!$esse! !i$ec67 in a s6an!a$!. se6s o'6 asic 5$inci5es o8 $eco4ni6ion an!se6s o'6 asic 5$inci5es o8 $eco4ni6ion an!
meas'$emen6 o8 a eemen6s a!o56e! 8o$ a 6:e I?Dmeas'$emen6 o8 a eemen6s a!o56e! 8o$ a 6:e I?D
AS an!AS an!
In6e$5$e6a6ions 8$om ASBIn6e$5$e6a6ions 8$om ASB ?o6:in4 in 6:is 8$amewo$ o3e$$i!es an7 s5eci8ic?o6:in4 in 6:is 8$amewo$ o3e$$i!es an7 s5eci8ic
Acco'n6in4 S6an!a$!Acco'n6in4 S6an!a$!
8/13/2019 43 Overview of Ind as 1201
39/97
www.caaa.in +
Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s
1.1. In! AS 1*1 Fi$s696ime A!o56ion o8 In!ian Acco'n6in4In! AS 1*1 Fi$s696ime A!o56ion o8 In!ian Acco'n6in4S6an!a$!sS6an!a$!s
-.-. In! AS 1*- S:a$e ase! Pa7men6In! AS 1*- S:a$e ase! Pa7men6
.. In! AS 1* B'siness Comina6ionsIn! AS 1* B'siness Comina6ions
/./. In! AS 1*/ Ins'$ance Con6$ac6sIn! AS 1*/ Ins'$ance Con6$ac6s
.. In! AS 1* ?on c'$$en6 Asse6s He! 8o$ Sae an!In! AS 1* ?on c'$$en6 Asse6s He! 8o$ Sae an!Discon6in'e! E5e$a6ionsDiscon6in'e! E5e$a6ions
.. In! AS 1* =
8/13/2019 43 Overview of Ind as 1201
40/97
www.caaa.in /*
Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s
+.+. In! AS 1 P$esen6a6ion o8 Financia S6a6emen6sIn! AS 1 P$esen6a6ion o8 Financia S6a6emen6s
1*.1*. In! AS - In3en6o$iesIn! AS - In3en6o$ies
11.11. In! AS S6a6emen6 o8 Cas: FowsIn! AS S6a6emen6 o8 Cas: Fows
1-.1-. In! AS Acco'n6in4 Poicies, C:an4es inIn! AS Acco'n6in4 Poicies, C:an4es in
Acco'n6in4 =s6ima6es an! =$$o$sAcco'n6in4 =s6ima6es an! =$$o$s
1.1. In! AS 1* =3en6s a86e$ 6:e Re5o$6in4 Pe$io!In! AS 1* =3en6s a86e$ 6:e Re5o$6in4 Pe$io!
1/.1/. In! AS 11 Cons6$'c6ion Con6$ac6sIn! AS 11 Cons6$'c6ion Con6$ac6s1.1. In! AS 1- Income 2a
8/13/2019 43 Overview of Ind as 1201
41/97
www.caaa.in /1
Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s
1.1. In! AS 1 P$o5e$67, Pan6 an! =>'i5men6In! AS 1 P$o5e$67, Pan6 an! =>'i5men6
1.1. In! AS 1 LeasesIn! AS 1 Leases
1.1. In! AS 1 Re3en'eIn! AS 1 Re3en'e1+.1+. In! AS 1+ =m5o7ee Bene8i6sIn! AS 1+ =m5o7ee Bene8i6s
-*.-*. In! AS -* Acco'n6in4 8o$ @o3e$nmen6In! AS -* Acco'n6in4 8o$ @o3e$nmen6
@$an6s an! Discos'$e o8 @o3e$nmen6@$an6s an! Discos'$e o8 @o3e$nmen6Assis6anceAssis6ance
8/13/2019 43 Overview of Ind as 1201
42/97
www.caaa.in /-
Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s
-1.-1. In! AS -1 2:e =88ec6s o8 C:an4es inIn! AS -1 2:e =88ec6s o8 C:an4es in
Fo$ei4n =
8/13/2019 43 Overview of Ind as 1201
43/97
www.caaa.in /
Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s
-.-. In! AS -+ Financia Re5o$6in4 inIn! AS -+ Financia Re5o$6in4 in
H75e$in8a6iona$7 =conomiesH75e$in8a6iona$7 =conomies
-.-. In! AS 1 In6e$es6s in oin6 en6'$esIn! AS 1 In6e$es6s in oin6 en6'$es
-.-. In! AS - Financia Ins6$'men6s"In! AS - Financia Ins6$'men6s"
P$esen6a6ionP$esen6a6ion
-+.-+. In! AS =a$nin4s 5e$ S:a$eIn! AS =a$nin4s 5e$ S:a$e
8/13/2019 43 Overview of Ind as 1201
44/97
www.caaa.in//
Lis6 o8 In!ian Acco'n6in4 S6an!a$!sLis6 o8 In!ian Acco'n6in4 S6an!a$!s
*.*. In! AS / In6e$im Financia Re5o$6in4In! AS / In6e$im Financia Re5o$6in4
1.1. In! AS Im5ai$men6 o8 Asse6sIn! AS Im5ai$men6 o8 Asse6s
-.-. In! AS P$o3isions, Con6in4en6 Liaii6iesIn! AS P$o3isions, Con6in4en6 Liaii6ies
an! Con6in4en6 Asse6san! Con6in4en6 Asse6s.. In! AS In6an4ie Asse6sIn! AS In6an4ie Asse6s
/./. In! AS + Financia Ins6$'men6s" Reco4ni6ionIn! AS + Financia Ins6$'men6s" Reco4ni6ion
.. In! AS /*In! AS /* Investment PropertyInvestment Property
( A55icae SIC an! IFRIC 8o$m 5a$6 o8 6:e( A55icae SIC an! IFRIC 8o$m 5a$6 o8 6:e$ee3an6 In! AS (con3e$4e! wi6: IFRS))$ee3an6 In! AS (con3e$4e! wi6: IFRS))
8/13/2019 43 Overview of Ind as 1201
45/97
www.caaa.in/
Accounting Standard $oardAccounting Standard $oard
+AS$,+AS$,
ICAI cons6i6'6e! ASB onICAI cons6i6'6e! ASB on -1s6 A5$i, 1+-1s6 A5$i, 1+
2:e com5osi6ion o8 6:e ASB is 8ai$7 $oa!92:e com5osi6ion o8 6:e ASB is 8ai$7 $oa!9
ase! an! ens'$es 5a$6ici5a6ion o8 a in6e$es69ase! an! ens'$es 5a$6ici5a6ion o8 a in6e$es69
4$o'5s in 6:e s6an!a$!9se66in4 5$ocess.4$o'5s in 6:e s6an!a$!9se66in4 5$ocess. ASB 5$o5a4a6es an! 5e$s'a!es conce$ne!ASB 5$o5a4a6es an! 5e$s'a!es conce$ne!
