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Overview of IFRS

Ind-AS – the new Indian GAAP

IFRS, the Global Revolution

More than 100 countries require, permit, or are converging to IFRS

All major capital markets are changing…. even the US?

India Converging to IFRS

US Converging to IFRS

UK IFRS for listed

France IFRS for listed

Canada Converging to IFRS

Overview of Ind-AS

Countries converging to IFRS with the goal of adoption

Countries that require or permit IFRS

Countries with no current plan to adopt

Canada Converging to IFRS

Germany IFRS for listed

Japan Converging to IFRS

Spain IFRS for listed

Switzerland IFRS or US GAAP

Australia IFRS (adapted)

Slide 2

International Financial

Reporting

Standards (IFRS) and

International Accounting

Standards (IAS)

International Financial Reporting

STANDARDS

Almost 3,000

pages and

increasing !!!

Current International Financial Reporting Structure

Overview of Ind-AS

International Financial Reporting

Interpretations Committee (IFRIC)

And Standing Interpretation

committee (SIC)

Exposure Drafts and

Draft Interpretation

Type Number

IFRS 9 (9)

IAS 41 (29)

IFRIC 19 (16)

SIC 32 (11)

increasing !!!

Slide 3

Preface to IFRS

1. Objectives

• A single set of high quality, enforceable global accounting standards

• Work with various national standard Setters for convergence

2. Scope and Authority of IFRS

• Designed for profit oriented enterprises

Overview of Ind-AS

Slide 4

• Designed for profit oriented enterprises

• General purpose financial statements

• Bold and plain type, have equal authority

3. Due Process

4. English Language

IASC Constitution – the current International Financial Reporting Structure

Trustee

Appointments

Advisory

Group

Overview of Ind-AS

Slide 5

National

Standard

Setters and

other interested

parties

SAC IFRIC

IASC - International Accounting Standards Committee.

Journey from Indian GAAP …..

... future Indian GAAP*to IFRS

Overview of Ind-AS

Slide 6

2011 2012 2013 2014• NSE - Nifty 50 companies,

• BSE - Sensex 30

companies,

• Companies whose shares

or other securities listed

• All insurance companies • Companies listed or not,

having a net worth between

Rs.500 crores and Rs.1000

crores [Note 1]

• Listed companies having a

net worth of less than

Rs.500 crores [Note 1]

• All scheduled commercial • Urban co-operative banks

IFRS Proposed Roadmap for IndiaOpening balance sheet as at April 1* using IFRS-converged accounting standards

Overview of Ind-AS

or other securities listed

outside India;

• Companies listed or not,

having a net worth in

excess of Rs. 1,000 crores

[Note 1]

• All scheduled commercial

banks

• Urban co-operative banks

having net worth between

Rs. 200 to Rs. 300 crores

• Urban co-operative banks

having a net worth in excess

of Rs. 300 crores

• NBFCs (all other Listed)

• NBFCs (other Unlisted)

having net worth between

Rs. 500 to Rs. 1000 crores• NBFCs - Nifty 50 or Sensex

30

• NBFCs listed or not, having a

net worth > Rs.1,000 crores

Note 1: Companies not covered in the above chart will apply ‘existing Indian accounting standards’ OR voluntarily opt to

apply the ‘IFRS-converged accounting standards’.

