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What is IFRS?
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In! AS on Asse6s
Standard "um)er Ind AS . Ind AS 23 Ind AS 45 Ind AS 10 Standard "ame Inventories Property, Plant & !uipment Investment Property Intan"ible Assets
Ind AS 1.6 Ind AS #inancial Assets 176 Ind AS 25/6 Ind AS 257 Ind AS 258 IAS 2/ Ind AS 253 $on%Current Assets &eld for sale & 'iscontinued operations (eases )ploration and valuation of *ineral Assets
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In! AS 1-9 Income 2a<es In! AS 1+ A =m5 o7ee Bene8i6s In!9AS 1C A P$o3isions, Con6in4en6 Lia)i i6ies an! Con6in4en6 Asse6s In! AS 1*-9 S:a$e9)ase! Pa7men6
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Financia Asse6s & Financia Lia)i i6ies In! AS 1- Financia Ins6$'men6s" P$esen6a6ion In! AS 1+ Financia Ins6$'men6s" Reco4ni6ion an! Meas'$emen6 In! AS 1*C Financia Ins6$'men6s" Disc os'$e
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Mine$a Reso'$ces
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Com&(iance with AS
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Posi6ionQ :as )een $e5 ace! )7 PBa ance S:ee6Q 2:e 6e$m PS6a6emen6 o8 Com5$e:ensi3e IncomeQ )7 PS6a6emen6 o8 P$o8i6 an! LossQ 2:e wo$!s P a'6:o$iLa6ion o8 6:e 8inancia s6a6emen6s 8o$ iss'eQ :a3e )een $e5 ace! )7 Pa55$o3a o8 6:e 8inancia s6a6emen6s 8o$ iss'eQ
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PAn entity shall explain how the transition from previous AAP to Ind ! ASs affected its reported "alance Sheet# financial performance and cash flows$%
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Reconci(iations
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If an entit% did not &resent financia( statements for &revious &eriods6 its first Ind AS financia( statements sha(( disc(ose that fact9
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?BFCs Com5anies w:ic: a$e 5a$6 o8 ?S= A ?i867 B* Com5anies w:ic: a$e 5a$6 o8 BS=A Sense< 1* Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs.1, *** c$o$es. 2:e !a6e 8o$ !e6e$mina6ion o8 6:e c$i6e$ia is 6:e Ba ance S:ee6 as a6 11s6 Ma$c: -*11 o$ 6:e 8i$s6 Ba ance S:ee6 5$e5a$e! 6:e$ea86e$ w:en 6:e acco'n6in4 7ea$ en!s on ano6:e$ !a6e
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:hase II Com&anies ? wi(( convert their o&ening )a(ance sheet as at 2st A&ri(6 .521.2:e com5anies, w:e6:e$ is6e! o$ no6, :a3in4 a ne6 wo$6: e<cee!in4 Rs. B** c$o$es )'6 no6 e<cee!in4 Rs. 1,*** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*11, i8 6:e 8inancia 7ea$ commences on o$ a86e$ 1s6 A5$i , -*11 in com5 iance wi6: 6:e no6i8ie! acco'n6in4 s6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRS.
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:hase?III@ ? wi(( convert their o&ening )a(ance sheet as at 2st A&ri( .524. Lis6e! com5anies w:ic: :a3e a ne6 wo$6: o8 Rs. B** c$o$es o$ ess wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*1/, i8 6:e 8inancia 7ea$ commences on o$ a86e$ 1s6 A5$i , -*1/, w:ic:e3e$ is a6e$, in com5 iance wi6: 6:e no6i8ie! acco'n6in4 s6an!a$!s w:ic: a$e con3e$4en6 wi6: IFRS
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$anking com&anies A sc:e!' e! comme$cia )an&s an! 6:ose '$)an co9 o5e$a6i3e )an&s (UCBs) w:ic: :a3e a net worth in e<cess of Rs9 155 crores wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i , -*11 U$)an co9o5e$a6i3e )an&s w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs. -** c$o$es )'6 no6 e<cee!in4 Rs. 1** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6s as a6 1s6 A5$i , -*1/ U$)an co9o5e$a6i3e )an&s w:ic: :a3e a ne6 wo$6: no6 e<cee!in4 Rs. -**c$o$es an! Re4iona R'$a )an&s (RRBs) wi no6 )e $e>'i$e! 6o a55 7 6:e 8i$s6 se6 o8 Acco'n6in4 S6an!a$!s
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Com5anies w:ic: a$e 5a$6 o8 ?S= A ?i867 B* Com5anies w:ic: a$e 5a$6 o8 BS= 9 Sense< 1* Com5anies, w:e6:e$ is6e! o$ no6, w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs.1, *** c$o$es.
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A is6e! ?BFCs an! 6:ose 'n is6e! ?BFCs w:ic: !o no6 8a in 6:e a)o3e ca6e4o$ies an! w:ic: :a3e a ne6 wo$6: in e<cess o8 Rs. B** c$o$es wi con3e$6 6:ei$ o5enin4 )a ance s:ee6 as a6 1s6 A5$i -*1/ Un is6e! ?BFCs w:ic: :a3e a ne6 wo$6: o8 Rs. B** c$o$es o$ ess wi no6 )e $e>'i$e! 6o 8o ow 6:e 8i$s6 se6 o8 acco'n6in4 s6an!a$!s (i.e 6:e con3e$4e! In!ian acco'n6in4 s6an!a$!s), 6:o'4: 6:e7 ma7 3o 'n6a$i 7 o56 6o !o so, )'6 nee! 6o 8o ow on 7 6:e no6i8ie! In!ian acco'n6in4 s6an!a$!s w:ic: a$e no6 con3e$4e! wi6: 6:e IFRSs.
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&A$ Ra'kumar S Adukia is an eminent (usiness consultant# academician# writer# and speaker$ )e is the senior partner of Adukia * Associates$ In addition to (eing a &hartered Accountant# &ompany Secretary# &ost Accountant# M"A# +ip IFR ,-./# Mr$ Adukia also holds a +egree in 0aw and +iploma in 0a(or 0aws and IPR$
Mr$ Adukia# a rank holder from "om(ay -niversity completed the &hartered Accountancy examination with 1st Rank in Inter &A * 2th Rank in Final &A# and 3rd Rank in Final &ost Accountancy &ourse in 1453$ )e started his practice as a &hartered Accountant on 1st 6uly 1453# in the three decades following which he left no stone unturned# (e it academic expertise or professional development$
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)e has (een coordinating with various Professional Institutions# Associations# -niversities# -niversity rants &ommission and other Educational Institutions$ Authored more than 78 (ooks on a vast range of topics including Internal Audit# "ank Audit# SE9# &AR:# PM0A# Anti!dumping# Income ;ax Search# Survey and Sei<ure# IFRS# 00P# 0a(our 0aws# Real estate# ERM# In(ound and :ut(ound Investments# reen Audit etc$ ;he author can (e reached at rajkumarradukia@caaa.in= Mo( > 845?88218@4 A 843?38218@4 For more details log on to www$caaa$in
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