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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

IND AS vs IFRS

IND AS vs IFRS
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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