Slide 7

Converged Indian Accounting Standards

Overview of Ind-AS

Ind-AS Name of Ind-AS

Corresponding to standards issued by IASB Difference between

Ind AS & IFRS

IAS / IFRS IFRIC SIC

Ind-AS 101First-time Adoption of Indian

Accounting StandardsIFRS 1

Yes

Ind-AS 102 Share based Payment IFRS 2 No

Ind-AS 103 Business Combinations IFRS 3 Yes

Ind-AS 104 Insurance Contracts IFRS 4 No

Ind-AS 105Non Current Assets Held for Sale and

IFRS 5

Slide 8

Ind-AS 105Non Current Assets Held for Sale and

Discontinued OperationsIFRS 5

No

Ind-AS 106Exploration for and Evaluation of

Mineral ResourcesIFRS 6

No

Ind-AS 107 Financial Instruments: Disclosures IFRS 7 No

Ind-AS 108 Operating Segments IFRS 8 No

Ind-AS 1 Presentation of Financial Statements IAS 1 Yes

Ind-AS 2 Inventories IAS 2 No

Ind-AS 7 Statement of Cash Flows IAS 7 Yes

Ind-AS 8Accounting Policies, Changes in

Accounting Estimates and ErrorsIAS 8

No

Ind-AS 10 Events after the Reporting Period IAS 10 IFRIC 17 No

Ind-AS 11 Construction Contracts IAS 11 IFRIC 12 SIC 9 No


Overview of Ind-AS


Corresponding to standards issued by IASB Major Difference

between converged

Indian GAAP & IFRSIAS / IFRS IFRIC SIC

Ind-AS 12 Income Taxes IAS 12 SIC 21,25 No

Ind-AS 16 Property, Plant and Equipment IAS 16 IFRIC 1 No

Ind-AS 17 Leases IAS 17 IFRIC 4 SIC 15,27 No

Ind-AS 18 Revenue IAS 18IFRIC

13,15*,18 SIC 31 No

Ind-AS 19 Employee Benefits IAS 19 IFRIC 14 Yes

Slide 9

Ind-AS 19 Employee Benefits IAS 19 IFRIC 14 Yes

Ind-AS 20 Accounting for Government Grants and

Disclosure of Government AssistanceIAS 20

SIC 10 Yes

Ind-AS 21 The Effects of Changes in Foreign

Exchange RatesIAS 21

Yes

Ind-AS 23 Borrowing Costs IAS 23 No

Ind-AS 24 Related Party Disclosures IAS 24 Yes

Ind-AS 27 Consolidated and Separate Financial

StatementsIAS 27

SIC 12 No

Ind-AS 28 Investments in Associates IAS 28 No

Ind-AS 29Financial Reporting in Hyperinflationary

EconomiesIAS 29

IFRIC 7 No

Ind-AS 31 Interests in Joint Ventures IAS 31 SIC 13 No

*IFRIC 15 has not been issued under Ind AS.


Overview of Ind-AS


Corresponding to standards issued by IASB Difference between

converged Indian

GAAP & IFRSIAS / IFRS IFRIC SIC

Ind-AS 32 Financial Instruments: Presentation IAS 32 IFRIC 2* Yes

Ind-AS 33 Earnings per Share IAS 33 No

Ind-AS 34 Interim Financial Reporting IAS 34 IFRIC 10 No

Ind-AS 36 Impairment of Assets IAS 36 No

Ind-AS 37 Provisions, Contingent Liabilities and

Contingent AssetsIAS 37

IFRIC 5,6 No

Slide 10

Ind-AS 37 Contingent Assets

IAS 37IFRIC 5,6 No

Ind-AS 38 Intangible Assets IAS 38 SIC 32 No

Ind-AS 39 Financial Instruments: Recognition and

MeasurementIAS 39

IFRIC

9,16,19 No

Ind-AS 40 Investment Property IAS 40 Yes

*IFRIC 2 has not been issued under Ind AS.

IASB Projects - New Wave of Change

• IFRS 9 Financial

Instruments:

Classification and

measurement

• Business combinations

(amendment)

• Joint Ventures

• Consolidation

• Credit Risk in liability

Measurement

• Liabilities (IAS 37)

• Financial Instruments:

− Impairment

• FI with characteristics of

Equity

• Hedging

• PEB-Defined Benefit

Plans

• Emissions trading

schemes

• Rate regulated activities

2009 201120102012

and after

Overview of Ind-AS

Slide 11

− Impairment

− Classification

− Derecognition -

Disclosures

• Fair value measurement

• Financial Statements

- Discontinued

Operations

- Presentation of OCI

• PEB-Termination

Benefits.

• Investment Companies

• Rate regulated activities

• Financial Statement

Presentation

• Revenue Recognition

• Income Tax

• Insurance

• Liabilities (IAS 37

Amendments)

• Leases

• Replacement of IAS 1 &

IAS 7

New

standards

effective

Of the above some of the standards has already been issued by IASB, to be effective in future period.