5a$6ies 6o a!o56 In! AS in 6:e 5$e5a$a6ion an!5a$6ies 6o a!o56 In! AS in 6:e 5$e5a$a6ion an!
5$esen6a6ion o8 Financia S6a6emen6s5$esen6a6ion o8 Financia S6a6emen6s
In! AS a$e iss'e! 'n!e$ 6:e a'6:o$i67 o8 6:eIn! AS a$e iss'e! 'n!e$ 6:e a'6:o$i67 o8 6:e
Co'nci o8 6:e ICAICo'nci o8 6:e ICAI
8/13/2019 43 Overview of Ind as 1201
46/97
www.caaa.in/
A&&(ica)i(it% of Ind ASA&&(ica)i(it% of Ind AS
Acco'n6in4 S6an!a$!s a557 6oAcco'n6in4 S6an!a$!s a557 6o @ene$a P'$5ose Financia S6a6emen6s an!@ene$a P'$5ose Financia S6a6emen6s an! E6:e$ Financia Re5o$6in4.E6:e$ Financia Re5o$6in4.
In $es5ec6 o8 an7 en6e$5$iseIn $es5ec6 o8 an7 en6e$5$iseN W:e6:e$ o$4anie! in co$5o$a6e, co9o5e$a6i3e o$W:e6:e$ o$4anie! in co$5o$a6e, co9o5e$a6i3e o$
o6:e$ 8o$mso6:e$ 8o$ms
N =n4a4e! in comme$cia, In!'s6$ia o$ 'siness=n4a4e! in comme$cia, In!'s6$ia o$ 'siness
ac6i3i6ies,ac6i3i6ies,N I$$es5ec6i3e o8 w:e6:e$ i6 is 5$o8i6 o$ien6e! o$ i6 isI$$es5ec6i3e o8 w:e6:e$ i6 is 5$o8i6 o$ien6e! o$ i6 is
es6ais:e! 8o$ c:a$i6ae o$ $ei4io's 5'$5oses.es6ais:e! 8o$ c:a$i6ae o$ $ei4io's 5'$5oses.
8/13/2019 43 Overview of Ind as 1201
47/97
www.caaa.in/
A&&(ica)i(it% of Ind ASA&&(ica)i(it% of Ind AS
Acco'n6in4 S6an!a$!s wi no6 a557 6oAcco'n6in4 S6an!a$!s wi no6 a557 6o en6e$5$ises on7 ca$$7in4 on 6:e ac6i3i6iesen6e$5$ises on7 ca$$7in4 on 6:e ac6i3i6ies
w:ic: a$e no6 o8 comme$cia, In!'s6$ia o$w:ic: a$e no6 o8 comme$cia, In!'s6$ia o$
'siness na6'$e,'siness na6'$e, (e.4., an ac6i3i67 o8 coec6in4 !ona6ions an!(e.4., an ac6i3i67 o8 coec6in4 !ona6ions an!
4i3in4 6:em 6o 8oo! a88ec6e! 5eo5e).4i3in4 6:em 6o 8oo! a88ec6e! 5eo5e).
..
8/13/2019 43 Overview of Ind as 1201
48/97
www.caaa.in/
A&&(ica)i(it% of Ind ASA&&(ica)i(it% of Ind AS
=3en i8 a 3e$7 sma 5$o5o$6ion o8 6:e=3en i8 a 3e$7 sma 5$o5o$6ion o8 6:e
ac6i3i6ies o8 an en6e$5$ise is consi!e$e! 6oac6i3i6ies o8 an en6e$5$ise is consi!e$e! 6o
e comme$cia, In!'s6$ia o$ 'siness ine comme$cia, In!'s6$ia o$ 'siness in
na6'$e, 6:e Acco'n6in4 S6an!a$!s wo'!na6'$e, 6:e Acco'n6in4 S6an!a$!s wo'!a557 6o a i6s ac6i3i6ies inc'!in4 6:osea557 6o a i6s ac6i3i6ies inc'!in4 6:ose
w:ic: a$e no6 comme$cia, In!'s6$ia o$w:ic: a$e no6 comme$cia, In!'s6$ia o$
'siness in na6'$e'siness in na6'$e
8/13/2019 43 Overview of Ind as 1201
49/97
www.caaa.in/+
@$o'5in4@$o'5in4
o8o8
In! ASIn! AS
8/13/2019 43 Overview of Ind as 1201
50/97
www.caaa.in*
In! AS on @$o'5 Re5o$6in4In! AS on @$o'5 Re5o$6in4Standard "um)erStandard "um)er Standard "ameStandard "ame
Ind AS 103Ind AS 103 Business CombinationsBusiness Combinations
Ind AS ./Ind AS ./ Consolidated and separate financial statementsConsolidated and separate financial statements
Ind AS .0Ind AS .0 Investment in AssociatesInvestment in Associates
Ind AS 12Ind AS 12 Interest in joint venturesInterest in joint ventures
8/13/2019 43 Overview of Ind as 1201
51/97
www.caaa.in1
In! AS on Asse6sIn! AS on Asse6s
Standard "um)erStandard "um)er
Standard "ameStandard "ame
Ind AS .Ind AS . InventoriesInventories
Ind AS 23Ind AS 23 Property, Plant & !uipmentProperty, Plant & !uipment
Ind AS 45Ind AS 45 Investment PropertyInvestment Property
Ind AS 10Ind AS 10 Intan"ible AssetsIntan"ible AssetsInd AS 1.6 Ind ASInd AS 1.6 Ind AS
176 Ind AS 25/6 Ind176 Ind AS 25/6 Ind
AS 257AS 257
#inancial Assets#inancial Assets
Ind AS 258Ind AS 258 $on%Current Assets eld for sale & 'iscontinued operations$on%Current Assets eld for sale & 'iscontinued operations
IAS 2/IAS 2/ (eases(easesInd AS 253Ind AS 253 )ploration and valuation of *ineral Assets)ploration and valuation of *ineral Assets
I ! AS = &I ! AS = &
8/13/2019 43 Overview of Ind as 1201
52/97
www.caaa.in-
In! AS 1-9 Income 2a
8/13/2019 43 Overview of Ind as 1201
53/97
www.caaa.in
Financia Asse6s & Financia Liaii6iesFinancia Asse6s & Financia Liaii6ies
In! AS - Financia Ins6$'men6s" P$esen6a6ionIn! AS - Financia Ins6$'men6s" P$esen6a6ion
In! AS + Financia Ins6$'men6s" Reco4ni6ion an! Meas'$emen6In! AS + Financia Ins6$'men6s" Reco4ni6ion an! Meas'$emen6
In! AS 1* Financia Ins6$'men6s" Discos'$eIn! AS 1* Financia Ins6$'men6s" Discos'$e
In! AS on Financia Ins6$'men6sIn! AS on Financia Ins6$'men6s
