Download Summary Notes for IND AS by CA P S Beniwal for CA IPCC & CA Final for November 2017 examination. Before downloading the same here is the brief of some basic concepts about the Ind AS i.e. what is Indian Accounting standard? Applicability of IND AS, Number of Indian Accounting Standards in comparison with IFRS. Direct downloading link for Summary Notes for Ind AS has been given at the end of the post.
INDIAN ACCOUNTING STANDARDS (IND AS)
Meaning:- Indian Accounting Standards (abbreviated as Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS) (IND AS is notified by NACAS on 25th Feb 2011.) (NFRA= National Financial Reporting Authority U/s 132)
Applicability of IND AS: – The Ind AS shall be applicable to the companies as follows: As notified by MCA as on 16/02/15 in Companies (Indian Accounting Standards) Rules, 2015.
Obligation to comply with Indian Accounting Standards (Ind AS). – (1) The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) specified in Annexure to these rules in preparation of their financial statements and audit respectively, in the following manner.
ON VOLUNTARY BASIS
Accounting periods beginning on or after April 1, 2015, with the comparatives for the periods ending 31st March, 2015 or thereafter;
ON MANDATORY BASIS
- Accounting periods beginning on or after 1/4/16(For 31/3/17) with the comparatives
a) Companies whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having net worth* of Rs. 500 Crore or more.
b) Companies other than those covered in (ii) (a) above, having net worth of Rs. 500 Crore or more.
c) Holding, subsidiary, joint venture or associate above.
- Accounting periods beginning on or after 01/04/17(For 31/3/18), with the comparatives.
a) Companies whose equity and/or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India.
b) Unlisted companies having net worth of 250 crore or more but less than rupees 500 Crore.
c) Holding, subsidiary, joint venture or associate companies of above.
* NET WORTH: “NET WORTH” shall have the meaning assigned to it in clause (57) of section 2 of the Act
“NET WORTH” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.
- Companies listed on SME exchanges shall not be required to apply Ind AS.
- Once Ind AS are followed by the company, it shall be required to follow, for all the subsequent financial statements.
- This press realize do not apply on Banking Companies, Insurance Companies and NBFC’s
IND AS ROADMAP FOR BANKS, INSURANCE COMPANIES AND NBFCS
- Scheduled commercial banks (excluding RRBs) and insurers/insurance companies:- Mandatory for accounting periods beginning from 1 April 2018 onwards (With Comparative)
a) Scheduled commercial banks (excluding RRBs), Insurers/insurance companies
b) Holding, subsidiary, joint venture or associate companies of scheduled commercial banks
- NBFCs: NBFCs will be required to prepare Ind AS based financial statements in two phases.
Phase 1: Mandatory for accounting periods beginning from 1 April 2018 onwards (With Comparative)
a) NBFCs (Whether listed or unlisted) having a net worth of Rs. 500 crore or more
b) Holding, subsidiary, joint venture or associate companies of the above, other than those companies already covered under the corporate roadmap announced by MCA
Phase 2: Mandatory for accounting periods beginning from 1 April 2019 onwards (With Comparative)
a) NBFCs whose equity and/or debt securities are listed or are in the process of listing on any stock exchange.
b) NBFCs that are unlisted companies, having a net worth of 250 crore INR or more but less than 500 crore INR
c) Holding, subsidiary, joint venture or associate companies of companies covered above, other than those companies already covered under the corporate roadmap announced by MCA
- Voluntary adoption not permitted to BANKS, INSURANCE COMPANIES AND NBFCS
- Companies/entities not covered in the roadmap
a) NBFCs having a net worth below 250 crore INR.
b) Urban cooperative banks (UCBs) and RRBs.
NUMBER AND NAME OF IND AS, WITH RESPECTIVE IFRS OR IAS.
|S.N.||Name of Ind AS with Number||IFRS||IAS|
|1.||Ind AS 101 First-time Adoption of Indian Accounting Standards||1|
|2.||Ind AS 102 Share based Payment||2|
|3.||Ind AS 103 Business Combinations||3|
|4.||Ind AS 104 Insurance Contracts||4|
|5.||Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations||5|
|6.||Ind AS 106 Exploration for and Evaluation of Mineral Resources||6|
|7.||Ind AS 107 Financial Instruments: Disclosures||7|
|8.||Ind AS 108 Operating Segments||8|
|9.||Ind AS 109 Financial Instruments: Recognition and Measurement issued.||9|
|10.||Ind AS 110 Consolidated Financial.||10|
|11.||Ind AS 111 Joint Arrangements.||11|
|12.||Ind AS 112 Disclosure of Interest in Other.||12|
|13.||Ind AS 113 Fair Value Measurement.||13|
|14.||Ind AS 114 Regulatory Deferral Accounts.||14|
|15.||Ind AS 1 Presentation of Financial Statements||1|
|16.||Ind AS 2 Inventories||2|
|17.||Ind AS 7 Statement of Cash Flows||7|
|18.||Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors||8|
|19.||Ind AS 10 Events after the Reporting Period||10|
|20.||Ind AS 11 Construction Contracts *||11|
|21.||Ind AS 12 Income Taxes||12|
|22.||Ind AS 16 Property, Plant and Equipment||16|
|23.||Ind AS 17 Leases||17|
|24.||Ind AS 18 Revenue*||18|
|25.||Ind AS 19 Employee Benefits||19|
|26.||Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance||20|
|27.||Ind AS 21 The Effects of Changes in Foreign Exchange Rates||21|
|28.||Ind AS 23 Borrowing Costs||23|
|29.||Ind AS 24 Related Party Disclosures||24|
|30.||Ind AS 27 Consolidated and Separate Financial Statements||27|
|31.||Ind AS 28 Investments in Associates||28|
|32.||Ind AS 29 Financial Reporting in Hyperinflationary Economies||29|
|33.||Ind AS 31 Interests in Joint Ventures||31|
|34.||Ind AS 32 Financial Instruments: Presentation||32|
|35.||Ind AS 33 Earnings per Share||33|
|36.||Ind AS 34 Interim Financial Reporting||34|
|37.||Ind AS 36 Impairment of Assets||36|
|38.||Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets||37|
|39.||Ind AS 38 Intangible Assets||38|
|40.||Ind AS 40 Investment Property||40|
|41.||Ind AS 41 Agriculture. Exposure Draft has been issued. The standard is yet to be finalized||41|
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The Summary of IND AS are prepared by CA P.S. Beniwal with a view to assists the students in their education and examination. While due care is taken in preparation of the summary if any errors or omissions are noticed, then suggestion is most welcomed and the same will be considered if found appropriate. We are not in any way responsible for the correctness or otherwise of the content published herein.
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