IASB Current projects

Accounting TopicExpected Date of issuance

2010 2011

Consolidation

- Replacement of IAS 27 IFRS

- Disclosures about unconsolidated SPEs/structured entities IFRS

Credit Risk in Liability Measurement (DP has been issued) IFRS

Derecognition ED IFRS

Fair value measurement guidance (ED has been issued in May 2009)

IFRS

Financial instruments (IAS 39 replacement)

Overview of Ind-AS

Financial instruments (IAS 39 replacement)

- Classification and measurement – (ED July 2009) (Phase 1) ED and IFRS

- Impairment (Phase II) – (ED November 2009) IFRS

- Hedging (Phase III) ED IFRS

Financial Statements : Presentation

- Discontinued Operation ED and IFRS

- Presentation of items of other comprehensive income ED and IFRS

- Replacement of IAS 1 and IAS 7 ED IFRS

Financial Instruments with characteristics of equity ED IFRS

Post Employments Benefits (including pensions)

- Defined Benefit Plans ED IFRS

- Termination Benefits IFRS

Slide 12

Accounting TopicExpected Date of issuance

2010 2011

Joint Ventures IFRS

Revenue Recognition ED IFRS

Insurance Contracts (Phase II) ED IFRS

Liabilities (IAS 37 Amendments) (ED issued in January 2010) IFRS

Income Taxes ED IFRS

Emissions trading schemes ED IFRS

Rate Regulated Activities IFRS

IASB Current projects

Overview of Ind-AS

Slide 13

Fundamental Changes

• Full compliance (no qualification)

• More guidance and all are mandatory

• Focus on risks and rewards

• Focus on substance rather than form

• Investor focused with more

disclosures

IFRS may not

be a solution

for the current

situation but

Overview of Ind-AS

Slide 14

disclosures

• Accounting more closer to business

• Comparability and transparency

situation but

can provide

significant

transparency!

Presentation of financial statementInd AS 1- Presentation of Financial Statements

The objective of this Standard is to prescribe the basis for presentation of

general purpose financial statements, to ensure comparability both with the

entity's financial statements of previous periods and with the financial

statements of other entities. To achieve this objective, this Standard sets out

overall requirements for the presentation of financial statements, guidelines for

their structure and minimum requirements for their content.

Objective

Presentation of financial statements

Slide 16

• An entity whose financial statements comply with IFRSs shall make an explicit and

unreserved statement of such compliance in the notes. An entity shall not describe

financial statements as complying with IFRSs unless they comply with all the

requirements of IFRSs.

• An entity cannot rectify inappropriate accounting policies either by disclosure of the

accounting policies used or by notes or explanatory material.

• In the extremely rare circumstances in which management concludes that

compliance with a requirement in an IFRS would be so misleading that it would

Fair presentation and compliance


Slide 17

compliance with a requirement in an IFRS would be so misleading that it would

conflict with the objective of financial statements set out in the Framework, the entity

shall depart from that requirement. However the entity is required to make specific

disclosures prescribed under Ind AS 1.

When an entity applies an accounting policy retrospectively or makes a retrospective

Comparative information

• Comparatives required for all numerical information

• Comparatives required for narrative and descriptive information when it is

relevant to an understanding of the current period’s financial statement

• Additional statement of financial position


Slide 18

When an entity applies an accounting policy retrospectively or makes a retrospective

restatement of items in its financial statements, or when it reclassifies items in its

financial statements, the entity is required to disclose a statement of financial position

as at the beginning of the earliest comparative period.

A complete set of financial statements comprises

• The primary statements

- Statement of financial position for the period end

- Statement of comprehensive income for the period

- Statement of cash flows for the period

• Notes, including summary of accounting policies and other explanatory

information

Components of financial statements


Slide 19

information

An entity may use titles for the statements other than those prescribed in Ind AS 1,

however the titles used shall not be misleading.

All primary statements of equal prominence

Note:

Ind AS 1 requires the statement of changes in equity to be shown as a part of the

balance sheet.

Statement of Financial Position

Basis of presentation

Classified Balance sheet

An entity shall present current and non-current asset, and current and non-

current liability as separate classification on the face of the statement of

financial position


Slide 20

Exception to above rule

• When a presentation based on liquidity provides information that is reliable

and more relevant.

• All assets and liabilities are required to be presented in the order of liquidity.

Choice driven by type of business

• Manufacturers and retailers → current/non-current basis

• Financial institutions, banks and real estate companies → liquidity basis

Current vs. Non-current Classification

Current asset Current liability

Expected to be realised, sold or consumed

within entity’s normal operating cycle

Expected to be settled within entity’s normal

operating cycle

Held primarily for trading purposes Held primarily for trading purposes



Slide 21

Expected to be realised within 12 months after

balance sheet date

Expected to be settled within 12 months after

balance sheet date

Unrestricted cash or cash equivalentNo unconditional right to defer settlement for

at least 12 months after balance sheet date

An entity shall classify all

other assets as

non-current.