8/13/2019 43 Overview of Ind as 1201
54/97
www.caaa.in/
In! ASs on incomeIn! ASs on income
Cons6$'c6ion Con6$ac6s (In! AS 11)Cons6$'c6ion Con6$ac6s (In! AS 11)
Re3en'e (In! AS 1)Re3en'e (In! AS 1)
8/13/2019 43 Overview of Ind as 1201
55/97
www.caaa.in
In! ASs on Discos'$eIn! ASs on Discos'$e
In! AS -/ Rea6e! Pa$67 Discos'$esIn! AS -/ Rea6e! Pa$67 Discos'$es
In! AS 1* E5e$a6in4 Se4men6sIn! AS 1* E5e$a6in4 Se4men6s
8/13/2019 43 Overview of Ind as 1201
56/97
www.caaa.in
In!'s6$7 S5eci8ic In! ASsIn!'s6$7 S5eci8ic In! ASs
In! AS 1*/ Ins'$ance Con6$ac6sIn! AS 1*/ Ins'$ance Con6$ac6s
In! AS 1* =
8/13/2019 43 Overview of Ind as 1201
57/97
www.caaa.in
In! ASs on Financia $e5o$6in4In! ASs on Financia $e5o$6in4
Se5a$a6e 8inancia s6a6emen6sSe5a$a6e 8inancia s6a6emen6s In! AS 1,,,1*,-1,-+,In! AS 1,,,1*,-1,-+,
In6e$im 8inancia $e5o$6in4In6e$im 8inancia $e5o$6in4 In! AS /In! AS /
Consoi!a6e! 8inancia s6a6emen6sConsoi!a6e! 8inancia s6a6emen6s In! AS 1*,In! AS -,-,1In! AS 1*,In! AS -,-,1
8/13/2019 43 Overview of Ind as 1201
58/97
www.caaa.in
Sco&e of Accounting StandardsSco&e of Accounting Standards
Accounting Standards areAccounting Standards are4ene$a74ene$a7 ininconformit% with the &rovisions of theconformit% with the &rovisions of thea&&(ica)(e (awsa&&(ica)(e (aws, c's6oms, 'sa4es an!, c's6oms, 'sa4es an!
'siness en3i$onmen6 in In!ia.'siness en3i$onmen6 in In!ia. I8 a 5a$6ic'a$ Acco'n6in4 S6an!a$! isI8 a 5a$6ic'a$ Acco'n6in4 S6an!a$! is
8o'n! 6o e no6 in con8o$mi67 wi6: aw, 6:e8o'n! 6o e no6 in con8o$mi67 wi6: aw, 6:e&rovisions of the said (aw wi(( &revai(&rovisions of the said (aw wi(( &revai( an! 6:e 8inancia s6a6emen6s s:o'! ean! 6:e 8inancia s6a6emen6s s:o'! e5$e5a$e! in con8o$mi67 wi6: s'c: aw.5$e5a$e! in con8o$mi67 wi6: s'c: aw.
8/13/2019 43 Overview of Ind as 1201
59/97
www.caaa.in+
Sco&e of Accounting StandardsSco&e of Accounting Standards
2:e Acco'n6in4 S6an!a$!s a$e in6en!e! 6o2:e Acco'n6in4 S6an!a$!s a$e in6en!e! 6o
a557 on7 6o i6ems w:ic: a$ea557 on7 6o i6ems w:ic: a$e materia(materia(
?o s6an!a$! wi :a3e $e6$oac6i3e?o s6an!a$! wi :a3e $e6$oac6i3e
a55ica6ion, 'ness o6:e$wise s6a6e!.a55ica6ion, 'ness o6:e$wise s6a6e!.
2:e !a6e 8$om w:ic: a 5a$6ic'a$ S6an!a$!2:e !a6e 8$om w:ic: a 5a$6ic'a$ S6an!a$!
wi come in6o e88ec6, as we as 6:e casswi come in6o e88ec6, as we as 6:e cass
o8 en6e$5$ises 6o w:ic: i6 wi a557, wio8 en6e$5$ises 6o w:ic: i6 wi a557, wiaso e s5eci8ie! 7 6:e ICAI.aso e s5eci8ie! 7 6:e ICAI.
8/13/2019 43 Overview of Ind as 1201
60/97
www.caaa.in*
Sco&e of Accounting StandardsSco&e of Accounting Standards
An en6i67 s:a a557 6:is In!9AS in"An en6i67 s:a a557 6:is In!9AS in"
(a) i6s 8i$s6 In!9AS 8inancia s6a6emen6s an!(a) i6s 8i$s6 In!9AS 8inancia s6a6emen6s an!
() eac: in6e$im 8inancia $e5o$6, i8 an7, 6:a6() eac: in6e$im 8inancia $e5o$6, i8 an7, 6:a6
i6 5$esen6s in acco$!ance wi6: In! AS /i6 5$esen6s in acco$!ance wi6: In! AS /
Interim Financial ReportingInterim Financial Reporting 8o$ 5a$6 o8 6:e8o$ 5a$6 o8 6:e
5e$io! co3e$e! 7 i6s 8i$s6 In!9AS 8inancia5e$io! co3e$e! 7 i6s 8i$s6 In!9AS 8inancia
s6a6emen6s.s6a6emen6s.
8/13/2019 43 Overview of Ind as 1201
61/97
www.caaa.in1
"eed for Accounting Standards"eed for Accounting Standards
Acco'n6in4 S6an!a$!s a$e 8o$m'a6e! wi6: a 3iew 6oAcco'n6in4 S6an!a$!s a$e 8o$m'a6e! wi6: a 3iew 6o
harmonise different accounting &o(iciesharmonise different accounting &o(iciesan!an!
5$ac6ices in 'se in a In!ia.5$ac6ices in 'se in a In!ia.
Reduce the use of a(ternative accountingReduce the use of a(ternative accounting
&ractices&ractices6o ens'$e com5a$aii67 o8 Financia6o ens'$e com5a$aii67 o8 FinanciaS6a6emen6sS6a6emen6s
2:e Acco'n6in4 S6an!a$!s a$e iss'e! wi6: a 3iew 6o2:e Acco'n6in4 S6an!a$!s a$e iss'e! wi6: a 3iew 6o
descri)e the accounting &rinci&(esdescri)e the accounting &rinci&(esan! 6:ean! 6:e
me6:o!s o8 a557in4 6:ese 5$inci5es in 6:eme6:o!s o8 a557in4 6:ese 5$inci5es in 6:e5$e5a$a6ion an! 5$esen6a6ion o8 8inancia s6a6emen6s5$e5a$a6ion an! 5$esen6a6ion o8 8inancia s6a6emen6s
so 6:a6 6:e7 4i3e a 6$'e an! 8ai$ 3iew.so 6:a6 6:e7 4i3e a 6$'e an! 8ai$ 3iew.
