Download - Ifrs Indian Gaap
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and a
IFRS
IFRS INDIAN GAAP
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INDIAN GAAPIFRS
1.CONCEPTUAL
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2.LAW AND STANDARDS
LAW OVERRIDES
STANDARDS
USAGE BY INVESTOR IS
KEPT IN MIND
IFRSINDIAN GAAP
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IFRS
INDIAN GAAP IFRS
True and Fairpresentation of
financials.
Emphasis is onfairly presented
statements.
3. Fairly Presented Statements
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IFRSINDIAN GAAP
4. Presentation
Defines format of balancesheet and its related
statements
For listed companies,
Insurance companies,Banks, SEBI, IRDA and
other regulatory authorities
guide as to how financials
are to be projected.
IAS-1 providesguidelines and overall
requirements and
Presentation of financial
statement
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IFRS
IFRSINDIAN GAAP
5 Extra
ordinary
items
Required to be separately
disclosed in Indian GAAP.
No provision
6 Reports Generally in India, as per
schedule IV of the
companies Act, 1956,
In a few cases, cash flow
statement is required to
be presented (AS-3),
IAS-1 require a
business entity to
report the financial in
the following five
statements:
yBalance sheet
yIncome Statement
yCash Flow Statement
yStatement of change
in EquityyNotes to accounts
yCash Flow
statements
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IFRSINDIAN GAAP
7 Depreciat
ion
As per Schedule XVI of
the Companies Act, 1956.
IAS-16 allows
management to
charge depreciation
8 Revenue
recognitio
n
AS-9 Revenue
Recognition provides an
option to use either
proportionate completionmethod or completed
service method.
IAS 18-Provides that
revenue can be
recognized when risks
rewards and controlshave been transferred
to the buyer.
In construction
contracts, stage of
completion methodcan be applied to
recognize revenue, if
reliable valuation is
possible.
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IFRSINDIAN GAAP
9 First time
adoption
No such standard is
available
standard is available
10 Valuation
of taken
over
assets
Taken over assets to be
valued at cost and not on
Fair Value.
IFRS 3 Business
Combinations allows
the Assets require
Goodwill to be tested
for impairment at eachbalance sheet date.
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11 Goodwill Does not require goodwillto be tested for
impairment at each
balance sheet date.
Goodwill to be testedfor impairment at
each balance sheet
date.
12 Reversal Permitted subject tocertain conditions.
Once impairment lossis recognized on
goodwill, reversal
is not permitted.
13 Share-
based
emplo
yee
benefit
s
Allows Fair Value method,
or intrinsic value
method. Hence, choice
is available
IAS 19 provides that a
share-based
payment to
employees is to be
taken into account,
using Fair Value
method.
IFRSINDIAN GAAP
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14 Treasury share
transactions
No such guidance
is available
Provides detailed
guidelines
15 Hyper
inflationary
economies
No such standard
in
India
There is a standard
16 Related partydisclosures Related partieshave been
specifically
defined in the
standard.
IAS 24 RelatedParty Disclosures
defines related
party in terms of
control or
significant
influence, butseveral types of
exemption are
granted,
particularly for
relationships withina group.
IFRSINDIAN GAAP
IFRS
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Questions?
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2.LAW VS STANDARDS
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