An entity shall classify all

other liabilities as

non-current.

Operating cycle

Definition

“the operating cycle of an entity is the time between the acquisition of assets

for processing and their realisation in cash or cash equivalents”

• Items realised, sold or consumed within operating cycle are current items

• Operating cycle may be more than 12 months



Slide 22

• Operating cycle may be more than 12 months

• Property, plant and equipment

• Investment property

• Intangible assets

• Financial assets (other than those shown on other line items)

• Held for sale assets and assets included in disposal groups

• Trade and other payables

• Provisions

• Financial liabilities (other than those shown on other line items)

Minimum line items



Slide 23

• Investments accounted for using the equity method

• Biological assets

• Inventories

• Trade and other receivables

• Cash and cash equivalents

shown on other line items)

• Current tax assets and liabilities

• Deferred tax assets and liabilities

• Liabilities included in disposal groups

• Minority interest

• Issued capital and reserves attributable to owners of the parent

An entity shall present additional line items, headings and subtotals in the statement of financial

position when such presentation is relevant to an understanding of the entity's financial position.



Slide 24

Statement of Comprehensive Income

Ind AS 1 allows only the single statement approach.

Basis of presentation


Application of the requirement to analyse expenses

Ind AS 1 requires an entity to present an analysis of expenses recognised in

Slide 25

Ind AS 1 requires an entity to present an analysis of expenses recognised in

profit or loss using a classification based on their nature and not based on

their function within the equity.


• Revenue

• Finance costs

• Share of profit or loss of associates

and joint ventures

• Each component of other

comprehensive income by nature

• Share of other comprehensive

income of associates and joint

ventures

Minimum line items


Slide 26

• Tax expense

• Discontinued operations

• Profit or loss

• Profit or loss attributable to:

- Minority interest

- Owners of the parent

ventures

• Total comprehensive income

attributable to:

- Minority interest

- Owners of the parent

An entity shall not present any items of income or expense as extraordinary items


Additional line items, headings and sub-totals

• Required when relevant to an understanding of performance

• Description and order of line items amended where necessary to explain

elements of performance

• Framework qualitative characteristics of financial statements

- Understandability


Slide 27

- Understandability

- Relevance

- Reliability

- Comparability

• Undefined terms may be used where relevant to an understanding (subject

to meeting qualitative characteristics)

Other Comprehensive Income (‘OCI’)

• Changes in revaluation surplus (on account of PPE and intangibles)

• Actuarial gains and losses on defined benefit plans recognised in full in

equity under Ind AS 19

• Gains and losses arising from translation of a foreign operation

• Gains and losses on re-measuring available-for-sale financial assets

Components of Other Comprehensive Income


Slide 28

• Gains and losses on re-measuring available-for-sale financial assets

• Effective portion of gains and losses on hedging instruments in a cash flow

hedge.

Items of income and expense are recognised in profit or loss unless standards

prescribe or permit otherwise.

Components of OCI shall be presented either net of related taxes or at gross of

related tax with one amount representing aggregate amount of income tax relating to

those components.

All non-owners change in equity are recognised in OCI

Other Comprehensive Income (‘OCI’)

‘Recycling’ of other comprehensive income

ItemsRecycled under

IFRS?Remarks

Revaluation of PPE and intangible Decrease can only be recognised in OCI if they

Reclassifications (‘recycling’) - as required by standards items previously

recognised in OCI shall be transferred to Statement of Comprehensive Income


Slide 29

Revaluation of PPE and intangible

assetsNo

Decrease can only be recognised in OCI if they

reverse previous increments for the same asset

FX gains/losses from the translation

of foreign operationsYes Transfer to P&L required

Gain/losses on revaluation of

available-for-sale financial assetsYes Transfer to P&L required

Effective portion of gains/losses

from cash flow hedgesYes

Transfer to P&L or include in cost/carrying amount

of non-financial asset or liability (basis adjustment)

General income statement

(by function of expense)

• Revenue

• Cost of sales

Gross Profit

• Distribution costs

• Administrative expenses

• Other income

• Other losses/gains (net)

General income statement

(by nature of expense)

• Revenue

• Other income

• Changes in inventories

• Employee benefits expense

• Depreciation and amortization

• Transportation expense

• Advertising cost

Statement of comprehensive income



Operating Profit

• Finance costs (net)

Profit before income taxes

• Income tax expense

Net Profit for the year

Attributable to:

• Equity holders of the Company


• Advertising cost


Operating profit

• Finance costs (net)

Profit before income taxes

• Income tax expense

Net Profit for the year

Attributable to:

• Equity holders of the Company


Statement of changes in shareholders’ equity

• This statement shows movements/ transactions during the reporting period that have

affected the shareholders’ equity.

