A comparison of IFRS and IND AS and Existing AS

S. No 1 2 3 4 IFRS IAS 1: Presentation of Financial Statements IAS 2: Inventories IAS 7: Statement of Cash Flows IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors IAS 10: Events after the Reporting Period Ind-AS Ind-AS 1: Presentation of Financial Statements Ind-AS 2: Inventories Ind-AS 7: Statement of Cash Flows Ind-AS 8: Accounting Policies, Changes in Accounting Estimates and Errors Ind-AS 10: Events after the Reporting Period Existing AS AS 1: Disclosures of Accounting Policies AS 2: Valuation of Inventories AS 3: Cash flow Statement AS 5: Net Profit or Loss for the period, Prior period items and change in Accounting Policies AS 4: Contingencies and Events occurring after the Balance Sheet date AS 7: Construction Contracts

IAS 11: Contracts

Construction

Ind-AS 11: Contracts

Construction

IAS 12: Income Taxes

Ind-AS 12: Income Taxes

AS 22: Accounting for Taxes on Income AS 10: Accounting for Fixed assets AS 6: Depreciation Accounting

IAS 16: Property, Plant and Equipment

Ind-AS 16: Property, Plant and Equipment

9 10

IAS 17: Leases IAS 18: Revenue

Ind-AS 17: Leases Ind-AS 18: Revenue

AS 19: Leases AS 9: Revenue Recognition

A comparison of IFRS and IND AS and Existing AS.. Continued

S. No 11 12

IFRS IAS 19: Employee Benefits IAS 20: Accounting for Government Grants and Disclosure of Government Assistance IAS 21: The Effects of Changes in Foreign Exchange Rates IAS 23: Borrowing Costs IAS 24: Related Disclosures Party

Ind- AS Ind-AS 19: Employee Benefits Ind-AS 20: Accounting for Government Grants and Disclosure of Government Assistance Ind-AS 21: The Effects of Changes in Foreign Exchange Rates Ind-AS 23: Borrowing Costs Ind-AS 24: Disclosures No Standard Related Party

Existing AS AS 15: Employee benefits AS 12: Government Grants

13

AS 11: The Effects of Changes in Foreign Exchange Rates

14 15

AS 16: Borrowing Costs AS 18: Disclosures No Standard Related Party

16

IAS 26: Accounting and Reporting by Retirement Benefit Plans IAS 27: Consolidated and Separate Financial Statements IAS 28: Investments Associates in

17

Ind-AS 27: Consolidated and Separate Financial Statements

AS 21: Consolidated Financial Statements

18

Ind-AS 28: Investments in Associates

AS 23: Accounting for Investments in Associates in Consolidated Financial Statements

A comparison of IFRS and Ind-AS and Existing AS.. Continued

S. No 19

IFRS IAS 29: Financial Reporting in Hyperinflationary Economies IAS 31: Interests in Joint Ventures IAS 32: Financial Instruments Presentation IAS 33: Earnings per Share IAS 34: Interim Reporting Financial

Ind- AS Ind-AS 29: Financial Reporting in Hyperinflationary Economies Ind-AS 31: Interests in Joint Ventures Ind-AS 32: Financial Instruments Presentation Ind-AS 33: Earnings per Share Ind-AS 34: Interim Financial Reporting Ind-AS 36: Impairment of Assets Ind-AS 37: Provisions, Contingent Liabilities and Contingent Assets Ind-AS 38: Intangible Assets Ind-AS 39: Financial Instruments Recognition and Measurement Ind-AS 40: Investment Property No Standard

Existing AS No Standard

20 21 22 23 24 25

AS 27: Financial Reporting of Interests in Joint Ventures AS 31: Financial Instruments Presentation AS 20: Earnings per Share AS 25: Interim Reporting Financial

IAS 36: Impairment of Assets IAS 37: Provisions, Contingent Liabilities and Contingent Assets IAS 38: Intangible Assets IAS 39: Financial Instruments Recognition and Measurement IAS 40: Investment Property

AS 28: Impairment of Assets AS 29: Provisions, Contingent Liabilities and Contingent Assets AS 26: Intangible Assets AS 30: Financial Instruments Recognition and Measurement No standard (Covered in AS 13: Accounting for Investments) No Standard

26 27

28

29

IAS 41: Agriculture

A comparison of IFRS and IND AS and Existing AS.. Continued

S. No 30 31 32

IFRS

Ind-AS

Existing AS

IFRS 1: First Time Adoption IFRS 2: Share Based Payment IFRS 3: Business Combinations

Ind-AS 101: First Time Adoption Ind-AS 102: Share Based Payment Ind-AS 103: Business Combinations

No standard Guidance Note of ICAI and SEBI Guidelines AS 14: Accounting Amalgamation for

