IND AS By CA H.Anand Basic introduction Roadmap of

Transcript:IND AS By CA H.Anand Basic introduction Roadmap of:
IND AS By CA H.Anand Basic introduction Roadmap of Ind AS Name of Ind AS , IFRS/IAS and AS Important provisions of Ind AS Objective type questions on Ind AS (1) Basic Introduction of Ind AS Ind-AS are IFRS converged standards issued by Central Government of India through Ministry of Corporate Affairs( MCA) under the supervisions and control of Accounting standard board (ASB) of ICAI and in consultation with National Advisory Committee on Accounting Standards ( NACAS) now National Financial Reporting Authority (NFRA) Ind-AS are named and numbered in the same way as the corresponding IFRS/IAS for ease of reference. Some important points regarding Ind-AS Law overrides Ind-AS Ind AS applicable on material items only Ind-AS applicable both on SFS and CFS Partial adoption of Ind-AS is not allowed One Ind-AS applied/adopted, after that back out /withdraw not allowed Ind-AS shall be applicable on Group( Holding, subsidiary, Associates and Joint Ventures) Carve-in /Carve-out in Ind-AS Government of India in consultation with ICAI decided to converge and not to adopt IFRS/IAS issued by IASB/IASC. The decision of convergence rather than adoption was taken after detail analysis of IFRS/IAS requirements and extensive discussion with various stakeholders Accordingly , while formulating IFRS-converged Ind-AS, efforts have been made to keep these standards , as far as possible, in line with the corresponding IFRS/IAS and departures have been made where considered absolutely essential . Such changes may divided into the following three categories: Terminology related changes Carve -Outs Carve –Ins Terminology changes Various terminology changes have been made to make it consistent with the terminology used in Indian law eg Statement of profit and loss in place of Statement of Comprehensive income and balance sheet in place of Statement of financial position. (ii) Carve outs Certain changes have been made considering the economic environment of India, which is different as compare to the economic environment of developed countries which has been considered while making IFRS/IAS. The differences which are in deviation to the accounting principles and practices stated in IFRS, are commonly known as Carve-Outs. It may be noted that removal of options in accounting principles & practices in Ind AS vis-à-vis IFRS, in order to maintain the consistency & comparability of the financial statements , shall not be treated as Carve-Outs (iii) Carve-Ins If there is no guidelines under IFRS for any particular transaction or event, then the guidelines provided under Ind-AS is known