8/13/2019 43 Overview of Ind as 1201
62/97
www.caaa.in-
O)jective of Financia( StatementO)jective of Financia( Statement
Is 6o :e5 5$o3i!eIs 6o :e5 5$o3i!e In8o$ma6ion ao'6 8inancia 5osi6ion isIn8o$ma6ion ao'6 8inancia 5osi6ion is
5$ima$i7 5$o3i!e! in a5$ima$i7 5$o3i!e! in a )a(ance sheet9)a(ance sheet9
In8o$ma6ion ao'6 5e$8o$mance is 5$ima$i7In8o$ma6ion ao'6 5e$8o$mance is 5$ima$i75$o3i!e! in a5$o3i!e! in a statement of &rofit andstatement of &rofit and(oss(oss
In8o$ma6ion ao'6 cas: 8ows is 5$o3i!e! inIn8o$ma6ion ao'6 cas: 8ows is 5$o3i!e! in6:e 8inancia s6a6emen6s 7 means o8 a6:e 8inancia s6a6emen6s 7 means o8 acash f(ow statement9cash f(ow statement9
$asic Assum&tions in the$asic Assum&tions in the
8/13/2019 43 Overview of Ind as 1201
63/97
www.caaa.in
&&:re&aration of Financia(:re&aration of Financia(
StatementsStatementsAcc$'a BasisAcc$'a Basis
@oin4 Conce$n@oin4 Conce$n
Com&onents of Financia(Com&onents of Financia(
8/13/2019 43 Overview of Ind as 1201
64/97
www.caaa.in/
Com&onents of Financia(Com&onents of Financia(
StatementsStatements I?D AS 1.1* !e6ais a se6 o8 Financia S6a6emen6s 6o eI?D AS 1.1* !e6ais a se6 o8 Financia S6a6emen6s 6o e
com5$ise! o8 6:e 8oowin4"com5$ise! o8 6:e 8oowin4" A com5e6e se6 o8 8inancia s6a6emen6s com5$ises"A com5e6e se6 o8 8inancia s6a6emen6s com5$ises"
(a) A aance s:ee6 as a6 6:e en! o8 6:e 5e$io! (inc'!in4(a) A aance s:ee6 as a6 6:e en! o8 6:e 5e$io! (inc'!in4s6a6emen6 o8 c:an4es in e>'i67 w:ic: is 5$esen6e! as as6a6emen6 o8 c:an4es in e>'i67 w:ic: is 5$esen6e! as a5a$6 o8 6:e aance s:ee6 )O5a$6 o8 6:e aance s:ee6 )O
() A s6a6emen6 o8 5$o8i6 an! oss 8o$ 6:e 5e$io!O() A s6a6emen6 o8 5$o8i6 an! oss 8o$ 6:e 5e$io!O
(c) (Pa$a4$a5: 1*(c) o8 IAS 1 is wi6: $e8e$ence 6o 6:e(c) (Pa$a4$a5: 1*(c) o8 IAS 1 is wi6: $e8e$ence 6o 6:ese5a$a6e s6a6emen6 o8 c:an4es in e>'i67. As In! AS 1se5a$a6e s6a6emen6 o8 c:an4es in e>'i67. As In! AS 1!oes no6 $e>'i$e i6, 6:e same is !ee6e!. Howe3e$,!oes no6 $e>'i$e i6, 6:e same is !ee6e!. Howe3e$,5a$a4$a5: n'me$ 1*(c) :as een $e6aine! in In! AS 15a$a4$a5: n'me$ 1*(c) :as een $e6aine! in In! AS 16o main6ain consis6enc7 wi6: 5a$a4$a5: n'me$s o8 IAS6o main6ain consis6enc7 wi6: 5a$a4$a5: n'me$s o8 IAS1)1)
Com&onents of Financia(Com&onents of Financia(
8/13/2019 43 Overview of Ind as 1201
65/97
www.caaa.in
Com&onents of Financia(Com&onents of Financia(
StatementsStatements
(!) A s6a6emen6 o8 cas: 8ows 8o$ 6:e 5e$io!O(!) A s6a6emen6 o8 cas: 8ows 8o$ 6:e 5e$io!O
(e) ?o6es, com5$isin4 a s'mma$7 o8 si4ni8ican6(e) ?o6es, com5$isin4 a s'mma$7 o8 si4ni8ican6acco'n6in4 5oicies an! o6:e$ e
8/13/2019 43 Overview of Ind as 1201
66/97
www.caaa.in
Com&(iance with Ind ASCom&(iance with Ind AS
Acco'n6in4 S6an!a$!s iss'e! 7 6:e ICAIAcco'n6in4 S6an!a$!s iss'e! 7 6:e ICAI
:a3e e4a:a3e e4a recognition through therecognition through the
Com&anies Act62783Com&anies Act62783, w:e$e7 e3e$7, w:e$e7 e3e$7
com5an7 is $e>'i$e! 6o com57 wi6: 6:ecom5an7 is $e>'i$e! 6o com57 wi6: 6:eAcco'n6in4 S6an!a$!sAcco'n6in4 S6an!a$!s Sec6ion -11 o8 6:e Com5anies Ac6, 1+ 9 6:eSec6ion -11 o8 6:e Com5anies Ac6, 1+ 9 6:e
8o$m an! con6en6s o8 aance s:ee6 an! 5$o8i68o$m an! con6en6s o8 aance s:ee6 an! 5$o8i6an! oss acco'n6.an! oss acco'n6.
8/13/2019 43 Overview of Ind as 1201
67/97
www.caaa.in
Com&(iance with Ind ASCom&(iance with Ind AS
Sec6ion -1 (-AA) 9 P$esc$ies 6:a6 6:eSec6ion -1 (-AA) 9 P$esc$ies 6:a6 6:e
Boa$!s $e5o$6 s:o'! inc'!e aBoa$!s $e5o$6 s:o'! inc'!e a -irectors;-irectors;
Res&onsi)i(it% StatementRes&onsi)i(it% StatementIn!ica6in4 6:e$einIn!ica6in4 6:e$ein
6:a6 in 6:e 5$e5a$a6ion o8 6:e ann'a acco'n6s,6:a6 in 6:e 5$e5a$a6ion o8 6:e ann'a acco'n6s,6:e a55icae acco'n6in4 s6an!a$!s :a! een6:e a55icae acco'n6in4 s6an!a$!s :a! een
8oowe!8oowe!