33
34

IFRS 4: Insurance Contracts

IFRS 5: Non current assets held for sale and Discontinued Operations IFRS 6: Exploration for and Evaluation of Mineral Resources IFRS 7: Financial Instruments Disclosures IFRS 8: Operating Segments IFRS 9: Financial Instruments

Ind-AS 104: Insurance Contracts

Ind-AS 105: Non current assets held for sale and Discontinued Operations Ind-AS 106: Exploration for and Evaluation of Mineral Resources Ind-AS 107: Financial Instruments Disclosures Ind-AS 108: Operating Segments No Standard

No Standard
AS 24: Discontinued Operations Guidance Note of ICAI

35

36 37 38

AS 32: Financial Instruments Disclosures AS 17: Segment Reporting No Standard

Comparison of IFRIC and IND AS and Existing AS (Topics)

S. No 1

IFRIC IFRIC 1: Changes in Existing Decommissioning Restoration and Similar Liabilities IFRIC 2: Members Shares in Cooperative Entities and Similar Instruments

Ind-AS Appendix A to Ind-AS 16 No Interpretation

Existing AS No Interpretation

No Interpretation

3
4

IFRIC 4: Determining whether an Appendix C to Ind-AS 17 Arrangement contains a Lease

IFRIC 5: Rights to Interests arising Appendix A to Ind-AS from Decommissioning, Restoration 37 and Environmental Rehabilitation Funds

No Interpretation
No Interpretation

IFRIC 6: Liabilities arising from Appendix B to Ind-AS 37 No Interpretation Participating in a Specific Market Waste Electrical and Electronic Equipment IFRIC 7: Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies IFRIC 9: Reassessment Embedded Derivatives of Appendix A to Ind-AS 29 No Interpretation

Appendix C to Ind-AS 39

No Interpretation

8
9

IFRIC 10: Interim Financial Reporting and Impairment

IFRIC 12: Service Arrangements Concession

Appendix A to Ind-AS 34
Appendix A to Ind-AS 11

No Interpretation
No Interpretation

Comparison of IFRIC and IND AS and Existing AS (Topics) (contd.)

S. No
10 11

IFRIC
IFRIC 13: Customer Programmes Loyalty

Ind-AS
Appendix B to Ind-AS 18 Appendix A to Ind-AS 19

Existing AS
No Interpretation No Interpretation

IFRIC 14: IAS 19- The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IFRIC 15: Agreements for the Construction of Real Estate IFRIC 16: Hedges of a Net Investment in a Foreign Operation IFRIC 17: Distributions of Noncash Assets to Owners IFRIC 18: Transfers of Assets from Customers IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments

12

No Interpretation(not required) Appendix D to Ind-AS 39 Appendix A to Ind-AS 10

Guidance of ICAI

Note

13

No Interpretation No Interpretation No Interpretation No Interpretation

14

15 16

Appendix C to Ind-AS 18 Appendix E to Ind-AS 39

Comparison of SIC and IND AS and Existing AS (Topics)

S. No 1 2 SIC SIC 7: Introduction of the Euro SIC 10: Government Assistance- No Specific Relation to Operating Activities Ind-AS Not Applicable Appendix A to Ind-AS 20 Existing AS No Interpretation No Interpretation

3
4

SIC 12: Consolidation- Special Purpose Entities

SIC 13: Jointly Controlled Entities- Non Monetary Contributions by Venturers SIC 15: Operating Leases- Incentives SIC 21: Income Taxes- Recovery of Revalued Non Depreciable Assets SIC 25: Income Taxes- Changes in the Tax Status of an Entity or its Shareholders SIC 27: Evaluating the Substance of Transactions Involving The Legal Form of a Lease SIC 29: Service Concession Arrangements Disclosures SIC 31: Revenue- Barter Transactions Involving Advertising Services

Appendix A to Ind-AS 27
Appendix A to Ind-AS 31

No Interpretation
No Interpretation

5 6 7

Appendix A to Ind-AS 17 Appendix A to Ind-AS 12 Appendix B to Ind-AS 12

No Interpretation No Interpretation No Interpretation

Appendix B to Ind-AS 17

No Interpretation

9 10

Appendix B to Ind-AS 11 Appendix A to Ind-AS 18

No Interpretation No Interpretation

SIC 32: Intangible Assets -Website Appendix A to Ind-AS 38 No Interpretation Costs About RAAS Rhapsody, incorporated in 2009 is an accounting KPO (Knowledge Process Outsourcing) largely focusing on IFRS practice and other areas. The broad level services currently offered are IFRS Practice/GAAP accounting, IFRS Education and training and IFRS Corporate and Business Advisory. You may visit us at www.rhapsody-services.com for or call us at +91-9810306995 for further information and details.
Rhapsody Accounting and Advisory Services (P) Ltd. A-109, 1st Floor, Shivalik, Sector-35, Noida, UP 201301, Ph: +91-01204235138

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