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 INDAS Conversion Simplified

Below is the part of INDAS conversion Simplified training. Learn IFRS and INDAS Conversion


Background about India's adoption of IFRS or ( INDAS)

India signed G20 agreed to Go for IFRS from 1/4/11

Previous years accounts were 10-11

2010 issue came up –
- Adoption or convergence
- Convergence was agreed

Prepared India’s convergent accounts with IFRS
Now after postponements finance minister Arun Jaitley has declared voluntary 15-16 & mandatory from 16-17


Terminology is similar to other contries adopting IFRS CAN AS, CHN AS, JAP AS in case of India it is called IND AS
IAS 1 Ind AS 1, IAS 2 Ind AS 2 etc
IFRS 1 will be Ind AS 101, IFRS 2 Ind AS 102 etc
Practical purposes 4 major differences
Other 85 differences are either not applicable to India or are nominal
Convergent & compliant
Convergent & non-compliant
When compliant?
Accounting policy choices are reduced
Increase in disclosure notes
Minor nomenclature change

IFRS Dictionary

Indian Accounting Standards commonly called AS vs IFRS - IND AS

Profit & Loss Account vs SOPL (Statement of Profit & Loss ) & OCI (old name SOCI)
Fixed Assets vs PPE (Property Plant & Equipment)
Land & building vs Property (Non-Depreciable & Depreciable)
Concept not there vs OCI – New concept
Prior Period Expenses/Incomes vs No such concept
Extra ordinary & exceptional items vs No such concept
Interest vs Finance cost
Year End vs Reporting date
Balance Sheet vs SOFP ( Statement of Financial Positon)
Networth vs Equity
Preference Share vs Liablity
Minority Interest vs NCI ( Non Controlling Interest)
Merger , Acusition , Reverse Merger vs Business Combination
Written down value (WDV) vs Carrying Amount
Book Value vs Carrying Value


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