Sec6ion --()(!) 9 D'67 '5on 6:eSec6ion --()(!) 9 D'67 '5on 6:e auditor ofauditor of
the com&an% to re&ortthe com&an% to re&orton s'c: com5ianceon s'c: com5iance
8/13/2019 43 Overview of Ind as 1201
68/97
www.caaa.in
Com&(iance with Ind ASCom&(iance with Ind AS
Sec6ion -11(C) Sec6ion -11(C) "ACAS"ACAScons6i6'6e! 'n!e$cons6i6'6e! 'n!e$
sec6ion -1*A a!3ise 6:e Cen6$a @o3e$nmen6sec6ion -1*A a!3ise 6:e Cen6$a @o3e$nmen6
onon formu(ation and (a%ing down of theformu(ation and (a%ing down of the
accounting standards for ado&tion )%accounting standards for ado&tion )%com&aniescom&anies
N IRDA (P$e5a$a6ion o8 Financia S6a6emen6sIRDA (P$e5a$a6ion o8 Financia S6a6emen6s
an! A'!i6o$s Re5o$6 o8 Ins'$ancean! A'!i6o$s Re5o$6 o8 Ins'$ance
Com5anies) Re4'a6ions, -*** $e>'i$esCom5anies) Re4'a6ions, -*** $e>'i$esins'$ance com5anies 6o 8oow 6:e Acco'n6in4ins'$ance com5anies 6o 8oow 6:e Acco'n6in4
S6an!a$!s iss'e! 7 6:e ICAI.S6an!a$!s iss'e! 7 6:e ICAI.
8/13/2019 43 Overview of Ind as 1201
69/97
www.caaa.in+
Com&(iance with ASCom&(iance with AS
S=BI an! RBIS=BI an! RBI $e>'i$e com5iance wi6: 6:e$e>'i$e com5iance wi6: 6:e
Acco'n6in4 S6an!a$!s iss'e! 7 6:e ICAIAcco'n6in4 S6an!a$!s iss'e! 7 6:e ICAI
8$om 6ime 6o 6ime8$om 6ime 6o 6ime
8/13/2019 43 Overview of Ind as 1201
70/97
8/13/2019 43 Overview of Ind as 1201
71/97
www.caaa.in1
Termino(ogies used in Ind ASTermino(ogies used in Ind AS
2:e 6e$m S6a6emen6 o8 Financia Posi6ionQ2:e 6e$m S6a6emen6 o8 Financia Posi6ionQ
:as een $e5ace! 7 Baance S:ee6Q:as een $e5ace! 7 Baance S:ee6Q
2:e 6e$m S6a6emen6 o8 Com5$e:ensi3e2:e 6e$m S6a6emen6 o8 Com5$e:ensi3e
IncomeQ 7 S6a6emen6 o8 P$o8i6 an! LossQIncomeQ 7 S6a6emen6 o8 P$o8i6 an! LossQ
2:e wo$!s a'6:o$ia6ion o8 6:e 8inancia2:e wo$!s a'6:o$ia6ion o8 6:e 8inancia
s6a6emen6s 8o$ iss'eQ :a3e een $e5ace!s6a6emen6s 8o$ iss'eQ :a3e een $e5ace!
7 a55$o3a o8 6:e 8inancia s6a6emen6s 8o$7 a55$o3a o8 6:e 8inancia s6a6emen6s 8o$iss'eQiss'eQ
8/13/2019 43 Overview of Ind as 1201
72/97
www.caaa.in-
First Time Ado&tionFirst Time Ado&tion
Unie IFRS, In!ian Acco'n6in4 S6an!a$!s a$e aUnie IFRS, In!ian Acco'n6in4 S6an!a$!s a$e a
new se6 o8 acco'n6in4 s6an!a$!s iss'e! 7 ICAI,new se6 o8 acco'n6in4 s6an!a$!s iss'e! 7 ICAI,
w:ic: :a3e no6 een 8oowe! 7 an7 onew:ic: :a3e no6 een 8oowe! 7 an7 one
e8o$e,e8o$e, hence a(( the entities wi(( )e ado&tinghence a(( the entities wi(( )e ado&tingthese standards for the first time in India9these standards for the first time in India9
Pa$a -A 6o In! AS 1*1 :as 4$an6e! s5eciaPa$a -A 6o In! AS 1*1 :as 4$an6e! s5ecia
e
8/13/2019 43 Overview of Ind as 1201
73/97
www.caaa.in
Com&arative Financia(Com&arative Financia(
InformationInformation
In acco$!ance wi6: In!9AS 1*1, a 8i$s6 6imeIn acco$!ance wi6: In!9AS 1*1, a 8i$s6 6ime
a!o56e$ nee! no6 5$o3i!e 6:e co$$es5on!in4a!o56e$ nee! no6 5$o3i!e 6:e co$$es5on!in4
5$e3io's 5e$io! 8inancia s6a6emen6s in5$e3io's 5e$io! 8inancia s6a6emen6s in
acco$!ance wi6: In! 9 AS w:en i6 $e5o$6s i6s 8i$s6acco$!ance wi6: In! 9 AS w:en i6 $e5o$6s i6s 8i$s6In!9AS 8inancia s6a6emen6sIn!9AS 8inancia s6a6emen6s
2:e 8i$s6 6ime a!o56e$ s:a 5$esen6 a6es62:e 8i$s6 6ime a!o56e$ s:a 5$esen6 a6es6
co$$es5on!in4 5$e3io's 5e$io!s 8inanciaco$$es5on!in4 5$e3io's 5e$io!s 8inancia
s6a6emen6s 5$e5a$e! as 5e$ 6:e 5$e3io's @AAPs6a6emen6s 5$e5a$e! as 5e$ 6:e 5$e3io's @AAPw:en 5$esen6in4 i6s 8i$s6 In!9AS 8inanciaw:en 5$esen6in4 i6s 8i$s6 In!9AS 8inancia
s6a6emen6s.s6a6emen6s.