• It is generally tabular in approach with the various categories of equity across the top

common shares, additional paid-in capital, retained earnings, other reserves.

• The transactions are listed line by line and include amongst others – net income for

the year, cumulative translation adjustments (if applicable), issue of shares,

dividends paid, other movements in shares.


Slide 31

dividends paid, other movements in shares.

• The outcome is a reconciliation in the movement of each category of shareholder’s

equity from one period to the next.



Slide 32

Other disclosures



Slide 33

Statement of cash flows

Cash and cash equivalents

• Cash equivalents are short-term, highly liquid

investments that are readily convertible to

known amounts of cash and so near their

maturity that they present insignificant risk of

changes in value because of changes in

interest rates.

• Generally, only investments with original


Slide 34

• Generally, only investments with original

maturities of three months or less qualify as

cash equivalents. They may also include

bank overdrafts. Under Indian GAAP bank

overdrafts are excluded from cash and cash

equivalents

• Examples: fixed deposits, Treasury bills,

commercial paper etc.

• Requires disclosure of policy used for

determining items treated as ‘cash

equivalents’

Statement of cash flows

Direct versus Indirect Method

• Enterprise may choose to report the cash flow from operating activity by using

either the direct or the indirect method

• Reconciliation of net income and net cash flow from operating activity is required to

be provided if the direct method is used


Slide 35

Net Cash provided by or used in:

• Operating activities

• Investing activities

• Financing activities

• Net increase (decrease) in cash and cash equivalent

Notes to financial statements

Notes to financial statements comprise of:

• Background of the Company

• Significant accounting policies

• Accounting estimates

• Changes in accounting policies


Slide 36

• Concentration of risks

• Schedule of individual material items on B/s, I/s, CF and Sh Equity

• Explanation of material transaction e.g., acquisition, disposal.

• Recently issued pronouncements and their implications

Difference between Ind AS 1 and IAS 1 R


Nature of

Difference

Ind AS IFRS

Preparation of

profit and loss

account

AS 1 allows only the single statement approach. Two Statement approach.

Preparation of

change in equity

statement

Ind AS 1 requires the statement of changes in equity

to be shown as a part of the balance sheet.

IAS 1 requires preparation of a Statement of

Changes in Equity as a separate statement.

Classification of

expenses

Ind AS 1 requires only nature-wise classification. IAS 1 requires an entity to present an analysis of

expenses recognised in profit or loss using a

Slide 37

expenses expenses recognised in profit or loss using a

classification based on either their nature or

their function within the equity.

Classification in Cash flow statement (Other than financial entities)

Interest and

dividends

received

Investing Activities Option - Operating or Investing

Interest paid Financing Activities Option - Operating or Financing

Dividends paid Financing Activities Option - Operating or Financing

• Accounting Policies,

Changes in Accounting

Estimates & Errors

• Prescribed Standard or Interpretation – IFRS, IAS, IFRIC, SIC

• Any relevant Implementation Guidance issued by the IASB for the Standard or

Interpretation – (technically not a part of the standards)

• Guidance for similar or related issue

• Framework of IFRS

• Most recent pronouncements of other standard-setting bodies

Selection of Accounting Policy - Hierarchy

Accounting Policies, Changes in Accounting Estimates & Errors

Slide 39

• Most recent pronouncements of other standard-setting bodies

• Other accounting literature and accepted industry practices

• Onus on management - select policy to make financials relevant & reliable

Accounting policies change: retrospective application

Accounting estimate change: Prospective application

• Change in depreciation method = prospective

Correction of errors: retrospective application

What’s the big change?


Slide 40

Management cannot assert compliance with IFRS if financial statements does

not comply with all prescribed accounting standards

GAAP Differences

Nature of

Difference

IFRS Current Indian GAAP Ind AS

Changes in

accounting

policy

Changes in accounting policy are

accounted for retrospectively.