Com&arative Financia(Com&arative Financia(
8/13/2019 43 Overview of Ind as 1201
74/97
www.caaa.in/
Com&arative Financia(Com&arative Financia(
InformationInformation
In 6e$ms o8 6:is In!9AS, a 8i$s6 6ime a!o56e$In 6e$ms o8 6:is In!9AS, a 8i$s6 6ime a!o56e$
:as 6:e 8oowin4 6wo o56ions":as 6:e 8oowin4 6wo o56ions" 2:is 8i$s6 In!9AS 8inancia s6a6emen6s wo'!2:is 8i$s6 In!9AS 8inancia s6a6emen6s wo'!
inc'!e 6:e 5$e3io's 7ea$s com5a$a6i3einc'!e 6:e 5$e3io's 7ea$s com5a$a6i3e8i4'$es as 5e$ 6:e 5$e3io's @AAP.8i4'$es as 5e$ 6:e 5$e3io's @AAP.
o'n6a$i7 5$o3i!e 6:e 5$e3io's 7ea$so'n6a$i7 5$o3i!e 6:e 5$e3io's 7ea$s
com5a$a6i3es co$$es5on!in4 6o 6:e 8i$s6 In!com5a$a6i3es co$$es5on!in4 6o 6:e 8i$s6 In!
9AS 8inancia s6a6emen6s aso 'n!e$ In!9AS on9AS 8inancia s6a6emen6s aso 'n!e$ In!9AS on
a memo$an!'m asisa memo$an!'m asis
Com&arative Financia(Com&arative Financia(
8/13/2019 43 Overview of Ind as 1201
75/97
www.caaa.in
Com&arative Financia(Com&arative Financia(
InformationInformation
An en6i67s com5a$a6i3e 8inancia s6a6emen6sAn en6i67s com5a$a6i3e 8inancia s6a6emen6s'n!e$ In!9ASs s:o'!"'n!e$ In!9ASs s:o'!"
i. A557 consis6en6 acco'n6in4 5oicies 8o$ 6:e 8i$s6i. A557 consis6en6 acco'n6in4 5oicies 8o$ 6:e 8i$s6In!9AS 8inancia s6a6emen6s an! com5a$a6i3eIn!9AS 8inancia s6a6emen6s an! com5a$a6i3e
5e$io!5e$io!ii. A557 6:e o56iona e
8/13/2019 43 Overview of Ind as 1201
76/97
www.caaa.in
Transition
8/13/2019 43 Overview of Ind as 1201
77/97
www.caaa.in
Reconci(iationsReconci(iations
An en6i67s 8i$s6 In! 9AS 8inancia s6a6emen6s s:aAn en6i67s 8i$s6 In! 9AS 8inancia s6a6emen6s s:ainc'!e"inc'!e"
(a)(a) Reconci(iation of its *uit%Reconci(iation of its *uit%$e5o$6e! in$e5o$6e! inacco$!ance wi6: In! 9ASs 6o i6s e>'i67 inacco$!ance wi6: In! 9ASs 6o i6s e>'i67 in
acco$!ance wi6: 5$e3io's @AAP on 6:e !a6e o8acco$!ance wi6: 5$e3io's @AAP on 6:e !a6e o86$ansi6ion 6o In!9ASs.6$ansi6ion 6o In!9ASs.
() Si4ni8ican6 !i88e$ences e6ween 5$e3io's @AAP() Si4ni8ican6 !i88e$ences e6ween 5$e3io's @AAPan! In! 9AS in $es5ec6 o8 i6san! In! 9AS in $es5ec6 o8 i6s tota(tota(com&rehensive incomecom&rehensive income(o$ i8 i6 !i! no6 $e5o$6(o$ i8 i6 !i! no6 $e5o$6s'c: a 6o6a, 5$o8i6 o$ oss).s'c: a 6o6a, 5$o8i6 o$ oss).
8/13/2019 43 Overview of Ind as 1201
78/97
8/13/2019 43 Overview of Ind as 1201
79/97
www.caaa.in
If an entit% did not &resent financia(If an entit% did not &resent financia(
statements for &revious &eriods6 itsstatements for &revious &eriods6 its
first Ind AS financia( statements sha((first Ind AS financia( statements sha((
disc(ose that fact9disc(ose that fact9
8 E S
8/13/2019 43 Overview of Ind as 1201
80/97
www.caaa.in
A55ica6ion o8 E6:e$ S6an!a$!sA55ica6ion o8 E6:e$ S6an!a$!s
In! AS 1*/ on Ins'$ance Con6$ac6s 2:eIn! AS 1*/ on Ins'$ance Con6$ac6s 2:e
s6an!a$! is ma!e e88ec6i3e 8o$ 6:es6an!a$! is ma!e e88ec6i3e 8o$ 6:e
acco'n6in4 5e$io! e4innin4 on o$ a86e$acco'n6in4 5e$io! e4innin4 on o$ a86e$
6:e !a6e o8 6$ansi6ion, :ence 6:e$e is no6:e !a6e o8 6$ansi6ion, :ence 6:e$e is no>'es6ion o8 $e6$os5ec6i3e e88ec6 'nie>'es6ion o8 $e6$os5ec6i3e e88ec6 'nie
IFRS w:ic: $e>'i$es $e6$os5ec6i3eIFRS w:ic: $e>'i$es $e6$os5ec6i3e
a55ica6ion in acco$!ance wi6: 6$ansi6ionaa55ica6ion in acco$!ance wi6: 6$ansi6iona5$o3ision 6:a6 !a6es ac 6o 6:e acco'n6in45$o3ision 6:a6 !a6es ac 6o 6:e acco'n6in4
5e$io! e4innin4 on o$ a86e$ 1./ -**/5e$io! e4innin4 on o$ a86e$ 1./ -**/
A i i 8 E : S ! !
8/13/2019 43 Overview of Ind as 1201
81/97
www.caaa.in
A55ica6ion o8 E6:e$ S6an!a$!sA55ica6ion o8 E6:e$ S6an!a$!s
In! AS - Bo$$owin4 Cos6 2$ansi6ionaIn! AS - Bo$$owin4 Cos6 2$ansi6iona
5$o3isions o8 In! AS - on Bo$$owin4 Cos65$o3isions o8 In! AS - on Bo$$owin4 Cos6
is a55icaeis a55icae
In! AS ?o6i8ie! MCA P$essIn! AS ?o6i8ie! MCA P$ess
8/13/2019 43 Overview of Ind as 1201
82/97
www.caaa.in
-
In! AS ?o6i8ie! MCA P$essIn! AS ?o6i8ie! MCA P$ess
Reease !a6e! -.-.-*11Reease !a6e! -.-.-*11
2:i$67 8i3e In!ian Acco'n6in4 S6an!a$!s2:i$67 8i3e In!ian Acco'n6in4 S6an!a$!scon3e$4e! wi6: In6e$na6iona Financiacon3e$4e! wi6: In6e$na6iona FinanciaRe5o$6in4 S6an!a$!s (:ence8o$6: cae!Re5o$6in4 S6an!a$!s (:ence8o$6: cae!
I?D AS) a$e ein4 no6i8ie! 7 6:e Minis6$7I?D AS) a$e ein4 no6i8ie! 7 6:e Minis6$7an! 5ace! on 6:e wesi6e.an! 5ace! on 6:e wesi6e.
2:ese a$e" I?D ASs 1, -, , , 1*, 11, 1-,2:ese a$e" I?D ASs 1, -, , , 1*, 11, 1-,1, 1, 1, 1+, -*, -1, -, -/, -, -, -+,1, 1, 1, 1+, -*, -1, -, -/, -, -, -+,
1, -, , /, , , , +, /*, 1*1,1, -, , /, , , , +, /*, 1*1,1*-, 1*, 1*/, 1*, 1*, 1* an! 1*.1*-, 1*, 1*/, 1*, 1*, 1* an! 1*.
In! AS ?o6i8ie! MCA P$essIn! AS ?o6i8ie! MCA P$ess
8/13/2019 43 Overview of Ind as 1201
83/97
www.caaa.in
In! AS ?o6i8ie! MCA P$essIn! AS ?o6i8ie! MCA P$ess
Reease !a6e! -.-.-*11Reease !a6e! -.-.-*11
2:e Minis6$7 o8 Co$5o$a6e A88ai$s wi im5emen62:e Minis6$7 o8 Co$5o$a6e A88ai$s wi im5emen66:e IFRS con3e$4e! In!ian Acco'n6in46:e IFRS con3e$4e! In!ian Acco'n6in4S6an!a$!s in a 5:ase! manne$ a86e$ 3a$io'sS6an!a$!s in a 5:ase! manne$ a86e$ 3a$io'siss'es inc'!in4 6a< $ea6e! iss'es a$e $eso3e!iss'es inc'!in4 6a< $ea6e! iss'es a$e $eso3e!
wi6: 6:e conce$ne! De5a$6men6s.wi6: 6:e conce$ne! De5a$6men6s. I6 wo'! e ens'$e! 6:a6 6:e im5emen6a6ion o8I6 wo'! e ens'$e! 6:a6 6:e im5emen6a6ion o8
6:e con3e$4e! s6an!a$!s in a 5:ase! manne$ is6:e con3e$4e! s6an!a$!s in a 5:ase! manne$ issmoo6: 8o$ 6:e s6ae:o!e$s.smoo6: 8o$ 6:e s6ae:o!e$s.
2:e !a6e o8 im5emen6a6ion o8 6:e I?D AS wi e2:e !a6e o8 im5emen6a6ion o8 6:e I?D AS wi eno6i8ie! 7 6:e Minis6$7 a6 a a6e$ !a6e.no6i8ie! 7 6:e Minis6$7 a6 a a6e$ !a6e.
R i ! S : ! IR i ! S : ! I
8/13/2019 43 Overview of Ind as 1201
84/97
www.caaa.in
Re3ise! Sc:e!'e IRe3ise! Sc:e!'e I
2:e Minis6$7 o8 Co$5o$a6e A88ai$s (MCA) :as on2:e Minis6$7 o8 Co$5o$a6e A88ai$s (MCA) :as onFe$'a$7 -, -*11 $eease! a $e3ise! 3e$sion o8Fe$'a$7 -, -*11 $eease! a $e3ise! 3e$sion o8Sc:e!'e I 6:a6 wi a557 6o a com5aniesSc:e!'e I 6:a6 wi a557 6o a com5anies'ni8o$m7 8o$ 6:e 8inancia s6a6emen6s 6o e'ni8o$m7 8o$ 6:e 8inancia s6a6emen6s 6o e5$e5a$e! 8o$ 6:e 8inancia 7ea$ -*1*911 an!5$e5a$e! 8o$ 6:e 8inancia 7ea$ -*1*911 an!onwa$!s.onwa$!s.
2:e $e3ise! Sc:e!'e I :as een 8$ame! as2:e $e3ise! Sc:e!'e I :as een 8$ame! as5e$ 6:e e
8/13/2019 43 Overview of Ind as 1201
85/97
www.caaa.in
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
-etermination of A&&(ica)i(it%-etermination of A&&(ica)i(it%2.2.thth>anuar% .525'..>anuar% .525'..ndnd>anuar% .525'12>anuar% .525'12ststMarch .525'58March .525'58thth
A&ri( .525A&ri( .525 Com&anies covered in :hase ICom&anies covered in :hase Iwi 5$e5a$e 6:ei$wi 5$e5a$e 6:ei$
financia( statements for .5222. in accordance withfinancia( statements for .5222. in accordance with
the first set of Accounting Standardsthe first set of Accounting Standards(i.e. 6:e(i.e. 6:econ3e$4e! Acco'n6in4 S6an!a$!s) '6 wi s:ow 5$e3io'scon3e$4e! Acco'n6in4 S6an!a$!s) '6 wi s:ow 5$e3io's7ea$s 8i4'$es as 5e$ 6:e 8inancia s6a6emen6s 8o$ -*1*97ea$s 8i4'$es as 5e$ 6:e 8inancia s6a6emen6s 8o$ -*1*911 i.e. as 5e$ non9con3e$4e! acco'n6in4 s6an!a$!s.11 i.e. as 5e$ non9con3e$4e! acco'n6in4 s6an!a$!s.