Comparative information is restated,

and the amount of the adjustment

relating to prior periods is adjusted

against the opening balance of

retained earnings of the earliest year

presented.

The cumulative amount of the change is

recognised and disclosed in the income statement

in the period of the change. Transition provisions of

certain new standards require adjustment of the

cumulative amount of the change to opening

retained earnings (reserves).

Similar to IFRS

Changes in Changes in accounting estimates Similar to IFRS. Similar to IFRS


Changes in

accounting

estimates

Changes in accounting estimates

are accounted for in the income

statement when identified.

Similar to IFRS.

However, the impact of change in depreciation

method is determined by retrospectively computing

depreciation under the new method, and is

recorded in the period of change whereas on

revision of asset life, the unamortised depreciable

amount is charged over the revised remaining

asset life.

Similar to IFRS

Non-

compliance

with

standard

IAS 8 specifically provides that

financial statements do not comply

with IFRSs if they contain either

material errors or immaterial errors

made intentionally to achieve a

particular presentation of an entity’s

financial position, financial

performance or cash flows.

No such specific requirement under AS 5. Similar to IFRS

GAAP Differences

Nature of

Difference

IFRS Indian GAAP Ind AS

Treatment of

Prior period

items

IAS 8 requires that except when it is

impractical to do so, an entity shall

correct material prior period errors

retrospectively in the first set of

financial statements authorised for

issue after their discovery by (i)

restating the comparative amounts

for the prior period(s) presented in

which the error occurred; or (ii) if the

AS 5 requires prior period items

to be included in the

determination of net profit or loss

for the current period.

Similar to IFRS.


which the error occurred; or (ii) if the

error occurred before the earliest

prior period presented, restating the

opening balances of assets,

liabilities and equity for the earliest

prior period presented.

• Events after the balance

sheet date

Adjusting Events

Provide evidence about conditions that

existed at the Balance Sheet date

Examples

• Settlement of a court case which

confirms that the entity had a present

obligation at the Balance Sheet date

• Receipt of information indicating that

an asset was impaired at the Balance

Sheet date

• Sale consideration determined after the

Balance Sheet date

Types of Events

Events after the Balance Sheet date

Slide 44

Non-adjusting Events

Arise after the Balance Sheet date and

are indicative of conditions not existing

at Balance Sheet date

Balance Sheet date

• Discovery of a fraud or an error

Examples

• Business Combination

• Announcement of plan to discontinue

• Major purchase of Assets

• Destruction

• Restructuring

• Share transactions

• Changes in foreign exchange rates or

asset prices

GAAP Differences

Nature of

Difference

IFRS Indian GAAP Ind AS

Adjusting

events after

the balance

sheet date

Adjusting events that occurred after the

balance sheet date are events that

provide additional evidence of conditions

that existed at the balance sheet date and

that materially affect the amounts

included. The amounts recognised in the

financial statements are adjusted to reflect

adjusting events after the balance sheet

date.

Similar to IFRS. Similar to IFRS.

Events after the Balance Sheet date

Slide 45

Non-

adjusting

events after

the balance

sheet date

Non-adjusting events that occur after the

balance sheet date are defined as events

that are indicative of conditions that arose

after the balance sheet date. Where

material, the nature and estimated

financial effects of such events are

disclosed to prevent the financial

statements from being misleading.

Non-adjusting events are not required

to be disclosed in financial statements

but are disclosed in report of approving

authority e.g. Directors’ Report.

Similar to IFRS.

Declaration

of a

dividend

relating to

the financial

year just

ended

This is a non-adjusting event. Dividend

declared after the balance sheet date but

before the financial statements are

authorised for issue is not recognised as

liability at the balance sheet date.

Dividend proposed relating to the

financial year just ended is adjusted in

the financial statements even though it

is subject to shareholders’ approval at

the balance sheet date.

Similar to IFRS.

Refer Section - Financial Statements - Page 29

• Balance Sheet Format

• Comprehensive Income Statement Format

• Additional Statements required (OCI / Statement of changes in equity)

• More Comparatives required

• Offsetting assets and liabilities

Indian GAAP v/s IFRS

Overview of IFRS

Slide 46

• Offsetting assets and liabilities

• Preparation and Presentation (Consolidation)

• Disclosure of early adoption of new standard

• Disclosure of Reclassification of Comparative Amounts

• Exceptional (significant) items

• Extraordinary items

Thank You

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