2:e en6i67 s:a :a3e 6:e o56ion 6o a!! an a!!i6iona2:e en6i67 s:a :a3e 6:e o56ion 6o a!! an a!!i6iona
co'mn 6o in!ica6e w:a6 6:ese 8i4'$es co'! :a3e een i8co'mn 6o in!ica6e w:a6 6:ese 8i4'$es co'! :a3e een i86:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s (i.e. con3e$4e!6:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s (i.e. con3e$4e!acco'n6in4 s6an!a$!s) :a! een a55ie! in 6:a6 5$e3io'sacco'n6in4 s6an!a$!s) :a! een a55ie! in 6:a6 5$e3io's7ea$7ea$
MCA ? 6i8i 6i IFRSMCA ? 6i8i 6i IFRS
8/13/2019 43 Overview of Ind as 1201
86/97
www.caaa.in
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
Com5anies w:ic: mae 6:is a!!i6ionaCom5anies w:ic: mae 6:is a!!i6iona!iscos'$e wi, 8o$ 6:is 5'$5ose, con3e$6 6:ei$!iscos'$e wi, 8o$ 6:is 5'$5ose, con3e$6 6:ei$o5enin4 aance s:ee6 as a6 6:e !a6e on w:ic:o5enin4 aance s:ee6 as a6 6:e !a6e on w:ic:6:is 5$e3io's 7ea$ commences6:is 5$e3io's 7ea$ commences
Com&anies covered in .nd ' 1rd &haseCom&anies covered in .nd ' 1rd &hase8o$8o$a55ica6ion o8 6:ea55ica6ion o8 6:e first set of Accountingfirst set of AccountingStandardsStandardswi :a3e an o56ion 8o$ a55ica6ion o8wi :a3e an o56ion 8o$ a55ica6ion o86:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e. 6:e6:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e. 6:e
con3e$4e! Acco'n6in4 S6an!a$!s) on7 8o$ 6:econ3e$4e! Acco'n6in4 S6an!a$!s) on7 8o$ 6:e8inancia 7ea$ commencin4 on 1s6 A5$i, -*11 o$8inancia 7ea$ commencin4 on 1s6 A5$i, -*11 o$
6:e$ea86e$6:e$ea86e$
MCA ? 6i8i 6i IFRSMCA ? 6i8i 6i IFRS
8/13/2019 43 Overview of Ind as 1201
87/97
www.caaa.in
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
:hase I Com&anies wi(( &re&are their:hase I Com&anies wi(( &re&are theirfinancia(financia(statements for .5222. in accordance withstatements for .5222. in accordance withthe first set of Accounting Standardsthe first set of Accounting Standards
Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *
Com5anies w:ic: a$e 5a$6 o8 BS= Sense< *Com5anies w:ic: a$e 5a$6 o8 BS= Sense< *
Com5anies w:ose s:a$es o$ o6:e$ sec'$i6ies a$eCom5anies w:ose s:a$es o$ o6:e$ sec'$i6ies a$eis6e! on s6oc e
8/13/2019 43 Overview of Ind as 1201
88/97
www.caaa.in
88
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
$anking Com&anies and "$FCs wi(( convert$anking Com&anies and "$FCs wi(( converttheir o&ening )a(ance sheet at 2st A&ri( .521their o&ening )a(ance sheet at 2st A&ri( .521
A sc:e!'e! comme$cia ans an! 6:oseA sc:e!'e! comme$cia ans an! 6:ose'$an co9o5e$a6i3e ans w:ic: :a3e a ne6'$an co9o5e$a6i3e ans w:ic: :a3e a ne6
wo$6: in e
8/13/2019 43 Overview of Ind as 1201
89/97
www.caaa.in
+89
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
?BFCs?BFCs Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 * Com5anies w:ic: a$e 5a$6 o8 BS= Sense
8/13/2019 43 Overview of Ind as 1201
90/97
www.caaa.in
+*90
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
:hase II Com&anies wi(( convert their:hase II Com&anies wi(( convert theiro&ening )a(ance sheet as at 2st A&ri(6o&ening )a(ance sheet as at 2st A&ri(6.521.521.2:e com5anies, w:e6:e$ is6e! o$ no6,.2:e com5anies, w:e6:e$ is6e! o$ no6,:a3in4 a ne6 wo$6: e
8/13/2019 43 Overview of Ind as 1201
91/97
www.caaa.in
+1
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
:haseIII@ :haseIII@ wi(( convert their o&ening )a(ancewi(( convert their o&ening )a(ancesheet as at 2st A&ri( .524sheet as at 2st A&ri( .524 . Lis6e! com5anies. Lis6e! com5anies
w:ic: :a3e a ne6 wo$6: o8 Rs. ** c$o$es o$ essw:ic: :a3e a ne6 wo$6: o8 Rs. ** c$o$es o$ ess
wi con3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6wi con3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6
A5$i, -*1/, i8 6:e 8inancia 7ea$ commences onA5$i, -*1/, i8 6:e 8inancia 7ea$ commences on
o$ a86e$ 1s6 A5$i, -*1/, w:ic:e3e$ is a6e$, ino$ a86e$ 1s6 A5$i, -*1/, w:ic:e3e$ is a6e$, in
com5iance wi6: 6:e no6i8ie! acco'n6in4com5iance wi6: 6:e no6i8ie! acco'n6in4
s6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRSs6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRS
MCA ? 6i8i 6i IFRSMCA ? 6i8i 6i IFRS
8/13/2019 43 Overview of Ind as 1201
92/97
www.caaa.in
+-
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
$anking com&anies$anking com&anies A sc:e!'e! comme$cia ans an! 6:ose '$an co9A sc:e!'e! comme$cia ans an! 6:ose '$an co9
o5e$a6i3e ans (UCBs) w:ic: :a3eo5e$a6i3e ans (UCBs) w:ic: :a3e a net worth ina net worth ine
8/13/2019 43 Overview of Ind as 1201
93/97
www.caaa.in
+
MCA ?o6i8ica6ions on IFRSMCA ?o6i8ica6ions on IFRS
Insurance Com&aniesInsurance Com&anies9 A ins'$ance9 A ins'$ancecom5anies wi con3e$6 6:ei$ o5enin4 aancecom5anies wi con3e$6 6:ei$ o5enin4 aances:ee6 as a6 1s6 A5$i, -*1- in com5iance wi6:s:ee6 as a6 1s6 A5$i, -*1- in com5iance wi6:6:e con3e$4e! In!ian Acco'n6in4 S6an!a$!s.6:e con3e$4e! In!ian Acco'n6in4 S6an!a$!s.
"$FCs"$FCs ?on9anin4 8inancia com5anies (?BFCs) wi?on9anin4 8inancia com5anies (?BFCs) wicon3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6con3e$6 6:ei$ o5enin4 aance s:ee6 as a6 1s6
A5$i, -*1 a$eA5$i, -*1 a$e Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 *Com5anies w:ic: a$e 5a$6 o8 ?S= ?i867 * Com5anies w:ic: a$e 5a$6 o8 BS= 9 Sense< *Com5anies w:ic: a$e 5a$6 o8 BS= 9 Sense< * Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6
wo$6: in e
8/13/2019 43 Overview of Ind as 1201
94/97
8/13/2019 43 Overview of Ind as 1201
95/97
Ao'6 6:e A'6:o$Ao'6 6:e A'6:o$
8/13/2019 43 Overview of Ind as 1201
96/97
www.caaa.in
Ao'6 6:e A'6:o$Ao'6 6:e A'6:o$
)e has (een coordinating with various Professional Institutions#)e has (een coordinating with various Professional Institutions#
Associations# -niversities# -niversity rants &ommission and otherAssociations# -niversities# -niversity rants &ommission and otherEducational Institutions$Educational Institutions$
Authored more than 78 (ooks on a vast range of topics including InternalAuthored more than 78 (ooks on a vast range of topics including InternalAudit# "ank Audit# SE9# &AR:# PM0A# Anti!dumping# Income ;ax Search#Audit# "ank Audit# SE9# &AR:# PM0A# Anti!dumping# Income ;ax Search#Survey and Sei 845?88218@4 843?38218@4
For more details log on toFor more details log on to www$caaa$inwww$caaa$in
8/13/2019 43 Overview of Ind as 1201
97/97
Top Related